Shares in Philips fell as much as 11% in early European morning trade, wiping out the stock's gains since the start of the year.

The Dutch medical-technology company reported a decline in order intake for the second quarter due to delays in some large North America contracts. Order intake fell 1% on a comparable basis after some large orders shifted to the third quarter.

Order intake moved back to negative territory after solid trends for six quarters in a row, and this might cap sales growth for the group's diagnosis-and-treatment and connected-care divisions, analysts at Jefferies wrote in a note to clients.