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Philips (PHG) Boosts Medical Imaging Footprint With New Move
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Philips (PHG - Free Report) is leaving no stone unturned to strengthen its footprint in the global medical imaging market on the back of a growing customer base. Per a Mordor Intelligence report, the global medical imaging market is expected to witness a CAGR of 4.9% between 2024 and 2030.
Recently, the company announced the wide availability of its VeriSight Pro 3D Intracardiac Echocardiography catheter to several Hong Kong hospitals, thereby expanding clientele for its ICE imaging technology.
Philips' VeriSight Pro 3D ICE uses xMATRIX array 3D steerable beam ultrasound transducer technology to capture high-quality 2D and 3D heart images, reducing the need for sedation and general anesthesia and enhancing procedure efficiency.
The company is gaining solid customer momentum across various hospitals and healthcare providers in Hong Kong with the wide availability of this solution. Queen Elizabeth Hospital, Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Asia Heart Centre, Hong Kong Sanatorium & Hospital, and Hong Kong Adventist Hospital are some of the hospitals that have been using VeriSight Pro for diagnostic imaging.
This, in turn, has expanded Philips’ overall international footprint.
Moreover, the latest move has added strength to its Diagnosis & Treatment segment.
Apart from the latest move, 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.
Philips unveiled HealthSuite Imaging, a 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.
The company also launched the Azurion image-guided therapy system and advanced informatics to enhance the minimally invasive diagnosis and treatment of stroke and other neurovascular patients.
All the above-mentioned endeavors are expected to continue aiding the company’s Diagnosis & Treatment segment, which remains the key growth driver of the company. Philips’ shares have gained 21.5% in the year-to-date period, outperforming the Zacks Medical sector’s growth of 3.8%.
Philips expects 2024 comparable sales growth for the underlined segment in the band of 3-5%.
Expanding International Footprint
The latest move bodes well for the company’s continuous efforts to expand its international footprint.
Philips recently announced the wide availability of its ambulatory cardiac monitoring service in Spain. The service is brought together by integrating its wearable ePatch device with its AI-driven Cardiologs analytics platform, enabling healthcare professionals to detect life-threatening heart arrhythmias, improve patient comfort, and potentially improve clinical outcomes.
Hospital Vall d'Hebron first availed this monitoring service in 2023. The company further expanded its international footprint with the addition of 14 other hospitals across Madrid, Barcelona, Bilbao, Alicante, Madrid, Cadiz, and Navarra to detect post-discharge AF, monitor patients for AF after cardiac ablation or heart valve replacement, and study the link between magnesium insufficiency and AF.
Strengthening the international footprint for its solutions 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 $20.15 billion, indicating growth of 2.5% from the year-ago quarter.
Zacks Rank & Stocks to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Image: Bigstock
Philips (PHG) Boosts Medical Imaging Footprint With New Move
Philips (PHG - Free Report) is leaving no stone unturned to strengthen its footprint in the global medical imaging market on the back of a growing customer base. Per a Mordor Intelligence report, the global medical imaging market is expected to witness a CAGR of 4.9% between 2024 and 2030.
Recently, the company announced the wide availability of its VeriSight Pro 3D Intracardiac Echocardiography catheter to several Hong Kong hospitals, thereby expanding clientele for its ICE imaging technology.
Philips' VeriSight Pro 3D ICE uses xMATRIX array 3D steerable beam ultrasound transducer technology to capture high-quality 2D and 3D heart images, reducing the need for sedation and general anesthesia and enhancing procedure efficiency.
The company is gaining solid customer momentum across various hospitals and healthcare providers in Hong Kong with the wide availability of this solution. Queen Elizabeth Hospital, Queen Mary Hospital, Prince of Wales Hospital, Hong Kong Asia Heart Centre, Hong Kong Sanatorium & Hospital, and Hong Kong Adventist Hospital are some of the hospitals that have been using VeriSight Pro for diagnostic imaging.
This, in turn, has expanded Philips’ overall international footprint.
Moreover, the latest move has added strength to its Diagnosis & Treatment segment.
Koninklijke Philips N.V. Price and Consensus
Koninklijke Philips N.V. price-consensus-chart | Koninklijke Philips N.V. Quote
Strengthening Diagnosis & Treatment Segment
Apart from the latest move, 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.
Philips unveiled HealthSuite Imaging, a 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.
The company also launched the Azurion image-guided therapy system and advanced informatics to enhance the minimally invasive diagnosis and treatment of stroke and other neurovascular patients.
All the above-mentioned endeavors are expected to continue aiding the company’s Diagnosis & Treatment segment, which remains the key growth driver of the company. Philips’ shares have gained 21.5% in the year-to-date period, outperforming the Zacks Medical sector’s growth of 3.8%.
Philips expects 2024 comparable sales growth for the underlined segment in the band of 3-5%.
Expanding International Footprint
The latest move bodes well for the company’s continuous efforts to expand its international footprint.
Philips recently announced the wide availability of its ambulatory cardiac monitoring service in Spain. The service is brought together by integrating its wearable ePatch device with its AI-driven Cardiologs analytics platform, enabling healthcare professionals to detect life-threatening heart arrhythmias, improve patient comfort, and potentially improve clinical outcomes.
Hospital Vall d'Hebron first availed this monitoring service in 2023. The company further expanded its international footprint with the addition of 14 other hospitals across Madrid, Barcelona, Bilbao, Alicante, Madrid, Cadiz, and Navarra to detect post-discharge AF, monitor patients for AF after cardiac ablation or heart valve replacement, and study the link between magnesium insufficiency and AF.
Strengthening the international footprint for its solutions 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 $20.15 billion, indicating growth of 2.5% from the year-ago quarter.
Zacks Rank & Stocks to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical market sector are DaVita (DVA - Free Report) , Alcon (ALC - Free Report) and Encompass Health (EHC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita shares have surged 27.5% in the year-to-date period. DVA’s long-term earnings growth rate is currently projected at 13.60%.
Alcon shares have gained 9% in the year-to-date period. ALC’s long-term earnings growth rate is currently projected at 14.58%.
Encompass Health shares have gained 43.6% in the year-to-date period. The long-term earnings growth rate for EHC is currently projected at 15.65%.