Philips has reached a $1 billion settlement in the U.S. related its Respironics ventilators, and backed its full-year guidance.

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Under a related deal, users who return devices by Aug. 9 can get an extra $100. As part of the recall, the company is offering repairs, replacements or refunds of the machines' cost.

Shares in Royal Philips (NL:PHIA), (PHG) logged their biggest one-day surge on record, after the Dutch company reached a [$1.1 billion U.S. settlement](

Dutch medical devices maker Philips announced on Monday that it has agreed to a $1.1 billion settlement regarding personal injury lawsuits in the United States. This agreement relates to the global recall of ventilators used for treating sleep apnea.