Siemens Healthineers (SHL) Status update summary

Q3 fiscal 2026 highlights

• Equipment book-to-bill reached 1.27x, with 1.17x excluding Value Partnerships, recovering from Q2 softness.

• Signed major Value Partnerships in the U.S. with Cleveland Clinic and Vanderbilt Health, reflecting strong U.S. market presence.

• Precision Therapy grew 9%, driven by Advanced Therapies and new ARTIS platforms.

• Imaging growth was soft due to tough comps and revenue shifts to next quarter.

• Diagnostics underperformed, leading to a lowered top-line outlook to 3.5%-4% and raised EPS guidance due to tariff refunds.

Diagnostics segment performance and outlook

• Continued weakness in Diagnostics, mainly from China market rebasing and legacy platform phase-out.

• Full-year Diagnostics revenue expected to decline by about 5%, with 80% of the drop China-related.

• U.S. decline driven by transformation and Dimension Vista platform sunset.

• Margins ex refunds improved sequentially to 3%, though still low.

• Carve-out preparations for Diagnostics are progressing well, with no impact from recent performance.

Imaging and Precision Therapy outlook

• Imaging growth in Q3 was below expectations due to site readiness and import delays, shifting €50 million revenue to Q4.

• Q4 Imaging expected to accelerate to high single-digit growth, with strong momentum in CT and new photon counting platforms in China.

• Precision Therapy to maintain strong growth, though below Q3's 9%.

• Imaging margins expected to expand sequentially and year-over-year, despite inflation and FX headwinds.

• Precision Therapy margins to improve sequentially but face tough comps year-over-year.