siemens healthcare – imaging & it division · ... lack of acceptance of new products or...

Copyright © Siemens AG 2008. All rights reserved.Copyright © Siemens AG 2008. All rights reserved.

Siemens Healthcare – Imaging & IT Division Bernd Montag, CEO Imaging & IT Divison

Capital Market Day Siemens Healthcare Munich, February 28, 2008

February 28, 2008 Capital Market Day Siemens HealthcareCopyright © Siemens AG 2008. All rights reserved.

This document contains forward-looking statements and information – that is, statements related to future, not past, events. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”“estimates,” “will,” “project” or words of similar meaning. Such statements are based on our current expectations and certain assumptions, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’control, affect our operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed orimplied by such forward-looking statements. For us, particular uncertainties arise, among others, from changes in general economic and business conditions (including margin developments in major business areas); the challenges of integrating major acquisitions and implementing joint ventures and other significant portfolio measures; changes in currency exchange rates and interest rates;introduction of competing products or technologies by other companies; lack of acceptance of new products or services by customers targeted by Siemens; changes in business strategy; the outcome of pending investigations and legal proceedings, especially the corruption investigation we are currently subject to in Germany, the United States and elsewhere; the potential impact of such investigations and proceedings on our ongoing business including our relationships with governments and other customers;the potential impact of such matters on our financial statements; as well as various other factors. More detailed information about certain of these factors is contained throughout this report and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SEC's website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.

EBITDA (adjusted), Return on capital employed, Free cash flow, Cash conversion and Net debt are Non-GAAP financial measures.A reconciliation of these amounts to the most directly comparable IFRS financial measures is available on our Investor Relationswebsite under www.siemens.com/ir, Financial Publications, Quarterly Reports. 'Group profit from operations' is reconciled to 'Income before income taxes' of Operations under 'Reconciliation to financial statements' in the table 'Segment Information'.

Safe Harbour Statement


Our Customers’ Decisions are bothProduct- and Solution-Oriented

Workflow-oriented IT

In VitroDiagnostics(IVD)

Diagnosis

TherapyIn VivoDiagnostics(Imaging)

Oncology

Cardiology

Neurology

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Prevention and Early Detection

Care

DiagnosticsJim Reid-Anderson

Imaging & ITBernd Montag

Workflow & SolutionsTom Miller


Our Customers’ Decisions are bothProduct- and Solution-Oriented

Workflow-oriented IT

In VitroDiagnostics(IVD)

Diagnosis

TherapyIn VivoDiagnostics(Imaging)

Mag

netic

Res

onan

ce

Com

pute

d To

mog

raph

y

Mol

ecul

ar Im

agin

g

Rad

iogr

aphy

/Ang

iogr

aphy

Ultr

asou

nd

Hea

lthca

re IT

Prevention and Early Detection

Care

Imaging & ITBernd Montag


Siemens HealthcareImaging & IT Division

Sales: €7.1bn

Margin: 15%

Employees: 27,000 worldwide

R&D spent: > €700m


Computed Tomography

+5% market share (2002-07) Innovation leader


Angio & X-Ray

#1 market positionInnovation leader


We are ...Magnetic Resonance



We are ...

Day 14Day 14

Baseline studyday 7 of

cancer therapy90 days

post baselineday 14 of

cancer therapyMolecular Imaging



Ultrasound

Significant upsideInnovation leader


Imaging:We are #1 in a dynamic business ...

+5% mkt. share Innovation

leader

ComputedTomography

#1 positionInnovation

leader

MagneticResonance


leader

Angio& X-Ray

1# positionInnovation

leader

MolecularImaging

Significant upsideInnovation

leader

Ultrasound


We are #1 in a dynamic business ...... creating a unique competitive advantage by integration

#1 position in healthcare ITwith syngo and SoarianHealthcare IT


leader

ComputedTomography


leader

MagneticResonance


leader

Angio& X-Ray


leader

MolecularImaging


leader

Ultrasound


#1 position in healthcare ITwith syngo and Soarian®

Healthcare IT


Imaging & IT: We are #1 in a dynamic businesscreating a unique competitive advantage by integration



leader

ComputedTomography


leader

MagneticResonance


leader

Angio& X-Ray


leader

MolecularImaging


leader

Ultrasound


Continuously outperforming competition:The fastest growing installed base in the industry



leader


leader


leader


leader

+10% p.a.

