Day: July 24, 2023

Curia collaborates with Touchlight to expand its mRNA manufacturing offering to enable access to enzymatic doggybone DNA (dbDNA)

ALBANY, N.Y. and HAMPTON, United Kingdom, July 24, 2023 (GLOBE NEWSWIRE) — Curia, a leading contract research, development and manufacturing organization, and Touchlight, a company pioneering enzymatic DNA production, today announced an agreement which will provide Curia and its clients a streamlined means of access to Touchlight’s doggybone DNA (dbDNA). The arrangement expands Curia’s mRNA manufacturing offerings with an additional differentiated source of DNA raw material that is immediately available to be accessed by Curia customers. Under the arrangement, Touchlight will directly manufacture dbDNA on behalf of Curia’s customers.

“Curia remains committed to strengthening our biologics offerings and end-to-end mRNA manufacturing capabilities,” said Christopher Conway, President of R&D, Curia. “With the addition of enzymatic DNA through our partnership with Touchlight, our customers will have a critical advantage in terms of scalability and speed to market.”

Touchlight’s dbDNA is a linear, double-stranded, covalently-closed DNA vector. DNA serves as the template for making mRNA therapies. Through a simple enzymatic process called in vitro transcription, genetic information is copied from DNA to mRNA. This mRNA is then able to teach the cells to make precise proteins that are used to treat or prevent diseases. Touchlight’s enzymatic DNA is produced with a cell-free enzymatic process that offers unmatched benefits in speed, quality and capacity when compared to traditional plasmid DNA production.

Karen Fallen, CEO, Touchlight commented: “We are delighted to work with Curia in order to further expand access to dbDNA as a critical starting material. Working in parallel with fellow CDMOs is a key component of our focus upon enabling broad market access to dbDNA. Curia is building a comprehensive mRNA solution, and this arrangement enables both companies to extend their offering to a wider audience.”

Touchlight’s dbDNA is a novel solution that is widely applicable and versatile, advancing Curia’s mRNA manufacturing capabilities as a complement to its bioprocessing-grade plasmid offering.

About Curia

Curia is a leading contract research, development, and manufacturing organization providing products and services from R&D through commercial manufacturing to pharmaceutical and biopharmaceutical customers. Curia’s nearly 4,000 employees at 29 locations across the U.S., Europe, and Asia help its customers advance from curiosity to cure. Learn more at CuriaGlobal.com.

About Touchlight

Touchlight is a privately-owned CDMO based in London, U.K., focused on providing DNA services and manufacturing enzymatically produced doggybone DNA (dbDNA) to enable the development of genetic medicines. Touchlight provides rapid, enzymatic DNA development and manufacturing for all advanced therapy production, including mRNA, viral and non-viral gene therapy, and DNA API. dbDNA is a minimal, linear, covalently closed structure, which eliminates bacterial sequences. Touchlight’s revolutionary enzymatic production platform enables unprecedented speed, scale, and the ability to target genes with a size and complexity that is impossible with current technologies. Clients can be supported from pre-clinical through development and supply to licensing and tech transfer for use in-house.

Curia Contact Information:
Viana Bhagan
+1 518 512 2111
corporatecommunications@CuriaGlobal.com

Touchlight contact information:

Karen Fallen, Chief Executive Officer
Robin Bodicoat, Head of Marketing
E: info@touchlight.com
T: +44 20 8481 9200

GlobeNewswire Distribution ID 8879177

NEW YORK, July 24, 2023 (GLOBE NEWSWIRE) — TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today applauded the International Seabed Authority (ISA) Council’s consensus decision agreeing a roadmap towards adopting final rules, regulations, and procedures (RRPs, also known as the Mining Code) to allow for the exploitation of seafloor resources, in a major step toward regulatory certainty.

After failing to adopt the Mining Code by 9 July 2023, last Friday the ISA Council concluded part two of the twenty-eighth session with a decision to continue the elaboration of the Mining Code during formal sessions in November 2023, March 2024 and July 2024 and informal intersessional working groups.

