Siemens Healthineers (SHL) Pre-close call summary

Executive summary

• Q3 pre-close call summarizes key topics and macro factors, including foreign exchange, ahead of the silent period ending June 30th.

• No Q3 actuals are available yet; discussion focuses on expectations and previously communicated guidance.

Trading performance and revenue trends

• Mid-single digit revenue growth (4%-6%) expected for Imaging in Q3, despite tough comps from 12% growth in prior year.

• Precision Therapy anticipated to accelerate growth in Q3, especially in Advanced Therapies.

• Diagnostics segment expects a year-over-year revenue decline in Q3, but less severe than the 5% drop in H1.

Profitability and margins

• Imaging and Precision Therapy margins expected to decline year-over-year due to FX and cost inflation.

• Imaging faces tougher margin comps due to last year’s favorable mix and current headwinds.

• Diagnostics margin projected to contract by about five percentage points year-over-year, but sequential improvement expected from cost reductions.