Philips settles ventilator recall lawsuits
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 29 April 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
Show links:
Biggest stock movers today: TSLA, PHG, and more
IPO watch: Cruise line operator Viking to go public as it looks to cash in on baby boomer buzz
Japanese yen rebounds on suspected intervention from Tokyo
Earnings week ahead: Amazon, Apple, Pfizer, AMD, Coca-Cola, Starbucks and more
MicroStrategy stands to flourish if it implements new accounting rules, analyst says
Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, April 29th. I'm Julie Morgan. |
| 0:13.2 | Phillips agrees to a settlement over its ventilators. |
| 0:16.6 | Turkey is attempting to reduce its reliance on Russian energy, |
| 0:20.8 | and the final offer for Paramount Global from Sky Dance is on the table. |
| 0:25.0 | Phillips has come to an agreement to pay 1.1 billion dollars to resolve personal injury and medical monitoring class action litigation in the US. |
| 0:35.5 | This is related to the global voluntary recall of ventilators used to treat sleep apnea. |
| 0:41.1 | The company said it does not admit any fault or liability or that any injuries were |
| 0:45.7 | caused by respironics devices. The settlement addresses the claims filed in U.S. courts and potential |
| 0:52.2 | claims submitted to the Census Registry. |
| 0:55.0 | The settlement payments are expected in 2025 and will be funded from Phillips Cash Flow Generation, |
| 1:01.2 | resulting in a 982 million euro provision recognized in Q1 of 2024. |
| 1:07.0 | There's also an agreement with insurers to pay Phillips 540 million euros to cover Respironics recall related |
| 1:14.6 | product liability claims. This income is expected to be recognized in Q2 of |
| 1:19.8 | 2024 and payment is expected this year. |
| 1:23.6 | Phillips Respironics recalled millions of breathing devices and ventilators used to treat sleep apnea in 2021 over potential health concerns. |
| 1:33.6 | Earlier this month the company announced a consent decree with the DOJ and FDA over the recall devices. |
| 1:40.8 | Pre-market Phillips is up 45% which means there are on our list of the biggest movers of the day pre-market. |
| 1:48.0 | We'll take a look at another name on that list in just a few minutes. |
| 1:52.0 | The Turkish government is in talks with ExxonMobil |
| 1:55.8 | over a multi-billion dollar deal to buy liquefied natural gas. This is an effort to |
| 2:01.4 | reduce its dependence on Russian energy. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.