RTTNews | Aug 3, 2020 02:40AM EDT

02:39 Monday, August 3, 2020 (RTTNews.com) - German medical technology company Siemens Healthineers (SMMNY.PK) reported Monday that its third-quarter net income declined 23 percent to 271 million euros from last year's 353 million euros.

Adjusted basic earnings per share were 0.30 euro, compared to 0.38 euro last year.

Adjusted EBIT fell 15 percent to 461 million euros from last year's 539 million euros. Adjusted EBIT margin was at 13.9 percent, 120 basis points below the prior-year quarter.

Revenue declined 7.2 percent to 3.31 billion euros from 3.57 billion euros a year ago. Revenue was down 6.9 percent year-over-year on a comparable basis due to COVID-19.

Comparable revenue declined 3.3 percent in Imaging, and 1.8 percent in Advanced Therapies.

Looking ahead for the fourth quarter, the company anticipates a significant sequential improvement in business performance.

For the fiscal year 2020, the company projects adjusted basic earnings per share between 1.54 euros and 1.62 euros, compared to prior fiscal year's 1.70 euros. The company expects broadly flat revenue growth on a comparable basis.

Siemens Healthineers has agreed to buy Varian Medical Systems Inc. (VAR), a U.S. company active in the area of cancer research and therapy, in an all-cash transaction valued at $16.4 billion.

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