Siemens Healthineers (SHL) Status update summary

Q4 performance highlights

• Achieved 7% revenue growth ex-antigen on strong prior-year comps, with a book-to-bill of 1.12 reflecting healthy global markets.

• Imaging, Varian, and Advanced Therapies segments drove growth, with Adjusted EPS up 16% and strong margins, especially in Imaging and Advanced Therapies.

• Free cash flow more than doubled year-over-year, aided by improved inventory levels.

Fiscal 2025 outlook and guidance

• Targeting 5%-6% revenue growth and adjusted EPS of €2.35–2.50 per share, with broad-based margin expansion expected to offset headwinds from lower financial income and normalized tax rate.

• China revenue expected to decline mid- to high-single digits in H1 2025, then stabilize.

• Guidance approach remains consistent with prior years, with prudent assumptions for China and strong growth anticipated in other regions.

• Q1 2025 expected to be below full-year guidance due to China and segment-specific softness, but Diagnostics remains on its transformation path.

Diagnostics and transformation progress

• Diagnostics transformation targets met by end of FY24, with further potential identified for FY25.

• Q4 margin impacted by one-off period effects; underlying margin would have been about 7%.

• Margin expansion of 200–400 basis points guided for next year, with mid-teens margins expected mid-term.