Siemens Healthineers AG said Friday that it raised its full-year outlook after increased third-quarter net profit and revenue, as sales of its rapid Covid-19 antigen tests reached their peak during the pandemic.
The German medical-equipment maker posted a net profit of 390 million euros ($463.1 million), compared with EUR270 million in the same period of the prior year.
Revenue increased to EUR5.00 billion from EUR3.31 billion, the company said.
The result was supported by the doubling of revenue from the company's diagnostics segment, including a EUR600 million contribution from rapid Covid-19 tests, and considerable growth in the imaging and advanced therapies units, the company said.
The Erlangen-based company raised its guidance for the year for comparable revenue growth to between 17% and 19%, from 14% to 17% previously. It also revised its adjusted basic earnings-per-share range to between EUR1.95 and EUR2.05, from EUR1.90 to EUR2.05.
The changed outlook is based on the higher revenue expectations for the imaging segment, as well as for rapid Covid-19 antigen tests of the diagnostics segment compared with the previous outlook from the second quarter of 2021, the company said.
"With significant growth in revenue, earnings and cash flow, the strong business momentum from the previous quarters continued," Chief Executive Bernd Montag said.
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