+5%Market IB

+12% p.a.

+7%Market IB

+10% p.a.

+4%Market IB

+8% p.a.

Market IB +2%

ComputedTomography

MagneticResonance

Angio& X-Ray

MolecularImaging

Growth of installed base of I&IT from 2002 to 2007


leader

+10% p.a.

+10%Market IB

Ultrasound


Uniquely positioned for future growth: Clear leader in number of IT installations and global presence



leader


leader


leader


leader

+10% p.a.

+5%Market IB

+12% p.a.

+7%Market IB

+10% p.a.

+4%Market IB

+8% p.a.

Market IB +2%

ComputedTomography

MagneticResonance

Angio& X-Ray

MolecularImaging

Growth of installed base of I&IT from 2002 to 2007


leader

+10% p.a.

+10%Market IB

Ultrasound


Global number of IT installations in 2007 compared to competitors

0 750 1,500 2,250 3,000

Num

ber o

f Cou

ntrie

s0

120

3040

Number of installations worldwide

Siemens

HF

D

AC

B GE


Initial system business generatessignificant aftersales revenue

Systems:• CT• MRI• PET-CT• X-Ray• US

Aftersales business:• Service• Application upgrades• Hardware extensions• Contrast agents• Trainings

40-60 %

40-60 %

2002 2003 2004 2005 2006 2007 2008 2009 2010

Imag

ing

Sys

tem

s S

ales A

ftersalesB

usiness

Typical revenue split* Initial and cumulated aftersales revenue

*typical service contract signed for 5 years


Aftersales busines accountsfor the greater share of sales in IT

Software Licensing:• Soarian• syngo

Services:• Customization• Upgrades• Hosting• Consulting• Training

20-25 %

75-80 % Sof

twar

e Li

cens

ing A

ftersalesB

usiness

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

*typical service contract signed >10 years

Typical revenue split* Initial and cumulated aftersales revenue


Highlights of our strong track record

Angio & X-Ray Computed Tomography Magnetic Resonance

Development of sales from 2002 to 2007+9

% p

.a.

+10%

p.a

.

+11%

p.a

.


Growth in top and bottom line despite temporal down turn in the US

Sales growth on currency comparable basis

+ 6%

2006 2007

>10%

Sales

Profit

Global sales and profit growth I&IT (in €)

2007 US imaging equipment market:Sales ±0%

2007 US imaging equipment market:Orders -20%


The foundation of our continued success

Innovation Leadership

Workflow Excellence

Cost Leadership

spend to Excel

spend to Save

spend to Catch-up

Customers´ impulseImaging & IT focus


The history of medical imaging: Evolution and Revolution

1895 1950's 1970's 1980's 1990's 2000's

Clin

ical

impa

ct

X-Ray

Ultrasound

Computed Tomography

MagneticResonance

MolecularImaging


Innovation is the rule of the gameExample: Computed Tomography

1970 1998 2005

Rotation speed2s 1s 0.75s

1 st spiral CT

Head Lung Body

1 stCT*

*From a medical equipment manufacturer

Slices4 16 64

1 stCardiac CT

1 st4-slice CT

1 st16-slice CT

1 st64-slice CT

1 st0 MHU X-ray tube

1 stDSCT

Axial CT

Multislice CT

1990

DualSource CT

Spiral CTClin

ical

impa

ct


Innovation is the rule of the gameExample: Computed Tomography

Rotation speed2s 1s 0.75s

Head Lung Body

Slices4 16 64

Axial CT

Multislice CT

Spiral CT

since 1998Sales x 2,7

Profit x 7,3

Market share + 12%

DualSource CT

1970 1998 20051990

Clin

ical

impa

ct


The latest innovation step changeDual Energy with SOMATOM Definition

Dual Energy allows tissue characterization

Kidney StoneKidney Stone

Uric Acid StoneCalcium Oxalate Stone



Dual Energy allows direct visualization of vessels in 5 secondsCourtesy of University Hospital of Munich – Grosshadern/Munich, Germany


