Philips settles suits over its DreamStation sleep apnea machines for $1.1 billion

Dutch medical device maker Philips said Monday it had reached a $1.1 billion deal in the United States to settle lawsuits over faulty sleep machines in a case that's rocked the company. Since 2021, Philips has been battling a series of crises over its DreamStation machines for sleep apnea, a disorder in which breathing stops and starts during sleep.

' The settlement addresses claims filed in U.S. courts and other potential cases, it said. 'The related payments are expected in 2025 and will be funded from Philips' cash flow generation,' the statement said, adding that the company had booked a provision of $1.05 billion in in the first quarter to cover the settlement. Philips said it also concluded an agreement with insurers to pay Philips $578 million to cover Respironics recall-related claims.

Source: News Formal (newsformal.com)

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