Reported Earnings • 6h
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: €0.45 (down from €0.47 in 2Q 2025). Revenue: €5.68b (down 3.9% from 2Q 2025). Net income: €506.0m (down 4.5% from 2Q 2025). Profit margin: 8.9% (down from 9.0% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Live News • May 08
Siemens Healthineers Eyes Diagnostics Carve Out and Spin Off After Mixed H1 Performance Imaging and Precision Therapy delivered solid H1 performance, while Diagnostics faced headwinds in China that led to a revised fiscal 2026 outlook.
Management is preparing for a potential Diagnostics carve-out and has refreshed leadership to support this shift.
Siemens Healthineers plans a spin-off from Siemens, with a shareholder vote expected in early 2027, while maintaining an updated fiscal 2026 outlook for 4.5 to 5% revenue growth and adjusted EPS of €2.20 to 2.30.
For you as an investor, the big takeaway is the contrast between businesses inside the group. Imaging and Precision Therapy are described as performing well, which supports the updated outlook, while Diagnostics is under pressure, particularly in China. The mention of a potential Diagnostics carve-out suggests management is actively reconsidering how that unit fits within the broader portfolio.
The planned spin-off from Siemens, subject to a shareholder vote in early 2027, is another key structural shift. It signals a move toward more standalone decision-making and capital allocation for Siemens Healthineers. The updated 2026 revenue growth range of 4.5 to 5% and adjusted EPS guidance of €2.20 to 2.30 give you a clearer sense of what management is targeting over the medium term, while comments on foreign exchange and tariffs highlight that external cost and currency factors remain in focus. Announcement • May 06
Siemens Healthineers Announces Atellica IM Testosterone II Assay Achieves CDC Host-TT Certification Siemens Healthineers announced its Atellica IM Testosterone II (TSTII) assay has achieved certification through the Centers for Disease Control and Prevention (CDC) Hormone Standardization Program for Total Testosterone (HoSt-TT). This certifies that the Atellica IM TSTII immunoassay’s test results are equivalent to high performance liquid chromatography coupled with tandem mass spectrometry, which is regarded as the gold-standard analytical approach. The Atellica IM TSTII assay, available on the Atellica IM and Atellica CI Analyzers, is the only fully automated immunoassay to achieve CDC HoSt-TT certification, which it has maintained continuously since 2019. An evaluation of the assay’s performance was recently published in The Journal of Clinical Endocrinology & Metabolism. Testosterone is a key steroid hormone with essential roles in sexual development, reproductive function, musculoskeletal health, and bone metabolism. Accurate measurement of testosterone is clinically important, as abnormal levels may be associated with a wide range of endocrine, metabolic, reproductive, and oncologic conditions. In clinical and research settings, total testosterone measurements are often considered alongside other biochemical and clinical factors when evaluating androgen status. High-quality, standardized testosterone assays play an important role in supporting consistent measurement and interpretation across diverse patient populations, including male, female, and pediatric patients. Certification through the HoSt-TT program ensures traceability, minimizes variability, and supports compliance with Endocrine Society and American Urological Association guidelines. Ongoing certification ensures longitudinal consistency and reliable clinical interpretation of total testosterone results. The CDC’s Clinical Hormone Standardization Programs standardize the total testosterone assay so that results are accurate, comparable, and clinically meaningful wherever they are performed. By calibrating assays to a common reference method and enforcing stringent performance criteria, CDC HoSt-TT reduces inter-laboratory variability. In clinical practice, this level of standardization improves the quality of care. When I review a total testosterone result, I can trust that it reflects the same analytical standard regardless of where it was performed, allowing for more consistent diagnosis and treatment decisions. More information about the Atellica IM TSTII assay is available here. French D., (2023) Clinical utility of laboratory developed mass spectrometry assays for steroid hormone testing. Cook Botelho, J. et al. (2013) Isotope-Dilution Liquid Chromatography–Tandem Mass Spectrometry Candidate Reference Method for Total Testosterone in Human Serum. Certified Total Testosterone Assays. Jieli Li, et al. (2026) Evaluation of the Siemens Healthineers Atellica TSTII testosterone assay in the CDC HoSt-TT Program. Announcement • Mar 20