+11% market share from 2000 to 2007

+18% sales in high-end CT in 06/07

Siemens unique

Must-have innovation



Our latest innovationsdirectly convert into business

introduced longerthan 4 years ago

introduced up to4 years ago



Based on new orders 2007

52%

29%

15%4%

>80% of all ordered products are younger than 3 years


At RSNA in Chicago (Nov. 2007) we continued to widen the gap

Siemens unique

Biograph with HD PET Acuson S2000 Artis Zeego

MAGNETOM Verio SOMATOM Definition ASSiemens unique

Siemens unique

Siemens unique

Siemens unique


And our innovation pipelineguarantees future success

REMINDMR-PET

Dataextrac-tion

Neurodegene-rative

diseases

Push-button imaging

Staffingshortages

Sub-mS Cardiac CT

Dosereduction

User independentIsotropic 3DInstant Scan

Silicon ultrasound


And our innovation pipelineguarantees future success

REMINDMR-PET

Dataextrac-tion

Neurodegene-rative

diseases

Push-button imaging

Staffingshortages

Sub-mS Cardiac CT

Dosereduction

User independentIsotropic 3DInstant Scan

Silicon ultrasound

TargetedDisease specificPersonalized

Superior specificity biomarkers




Workflow Excellence

Cost Leadership

spend to Excel

spend to Save

spend to Catch-up

Customers´ impulseImaging and IT focus


Number of patients

Workflow Excellence

Increasing flexibility of systems

Avoiding unnecessary procedures

Improving capacity utilization

Reimbursement per patient Patients per day

Cuts, e.g. from DRA

Recovery of reimbursement cuts Levers for efficiency improvement

-25%


“Spend to save”: Increasing flexibility Example: MAGNETOM Verio – For obese and claustrophobic patients

3 years ahead with open-bore MR

#1 position in Magnetic Resonance


% o

f obe

sity

1960 1970 1980 1990 2000 2010

40

30

20

10

0


Field strengh: 3T

Bore diameter: 70 cm

Table capacity: 250 kg


“Spend to save”: Avoiding procedures Example: syngo DynaCT – No control CT during interventions

2 years ahead in DynaCT technology

#1 position in Angio & X-ray worldwide


WithDynaCT Intervention Continued

InterventionDynaCT

Without DynaCT Intervention Transport

to CT CT Transport from CT

ContinuedIntervention

Transportfrom CT

"Time is brain"

Incident(e.g. bleeding)



The biggest lever for driving efficiencyHealthcare IT

"Where´s Mr. Parker´s X-Ray?"

"Is a bed available for Mr. Parker?"

"How long has Mr. Parker been waiting?"

" Did Mr. Parker get his medication?"

"What did we bill Mr. Parker?"

"Where´s Parker, anyway?"

Local USA: $40 m>40%

Physician Practice

Global€0.5bn>10%PHR*

Local€5bn4%Financials

Global€1.8bn6%RIS/PACS

Global€3.6bn10%Clinicals

Local or global

Market SizeCAGRComponent

Clinical IT

Depart-mentals

HospitalPortal

Global Patient Admin/Scheduling

Electronic Patient Record (EPR)

Clinical IT Financial IT

Depart-mentals RIS/PACS

Commercial Insurance

Claims

Clearing

Consumer

Portal

PHR* Physician Practices/

Clinical

Practice Manage-ment/Billing


*Personal Health Record

Medical environment Relevant market segments

Government

Payments

Admin

Diagnostic Centers

Surgical Centers

Commercial Labs

addressed by Imaging & IT*Personal Health Record


Didn´t you also experience at least of these situations?

An everyday hospital scenario ...

Where´s a free bed for Parker?

What medication does Parker get?

What can we bill Parker?


