Siemens Healthineers reported a broadly steady first-quarter performance, driven primarily by demand for imaging equipment and cancer therapy systems that helped counteract a pullback in its diagnostics division and the negative effects of currency movements.
For the quarter ended Dec. 31, comparable revenue rose 3.8%, reaching total sales of 5.4 billion euros. The top-line progress was concentrated in the group's Imaging and Precision Therapy segments.
Profitability and margins
Adjusted earnings before interest and taxes slipped 1.5% to 809 million euros, with the adjusted operating margin remaining unchanged at 15.0%. Although operating income improved, gains were largely neutralized by adverse foreign exchange movements, higher tariffs and an increased tax rate.
Business-line performance
- Imaging: Comparable revenue climbed 5.7%, supported by particularly strong demand in the Americas.
- Precision Therapy: Sales rose 5.9%, with Varian cited as the primary growth driver within the division.
- Diagnostics: Revenue contracted 3.1% on a comparable basis, chiefly reflecting a structural downturn in the Chinese market and materially weaker margins in the segment.
Management confirmed its full-year outlook, maintaining an expectation for comparable revenue growth of 5% to 6% and adjusted earnings per share in the range of 2.20 to 2.40 euros. The company said it expects to meet that guidance despite continuing geopolitical friction, tariff pressures and currency headwinds.
Implications for markets and sectors
The quarter underscores a split within medical technology demand, where capital-intensive imaging and oncology therapy equipment show resilience while diagnostics volumes are vulnerable to regional structural shifts. Currency and trade-related costs remain an operational constraint that can offset operational gains.
Conclusion
Overall, Siemens Healthineers posted a steady start to the fiscal year with solid contributions from imaging and precision therapy balancing a diagnostics downturn and external cost pressures. The company is standing by its full-year financial targets even as it navigates geopolitical, tariff and currency uncertainties.