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Philips (PHG) Boosts Precision Diagnosis With AI Platform
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Philips’ (PHG - Free Report) shares have gained 17.6% in the year-to-date period, outperforming the Zacks Medical sector’s growth of 4.3%. The company is benefiting from strong momentum in the Diagnosis & Treatment segment on the back of its strengthening Precision Diagnosis portfolio powered by artificial intelligence (AI).
The company’s latest launch of an AI-enabled cardiovascular ultrasound platform testifies to the aforesaid fact.
This FDA 510(k) cleared AI platform combines Philips’ EPIQ CVx and Affiniti CVx ultrasound systems, enhancing cardiac ultrasound analysis speed and reducing echocardiography lab workload. By integrating AI into its echocardiography solutions, Philips aims to improve diagnostic capabilities, patient care and cardiac practice efficiency, leading to faster recovery times, fewer re-scans, and shorter interventional procedures.
Philips is expected to gain solid traction across echocardiography laboratories on the back of its cardiovascular ultrasound platform.
Moreover, the latest launch will enable the company to capitalize on growth opportunities present in the global cardiovascular ultrasound systems market, which, as per Mordor Intelligence, is expected to hit $1.44 billion in 2024 and reach $1.89 billion by 2029, indicating a CAGR of 5.4% between 2024 and 2029.
Growing AI Capabilities in Precision Diagnosis Aid Prospects
Philips further integrated AI capabilities into its Precision Diagnosis business with the launch of the Philips CT 5300 X-ray CT system.
This 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.
The company also 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.
Philips is also enjoying solid momentum across its Philips AI Manager solution. This AI solution integrates with existing IT infrastructure, allowing radiologists to use AI applications for comprehensive assessments and clinical insights.
Strength in Diagnosis & Treatment Aids Growth
All the above-mentioned endeavors bode well with the company’s continuous efforts to strengthen its Diagnosis & Treatment segment.
The company recently announced the wide availability of its VeriSight Pro 3D Intracardiac Echocardiography (ICE) catheter to several Hong Kong hospitals, thereby expanding clientele for its ICE imaging technology.
Philips launched the Azurion image-guided therapy system and advanced informatics to enhance the minimally invasive diagnosis and treatment of stroke and other neurovascular patients.
These efforts are expected to bolster the Diagnosis & Treatment segment’s performance in the near term.
Philips expects 2024 comparable sales growth for Diagnosis & Treatment in the band of 3-5%.
Expanding the Diagnosis & Treatment segment is expected to 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.
The consensus mark for 2024 earnings is pegged at $1.54 per share, indicating an increase of 14.1% year over year. The figure has moved upward by 0.7% in the past 30 days.
Zacks Rank & Stocks to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Image: Bigstock
Philips (PHG) Boosts Precision Diagnosis With AI Platform
Philips’ (PHG - Free Report) shares have gained 17.6% in the year-to-date period, outperforming the Zacks Medical sector’s growth of 4.3%. The company is benefiting from strong momentum in the Diagnosis & Treatment segment on the back of its strengthening Precision Diagnosis portfolio powered by artificial intelligence (AI).
The company’s latest launch of an AI-enabled cardiovascular ultrasound platform testifies to the aforesaid fact.
This FDA 510(k) cleared AI platform combines Philips’ EPIQ CVx and Affiniti CVx ultrasound systems, enhancing cardiac ultrasound analysis speed and reducing echocardiography lab workload. By integrating AI into its echocardiography solutions, Philips aims to improve diagnostic capabilities, patient care and cardiac practice efficiency, leading to faster recovery times, fewer re-scans, and shorter interventional procedures.
Philips is expected to gain solid traction across echocardiography laboratories on the back of its cardiovascular ultrasound platform.
Moreover, the latest launch will enable the company to capitalize on growth opportunities present in the global cardiovascular ultrasound systems market, which, as per Mordor Intelligence, is expected to hit $1.44 billion in 2024 and reach $1.89 billion by 2029, indicating a CAGR of 5.4% between 2024 and 2029.
Koninklijke Philips N.V. Price and Consensus
Koninklijke Philips N.V. price-consensus-chart | Koninklijke Philips N.V. Quote
Growing AI Capabilities in Precision Diagnosis Aid Prospects
Philips further integrated AI capabilities into its Precision Diagnosis business with the launch of the Philips CT 5300 X-ray CT system.
This 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.
The company also 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.
Philips is also enjoying solid momentum across its Philips AI Manager solution. This AI solution integrates with existing IT infrastructure, allowing radiologists to use AI applications for comprehensive assessments and clinical insights.
Strength in Diagnosis & Treatment Aids Growth
All the above-mentioned endeavors bode well with the company’s continuous efforts to strengthen its Diagnosis & Treatment segment.
The company recently announced the wide availability of its VeriSight Pro 3D Intracardiac Echocardiography (ICE) catheter to several Hong Kong hospitals, thereby expanding clientele for its ICE imaging technology.
Philips launched the Azurion image-guided therapy system and advanced informatics to enhance the minimally invasive diagnosis and treatment of stroke and other neurovascular patients.
These efforts are expected to bolster the Diagnosis & Treatment segment’s performance in the near term.
Philips expects 2024 comparable sales growth for Diagnosis & Treatment in the band of 3-5%.
Expanding the Diagnosis & Treatment segment is expected to 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.
The consensus mark for 2024 earnings is pegged at $1.54 per share, indicating an increase of 14.1% year over year. The figure has moved upward by 0.7% in the past 30 days.
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%.