Integration is key to current AND future success

"What did we bill Mr. Parker?"integrated IT

perform process report distribute consultplan dischargeorderconsultadmit bill

administrative cycles administrative cyclesdiagnostic and therapeutic cyclessyngoSoarian Soarian

The next generation Healthcare IT

The most common imaging SW

syngo

Patient process in healthcare institutions


Integrating the whole enterprise with Soarian

WEB native (run‘s on anything with browser)

Future proof Service Oriented Architecture

285 beds, >1000 nurse users and 400 physician users

Using Clinical Access, Common Clinicals,Clinical Team, Workflow Engine (9 workflows)

Integrated with Siemens Pharmacy, Siemens MAK, Meditech Lab, and Soarian HIM

Done with

Integrated workflow engine


SOARIAN outcomesExample: Occurrence of nosocomial pressure ulcers

USA: Nosocomial infections in total account for >20bn US$ associated costs

4.93%

1.80%

4.00%

0%

1%

2%

3%

4%

5%

6%

7%

September2006

Pre-workflow

September2007

Post-workflow

NDNQIBenchmark


The latest step: Implementation of Soarian Plan of Care on Feb. 20th 2008


Integrated healthcare IT goes beyond the enterpriseSiemens Information Systems Center (SISC)

169m+ daily health care transactions

2,400+ hosted customer environments

99.998%+ network availability

Largest medical grade network of its kind

Managing med. data of >40% of all Americans


Soarian: Our investment pays back

Clinical IT

Depart-mentals

HospitalPortal

Global Patient Admin/Scheduling


Clinical IT Financial IT

Depart-mentals RIS/PACS

#1 position in healthcare IT

+22% growth p.a. in contract numbers

The only workflow engine in the market

The only WEB native platform

The only future proof Service Oriented Architecture




Workflow Excellence

Cost Leadership

spend to Excel

spend to Save

spend to Catch-up



Cost Leadership: Allowing new customers to catch-up


Cost Leadership: Allowing new customers to catch-up

M1

M2

M3

M4

Highperformance

(Research)

Lowinvestment

(Cost)

Throughput(Reimbursement)

Basicmedical care

(Cost)

China: 1 MR per 1,000,000 inhabitansJapan: 56 MR per 1,000,000 inhabitans

Example: Imaging in Asia

Market segmentation


Bringing imaging to new customer groups Example: SOMATOM Spirit – high-end/low-cost CT

most affordable

Youngest entry-level CT in the world

#1 position in entry-level CT worldwide

35% market share in entry-level CT


Bringing imaging to new customer groups Example: MAGNETOM ESSENZA – high-end/low-cost MR

1st super conductive magnet from China

Certified for worldwide delivery

Complete range of clinical applications

most affordable


SMMR

Siemens Innovators

Rigorous cost down

Innovationfor price-performance optimization

Cost down from local suppliers and labor

Cost downcontracting European suppliers to move to LCC

50% overallcost down

Currently 5 suppliers

e.g.

Example: MAGNETOM ESSENZA


Imaging & IT: LCC programSignificant share of R&D and supply chain in Asia

IndiaGoa,

Bangalore

Singapore

China Shanghai, Wuxi,

Shenzhen, Suzhou

KoreaKyongju-si

US

SUGK

RV

SVXT

HSIKM

SISL

EDB Biopolis

MI

CO

Goa Works

MR

SMMR

AXCTCO

SSME

R&D

2006 2007 2008

>15% p.a.

growth in headcount

Manufacturing

2006 2007 2008

>25% p.a.

growth in headcount


Imaging & IT: LCC programSignificant share of R&D and supply chain in Asia

IndiaGoa,

Bangalore

Singapore

China Shanghai, Wuxi,

Shenzhen, Suzhou

KoreaKyongju-si

US

SUGK

AXCTCO

SSME

RV

SVXT

HSIKM

SISL

EDB Biopolis

MI

MR

SMMR

CO

Goa Works

Production volume

from China2006 2007 2008

>40% p.a.

Purchasing volume

2006 2007 2008

>25% p.a.

of direct material


LCC program: significantly ahead of projectionsManufactured units from China

China Shanghai,

Shenzhen

AXCTCO

SSME

RV

MR

SMMR

Magnetic Resonanceat SMMR

Act Original*Plan 2010

23% 25%

2005/06 *as of FY2007

Computed Tomographyat SSME

Act

36% 40%

2005/06 Original*Plan 2010*as of FY2007

10%

15%


LCC program: just ONE aspect of our continued thrive to grow productivity

+8% p.a.

