Philips (LON:0LNG) announced the main terms of an agreement it reached in January with the U.S. government on its new sleep apnea machines, sending shares in the Dutch health technology firm up almost 3% on Wednesday.
Philips said it had reached what is known as a consent decree that spells out the improvements it needs to make at its Respironics plants in the United States.
“It provides clarity and a roadmap to demonstrate compliance with regulatory requirements and to restore the Philips Respironics business,” the company said in a statement detailing the main terms of the decree.
CEO Roy Jakobs in January noted on average it takes five to seven years to comply with consent decrees in the medical equipment industry.
