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Philips' (PHG) New Innovation to Enhance Cardiovascular Imaging
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Koninklijke Philips (PHG - Free Report) recently announced the FDA 510(k) clearance for its latest X11-4t Mini 3D TEE transducer, designed to serve more patients with improved overall comfort.
This latest innovation has the potential to remove anesthetic during shorter heart procedures and is likely to serve a broader spectrum of patients ranging from pediatric to older adults.
Price Performance
For the past six months, PHG’s shares have gained 4.6% compared with the industry’s rise of 3.7%. The S&P 500 increased 7.0% in the same time frame.
Image Source: Zacks Investment Research
More on the Technology
The ‘transesophageal echocardiography’ (TEE) ultrasound transducer, a technology pioneered by Philips, benefits cardiologists with its extremely detailed views of the heart and its interior components. The quality of a 3D TEE image in structural heart disease can be life-saving.
3D visuals are superior to 2D counterparts in terms of clarity and perspective. The treatment of damaged heart valves and congenital heart problems has been transformed using TEE, a significant tool for minimally invasive heart surgeries and procedures.
More on the Product Benefits
While the 3D TEE could not benefit pediatric and adults at risk of complications because of its large transducer probe, the latest X11-4t Mini 3D TEE transducer is shifting that balance and opening 3D TEE imaging to previously unaddressed patients.
This new Mini 3D TEE intends to improve the patient experience as, according to 87% of clinical respondents, the X11-4t helps with increased general patient comfort.
A Mini Live 3D TEE solution can also help clinical staff by enabling them to treat a larger patient population with the same hand control, procedure navigation, and workflow that they are accustomed to from Philips EPIQ cardiac ultrasound devices. Echocardiographers, hence, need little extra instruction in using this most recent transducer.
The new transducer can be used with Philips' high-end cardiology ultrasound portfolio, which includes the EPIQ CVx and the EchoNavigator image-guided therapy solution. This enables medical professionals to provide patients with more individualized, effective, and clinically intelligent cardiac care, which can enhance patient outcomes and satisfaction.
With this new product, Philips continues to demonstrate its dedication to providing industry-first innovations that enhance clinical decision support and productivity.
Industry Prospects
Per a report by Mordor Intelligence, with a growth rate of 5.41%, the global cardiovascular ultrasound system market, which is estimated to be $1.44 billion in 2024, is expected to reach more than $1.89 billion by 2029.
The rising prevalence of cardiovascular diseases, technology breakthroughs, and the benefits of echocardiography over invasive cardiac diagnostic procedures are the main drivers of the cardiovascular ultrasound system market's expansion.
Notable Developments
In December 2023, Philips announced three new ultra-lightweight magnetic resonance Smart Fit coils, namely Smart Fit TorsoCardiac 1.5T, Smart Fit 1.5T shoulder and Smart Fit Knee 3.0T at RSNA 2023.
All three coils enhance flexibility, reduce patient setup time, and improve image quality resolution with SmartSpeed AI solution.
Some better-ranked stocks to consider in the broader medical space are Universal Health Services (UHS - Free Report) , Integer Holdings Corporation (ITGR - Free Report) and Acadia Healthcare (ACHC - Free Report) .
Universal Health Services, carrying a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 4.4% for 2024. UHS’s earnings surpassed estimates in all the trailing four quarters, delivering an average surprise of 5.47%. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
UHS’s shares have gained 1.9% in the past six months against the industry’s 5% decline.
Integer Holdings, presently carrying a Zacks Rank of 2, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 11.9%.
Integer Holdings’ shares have rallied 43.5% in the past year against the industry’s 3.7% decline.
Acadia Healthcare, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 10.4%. ACHC’s long-term earnings are expected to grow at 11.2%.
Acadia’s shares have gained 11.7% in the past six months against the industry’s decline of 5%.
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Philips' (PHG) New Innovation to Enhance Cardiovascular Imaging
Koninklijke Philips (PHG - Free Report) recently announced the FDA 510(k) clearance for its latest X11-4t Mini 3D TEE transducer, designed to serve more patients with improved overall comfort.