“It is now a question of when — rather than if — commercial-scale nodule collection will begin,” said TMC Chairman and CEO Gerard Barron. “Since June 2022, under strong pressure from global NGOs, seventeen ISA Member States representing a minority of the 169 ISA Members have formally supported a precautionary pause, moratorium or a ban on deep sea mining. While the legal obligations of Member States to adopt RRPs pursuant to the United Nations Convention on the Law of the Sea (UNCLOS) and the Part XI Implementation Agreement (the Agreement) remain unchanged, these actions introduced a degree of political uncertainty around the timing of the adoption of the Mining Code. Last Friday’s consensus decision that included Member States who have called for a precautionary pause is a hard-won compromise that reduces this uncertainty. We are obviously disappointed that the ISA failed to adopt RRPs by 9 July 2023 as we hoped two years ago. But we also recognize that the vast majority of Member States worked very hard in the last 24 months and demonstrated strong continued commitment to finalizing the Mining Code through increased number of formal sessions and twelve informal intersessional working groups. I believe the finish line is now within sight and we look forward to the consolidated regulatory text at the next meeting in November 2023.”

TMC’s wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI), reiterated its preference to submit an application for a plan of work for exploitation once these RRPs are in place. However, consistent with NORI’s sponsoring state Nauru’s rights under UNCLOS, and as was reaffirmed in Friday’s decision, NORI reserves its right to submit an application for a plan of work in the absence of the adoption of the RRP’s pursuant to Section 1, Paragraph 15 of the Annex to the Agreement.

NORI will continue to work tirelessly to complete a comprehensive, science-driven environmental and social impact assessment (ESIA) of the highest quality. As evidenced by the recent submission of data and with significantly more environmental data to be submitted this year, the Company believes this information will further strengthen the case that the impacts of nodule collection can be effectively understood, mitigated and managed and will make a conclusive case why collecting polymetallic nodules to produce energy transition metals is the right thing to do, especially when compared to sourcing these metals by continuing to destroy megadiverse terrestrial ecosystems and communities which depend on them.

TMC Chairman and CEO Gerard Barron added: “We want to sincerely thank our sponsoring states for their continued support and the ISA Council for its hard work and further commitment to fulfil its legal obligation and adopt all RRPs for the responsible exploitation of seafloor resources.”

About The Metals Company

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The Company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.

More Info

Media | media@metals.co

Investors | investors@metals.co

Forward Looking Statements

Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements contained in this press release include, without limitation, statements regarding the approval and review of our Environmental Impact Statement (EIS) by the international seabed authority, the development and use of an ecosystem-based management and monitoring plan (EMMP) as well as the design, use and accuracy of any technology developed by TMC and its partners, agents and/or service providers to support its operations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the Clarion Clipperton Zone and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collection, development and processing polymetallic nodules; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property and the validity, use and ownership of any new technology or intellectual property subsisting therein; and other risks and uncertainties indicated from time to time in the Company’s Form 10K, dated and filed with the U.S. Securities and Exchange Commission (SEC) on March 25, 2022 as well as the Company’s Form 10Q filed with the SEC on August 15, 2022, including those under “Risk Factors” therein, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except as required by law.

GlobeNewswire Distribution ID 8879381

London, UK, July 24, 2023 (GLOBE NEWSWIRE) — OPEN Health, a global provider of consultancy, HEOR and market access, and scientific communications services, today announced a new team of experts will lead its HEOR & Market Access Scientific Office. This expert team will be led by Dr. Elisabeth Fenwick as Chief Scientific Officer with support from Professor Ben van Hout as Scientific Founder.

Both Elisabeth and Ben joined OPEN Health through its acquisition of Pharmerit International. Elisabeth Fenwick is most widely known for working on the cost-effectiveness acceptability curve (CEAC), creating the cost-effectiveness acceptability frontier, and for her work in value of information analyses for research decisions. She has over 20 years of experience in the industry and has published more than 50 publications globally. Ben van Hout is most commonly known for being one of the co-founders of the EQ-5D (a standardized measure of health-related quality of life) and as the developer of the CEAC. He was also one of the first researchers to perform a discrete event simulation and is published in the New England Journal of Medicine. He has over 35 years of experience in the industry and was honored with the ISPOR Avedis Donabedian Outcomes Research Lifetime Achievement Award in 2020.

“The purpose of the Scientific Office is to ensure that science is at the center of everything we do. Our scientific experts are here to support the HEOR and market access team with their amazing research developing innovative solutions.” Elisabeth commented.

