Criticized Dutch electronics maker Philips has said it will end sales of new sleep aids in the US after a series of recalls continues to weigh on financial results, AFP reported.
Philips reported losses of 463 million euros for the full year, compared with 1.6 billion euros in 2022, with chief executive Roy Jacobs hailing "strong results".
The firm narrowed its losses for 2023 compared with the previous year as it tried to recover from what it described as a "very difficult" 2022.
"While there is still work to be done, the progress we have made in a volatile world lays a solid foundation for sustainable results," Jacobs said.
Since 2021, the company has been battling a series of crises related to its DreamStation devices for sleep apnea, a disorder in which breathing stops suddenly and resumes during sleep.
"Addressing the consequences of the Respironics recall for our patients and customers is a key issue, and I acknowledge and apologize for the anxiety and concern this has caused," added the director.
The company said it has agreed with US authorities, which consists of a "road map" with objectives to enable Philips to comply with regulatory requirements in the US market.
"Until the relevant requirements of the consent decree are met, Philips Respironics will not sell new sleep therapy devices or other respiratory care devices in the US," the company said. /BGNES
