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Siemens Healthineers to stop production of robots - endovascular surgeons
- By Reuters
- Russia
- May 12, 2023
Siemens Healthineers, a German medical equipment manufacturer, is abandoning its $1 billion acquisition of Corindus following a 30% drop in quarterly profit. According to Reuters, the reason was a reduction in the demand for COVID-19 detection tests.
Revenue was €681 million ($750 million) in January-March, which was less than analysts' expectations (€702 million). As a result, the company will stop producing robotic devices used in endovascular cardiac surgery.
Corindus Vascular Robotics Inc began operations in 2001. The company's main product is the CorPath GRX robotic system for percutaneous coronary interventions, which was approved by the FDA in October 2016. Siemens Healthineers paid $1 billion for Corindus in 2019.
Despite Siemens' departure from the Russian market in 2022, Siemens Healthineers remains in the Russian Federation. The company is still supplying medical equipment to the country.