This latest innovation has the potential to remove anesthetic during shorter heart procedures and is likely to serve a broader spectrum of patients ranging from pediatric to older adults.
Price Performance
For the past six months, PHG’s shares have gained 4.6% compared with the industry’s rise of 3.7%. The S&P 500 increased 7.0% in the same time frame.
Image Source: Zacks Investment Research
More on the Technology
The ‘transesophageal echocardiography’ (TEE) ultrasound transducer, a technology pioneered by Philips, benefits cardiologists with its extremely detailed views of the heart and its interior components. The quality of a 3D TEE image in structural heart disease can be life-saving.
3D visuals are superior to 2D counterparts in terms of clarity and perspective. The treatment of damaged heart valves and congenital heart problems has been transformed using TEE, a significant tool for minimally invasive heart surgeries and procedures.
More on the Product Benefits
While the 3D TEE could not benefit pediatric and adults at risk of complications because of its large transducer probe, the latest X11-4t Mini 3D TEE transducer is shifting that balance and opening 3D TEE imaging to previously unaddressed patients.
This new Mini 3D TEE intends to improve the patient experience as, according to 87% of clinical respondents, the X11-4t helps with increased general patient comfort.
A Mini Live 3D TEE solution can also help clinical staff by enabling them to treat a larger patient population with the same hand control, procedure navigation, and workflow that they are accustomed to from Philips EPIQ cardiac ultrasound devices. Echocardiographers, hence, need little extra instruction in using this most recent transducer.
The new transducer can be used with Philips' high-end cardiology ultrasound portfolio, which includes the EPIQ CVx and the EchoNavigator image-guided therapy solution. This enables medical professionals to provide patients with more individualized, effective, and clinically intelligent cardiac care, which can enhance patient outcomes and satisfaction.
With this new product, Philips continues to demonstrate its dedication to providing industry-first innovations that enhance clinical decision support and productivity.
Industry Prospects
Per a report by Mordor Intelligence, with a growth rate of 5.41%, the global cardiovascular ultrasound system market, which is estimated to be $1.44 billion in 2024, is expected to reach more than $1.89 billion by 2029.
The rising prevalence of cardiovascular diseases, technology breakthroughs, and the benefits of echocardiography over invasive cardiac diagnostic procedures are the main drivers of the cardiovascular ultrasound system market's expansion.
Notable Developments
In December 2023, Philips announced three new ultra-lightweight magnetic resonance Smart Fit coils, namely Smart Fit TorsoCardiac 1.5T, Smart Fit 1.5T shoulder and Smart Fit Knee 3.0T at RSNA 2023.
All three coils enhance flexibility, reduce patient setup time, and improve image quality resolution with SmartSpeed AI solution.
Koninklijke Philips N.V. Price
Koninklijke Philips N.V. price | Koninklijke Philips N.V. Quote
Zacks Rank & Stocks to Consider
PHG carries a Zacks Rank #4 (Sell) at present.
Some better-ranked stocks to consider in the broader medical space are Universal Health Services (UHS - Free Report) , Integer Holdings Corporation (ITGR - Free Report) and Acadia Healthcare (ACHC - Free Report) .
Universal Health Services, carrying a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 4.4% for 2024. UHS’s earnings surpassed estimates in all the trailing four quarters, delivering an average surprise of 5.47%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
UHS’s shares have gained 1.9% in the past six months against the industry’s 5% decline.
Integer Holdings, presently carrying a Zacks Rank of 2, has an estimated long-term growth rate of 15.8%. ITGR’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 11.9%.
Integer Holdings’ shares have rallied 43.5% in the past year against the industry’s 3.7% decline.
Acadia Healthcare, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 10.4%. ACHC’s long-term earnings are expected to grow at 11.2%.
Acadia’s shares have gained 11.7% in the past six months against the industry’s decline of 5%.