Koninklijke Philips N.V. (PHG) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 24, 2022 4:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Royal Philips Third Quarter 2022 Results Conference Call on Monday, October 24, 2022. Joining the call hosted by Mr. Roy Jakobs, CEO; and Mr. Abhijit Bhattacharya, CFO. All participants will be in a listen-only mode. After the introduction, there will be an opportunity to ask questions. Please note that this call will be recorded and replay will be available on the investor relations website of Royal Philips.

I will now hand the conference over to Mr. Leandro Mazzoni, Head of Investor Relations. Please go ahead, sir.

Leandro Mazzoni

Hi everyone. Welcome to the Philips third quarter 2022 results call. I'm here with our new CEO, Roy Jakobs, who took charge recently on October 15 that is nine days ago; and our CFO, Abhijit Bhattacharya. Roy and Abhijit will take you through the third quarter results and our performance improvement actions. After that, there will be an opportunity for Q&A.

The press release and Q3 slide deck were published at 7:00 A.M. CET on our Investor Relations website. We also published an updated deck and frequently asked questions on the Respironics recall this morning. The full transcript of this call will be made available on the website later today. Before we start, I want to draw your attention to our Safe Harbor statement on screen.

With that, I'll hand over to Roy.

Roy Jakobs

Thanks, Leandro, and thanks everyone for joining us this morning. As this is my first earnings call as CEO of the company, I would want to welcome you on this call and like to start by saying that I'm honored to have been given the responsibility to lead Philips. I look forward and commit to a transparent and constructive engagement with our investors, analysts, and other stakeholders about our ambition to create value for shareholders and all other stakeholders.

Philips is a great company with a strong brand, leading innovation and portfolio, strong customer base, and talented employees operating in an attractive HealthTech market. Our strategy and solutions resonate with our customers, but we do face multiple challenges and have not lived-up to their expectations in recent years. The current macroeconomic environment and external and internal supply chain disruptions presented further challenges and our disappointing [Q3 and 2022] [ph] performance reflects this.