Medtronic plc ( MDT Quick Quote MDT - Free Report) recently announced Cosmo Pharmaceuticals’ strategy to integrate NVIDIA's AI technologies into Medtronic’s GI Genius intelligent endoscopy module. Medtronic’s latest partnership with Nvidia and Cosmo Pharmaceuticals provides the GI Genius AI Access platform intended to boost AI innovation for healthcare.
For investors’ note, Medtronic’s GI Genius intelligent endoscopy module is the first FDA-cleared, AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer.
With the latest move, Medtronic seeks further enhancement of the module’s AI capabilities
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GI Genius was developed and manufactured by Cosmo Pharmaceuticals, which is designed with the capability to host multiple AI algorithms. With the addition of NVIDIA's Holoscan and IGX technologies, Cosmo is launching an Innovation Center website, allowing third-party developers with a cloud-based platform to efficiently train and validate their own AI models to eventually distribute them through the GI Genius module.
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The launch of AI Access matches with the first Medtronic GI Genius summit, which will be hosted at its Operational Headquarters in Minneapolis, MN on Mar 23, 2023. At the summit, the company will be showcasing the future of AI in GI, its principles for the responsible and ethical development of AI and its plans for accelerating the market adoption of the technology.
A Game Changer Collaboration
Per Medtronic’s management, the likelihood for GI Genius to host multiple real-time AI applications is a game-changer for physicians executing gastrointestinal procedures.
With the launch of the AI Access platform, Medtronic will now be able to support developers universally and advance the creation of real-time AI applications. This technology may allow the company to provide clinicians with expanded access to these tools, potentially enhancing patient outcomes.
Furthermore, the ongoing strategic partnership with Cosmo Pharmaceuticals and the integration of cutting-edge NVIDIA AI technologies have made the AI Access platform a reality. The company is certain that the AI Access platform might become a vital tool for advancing medical AI innovation and enhancing patient care in the future years.
The latest move of the company positions it well to capitalize on the growth prospects in the AI market.
Per a report by Grand View Research, the global AI in cancer diagnostics market size was $93.2 million in 2021 and is expected to expand at a CAGR of 28.0% by 2030. Early detection of cancer is possible through the use of AI for screening and diagnosis of cancer, which is expected to boost market growth. Recent Developments
This month, Medtronic announced the receipt of a CE Mark for the Affera Mapping and Ablation System to treat atrial arrhythmias, which includes the Sphere-9 Catheter and the Affera Prism-1 Mapping Software. The Affera Mapping and Ablation System will be commercially available in Europe and is investigational in the United States in the first half of 2023.
Last month, Medtronic announced one-year data from the ADAPT study -- the first multi-national randomized controlled study evaluating the performance of the MiniMed 780G advanced hybrid closed loop system1 (AHCL) against multiple daily injections (MDI) of insulin with an intermittently scanned CGM (isCGM). The study results were presented at the 2023 Advanced Technologies & Treatments for Diabetes (ATTD) Conference in Berlin.
Shares of the company have lost 24.9% in the past six months against the
industry’s fall of 39.8%. Zacks Rank and Key Picks
Currently, Medtronic carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are
Hologic, Inc. ( HOLX Quick Quote HOLX - Free Report) , Henry Schein, Inc. ( HSIC Quick Quote HSIC - Free Report) and Avanos Medical, Inc. ( AVNS Quick Quote AVNS - Free Report) .
Hologic, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 15.2%. HOLX’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 30.6%. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has gained 1.7% against the industry’s 17.5% growth in the past year.
Henry Schein, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 8.1%. HSIC’s earnings surpassed estimates in three of the trailing four quarters and matched the same in the other, the average beat being 2.9%.
Henry Schein has lost 12.4% compared with the industry’s 10.9% decline in the past year.
Avanos, carrying a Zacks Rank #2 at present, has an estimated growth rate of 1.8% for 2023. AVNS’ earnings surpassed estimates in all the trailing four quarters, the average beat being 11%.
Avanos has lost 13.7% compared with the industry’s 17.5% decline in the past year.