Philips reaches settlement of over 1 billion in sleep apnea affair | Economy

The company reported this on Monday morning when it announced the figures for the past quarter. Philips previously reached an agreement to compensate American patients for damage caused by problems with the devices.

The company has had to recall millions of sleep apnea devices since 2021 because insulation foam could come loose. This can be harmful to the health of patients. The affair already cost Philips hundreds of millions in compensation for the defective machines.

Roy Jacobs, director of Philips, says that patient safety and quality is now the highest priority at Philips. “We have taken important steps to further resolve the impact of the sleep apnea device recall.”

The healthcare technology company’s problems did not hinder revenue growth. Turnover grew by 2.4 percent in the past quarter, although the number of orders fell by almost 4 percent, which the company said was mainly due to fewer products being shipped to China.