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Philips (PHG) Aids Diagnostic Imaging With Philips CT 5300
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Philips (PHG - Free Report) is enjoying the growing momentum of its diagnostic imaging portfolio on the back of AI-powered product launches.
In this regard, the company introduced the Philips CT 5300 X-ray CT system, backed by robust AI capabilities.
The AI-powered system enhances diagnostic confidence, workflow efficiency and system up-time, improving patient outcomes and department productivity in cardiac care, trauma care and interventional procedures.
Additionally, the CT 5300 system makes advanced medical technology more accessible to patients through real-time collaboration and clinical support. It also integrates virtual tools, reduces energy consumption, and addresses challenges like increased caseloads.
The company also uses Nanopanel Precise, its first AI-based detector, for CT 5300, achieving high-quality images at lower radiation dose, 85% lower noise and 60% better low-contrast detectability.
Philips is expected to gain solid traction across diagnostic centers and other healthcare providers on the back of its latest move.
Apart from the CT 5300 X-ray CT system, the company’s introduction of a slew of AI-enabled innovations at RSNA23 to bolster its diagnostic imaging portfolio remains noteworthy.
Notably, Philips introduced next-generation ultrasound systems, namely EPIQ Elite 10.0 and Philips Affiniti, to simplify clinical workflows with a single user interface, shared transducers and automated tools, enhancing user experience.
Further, Philips unveiled HealthSuite Imaging, an AI-enabled cloud-based Picture Archiving and Communication System, which offers high-speed remote diagnostic reading, integrated reporting and AI-powered workflow orchestration, enhancing operational efficiency and patient care.
All the above-mentioned endeavors will likely aid the company in capitalizing on growth opportunities present in the global diagnostic imaging market.
Per a Markets and Markets report, the global diagnostic imaging market is expected to reach $34.6 billion by 2028, exhibiting a CAGR of 5.5% between 2023 and 2028.
Strengthening Diagnosis & Treatment Portfolio
Growing diagnostic imaging efforts bode well for the company’s continuous efforts to strengthen its Diagnosis & Treatment segment.
Philips launched the Azurion neuro biplane system, an improvement to its Image Guided Therapy System, allowing patients with stroke or other neurovascular illnesses to receive diagnosis, picture guidance and therapy assessment.
The company recently unveiled LumiGuide, a new imaging technology powered by Fiber Optic RealShape, which uses light instead of X-rays for navigating blood vessels, offering potential benefits for complex aortic procedures.
Strength in the Diagnosis & Treatment business will likely aid the overall financial performance of the company in the upcoming period.
Philips expects 2024 comparable sales growth in the band of 3-5%.
The Zacks Consensus Estimate for 2024 sales is pegged at $20.38 billion, indicating growth of 3.7% from the year-ago quarter.
Zacks Rank & Stock to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Its shares have lost 14.1% in the year-to-date period, underperforming the Zacks Medical sector’s growth of 8%.
Image: Bigstock
Philips (PHG) Aids Diagnostic Imaging With Philips CT 5300
Philips (PHG - Free Report) is enjoying the growing momentum of its diagnostic imaging portfolio on the back of AI-powered product launches.
In this regard, the company introduced the Philips CT 5300 X-ray CT system, backed by robust AI capabilities.
The AI-powered system enhances diagnostic confidence, workflow efficiency and system up-time, improving patient outcomes and department productivity in cardiac care, trauma care and interventional procedures.
Additionally, the CT 5300 system makes advanced medical technology more accessible to patients through real-time collaboration and clinical support. It also integrates virtual tools, reduces energy consumption, and addresses challenges like increased caseloads.
The company also uses Nanopanel Precise, its first AI-based detector, for CT 5300, achieving high-quality images at lower radiation dose, 85% lower noise and 60% better low-contrast detectability.
Philips is expected to gain solid traction across diagnostic centers and other healthcare providers on the back of its latest move.
Koninklijke Philips N.V. Price and Consensus
Koninklijke Philips N.V. price-consensus-chart | Koninklijke Philips N.V. Quote
Growing AI Capabilities in Diagnostic Imaging
Apart from the CT 5300 X-ray CT system, the company’s introduction of a slew of AI-enabled innovations at RSNA23 to bolster its diagnostic imaging portfolio remains noteworthy.
Notably, Philips introduced next-generation ultrasound systems, namely EPIQ Elite 10.0 and Philips Affiniti, to simplify clinical workflows with a single user interface, shared transducers and automated tools, enhancing user experience.
Further, Philips unveiled HealthSuite Imaging, an AI-enabled cloud-based Picture Archiving and Communication System, which offers high-speed remote diagnostic reading, integrated reporting and AI-powered workflow orchestration, enhancing operational efficiency and patient care.
All the above-mentioned endeavors will likely aid the company in capitalizing on growth opportunities present in the global diagnostic imaging market.
Per a Markets and Markets report, the global diagnostic imaging market is expected to reach $34.6 billion by 2028, exhibiting a CAGR of 5.5% between 2023 and 2028.
Strengthening Diagnosis & Treatment Portfolio
Growing diagnostic imaging efforts bode well for the company’s continuous efforts to strengthen its Diagnosis & Treatment segment.
Philips launched the Azurion neuro biplane system, an improvement to its Image Guided Therapy System, allowing patients with stroke or other neurovascular illnesses to receive diagnosis, picture guidance and therapy assessment.
The company recently unveiled LumiGuide, a new imaging technology powered by Fiber Optic RealShape, which uses light instead of X-rays for navigating blood vessels, offering potential benefits for complex aortic procedures.
Strength in the Diagnosis & Treatment business will likely aid the overall financial performance of the company in the upcoming period.
Philips expects 2024 comparable sales growth in the band of 3-5%.
The Zacks Consensus Estimate for 2024 sales is pegged at $20.38 billion, indicating growth of 3.7% from the year-ago quarter.
Zacks Rank & Stock to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Its shares have lost 14.1% in the year-to-date period, underperforming the Zacks Medical sector’s growth of 8%.
Some better-ranked stocks in the broader medical market sector are DaVita (DVA - Free Report) , Cardinal Health (CAH - Free Report) , and ICON (ICLR - Free Report) . While DaVita and Cardinal Health sport a Zacks Rank #1 (Strong Buy) at present, ICON carries a Zacks Rank #2 (Buy) . You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita shares have surged 21.2% in the year-to-date period. DVA’s long-term earnings growth rate is currently projected at 12.15%.
Cardinal Health shares have gained 11.1% in the year-to-date period. CAH’s long-term earnings growth rate is currently projected at 14.25%.
ICON shares have gained 14.2% in the year-to-date period. The long-term earnings growth rate for ICLR is currently projected at 14.90%.