Revenue ($USD) : $22,799,700,000
Revenue (foreign currencies) : €21,714,000,000
R&D spend : $1,874,250,000
Employees : 69,500
Fiscal year end : 09/30/22
CEO : Bernd Montag

Siemens Healthineers management has pared back some businesses as they seek to continue revenue growth in the present economic environment.

The German medtech giant scaled back its robotic surgery ambitions, announcing in May that it plans to discontinue the use of its Corindus surgical robotics for cardiology procedures. Siemens Healthineers spent $1.1 billion on Corindus in 2019.

In addition, Siemens Healthineers is streamlining its diagnostics business. In November 2022, it announced plans to halve the number of diagnostic platforms it offers in coming years as it seeks to overcome supply chain and other external challenges. CEO Bernd Montag said during a recent earnings call that he was excited about diagnostics after FDA clearance of the Atellica CI Analyzer, which he called a missing puzzle piece to complete what he described as the youngest platform on the market. He said savings from diagnostics portfolio simplification are kicking in.

Meanwhile, Siemens Healthineers is working through some temporary logistics challenges at Varian Medical Systems. Spun out of Siemens to become its own publicly traded company in 2018, Siemens Healthineers became even larger after closing its $16.4 billion acquisition of Varian in 2021. –CN