The Scientific Office is made up of experts who bring unique skillsets from across OPEN Health’s HEOR & market access service areas. The appointed team consists of Maarten Treur, MSc, Vice President and Global Head of Modeling & Meta-Analysis; Dr. Viktor Chirikov, Director of Real‑World Evidence & Data Analytics; Dr. Marco Boeri, Director of Preference Research in Patient-Centered Outcomes; and Emanuele Arcà, MSc, Senior Research Consultant in Strategic Market Access. Craig Bennison, MSc, Executive Director and Global Innovation Lead for OPEN Health HEOR & Market Access, will also join the team and will focus specifically on innovation.

“Over the last few years, the scientific contributions and leadership of these experts have played instrumental roles in shaping our reputation and research efforts, working in partnership with our clients to improve health outcomes and patient wellbeing,” said Richard Jones, President of OPEN Health Evidence & Access. “This team will ensure our scientific expertise, thought leadership, and innovation stay front and center of our HEOR and market access offering.”

To learn more about the team of experts in the Scientific Office, please explore this interactive publication.

About OPEN Health

OPEN Health unites deep scientific knowledge with wide-ranging specialist expertise to unlock possibilities that improve health outcomes and patient wellbeing. Working in partnership with our clients, we embrace our different perspectives and strengths to deliver fresh thinking and solutions that make a difference. OPEN Health is a flexible global organization that solves complex healthcare challenges across HEOR and market access, medical communications and creative omnichannel campaigns. For more information on OPEN Health, visit www.openhealthgroup.com.

Candice Subero
OPEN Health
candicesubero@openhealthgroup.com

GlobeNewswire Distribution ID 8878752

VANCOUVER, British Columbia, July 24, 2023 (GLOBE NEWSWIRE) — Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) announces the engagement of a strategic consultant aimed at collaborating with other mining industry participants to secure substantial government support for Canadian miners, mirroring the support seen so far for major battery manufacturers. Arbor applauds the Canadian government’s dedication to propelling the EV industry by giving substantial funds to battery manufacturers, an action vital for maintaining Canada’s leadership in the global electric vehicle sector. Arbor seeks to support the interests of Canadian miners, recognizing their indispensable role as providers of key elements fueling the EV revolution.

Recently, the Canadian government provided significant financial support to facilitate the country’s establishment and expansion of battery manufacturing plants. While praising the government’s initiative to boost battery production, Arbor underscores the importance of Canadian miners who supply the essential minerals needed for EV batteries.

Mark Ferguson, Chief Executive of Arbor, expressed the Company’s viewpoint: “We commend the Canadian Government’s support of companies like Volkswagen and Stellantis-LG in their contribution to Canada’s rapidly developing EV industry. However, we firmly believe that Canadian miners are equally critical to the success of this industry. As providers of vital elements for EV batteries, we envision a collaborative effort among all participants in the EV industry, from miners to battery manufacturers and end users, working together to advance the sector and meet the Net Zero goals set by various governments worldwide. Arbor is eager to collaborate with other industry participants in securing and shaping government support that ensures Canada’s role as a leading force in the global EV revolution.”

The strategic consultant aims to engage experts who can advocate for adequate government support to bolster the growth and competitiveness of Canadian miners in the EV supply chain. Arbor recognizes the need for strong partnerships between the government and the mining industry to foster innovation, exploration, and sustainable infrastructure development.

Recent press coverage emphasizes the Canadian government’s assistance for EV industry participants. With the worldwide pivot towards green energy and decarbonization, nations like Canada are heavily investing in the EV sector to guarantee a sustainable future.

About Arbor Metals Corp.

Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes. Arbor currently oversees three outstanding mineral projects.

The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet project is contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization, and represents one of the highest-profile lithium exploration projects in the sector.

For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetals.com or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.

On behalf of the Board,

Arbor Metals Corp.

