- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
- Ronaldo on target again as Portugal defeat Poland in Nations League
- Guardians rip Tigers 7-3 to advance in MLB playoffs
- AFP, BBC win top French war reporting awards
- Carsley goes back to basics as humbled England face Finland
- Alex Salmond: the man who took Scotland to the brink of independence
- Scotland's former leader Alex Salmond dies aged 69: party
- UN warns of catastrophe as Israel fights a two-front war
- Croatia extend Scotland's losing streak
- South Africa, New Zealand boost T20 World Cup semi-final hopes
- 'Very challenging': Israel faces Hezbollah in tricky terrain
- Farrell begins to feel at home as Racing 92 beat Toulon
- South Africa boost T20 World Cup semi-final hopes with Bangladesh win
- Samson ton powers India to T20 series sweep after record total
- Djokovic to face Sinner in Shanghai final with 100th title in sight
- UN peacekeepers to remain in Lebanon: spokesman
- Pro-Conquest film fuels debate in Mexico over colonial legacy
- Samson ton powers India to record 297-6 in Bangladesh T20
- New Zealand enjoy perfect start to America's Cup defence over Britain
- Pogacar emulates icon Coppi with fourth straight Il Lombardia triumph
- UN warns against 'catastrophic' regional conflict
- New Zealand crush Ineos Britannia in America's Cup opener
- Djokovic to face Sinner in blockbuster Shanghai Masters final
- With medical report Harris seeks to play health card against Trump
- Sri Lanka seeks to match success in W.Indies T20s
- Sinner reaches Shanghai final, will end year number one
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Sabalenka downs Gauff in three sets to reach Wuhan final
- Israel warns south Lebanon residents to 'not return'
- Sinner tames Machac to reach Shanghai Masters final
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
Philips stops selling sleep devices in US amid recall woes
Under-fire Dutch medical device maker Philips said Monday it would halt new sales of sleep machines in the United States after a series of recalls that continued to weigh on results.
The firm trimmed its losses for 2023 compared with the previous year, as it seeks to bounce back from what it had described as a "very difficult" 2022.
Philips posted losses of 463 million euros ($501 million) over the full year, compared with 1.6 billion euros in 2022, with chief executive Roy Jakobs hailing "strong results."
"While there is more work to be done, the progress we achieved in a volatile world lays a solid foundation for sustained performance," said Jakobs.
Traders appeared downbeat on the prospects, however, with Philips being the biggest loser at the opening of the Amsterdam stock exchange, down around four percent.
Since 2021, the company has been battling a series of crises over its DreamStation machines for sleep apnoea, a disorder in which breathing stops and starts during sleep.
"Resolving the consequences of the Respironics recall for our patients and customers is a key focus area and I acknowledge and apologise for the distress and concern caused," said Jakobs.
The firm said it had clinched a "consent decree" deal with US authorities that consists of a "roadmap" of targets to allow Philips to conform with regulatory requirements.
"Until the relevant requirements of the consent decree are met, Philips Respironics will not sell new... sleep therapy devices or other respiratory care devices in the US," the company said.
It said it had set aside a provision of 363 million euros in the fourth quarter to settle the deal, which still needs to be finalised and requires court approval.
"We are fully committed to complying with the consent decree, which is an important step and provides a clear path forward," said Jakobs.
- 'Signs of overheating' -
The firm's latest woes came in November when the US Food and Drug Administration warned that its new "DreamStation 2" machine to help patients sleep risked overheating.
The US body said it had received reports "such as fire, smoke, burns, and other signs of overheating" from people using the machine.
Philips said it had filed 270 reports of possible malfunctions with the FDA that covered a three-year period.
The overheating issue was unrelated to a recall of sleep machines in 2021 that sent the company into turmoil.
In that recall, the FDA said foam in the machine could potentially be breathed in or swallowed, posing possible health risks to patients.
The recall and provisions for possible legal settlements pushed the firm deep into the red in 2022 and led to the loss of thousands of jobs.
The company has already completed the vast majority of the recalls and announced in May that independent tests showed the respirators were "unlikely" to harm patients.
Financially, the firm has been fighting back, posting stronger third-quarter sales and profits that prompted it to raise its 2023 full-year outlook.
It recorded a net profit of 90 million euros ($95 million) in the third quarter, compared with a loss of 1.3 billion euros during the same period last year.
The firm was also in the black in the fourth quarter, posting a profit of 38 million euros. It lost 105 million euros in the same period last year.
Total sales for 2023 came in at 18.1 billion euros, a six-percent gain on last year.
Once famous for making lightbulbs and televisions among other products, Amsterdam-based Philips in recent years has sold off its subsidiaries to focus on medical care technology.
The firm has continued to shed jobs. It employed 69,656 people at the end of 2023, compared to 77,233 at the end of 2022.
D.Kaufman--AMWN