Koninklijke Philips NV (PHG - Free Report) launched a new imaging and informatics technology —Illumeo – which is powered with adaptive intelligence that will revolutionize the usage of medical images by radiologists.
Illumeo will be the first software that supplements the work of a radiologist, by integrating contextual awareness capabilities with advanced data analytics.
Its built-in intelligence records the preferences of radiologists. Thereafter, it modifies the user interface and offers tool sets and measurements in accordance with its understanding of the clinical context. Thus, Illumeo offers the potential to improve patient care by enabling faster diagnosis and driving well-informed decisions.
Illumeo is compatible with existing systems like Philips IntelliSpace PACS. In due course, the software will expand its workspace efficiency beyond radiology to other domains.
With complexity of care and the number of patients on an increasing trend, the sheer amount of data and information that can be leveraged in care is overwhelming. Thus, solutions that streamline information and enable users to derive actionable insights from the data fill a critical need. In addition to enabling quicker, more informed diagnoses, the solutions also help create a more efficient workflow.
Per Bloomberg, software currently contributes approximately €3 billion ($3.1 billion) of the €17 billion in sales generated by the company. Philips believes that there is a huge potential market for solutions that enable better interpretation of data.
KONINKLIJKE PHL Price and Consensus
Philips is still known as one of the world’s largest lighting manufacturers, a legacy it has built over a hundred years. However, the Dutch conglomerate spun off part of its iconic lighting division in an IPO in May this year, as part of its multi-year restructuring efforts.
Since then, Philips has undertaken numerous initiatives and investments in R&D to expand its healthcare business, which is gaining rapid momentum and has emerged as one of the company’s primary growth drivers.
Although healthcare markets hold solid prospects in the long run, dismal performance in key end markets, including the U.S., Europe and China in the short run has been restraining Philips’ growth momentum to some degree. Further, stiff competition from biggies like General Electric Company (GE - Free Report) and Siemens Aktiengesellschaft (SIEGY - Free Report) also add to this Zacks Rank #3 (Hold) company’s woes.
Stocks to Consider
A better-ranked stock in the same space is Garmin Ltd. (GRMN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Garmin designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices. The company has a striking earnings surprise history for the trailing four quarters, having beaten estimates in each of them, for a remarkable average of 35.7%.
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