Siemens Healthineers: Initiation of Coverage- Can Photon Counting CT Spark the Next Imaging Revolution?

Siemens Healthineers presented a mixed report for the second quarter of fiscal 2025, underscoring both favorable growth trajectories and certain market headwinds. The company reported nearly 7% revenue growth, outpacing its full-year guidance. This top-line expansion was combined with margin improvements, leading to an increase in adjusted EPS. Imaging, the company’s largest segment, saw significant growth with revenues rising almost 9%. Notably, this segment reported an impressive margin uplift. Advanced Therapies and Diagnostics also contributed positively, with Diagnostics achieving a 200 basis point margin expansion year-on-year.