Mark Ferguson, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium Project, the assessment of samples from that Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

CONTACT:

MRKT360 INC
https://mrkt360.com
Alex Zertuche
alexz@mrkt360.com
For E.S.T Office Hours, Call 1 416-477-0587

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ac9c34f-6084-4782-a8ec-1c2f30b35a1a

GlobeNewswire Distribution ID 8878937

July 24, 2023

Second-quarter highlights

• Group sales increased to EUR 4.5 billion, with 9% comparable sales growth
• Income from operations amounted to EUR 221 million, compared to EUR 11 million in Q2 2022
• Adjusted EBITA increased to EUR 453 million, or 10.1% of sales, compared to EUR 216 million, or 5.2% of sales, in Q2 2022
• Order book continued to grow year-on-year, while comparable order intake declined following a high order intake in Q2 2022
• Operating cash flow improved to EUR 135 million, compared to an outflow of EUR 306 million in Q2 2022
• Simplification of the operating model and restructuring plans on track
• Outlook for full year 2023 raised to mid-single-digit comparable sales growth and an Adjusted EBITA margin at the upper end of the high-single-digit range

Roy Jakobs, CEO of Royal Philips:
“We are progressing to plan on our three priorities to enhance patient safety and quality, strengthen supply chain reliability, and simplify how we work, and I am pleased with our improved operational performance across all segments and geographies in the quarter.

We delivered 9% comparable sales growth, increased profitability and improved cash flow, against a backdrop of ongoing macroeconomic and geopolitical challenges. Our order book increased year-on-year and will continue to support growth in the coming quarters.

Completing the Philips Respironics field action remains our highest priority. The vast majority of the sleep therapy devices are now with patients and home care providers, and we are fully focused on the remediation of the affected ventilators.

Looking ahead, we are confident in the execution of our plan and have raised our outlook for the full year 2023, acknowledging that uncertainties remain.

I am grateful for the dedication and commitment of all my Philips colleagues to deliver these results whilst working through the changes to create a more focused and agile organization.”

Group and segment performance

Sales for the Group increased to EUR 4.5 billion, with 9% comparable sales growth, driven by growth across all segments and geographies. Adjusted EBITA for the Group increased to EUR 453 million, or 10.1% of sales, mainly driven by increased sales, royalty income and productivity measures, partly offset by cost inflation.

Philips’ order book grew 3% compared with Q2 last year, including the good order-book-to-sales conversion in the last three quarters. Following a high order intake in Q2 2022, comparable order intake declined 8% (-4% excluding Russia).

Diagnosis & Treatment comparable sales increased 12% in the quarter, with double-digit growth in Ultrasound and Image-Guided Therapy, and mid-single-digit growth in Diagnostic Imaging. Following a high order intake in Q2 2022, comparable order intake showed a high-single-digit decrease (low-single-digit decline excluding Russia). The Adjusted EBITA margin increased to 10.6%, mainly driven by increased sales, favorable mix, and productivity measures, partly offset by cost inflation.

Connected Care comparable sales increased 6% in the quarter, with double-digit growth in Monitoring, partly offset by a decline in Sleep & Respiratory Care. Comparable order intake showed a high-single-digit decline due to normalization of demand after the strong growth in the period between 2020 and 2022. Order intake remains significantly higher than pre-COVID. The Adjusted EBITA margin increased to 7.5%, mainly driven by productivity measures and improved profitability in Monitoring.

Personal Health returned to growth as comparable sales increased by 3%, driven by mid-single-digit growth in Personal Care. The Adjusted EBITA margin increased to 13.4%, due to pricing and productivity measures.

Productivity

Supported by significant change management efforts, to date Philips has reduced the workforce by approximately 6,600 roles out of the planned reduction of 7,000 roles by 2023 and 10,000 roles in total by 2025. Operating model productivity savings amounted to EUR 112 million in the quarter. Procurement savings amounted to EUR 57 million, and other productivity programs delivered savings of EUR 68 million, resulting in total savings of EUR 237 million in the quarter.

Outlook

Based on Philips’ improved performance in the first half of the year, solid order book, and the ongoing actions to improve execution, the company now expects to deliver mid-single-digit comparable sales growth and an Adjusted EBITA margin at the upper end of the high-single-digit range for the full year 2023, while uncertainties remain.

The outlook excludes the impact of the ongoing discussion on a proposed consent decree beyond current assumptions, as well as ongoing litigation and the investigation by the US Department of Justice related to the Respironics field action.

