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Philips Starts Replacing & Repairing Faulty Respiratory, Sleep Devices In US

Benzinga · 09/01/2021 06:50
  • ​​​​​Koninklijke Philips NV (NYSE:PHG) said it would start repairing and replacing millions of respiratory devices in the U.S. and most of its other markets by the end of September, addressing potential health risks caused by the machines.
  • The company recalled up to four million of its respiratory devices and ventilators in June, as it said a foam part might degrade and become toxic, potentially causing cancer.
  • Related Content: Suffers' Lose Sleep After Philips' Recall Of Sleep Apnea Machine.
  • Philips said it had received authorization from the FDA to rework the affected DreamStation devices, allowing it to replace the sound abatement foam with new material.
  • It plans to complete the repair and replacement programs within approximately 12 months.
  • Philips has set aside €511 million in provisions for the recall operation in the first half of 2021.
  • Related content: Benzinga's Full FDA Calendar.
  • Price Action: PHG shares are up 2.95% at $47.49 during the premarket session on the last check Wednesday.