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General Electric (GE) Buys Prismatic Sensors, Wins Contracts
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General Electric Company’s (GE - Free Report) business unit, GE Healthcare, announced the acquisition of a Swedish firm, Prismatic Sensors AB. Also, GE Healthcare unveiled an artificial intelligence (“AI”) algorithm that will help in the treatment of COVID-19 patients.
In addition, General Electric recently secured two contracts for its Power segment.
Notably, shares of the company have gained 3.2% since last Friday, ending the trading session at $10.07 yesterday.
Buyout of Prismatic Sensors
Prismatic Sensors is engaged in developing photon counting detectors that are used in computed tomography. Its expertise in algorithms, physics, designing of integrated circuits, software, mechanical solutions and others are its advantages. The firm was founded in 2012, and has offices in Linkoping and Stockholm.
The Prismatic Sensors buyout is in sync with GE Healthcare’s pursuit of expanding its offering in the photon counting CT (“PCCT”) technology. It will now be equipped to provide silicone-based photon counting detectors, which are considered better options than the ones based on cadmium.
Notably, PCCT is primarily used in neurology, oncology, cardiology and other applications. Accuracy in the measurement of material density, minute vision of structures of organs, reduced dose of radiation and improvement in the characterization of tissues are a few things made easy through PCCT.
The financial terms of the buyout have not been disclosed. GE Healthcare anticipates completing the buyout by next January. Presently, it owns a minority stake in Prismatic Sensors.
In relation to the AI algorithm, GE Healthcare noted that it tells about the placements of Endotracheal Tube (“ETT”) and thus helps in the treatment of intubated patients. Notably, this solution is part of Critical Care Suite 2.0 offered by GE Healthcare.
General Electric’s Healthcare unit is engaged in providing technologies in medical imaging, patient monitoring, drug discovery, patient monitoring and others. It also provides biopharmaceutical manufacturing technologies.
In third-quarter 2020, GE Healthcare’s revenues totaled $4,565 million, reflecting a decline of 7.3% from the year-ago quarter (or 5% on an organic basis). Orders in the quarter decreased 20% year over year.
General Electric predicts GE Healthcare to face headwinds from a mid-single-digit decline in orders for healthcare systems in the fourth quarter of 2020. This business is predicted to be weak in India, the United States and LATAM.
Contracts
The Power Conversion business of General Electric secured a contract worth $40 million from DSEC. Per the deal, the company will provide propulsion and power system to two National Security Multi-Mission Vessels (NSMVs).
Further, General Electric secured a contract from Naepo Green Energy Co., Ltd. to provide power generation equipment to the latter’s South Korea-based district heating plant. Equipment-to-supplied includes 60 Hertz gas turbine and H65 generator, STF-D650 Steam Turbine, Heat Recovery Steam Generator, H35 generator and GE condenser.
Zacks Rank, Estimate Trend and Price Performance
With a market capitalization of $85.5 billion, General Electric currently carries a Zacks Rank #3 (Hold). Solid liquidity position and the company’s efforts to deleverage balance sheet as well as portfolio-restructuring initiatives are expected to be beneficial in the quarters ahead. However, the pandemic-related woes are impacting businesses, which are concerning.
In the past 30 days, the company’s bottom-line estimates decreased from 8 cents to 7 cents for the fourth quarter of 2020 while the same have been stable at earnings of 5 cents for the first quarter of 2021.
In the past 30 days, earnings estimates for these companies have improved for the current year. Also, earnings surprise for the last four reported quarters, on average, was 1.85% for 3M, 14.59% for Crane and 17.00% for Danaher.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
General Electric (GE) Buys Prismatic Sensors, Wins Contracts
General Electric Company’s (GE - Free Report) business unit, GE Healthcare, announced the acquisition of a Swedish firm, Prismatic Sensors AB. Also, GE Healthcare unveiled an artificial intelligence (“AI”) algorithm that will help in the treatment of COVID-19 patients.
In addition, General Electric recently secured two contracts for its Power segment.
Notably, shares of the company have gained 3.2% since last Friday, ending the trading session at $10.07 yesterday.
Buyout of Prismatic Sensors
Prismatic Sensors is engaged in developing photon counting detectors that are used in computed tomography. Its expertise in algorithms, physics, designing of integrated circuits, software, mechanical solutions and others are its advantages. The firm was founded in 2012, and has offices in Linkoping and Stockholm.
The Prismatic Sensors buyout is in sync with GE Healthcare’s pursuit of expanding its offering in the photon counting CT (“PCCT”) technology. It will now be equipped to provide silicone-based photon counting detectors, which are considered better options than the ones based on cadmium.
Notably, PCCT is primarily used in neurology, oncology, cardiology and other applications. Accuracy in the measurement of material density, minute vision of structures of organs, reduced dose of radiation and improvement in the characterization of tissues are a few things made easy through PCCT.
The financial terms of the buyout have not been disclosed. GE Healthcare anticipates completing the buyout by next January. Presently, it owns a minority stake in Prismatic Sensors.
In relation to the AI algorithm, GE Healthcare noted that it tells about the placements of Endotracheal Tube (“ETT”) and thus helps in the treatment of intubated patients. Notably, this solution is part of Critical Care Suite 2.0 offered by GE Healthcare.
General Electric’s Healthcare unit is engaged in providing technologies in medical imaging, patient monitoring, drug discovery, patient monitoring and others. It also provides biopharmaceutical manufacturing technologies.
In third-quarter 2020, GE Healthcare’s revenues totaled $4,565 million, reflecting a decline of 7.3% from the year-ago quarter (or 5% on an organic basis). Orders in the quarter decreased 20% year over year.
General Electric predicts GE Healthcare to face headwinds from a mid-single-digit decline in orders for healthcare systems in the fourth quarter of 2020. This business is predicted to be weak in India, the United States and LATAM.
Contracts
The Power Conversion business of General Electric secured a contract worth $40 million from DSEC. Per the deal, the company will provide propulsion and power system to two National Security Multi-Mission Vessels (NSMVs).
Further, General Electric secured a contract from Naepo Green Energy Co., Ltd. to provide power generation equipment to the latter’s South Korea-based district heating plant. Equipment-to-supplied includes 60 Hertz gas turbine and H65 generator, STF-D650 Steam Turbine, Heat Recovery Steam Generator, H35 generator and GE condenser.
Zacks Rank, Estimate Trend and Price Performance
With a market capitalization of $85.5 billion, General Electric currently carries a Zacks Rank #3 (Hold). Solid liquidity position and the company’s efforts to deleverage balance sheet as well as portfolio-restructuring initiatives are expected to be beneficial in the quarters ahead. However, the pandemic-related woes are impacting businesses, which are concerning.
In the past 30 days, the company’s bottom-line estimates decreased from 8 cents to 7 cents for the fourth quarter of 2020 while the same have been stable at earnings of 5 cents for the first quarter of 2021.
General Electric Company Price and Consensus
General Electric Company price-consensus-chart | General Electric Company Quote
In the past three months, General Electric's shares have gained 52.8% compared with the industry’s growth of 17.3%.
Stocks to Consider
Three better-ranked stocks in the industry are 3M Company (MMM - Free Report) , Crane Co. (CR - Free Report) and Danaher Corporation (DHR - Free Report) . These companies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 30 days, earnings estimates for these companies have improved for the current year. Also, earnings surprise for the last four reported quarters, on average, was 1.85% for 3M, 14.59% for Crane and 17.00% for Danaher.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>