03/04 04/05 05/06 06/07

Overall productivity growth




Workflow Excellence

Cost Leadership

spend to Excel

spend to Save

spend to Catch-up



One movie showing it all ... ;-)

Echo-in-a-heartbeat


Focus and deliver

Driving profitable growth and cash returns

Getting the most out of the integrated diagnostics company

Achieving best-in-class cost position incl. SG&A reduction

Innovating for fast growth and competitiveness

+Drive organic growth above market growth

+

Deliver target margin

+

Convert to cash


Reconciliation and Definitions for Non-GAAP Measures (I)

Group profit from Operations is reconciled to Income before income taxes of Operations under Reconciliation to financial statements on thetable Segment Information. See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Earnings before interest and taxes (EBIT) (adjusted) is Income from continuing operations before income taxes less Financial income (expense), net and Income (loss) from investments accounted for using the equity method, net.

Earnings before interest, taxes, depreciation and amortization (EBITDA) (adjusted) is EBIT before Depreciation and Amortization, definedas amortization and impairments of intangible assets depreciation and impairments of property, plant and equipment.

Group profit is reconciled to EBIT and EBITDA on the table Segment Information Analysis (II). See our Financial Publications at our Investor Relations website under www.siemens.com/ir.

Return on Capital Employed (ROCE) is a measure of how capital invested in the Company or the Group yields competitive returns. For the Company, ROCE is calculated as Net income (before interest) divided by average Capital employed (CE). Net income (before interest) is defined as Net income excluding Other interest income (expense), net and excluding taxes on Other interest income (expense), net. Taxes on Other interest income (expense), net are calculated in simplified form by applying the current tax rate which can be derived from the Consolidated Statements of Income, to Other interest income (expense), net. CE is defined as Total equity plus Long-term debt plus Short-term debt and current maturities of long-term debt minus Cash and cash equivalents. Because Siemens reports discontinued operations, Siemens also calculates ROCE on a continuing operations basis, using Income from continuing operations rather than Net income. For purposes of this calculation, CE is adjusted by the net figure for Assets classified as held for disposal included in discontinued operations less Liabilities associated with assets classified as held for disposal included in discontinued operations.For the Operations Groups, ROCE is calculated as Group profit divided by average Net capital employed (NCE). Group profit for the Operations Groups is principally defined as earnings before financing interest, certain pension costs and income taxes. Group profit excludes various categories of items which are not allocated to the Groups since the Managing Board does not regard such items as indicative of the Groups’performance. NCE for the Operations Groups is defined as total assets less tax assets, provisions and non-interest bearing liabilities other than tax liabilities.Average (Net) Capital employed for the fiscal year is calculated as a 'five-point average' obtained by averaging the (Net) Capital employed at the beginning of the first quarter plus the final figures for all four quarters of the fiscal year. For the calculation of the average during for the quarters, see below:


Reconciliation and Definitions for Non-GAAP Measures (II)

• NCE for Operations Groups

Our cash target is based on the Cash Conversion Rate (CCR), which serves as a target indicator for the Company’s or the Group’s cash flow. For the Company, CCR is defined as the ratio of Free cash flow to Net income, where Free cash flow equals the Net cash provided by (used in) operating activities less Additions to intangible assets and property, plant and equipment. Because Siemens reports discontinued operations, this measure is also shown on a continuing operations basis, using Income from continuing operations, Net cash provided by (used in) operating activities – continuing operations and Additions to intangible assets and property, plant and equipment for continuing operations for the calculation. For the Groups, CCR is defined as Free cash flow divided by Group profit.

All values needed for the calculation of ROCE and CCR can be obtained from the Consolidated Financial Statements and Notes to Consolidated Financial Statements.Group profit, Net capital employed and Free cash flow for the Company and the Groups can be found on the table Segment information. Our Consolidated Financial Statements are available on our Investor Relations website under www.siemens.com/ir.

