Hologic, Inc. (HOLX - Free Report) announced that is participating in the ongoing Scientific Assembly and Annual Meeting of the Radiological Society of North America (RSNA) in Chicago (from Dec 1-5). Currently, the company is showcasing its complete portfolio of breast and skeletal health products including screening, interventional, surgical, ultrasound and skeletal solutions at the annual meet.
With the innovations made by Hologic in its breast and skeletal health segment, the company aims to strengthen its global presence.
A Sneak Peek Into the Event
Apart from highlighting its latest offerings in its breast health portfolio, Hologic will host various workshops and a CME symposium — High Resolution Breast Imaging - Implementation and Workflow Optimization. The workshops will highlight various topics ranging from personalizing mammography and transformative breast ultrasound technology to revolutions in localization and implementing contrast-enhanced digital mammography.
Furthermore, there will be additional attractions in the interactive booth in the form of the 3DQuorum Technology Challenge, Future Suite (invitation-only) and Connected Services Genius Bar.
Significance of the Participation
Per the company, the participation in RSNA is an ideal way to interact with healthcare providers and showcase the clinical superiority and the proven impact of the solutions offered by it. The company will highlight its Genius AI powered solutions, including new 3DQuorum technology.
In this regard, the company noted that its performance has been impressive during the year banking on continued development of its comprehensive breast health ecosystem. Notably, the company ranked first in customer satisfaction, service and system performance on the 2019 IMV ServiceTrack Diagnostic Imaging report. Additionally, among overall mammography categories, Hologic has topped for the fourth consecutive year.
Recent Developments in Breast Health
Hologic acquired around 46% of SuperSonic Imagine (a company specialized in ultrasound medical imaging) in August, with the aim of integrating SuperSonic’s ultrasound technology and products with Hologic’s resources. For investor’s note, SuperSonic markets its latest version, ShearWave elastography, with UltraFast technology for the detection of breast lesions and is available on the SuperSonic Mach 30 system. SuperSonic will showcase its latest offerings in the aforementioned meet.
In November, Hologic announced its plans of launching Unifi Workspace (a new comprehensive breast diagnostic reading solution) at the RSNA meet. Further, the company received the FDA clearance for 3DQuorum Imaging Technology, powered by Genius AI, which will also be on display.
These apart, the company announced an extension of its LOCalizer radiofrequency identification (RFID) tag’s CE Mark in November. Under the extended approval, the tag can now be implanted more than 30 days prior to breast-conserving surgery. The CE Mark was first received in February 2019 to be implanted within 30 days prior to the surgery.
This July, Hologic partnered with MagView (a key mammography information solutions provider) to develop Unifi EQUIP. It is an automated solution facilitating compliance with the FDA’s Enhancing Quality Using the Inspection Program (EQUIP) guidance. It will be available to customers as part of the integrated Unifi product portfolio of Hologic.
Hologic acquired Faxitron Bioptics (a digital specimen radiography major) in July 2018. The LOCalizer system has become part of Hologic’s expanding breast health segment since the buyout. Notably, the system is manufactured by Health Beacons and is distributed exclusively by Hologic. In January 2019, Hologic received the FDA approval for its LOCalizer.
Per a report by ResearchAndMarkets, the global breast cancer diagnosis market is anticipated to reach $6.333 billion by 2023 from $4.142 billion in 2017, witnessing a CAGR of 7.33%. The key factor driving the market is the rising incidents of breast cancer on global scale.
Given the huge potential in the breast cancer diagnosis, Hologic’s efforts to develop and present its innovative products is well timed.
Shares of Hologic have gained 17.4% in the past year compared with the industry’s 8.9% growth.
Zacks Rank & Key Picks
Currently, Hologic carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Haemonetics Corporation (HAE - Free Report) , National Vision Holdings, Inc (EYE - Free Report) and ResMed Inc (RMD - Free Report) .
Haemonetics currently has a Zacks Rank #2 (Buy) and a projected long-term earnings growth rate of 13.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
National Vision’s long-term earnings growth rate is estimated at 17.8%. The company currently carries a Zacks Rank #2.
ResMed’s long-term earnings growth rate is estimated at 12.9%. It currently flaunts a Zacks Rank #1.
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