Varian TrueBeam Receives FDA Clearance for Low-Dose Radiotherapy for Adults with Medically Refractory Osteoarthritis Siemens Healthineers announced that its Varian TrueBeam radiotherapy systems, which include TrueBeam, TrueBeam STx, VitalBeam, and Edge, have received FDA 510(k) clearance for the use of low-dose radiation therapy (LDRT) in adults with medically refractory osteoarthritis (OA). This clearance expands Varian’s radiotherapy systems beyond cancer care into chronic musculoskeletal conditions, bringing precision radiotherapy to millions of people living with persistent pain and limited mobility. Osteoarthritis affects more than 33 million adults in the U.S., and around 600 million worldwide. The number of cases is rapidly increasing, due to aging, obesity, and injury. While many patients manage symptoms with medications or other treatment options, a substantial number continue to experience pain and reduced quality of life. For these individuals, the newly cleared indication offers a non-invasive, outpatient treatment option based on a growing body of evidence demonstrating that LDRT can target inflammation at the source, reduce pain, improve joint function, and delay the need for surgical intervention. The latest FDA clearance builds on the TrueBeam platform’s advanced capabilities in imaging and precision beam delivery, making innovation accessible to more patients. The system combines high-resolution imaging with accurate dose control, enabling clinicians to provide personalized care with exceptional precision while maintaining the same streamlined workflows they trust for cancer care. This clearance also builds on Varian’s list of regulatory approvals in non-oncological indications, including radiosurgery treatment for medically refractory essential tremor in adults, a functional disorder of the brain that causes severe impairment in patients’ quality of life. Announcement • Mar 18
Siemens Healthineers Launches Brain Health Research Portfolio With First Biomarker Assays Now Available Siemens Healthineers announced its offerings for brain health research are expanding, with the brain-derived, fully automated Atellica IM Phosphorylated tau 217 (pTau217) and Atellica IM Brain Derived Tau (BDTau) assays now available for research use. Research assays help generate evidence about whether biomarkers can advance disease management. Novel RUO tests can help scientists understand neurological function and disease progression. Collaborative research is underway to translate scientific discovery into actionable evidence. The blood tests from Siemens Healthineers offer researchers chemiluminescent immunoassays to provide a quantitative measurement of brain-derived phosphorylated tau 217 (p-tau217) and Brain Derived Tau (BD tau) and are run on the widely installed Atellica Solution IM and Atellica CI Analyzers. Blood-based biomarker testing offers a less-invasive method compared to cerebrospinal fluid which requires a lumbar puncture. Siemens Healthineers is involved in several research collaborations to advance earlier detection and characterization of neurological diseases with p-tau217 and BD tau biomarkers. Notably, multi-cohort research studies are underway with PREDICTOM, ACCESS-AD, and Banner Sun Health Research Institute. In addition to the Atellica IM pTau217 and Atellica IM BDTau RUO assays, Siemens Healthineers offers a Neurofilament Light Chain assay (with CE mark) to help predict the risk of future Multiple Sclerosis disease activity. Development efforts are underway to offer additional biomarkers, including Apolipoprotein E-e4 (ApoE-e4), a protein involved in the metabolism of fats and a subtype that is implicated in Alzheimer's disease and cardiovascular diseases. 1 For research use only. Not for use in diagnostic procedures. These assays are intended to support scientific investigation and are not cleared or approved for clinical decision-making. 6 CE0197. Available for Research Use Only in the U.S. Announcement • Mar 10
Dentsply Sirona And Siemens Healthineers Receive FDA Clearance For Dental-Dedicated MRI System Dentsply Sirona and Siemens Healthineers were pleased to announce that the first-ever dental-dedicated MRI (ddMRI) system – MAGNETOM Free.Max Dental Edition – has received FDA clearance in the United States. This milestone follows the completion of a clinical trial validating the system’s significant potential across multiple dental specialties. The trial highlighted this first-of-its-kind technology’s applicability in endodontics, periodontics, TMJ, tooth extraction, and orthodontics, offering non-ionizing imaging capabilities that can enhance diagnosis and treatment planning. In addition to confirming its significant potential across multiple dental specialties, the trial also underscored the ddMRI system’s specialized features designed to meet the unique needs of dental professionals. Among these features is a dental-specific field of view, enabled by a dedicated dental coil and specialized