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Koninklijke Philips N.V. (PHG) Stock Dipped in Premarket, Here’s the Reason

Koninklijke Philips N.V. (PHG) is an innovative health tech company engaged in leveraging modern technology and clinical and customers insights for diagnosis, treatment, and home care of different diseases. The company’s product line is wide-ranging and includes diagnostic X-ray and imaging components, imaging products for general and cardiological imaging, sleep and respiratory care solutions, power toothbrushes, male grooming, and beauty-related products and kitchen appliances.

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The price of PHG stock during the regular trading on January 11, 2022, was $38.77 with a slight incline of 1.15%. At last check in the premarket on January 12, 2022, the stock significantly dropped by 15.66%.

PHG: Events and Happenings

On January 12, 2022, PHG updated about the fourth-quarter 2021 and full-year 2021 financial results. The company reported the group sales to be EUR 350 million lower than its expectations because of global supply chain shortages. Group comparable order intake growth for Q4 showed 4% growth for the full year 2021.

On December 29, 2021, PHG reported about the completion of the withdrawal of 33.5 million shares. The company’s issued share capital price is EUR 176,779,793.80 which represented 883,898,969 common shares.

On December 23, 2021, PHG reported about entry into a 12-year collaboration with IJsselland Hospital. The target of the company was to provide better care to the patients at the hospital and its surroundings. The partnership focused on novelty, digitalization, and optimization, and the acquisition of patient monitoring and radiology solutions was included along with CT and MRI platforms.

On December 23, 2021, PHG reported about one of its subsidiaries regarding its notice of recall for some sleep and respiratory care products. The company addressed the potential health hazards in relation to the polyester-based polyurethane sound reduction foam in the products.

On December 22, 2021, PHG reported about the grant of De Novo Clearance from FDA for its IVC Filter Removal Laser Sheath or CavaClear which is the sole FDA-cleared product for innovative IVC filter removal.

On December 14, 2021, PHG reported about its entry into an acquisition collaboration for Vesper Medical Inc. which developed peripheral vascular devices that are minimally invasive in action.

On December 9, 2021, PHG reported that it had been named as one of the Top Work Place in Massachusetts during The Boston Globe’s 14th annual employee-based survey project. On December 9, 2021, PHG reported that the company’s management presented at the Virtual EuroEcho 2021 Congress and discussed the expansion of its ultrasound system with vigorous imaging tools and features for Cardiology. The Congress was held on December 9-11, 2021.

Conclusion

PHG stock is 14% up the past month solely due to the company’s investor-centric strategies and different pipeline partnerships. The current premarket drop is possibly due to the announcement of its financial performance updates which were not up to expectations. However, the company’s track record is good as suggested by the analysts and its stock will soon gain the momentum in the market.

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