Philips reaches compliance agreement with FDA over ventilator recall
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AMSTERDAM, Jan 29 (Reuters) - Dutch health technology company Philips on Monday said it had reached an agreement on the terms of a settlement with the U.S. Food and Drug Administration (FDA) over a large scale recall of ventilators.
Philips said the costs of the so-called consent decree with the FDA led to a provision of 363 million euros ($393.5 million) in the fourth quarter of last year, and were expected to be about 1% of total revenues in 2024. ($1 = 0.9226 euros) (Reporting by Bart Meijer; Editing by Edmund Klamann)
