"Founded in 1891 as a light bulb manufacturer, Philips has transformed itself into a health-tech leader in the 21st century. Its early work in lighting laid the foundation for the development of X-ray tubes, which became the cornerstone of its health care business. The 134-year-old technology company faced perhaps the most significant crisis in its history following the 2021 U.S. recall of Philips breathing devices, including CPAP and BiPAP machines, owing to potential health risks."
"Roy Jakobs, who joined Philips in 2010, became CEO of the Dutch company in 2022, around the time of the crisis. Since then, he has helped bring the company into stabilization. While annual revenue has remained steady-reaching $19.5 billion in 2024-the company's share price has risen a total of 81% since Jakobs took over. Though today the company's share price remains below its 25-year average, Jakobs is committed to driving a long-term turnaround."
"Rising patient expectations-along with technologies like remote robotics, digital health platforms, and AI-driven machine learning-are rapidly transforming health care. In response, Jakobs is driving continuous innovation at Philips by enhancing hospital patient monitoring through IntelliVue bedside, wearable, and transport monitors-seamlessly integrated with the Philips Patient Information Center iX for real-time data access-and advancing Azurion image-guided therapy platforms to support minimally invasive procedures."
Philips evolved from an 1891 light bulb manufacturer into a 21st-century health‑tech leader, with early lighting work enabling X‑ray tube development and a healthcare business. The company faced a major crisis after the 2021 U.S. recall of CPAP and BiPAP breathing devices due to potential health risks. Roy Jakobs became CEO in 2022 and led stabilization efforts while revenues held around $19.5 billion in 2024 and the share price rose 81% since his appointment. Jakobs enacted a restructuring cutting about 10,000 jobs to help absorb settlements and is accelerating innovation in patient monitoring and image‑guided therapy platforms.
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