Shares of health technology company Koninklijke Philips (NYSE:PHG) were on an upswing in morning trading on Wednesday after it provided an update on the test and research program associated with the voluntary recall notification related to its polyester-based polyurethane sound abatement foam in specific CPAP, BiPAP and mechanical ventilator devices (DreamStation devices).
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The company has completed test results and assessments for about 68% of devices worldwide and further, the devices have not been exposed to ozone cleaning.
These test results have indicated that the devices are not likely to result in serious harm to health. Additionally, patients are unlikely to experience long-term health issues resulting from exposure.
PHG shares have declined nearly 60% this past year.
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