Philips Halts Sale of Sleep Apnea Gear in US After FDA Deal (3)

Royal Philips NV is suspending sales of sleep apnea devices and ventilators in the US after reaching an agreement with the US Food and Drug Administration over its faulty medical equipment. The shares fell as much as 6.8%.

The Dutch manufacturer set aside €363 million ($393 million) in the fourth quarter due to the consent decree settlement and warned there will be additional costs this year. The development adds to the woes stemming from quality issues at the company, following a recall of an MRI device last month.

It will “likely take years,” until Philips can resume sales of the ...