By Sarah Sloat

Siemens Healthineers said Thursday that its earnings declined in the first quarter of the fiscal year, hit by a lower contribution from Covid-19 antigen tests, restructuring costs and other cost increases.

In the quarter ended Dec. 31, net profit fell 10% from the same period of the previous fiscal year to 426 million euros ($468 million), while revenue was EUR5.08 billion, down 4.5% on a comparable basis. Adjusted earnings before interest and taxes declined 28% to EUR647 million, while the EBIT margin narrowed to 12.7% from 17.6%.

Free cash flow, at negative EUR77 million, was below the positive EUR556 million of the prior-year quarter. This was primarily due to a buildup of inventory in preparation for an expected rise in equipment revenue in subsequent quarters, the German medical equipment maker said.

Siemens Healthineers confirmed its outlook for the year for comparable revenue growth of between minus 1% and plus 1%, or 6% to 8% excluding revenue from rapid Covid-19 antigen tests. It expects adjusted basic earnings per share of EUR2.00 to EUR2.20.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

February 02, 2023 01:31 ET (06:31 GMT)

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