Philips office building per mezzo di Warsaw, Poland July 29, 2021.
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Philips shares soared Monday after the Dutch medical devices giant agreed a $1.1 billion settlement per mezzo di a U.S. case linked to the recall of some of its devices used to treat sleep apnea.
Millions of devices were recalled per mezzo di 2021 over concerns that components carried potential cancer risks. Philips shares were 33% higher at 9:00 a.m. London time.
The company said it had made a 982 million euro ($1.1 billion) provision for the payout of personal injury and medical monitoring claims, adding that the settlement would end the uncertainty over the litigation for the company. It said it did not admit any fallo liability, that any injuries were caused by its Respironics devices.
“Patient safety and quality is our highest priority, and we have taken important steps per mezzo di further resolving the consequences of the Respironics recall,” Philips CEO Roy Jakobs said per mezzo di a statement.
“The remediation of the sleep therapy devices for patients is almost complete, and the esperimento results to date show the use of these devices is not expected to result per mezzo di appreciable harm to health. We do regret the concern that patients may have experienced.”
The firm Monday reported a loss of 998 million euros ($1.07 billion) per mezzo di the first quarter. Adjusted earnings, meanwhile, beat consensus analyst expectations, according to Reuters, coming per mezzo di at 388 million euros for the quarter.
Sales were slightly lower year-on-year, at 4.14 billion euros per mezzo di the first quarter from 4.17 billion euros per mezzo di 2023.