Customer, innovation and ESG highlights

• Signed a 10-year agreement with University of California Irvine Health to provide enterprise monitoring as a service combined with informatics, enabling the health system to standardize, integrate and scale patient monitoring in order to deliver better care and reduce the technology burden on staff.
• Five top hospitals in Shanghai, with a total of more than 10,000 beds, installed Philips’ advanced Spectral CT 7500 imaging systems, helping physicians deliver first-time-right diagnosis through fast, low-dose X-ray scans.
• Expanded the image-guided therapy portfolio with the launch of Philips Zenition 10, which provides a cost-effective imaging solution to guide high-volume routine surgery, as well as complex orthopedic and trauma procedures.
• Introduced the cloud-based Philips HealthSuite Imaging PACS on Amazon Web Services. This cloud-based enterprise imaging solution, which includes advanced AI-enabled applications, has been designed to enhance image access speed, reliability, and data orchestration for clinicians across the imaging workflow, while reducing costs for healthcare organizations.
• In partnership with JD.com, launched the premium 7 Series Shaver in China, debuting as the #1 shaver on this major online shopping channel. Additionally, Philips’ DiamondClean 9000 premium electric toothbrush has become the best-selling high-end oral healthcare product on Alibaba.
• As part of the company’s carbon emission reduction efforts, Philips and a consortium of companies committed to contracting renewable electricity from a recently completed wind farm in Finland. The 10-year agreement will deliver the equivalent electricity needed to power 40,000 households.

Philips Respironics field action for specific sleep therapy and ventilator devices

To date, approximately 99% of the new replacement devices and repair kits required for the remediation of the registered affected devices have been produced. The vast majority of the produced sleep therapy devices have been provided to patients and home care providers, while the remediation of the affected ventilators is ongoing.

Philips Respironics completed testing and analyses for the first-generation DreamStation, System One and DreamStation Go sleep therapy devices. The analyses indicate that the volatile organic compounds and particulate matter emissions related to foam degradation are within the applicable safety limits and are unlikely to result in appreciable harm to health in patients.*) Testing and analysis related to the affected ventilators is ongoing.

The previously disclosed litigation and investigation by the US Department of Justice related to the Respironics field action are ongoing, as well as the discussions on a proposed consent decree.

*) Philips Respironics has provided a summary of the test results and analyses available to date to the FDA and other competent authorities. The FDA is still considering the data and analyses that Philips Respironics has provided and may reach a different conclusion.

Click here to view the release online

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: +31 6 1521 3446
E-mail: ben.zwirs@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 71,500 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements and other important information

Forward-looking statements

This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future Adjusted EBITA*), future restructuring and acquisition related charges and other costs, future developments in Philips’ organic business and the completion of acquisitions and divestments. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

These factors include but are not limited to: Philips’ ability to gain leadership in health informatics in response to developments in the health technology industry; Philips’ ability to transform its business model to health technology solutions and services; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips’ ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; challenges in connection with Philips’ strategy to improve execution and other business performance initiatives; the resilience of our supply chain; attracting and retaining personnel; challenges to drive operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations including privacy and upcoming ESG disclosure and due diligence requirements; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process; global inflation. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward- looking statements, see also the Risk management chapter included in the Annual Report 2022. Reference is also made to section Risk management in the Philips semi-annual report 2023.

Third-party market share data

Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management’s estimates of rankings are based on order intake or sales, depending on the business.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:00 am CET on July 24, 2023.

Use of non-IFRS information

In presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2022.

Use of fair value information

In presenting the Philips Group’s financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in the Annual Report 2022. In certain cases, independent valuations are obtained to support management’s determination of fair values.

Presentation

All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2022. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.

Philips has realigned the composition of its reporting segments effective from April 1, 2023. The most notable change is the shift of the previous Enterprise Diagnostic Informatics business from the Diagnosis & Treatment segment to the Connected Care segment. This business, together with other informatics solutions in the Connected Care segment, now forms the Enterprise Informatics business. Accordingly, the comparative figures for the affected segments have been restated. The restatement has been published on the Philips Investor Relations website and can be accessed here.

Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares for the share dividend in respect of 2022.

*) Non-IFRS financial measure. Refer to the Reconciliation of non-IFRS information

GlobeNewswire Distribution ID 1000831185