Siemens ties a portion of its executive incentive compensation to achieving economic value added (EVA) targets. EVA measures the profitability of a business (using Group profit for the Operating Groups and Income before income taxes for the Financing and Real estate businesses as a base) against the additional cost of capital used to run a business (using NCE for the Operating Groups and risk-adjusted equity for the Financing and Real estate businesses as a base). A positive EVA indicates that a business has earned more than its cost of capital, and is therefore defined as value-creating. A negative EVA indicates that a business is earning less than its cost of capital and is therefore defined as value-destroying. Other organizations that use EVA may define and calculate EVA differently.

Average calculation for CE*:

4 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2 + CE ending Q3) / 4Q33 Point average: (CE ending Q4 Prior year + CE ending Q1 + CE ending Q2) / 3Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Year-to-Date

2 Point average: (CE ending Q3 + CE ending Q4) / 2Q42 Point average: (CE ending Q2 + CE ending Q3) / 2Q32 Point average: (CE ending Q1 + CE ending Q2) / 2Q22 Point average: (CE ending Q4 Prior year + CE ending Q1) / 2Q1

Quarter-to-Date


Reconciliation and Definitions for Non-GAAP Measures (III)

Our capital structure target is based on an Adjusted industrial net debt divided by EBITDA (adjusted). For the calculation of Adjusted industrial net debt, we subtract from Net debt (defined as Long-term debt plus Short-term debt and current maturities of long-term debt less Cash and cash equivalents less Available-for-sale financial assets) (1) SFS debt excluding SFS internally purchased receivables and (2) 50% of the nominal amount of our hybrid bond; and add/subtract (3) Funded status of Pension benefits, (4) Funded status of Other post-employment benefits; andadd (5) Credit guarantees. The components of Net debt are available on our Consolidated Balance Sheets, SFS debt less internally purchased receivables is available in our Management Discussion & Analysis under Capital Resources and Requirements. The Funded status of our principle pension plans and Other post-employment benefits, the amount of credit guarantees and the nominal amount of our Hybrid bond is available in the Notes to our Consolidated Financial Statements.

To measure Siemens’ achievement of the goal to grow at twice the rate of global GDP, we use GDP on real basis (i.e. excluding inflationand currency translation effects) with data provided by Global Insight Inc. and compare those growth rates with growth rates of our revenue(under IFRS). In accordance with IFRS, our revenue numbers are not adjusted by inflation and currency translation effects.

Return on equity (ROE) margin for SFS was calculated as SFS’ Income before income taxes divided by the allocated equity for SFS.Allocated equity for SFS for the financial year 2007 is €1.041 billion. The allocated equity for SFS is determined and influenced by the respective credit ratings of the rating agencies and by the expected size and quality of its portfolio of leasing and factoring assets and equity investments and is determined annually. This allocation is designed to cover the risks of the underlying business and is in line with common credit risk management standards in banking. The actual risk profile of the SFS portfolio is monitored and controlled monthly and is evaluated against the allocated equity.

Group profit from Operations, EBIT (adjusted), EBITDA (adjusted), ROCE, CCR, EVA and Adjusted industrial net debt are or may be Non-GAAP financial measures as defined in relevant rules of the U.S. Securities and Exchange Commission. Our management takes these measures,among others, into account in its management of our business, and for this reason we believe that investors may find it useful to consider these measures in their evaluation of our performance. None of Group profit from Operations, EBIT (adjusted), EBITDA (adjusted), ROCE and EVA should be viewed in isolation as an alternative to IFRS net income for purposes of evaluating our results of operations; CCR should not be viewed in isolation as an alternative to measures reported in our IFRS cash flow statement for purposes of evaluating our cash flows; and Adjusted industrial net debt should not be viewed in isolation as an alternative to liabilities reported in our IFRS balance sheet for purposes of evaluating our financial condition.


Siemens Investor Relations Team

Webpage: http://www.siemens.com/investorrelations

e-mail: [email protected]

Telephone: +49-89-636-32474

Fax: +49-89-636-32830

Michael Sen +49-89-636-33780

Florian Flossmann +49-89-636-34095

Sabine Groß +49-89-636-35755

Dr. Martin Meyer +49-89-636-33693

Christof Schwab +49-89-636-32677

Dr. Gerd Venzl +49-89-636-44144

Susanne Wölfinger +49-89-636-30639

siemens healthcare – imaging & it division · ... lack of acceptance of new products or...

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