By Cecilia Butini

Shares in Siemens Healthineers AG fell in opening trade on Wednesday after the company reported lower earnings and dwindling sales from coronavirus-related products.

At 0726 GMT, shares in Siemens Healthineers traded 7.3% lower at EUR46.08.

The German medical-equipment maker said that cost increases burdened profits as it posted a decline in net profit, earnings before interest and taxes as well as basic earnings per share for the quarter ending June 30.

Revenue grew slightly in the quarter, reaching 5.19 billion euros ($5.28 billion) from EUR5 billion the previous year, though a markedly lower contribution from sales of Covid-19 tests drove a decline in revenue on a comparable basis, the company said.

Nonetheless, the company backed its full-year guidance and continues to expect comparable revenue growth of between 5.5% and 7.5%, and adjusted basic earnings per share of between EUR2.25 and EUR2.35.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

August 03, 2022 03:46 ET (07:46 GMT)

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