Siemens Healthineers (SHL) Pre-close call summary

Executive summary

• Q3 pre-close call summarizes key topics and macro factors ahead of the silent period, with a focus on foreign exchange and segment performance.

• No Q3 actuals are available yet, as the quarter ends June 30th.

Trading performance and revenue trends

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

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

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

Profitability and margins

• Imaging and Precision Therapy margins expected to decline year-over-year in Q3 due to FX and cost inflation.

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

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