Consumer goods major Koninklijke Philips N.V (PHG - Free Report) recently joined forces with biotechnology company Genomic Health Inc. (GHDX - Free Report) . Genomic Health will leverage Philips’ pathology devices in order to scale up its molecular testing procedure.
Pathology is a process through which a patient’s tissue samples are examined. Such diagnoses are often used to detect crucial diseases, including cancer. Koninklijke Philips is a renowned provider of digitization in pathology, while Genomic’s tests help physicians deliver personalized treatment to patients affected with severe illnesses.
Through the collaboration, Koninklijke Philips aims to enhance the efficiency of Genomic Health's digital pathology services, in a way that will help pathologists detect diseases like cancer in a quicker and more precise manner.
Koninklijke Philips is one of the largest electronics firms in the world. The company is divided into four distinct business sectors: Healthcare, Consumer Lifestyle, Lighting, and Innovation & Group Services. Philips’ Healthcare segment is one of the largest manufacturers of medical diagnostic equipment. This segment has four strategic business groups – Healthcare Informatics, Solutions & Services, Imaging Systems, Patient Care & Monitoring Solutions and Customer Services. We believe the latest collaboration would not only enhance the company’s healthcare business but also help it earn greater revenues in the near future.
Stocks to Consider
Koninklijke Philips currently carries a Zacks Rank #4 (Sell), as it is plagued with headwinds like unfavorable currency translations and stiff industry rivalry. Better-ranked stocks in the industry include Casio Computer Co., Ltd. and GigOptix, Inc. . Both stocks hold a Zacks Rank #2 (Buy).
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