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Philips' (PHG) CT 5300 to Boost Diagnostic Capabilities
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Koninklijke Philips (PHG - Free Report) announced the launch of the Philips CT 5300 system, which is intended to be used for screening, interventional treatments and diagnostics. It is outfitted with cutting-edge AI capabilities.
The adaptable X-ray CT system helps enhance patient outcomes and department productivity by streamlining workflow, optimizing system uptime and boosting diagnostic confidence. More accurate and dependable imaging results are provided by the new CT 5300 system, which helps better manage the rise in complex cardiac cases, wherein correct patient diagnosis is essential.
Price Performance
In the past six months, PHG shares have lost 8.3% against the industry’s rise of 6.3%. The S&P 500 grew 11.6% in the same time frame.
Image Source: Zacks Investment Research
More on Phillips CT 5300 System
According to recent research, patients' treatment is improved by avoiding more invasive procedures when they are triaged using a "CT first" approach for patients with chest discomfort and undetected coronary artery disease. This method is frequently hampered by the unavailability of high-quality CT systems or medical professionals who are certified to interpret cardiac CT scans.
The Philips CT 5300 system satisfies the advanced diagnostic imaging criteria for demanding areas like trauma care and interventional treatments, as well as for cardiac care patient recommendations.
Additionally, the system incorporates virtual tools for clinical/technical assistance and real-time communication. These tools can be helpful in resolving issues with complex situations, growing patient caseloads, personnel shortages and financial limitations.
Philips is dedicated to enabling more patients to have access to cutting-edge medical technology by combining clinical knowledge and features usually seen in expensive scanners into a more flexible, reasonably priced device. The CT 5300 is built by focusing on sustainability and lifetime value, with a lower energy consumption.
The first detector in the industry designed with AI-based reconstruction in mind, Nanopanel Precise, is a feature of the upgraded system. With far less radiation exposure, this detector produces high-quality images by utilizing all features available in Philips Precise Image reconstruction software.
The new CT 5300 system has already been installed at several European hospitals and has been well-received.
Industry Prospects
Per a report by Precedence Research, the global diagnostic imaging market was estimated at $28.1 billion in 2022 and is expected to reach more than $51.5 billion by 2032, seeing a growth rate of 6.3%.
The rising demand for the early detection of diseases is significantly fueling growth of the global diagnostic imaging market. The rising prevalence of various chronic diseases and the growing geriatric population are the major drivers of the diagnostic imaging market.
Moreover, the demand for diagnostic imaging is exponentially rising due to the growing elderly population, as they are more prone to various diseases and are required to be monitored frequently.
With the market potential for diagnostic imaging, Philips is likely to boost its business with its latest AI-enabled CT 5300 system, which improves the efficiency and effectiveness of imaging processes.
Notable Developments
Philips recently announced the introduction of its imaging technology, LumiGuide, powered by Fiber Optic RealShape technology. LumiGuide uses light instead of X-ray to enable doctors to navigate through blood vessels.
This latest innovation has the potential to provide numerous benefits for complex aortic procedures, and is likely to be more effective and efficient than X-ray imaging as X-ray only produces 2D black and white images, along with harmful radiations.
Philips also 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.
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 in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, currently carrying a Zacks Rank of 2 (Buy), reported first-quarter fiscal 2024 adjusted earnings per share (EPS) of $3.28, beating the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in the trailing four quarters, the average surprise being 6.7%.
Elevance Health reported fourth-quarter 2023 adjusted EPS of $5.62, beating the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. It presently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. ELV’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.1%.
Cardinal Health reported second-quarter fiscal 2024 adjusted EPS of $1.82, beating the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. It currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 15.6%.
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Philips' (PHG) CT 5300 to Boost Diagnostic Capabilities
Koninklijke Philips (PHG - Free Report) announced the launch of the Philips CT 5300 system, which is intended to be used for screening, interventional treatments and diagnostics. It is outfitted with cutting-edge AI capabilities.
The adaptable X-ray CT system helps enhance patient outcomes and department productivity by streamlining workflow, optimizing system uptime and boosting diagnostic confidence. More accurate and dependable imaging results are provided by the new CT 5300 system, which helps better manage the rise in complex cardiac cases, wherein correct patient diagnosis is essential.
Price Performance
In the past six months, PHG shares have lost 8.3% against the industry’s rise of 6.3%. The S&P 500 grew 11.6% in the same time frame.
Image Source: Zacks Investment Research
More on Phillips CT 5300 System
According to recent research, patients' treatment is improved by avoiding more invasive procedures when they are triaged using a "CT first" approach for patients with chest discomfort and undetected coronary artery disease. This method is frequently hampered by the unavailability of high-quality CT systems or medical professionals who are certified to interpret cardiac CT scans.
The Philips CT 5300 system satisfies the advanced diagnostic imaging criteria for demanding areas like trauma care and interventional treatments, as well as for cardiac care patient recommendations.
Additionally, the system incorporates virtual tools for clinical/technical assistance and real-time communication. These tools can be helpful in resolving issues with complex situations, growing patient caseloads, personnel shortages and financial limitations.
Philips is dedicated to enabling more patients to have access to cutting-edge medical technology by combining clinical knowledge and features usually seen in expensive scanners into a more flexible, reasonably priced device. The CT 5300 is built by focusing on sustainability and lifetime value, with a lower energy consumption.
The first detector in the industry designed with AI-based reconstruction in mind, Nanopanel Precise, is a feature of the upgraded system. With far less radiation exposure, this detector produces high-quality images by utilizing all features available in Philips Precise Image reconstruction software.
The new CT 5300 system has already been installed at several European hospitals and has been well-received.
Industry Prospects
Per a report by Precedence Research, the global diagnostic imaging market was estimated at $28.1 billion in 2022 and is expected to reach more than $51.5 billion by 2032, seeing a growth rate of 6.3%.
The rising demand for the early detection of diseases is significantly fueling growth of the global diagnostic imaging market. The rising prevalence of various chronic diseases and the growing geriatric population are the major drivers of the diagnostic imaging market.
Moreover, the demand for diagnostic imaging is exponentially rising due to the growing elderly population, as they are more prone to various diseases and are required to be monitored frequently.
With the market potential for diagnostic imaging, Philips is likely to boost its business with its latest AI-enabled CT 5300 system, which improves the efficiency and effectiveness of imaging processes.
Notable Developments
Philips recently announced the introduction of its imaging technology, LumiGuide, powered by Fiber Optic RealShape technology. LumiGuide uses light instead of X-ray to enable doctors to navigate through blood vessels.
This latest innovation has the potential to provide numerous benefits for complex aortic procedures, and is likely to be more effective and efficient than X-ray imaging as X-ray only produces 2D black and white images, along with harmful radiations.
Philips also 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.
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 #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, currently carrying a Zacks Rank of 2 (Buy), reported first-quarter fiscal 2024 adjusted earnings per share (EPS) of $3.28, beating the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in the trailing four quarters, the average surprise being 6.7%.
Elevance Health reported fourth-quarter 2023 adjusted EPS of $5.62, beating the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. It presently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. ELV’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 3.1%.
Cardinal Health reported second-quarter fiscal 2024 adjusted EPS of $1.82, beating the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. It currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 15.6%.