software that focuses exclusively on dental structures, ensuring no brain tissue is visible and allowing for accurate imaging of dental structures. Additionally, the system’s ability to streamline patient preparation and maintain an average workflow time of under 20 minutes makes it a highly efficient tool for clinical use. Clinical highlights from the trial demonstrated MAGNETOM Free.Max Dental Edition’s ability to differentiate active inflammation from healthy and scar tissue, enable non-invasive assessment of tooth pulp vitality to support chairside testing and observations and enables the visualization of teeth and their position in relation to neighboring teeth as well as the nerves. As an ionizing radiation-free modality with advanced soft tissue contrast, ddMRI complements intraoral, panoramic, and CBCT imaging by addressing diagnostic questions where soft tissue characterization is critical. MAGNETOM Free.Max Dental Edition, the first-of-its-kind dental-dedicated MRI, was developed jointly by Dentsply Sirona, Siemens Healthineers, and leading scientists in Europe and the United States. Specifically designed to enhance dentomaxillofacial diagnostics, ddMRI is primarily intended for hospitals, large clinics, and universities, and offers advanced soft tissue contrast through ionizing radiation-free imaging. Clinicians interested in incorporating ddMRI into their practice can participate in an advanced, hands-on training program taking place in April 2026 at the University of Minnesota. This two-day course covers ddMRI imaging protocols, recommended clinical procedures, essential MR facility and patient safety guidelines, hands-on image acquisition, and practical interpretation sessions featuring TMJ and dental cases. Visit the Dentsply Sirona booth at the American Dental Education Association (ADEA 2026) Annual Session, taking place March 21–24 in Montréal, Canada, and learn more about the first dental-dedicated magnetic resonance imaging (ddMRI) system. Reported Earnings • Feb 06
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: €0.40 (down from €0.42 in 1Q 2025). Revenue: €5.40b (down 1.5% from 1Q 2025). Net income: €449.0m (down 5.3% from 1Q 2025). Profit margin: 8.3% (down from 8.6% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 30
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 06 February 2026. Payment date: 10 February 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (2.3%). Announcement • Dec 18
Siemens Healthineers AG, Annual General Meeting, Feb 05, 2026 Siemens Healthineers AG, Annual General Meeting, Feb 05, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Dec 04
Dividend increased to €1.00 Dividend of €1.00 is 5.3% higher than last year. Ex-date: 6th February 2026 Payment date: 10th February 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 03
Siemens Healthineers AG announces Annual dividend, payable on February 10, 2026 Siemens Healthineers AG announced Annual dividend of EUR 1.0000 per share payable on February 10, 2026, ex-date on February 06, 2026 and record date on February 09, 2026. Reported Earnings • Nov 07
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €1.91 (up from €1.74 in FY 2024). Revenue: €23.4b (up 4.5% from FY 2024). Net income: €2.14b (up 10% from FY 2024). Profit margin: 9.2% (up from 8.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Siemens Healthineers AG Raises the Bar for Court, Military, and Forensics Testing, Offering Clinical-Quality Results A new benchtop analyzer from Siemens Healthineers is making quality drug testing easier to perform, to help prevent inaccurate results no matter where, or by whom, testing is conducted. The Atellica DT 250 Analyzer helps identify substance use, monitor therapeutic and immunosuppressant drugs, and perform serum toxicology testing. It also offers automated specimen validity testing to detect substitution, adulteration, and dilution of urine samples, to flag suspicious samples early and prevent the bottleneck that delays results when creative methods to cover up recreational or illegal drug use are attempted. The broad drug testing capabilities of the Atellica DT 250 Analyzers make it an ideal instrument for use in clinical settings such as physician offices and hospitals, and in non-clinical settings where operator skill may vary by user, such as treatment and pain management centers, forensic laboratories, military, and employment testing. The Atellica DT250 Analyzer from Siemens Healthineer makes quality drug testing easier to perform. It helps identify substance use, monitorutic and immunosuppressant drug, and perform serum toxicology test. It also offers automated specimen valid testing to detect substitution, adultersation, and dilution of DNA samples to flag suspicious samples early. The Atellica DT 25 Analyzer streamlines drug testing capabilities previously limited to larger, floor-standing models onto one benchtop analyzer and can process 225 test results per hour, with first results provided in as soon as eight minutes. The instrument relies on widely validated reagents, the trusted Syva EMIT technology, and offers an immunoassay menu of more than 65 assays for use with urine, serum, and plasma (blood) samples. It also offers 10 open channels for customizable, user-defined testing for added flexibility. Reported Earnings • Jul 31
