Yahoo Finance GE HealthCare (GEHC) Boosts Interventional Radiology Capabilities
GE HealthCare Technologies Inc. GEHC, along with MediView XR Inc., announced the successful first installation and clinical cases using the OmnifyXR Interventional Suite at North Star Vascular and Interventional in Minneapolis, MN. OmnifyXR is a MediView product developed in collaboration with GE HealthCare and is currently available in the United States, with global expansion to follow.
OmnifyXR is currently available exclusively with GE HealthCare interventional X-ray systems, such as the Allia IGS platform and Innova IGS platform with AutoRight, that utilize digital video distribution.
The latest announcement is expected to strengthen GE HealthCare’s foothold in the global interventional radiology space.
Significance of the Announcement
Per GE HealthCare, image-guided therapy is a fast-evolving space that leverages advanced imaging and visualization solutions to treat many conditions, including cancer care and cardiovascular disease, among others, with little to no surgical incisions. However, while performing these different interventional procedures, practitioners face challenges like positioning restrictions that obscure visual interface and display access, along with time-consuming workspace adjustments.
OmnifyXR was designed to fit seamlessly into existing interventional suites to address these challenges. It is expected to leverage augmented reality to support workflow efficiency and ergonomics, improved visualization and collaborative care.
Per an expert familiar with the use of OmnifyXR, a highly-detailed 3D-generated model can be created with the aid of GE HealthCare’s Allia platform in a few minutes without having to remove the sterile gloves. This will likely aid in maintaining sterility during the procedure.
Industry Prospects
Per a report by Coherent Market Insights, the global interventional radiology market is estimated to be valued at $26.97 billion in 2024 and is anticipated to reach $42.34 billion by 2031 at a CAGR of 6.7%. Factors like the rising demand for minimally-invasive procedures, advancements in image-guided technology and the growing elderly population prone to chronic diseases are likely to drive the market.
Given the market potential, the latest successful first installation and clinical cases are expected to provide a significant boost to GE HealthCare’s business globally.
Recent Developments
This month, GE HealthCare expanded its technology with the addition of a MINItrace Magni (designed to be a small footprint cyclotron for reliable, in-house production of commercial PET tracers and radiometals), Omni Legend 21 cm (a performance-focused PET/CT designed to evolve and help meet growing healthcare system demands across care areas) and Clarify DL (a new deep learning reconstruction technology designed to deliver clear, accurate and effortless imaging).
Last month, GE HealthCare collaborated with Medis Medical Imaging. The collaboration is aimed at helping advance precision care in the diagnosis and treatment of coronary artery disease. Both companies are expected to focus on the integration of Medis Quantitative Flow Ratio into GE HealthCare’s cath lab environment built around the Allia Platform to enable a seamless user experience.
The same month, GE HealthCare unveiled SIGNA MAGNUS, an FDA 510(k) pending head-only magnetic resonance scanner designed to explore advancements in neuroscience.
Price Performance
Shares of GE HealthCare have gained 1.4% in the past year against the industry’s 25.3% decline. The S&P 500 has witnessed 26.4% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, GE HealthCare carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Boston Scientific Corporation BSX and Ecolab Inc. ECL.
DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita’s shares have gained 46.6% compared with the industry’s 15.6% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.5%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 7.5%.
Boston Scientific has gained 45.3% against the industry’s 0.8% decline in the past year.
Ecolab, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 14.3%. ECL’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 1.3%.
Ecolab’s shares have rallied 35.3% against the industry’s 11% decline in the past year.
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Boston Scientific Corporation (BSX) : Free Stock Analysis Report
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