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: €0.49 (up from €0.42 in 3Q 2024). Revenue: €5.66b (up 4.4% from 3Q 2024). Net income: €552.0m (up 18% from 3Q 2024). Profit margin: 9.7% (up from 8.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: €0.48 (up from €0.38 in 2Q 2024). Revenue: €5.91b (up 8.7% from 2Q 2024). Net income: €530.0m (up 24% from 2Q 2024). Profit margin: 9.0% (up from 7.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €42.43, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Medical Equipment industry in Germany. Total loss to shareholders of 19% over the past three years. Announcement • Mar 29
Siemens Healthineers Announces its Innovance Antithrombin Assay Achieved FDA Clearance Siemens Healthineers announced its Innovance Antithrombin assay has achieved FDA clearance for a new claim allowing it to be used as a companion diagnostic test for people receiving treatment with Qfitlia™ (fitusiran), a Sanofi hemophilia therapy.1 Hemophilia is a lifelong genetic bleeding disorder that significantly affects the day-to-day lives of people living with the disease, creating potentially life-threatening risks from otherwise normal situations experienced by those without hemophilia. The body’s inability to clot blood effectively can prolong bleeding after injuries, result in excessive bruising and joint pain, and increase risks during surgery or other medical procedures. Qfitila will support people living with hemophilia A or B, with or without inhibitors, by helping to rebalance one of the body’s critical clotting mechanisms to prevent bleeding. The Innovance Antithrombin blood test from Siemens Healthineers will aid in monitoring patients’ AT activity to support Qfitlia dosing in adult and pediatric patients aged 12 years and older. It is the only assay cleared for this indication. The Innovance Antithrombin assay from Siemens Healthineers is used broadly to detect genetic or acquired AT deficiencies. Upcoming Dividend • Feb 12
Upcoming dividend of €0.95 per share Eligible shareholders must have bought the stock before 19 February 2025. Payment date: 21 February 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.6%). In line with average of industry peers (1.6%). Reported Earnings • Feb 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: €0.42 (up from €0.39 in 1Q 2024). Revenue: €5.48b (up 5.9% from 1Q 2024). Net income: €474.0m (up 10.0% from 1Q 2024). Profit margin: 8.6% (up from 8.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Announcement • Dec 19
Siemens Healthineers AG, Annual General Meeting, Feb 18, 2025 Siemens Healthineers AG, Annual General Meeting, Feb 18, 2025, at 10:00 W. Europe Standard Time. New Risk • Nov 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €1.74 (up from €1.35 in FY 2023). Revenue: €22.4b (up 3.2% from FY 2023). Net income: €1.94b (up 29% from FY 2023). Profit margin: 8.7% (up from 7.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Oct 08
Siemens Healthineers AG to Report Fiscal Year 2024 Results on Nov 26, 2024 Siemens Healthineers AG announced that they will report fiscal year 2024 results on Nov 26, 2024 Announcement • Aug 26
Siemens Healthineers Offers to Buy Novartis Molecular Imaging Business German healthcare solutions provider Siemens Healthineers AG (XTRA:SHL) has submitted a binding offer to acquire Novartis AG (SWX:NOVN) molecular imaging business for Fluorine-18 Positron Emission Tomography (PET) imaging, a spokesman for the Swiss pharmaceutical company told SeeNews in an email. The statement was made after the Financial Times reported that the German group will buy the diagnostic arm of Novartis’ radiopharmaceutical subsidiary Advanced Accelerator Applications S.A. (AAA) for over EUR 200 million (USD 222.4 million). “The contemplated divestment follows a strategic assessment that concluded the growth of the molecular imaging business would be best supported under the ownership of a dedicated diagnostics shareholder,” Novartis spokesman said, without confirming the financial details of the deal. “This would allow Novartis to continue focusing its own efforts and capabilities as a pure-play innovative medicines company, aiming to reimagine cancer care with radioligand therapy (RLT),” according to the statement. The contemplated transaction is expected to close in the final quarter of 2024, subject to customary regulatory conditions and completion of works council consultation processes. Reported Earnings • May 08
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: €0.38 (up from €0.09 in 2Q 2023). Revenue: €5.44b (up 1.7% from 2Q 2023). Net income: €426.0m (up 306% from 2Q 2023). Profit margin: 7.8% (up from 2.0% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 12
Upcoming dividend of €0.95 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 23 April 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (1.7%). Reported Earnings • Feb 02
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: €0.39 (up from €0.38 in 1Q 2023). Revenue: €5.18b (up 1.9% from 1Q 2023). Net income: €431.0m (up 2.4% from 1Q 2023). Profit margin: 8.3% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.1%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Dec 27
Siemens Healthineers AG Appoints Vivek Kanade as Head of Middle East and Africa Siemens Healthineers AG has named Vivek Kanade as the new Head of Middle East and Africa (MEA) operations as of 4 December 2023, according to a press release. The appointment follows the company's decision to consolidate its operations across the MEA region to better serve the different needs of healthcare providers and communities. Kanade brings over three decades of experience from across diverse geographies and functions within the company. The new official previously served as the Head of Strategy for Siemens Healthineers' Asia-Pacific Japan region. Before that, Kanade was the Head of business for India, Bangladesh, Nepal, Sri Lanka, Bhutan, and the Maldives. During this tenure, he also served as Co-Chair of NatHealth in India, advising the nation's medical technology industry. Announcement • Nov 10
Siemens Healthineers AG, Annual General Meeting, Apr 18, 2024 Siemens Healthineers AG, Annual General Meeting, Apr 18, 2024. Reported Earnings • Nov 10
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €1.35 (down from €1.82 in FY 2022). Revenue: €21.7b (flat on FY 2022). Net income: €1.51b (down 26% from FY 2022). Profit margin: 7.0% (down from 9.4% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Oct 27
Siemens Healthineers AG to Report Fiscal Year 2023 Final Results on Nov 27, 2023 Siemens Healthineers AG announced that they will report fiscal year 2023 final results on Nov 27, 2023 Announcement • Oct 17
Siemens Healthineers AG to Report Q1, 2024 Results on Feb 01, 2024 Siemens Healthineers AG announced that they will report Q1, 2024 results on Feb 01, 2024 Reported Earnings • Aug 06
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: €0.40 (up from €0.32 in 3Q 2022). Revenue: €5.20b (flat on 3Q 2022). Net income: €445.0m (up 23% from 3Q 2022). Profit margin: 8.6% (up from 7.0% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Buying Opportunity • Jun 20
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €64.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 3.8%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Buying Opportunity • May 31
Now 20% undervalued Over the last 90 days, the stock is up 7.8%. The fair value is estimated to be €66.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 3.8%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Major Estimate Revision • May 24
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €1.61 to €1.45 per share. Revenue forecast steady at €21.7b. Net income forecast to grow 30% next year vs 31% growth forecast for Medical Equipment industry in Germany. Consensus price target broadly unchanged at €59.08. Share price was steady at €52.52 over the past week. Reported Earnings • May 21
Second quarter 2023 earnings released: EPS: €0.093 (vs €0.52 in 2Q 2022) Second quarter 2023 results: EPS: €0.093 (down from €0.52 in 2Q 2022). Revenue: €5.35b (down 2.1% from 2Q 2022). Net income: €105.0m (down 82% from 2Q 2022). Profit margin: 2.0% (down from 11% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Buying Opportunity • Mar 29
Now 20% undervalued Over the last 90 days, the stock is up 8.2%. The fair value is estimated to be €63.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.4%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • Feb 09
Upcoming dividend of €0.95 per share at 1.8% yield Eligible shareholders must have bought the stock before 16 February 2023. Payment date: 20 February 2023. Payout ratio is a comfortable 53% and the cash payout ratio is 94%. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 07
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: €0.38 (down from €0.41 in 1Q 2022). Revenue: €5.08b (flat on 1Q 2022). Net income: €421.0m (down 9.7% from 1Q 2022). Profit margin: 8.3% (down from 9.2% in 1Q 2022). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Medical Equipment industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Announcement • Jan 19
Siemens Healthineers AG to Report Q1, 2023 Results on Feb 02, 2023 Siemens Healthineers AG announced that they will report Q1, 2023 results at 7:00 AM, Central European Standard Time on Feb 02, 2023 
