Earnings Season Momentum

As medical imaging vendors wrap up another quarterly earnings season, most radiology companies for the November to January period continued with the momentum they showed in the fall of 2023

Large multimodality OEMs in particular saw continued success, with most saying that hospital capital equipment purchasing is crawling back to a normal level. Smaller vendors and niche players were more likely to struggle, on the other hand. 

Accuray – This radiation therapy vendor saw sales at constant exchange rates drop (-8% to $106M) while its net loss grew (-$9.6M vs. -$1.9M). 

Canon – Canon’s medical business unit enjoyed strength in Europe and Japan and in MRI, X-ray, and ultrasound, propelling the division to record quarterly revenues (8.9% to $1.12B) while operating profit boomed (38% to $93.3M). 

Fujifilm – Fujifilm saw revenues grow in its healthcare division (+10% to $1.65B) thanks to steady sales of endoscopes and CT/MRI scanners. The company has also seen strong sales of mobile X-ray systems in the US and PACS and 3D software in the US and Europe.  

GE HealthCare – GE HealthCare turned in a strong final quarter in its first full year as an independent public company thanks to good revenue growth (5% to $5.21B), with segment revenue increasing in imaging (4%), pharmaceutical diagnostics (25%), and patient care solutions (5%), making up for a decline in ultrasound (-1%). Net income slipped on lower margins (-27% to $416M). 

Hologic – Hologic continued to put supply chain problems in the rearview mirror, seeing quarterly revenue jump in its breast health business (12% to $378M). The company’s overall net income spiked (32% to $247M). 

Konica Minolta – Revenue after currency adjustment edged up in Konica Minolta’s medical business (2% to $236M) but the division posted an operating loss (-$11M) on “restrained investments” that slowed the US hospital market.  

Philips – Philips saw revenues after currency adjustment grow 5% in its diagnosis and treatment division for its final quarter of the fiscal year ($2.7B), while operating income slipped ($142M vs. $200M). Sales grew in the high single digits in image-guided therapy. 

Siemens Healthineers – Strong revenue growth in its Varian radiation oncology business (22%) helped offset a decline in COVID-19 antigen testing to propel an overall increase in Siemens’ first fiscal quarter sales. The company’s imaging segment grew 5.3% to $3B and advanced therapies was up 5% to $511M, while Varian reported sales of $981M.

Varex – Due to a 13% drop in medical segment sales, Varex saw quarterly revenues decline (-8% to $190M). The digital X-ray vendor fell into the red for the period against the year-ago quarter (-$400k vs. $3.2M).

The Takeaway

This earning season’s results show that radiology continues to emerge from COVID’s long shadow with building momentum. Future earnings periods will hopefully demonstrate continued prosperity.

Top 12 Radiology Trends for 2024

What will be the top radiology trends for 2024? We talked to key opinion leaders across the medical imaging spectrum to get their opinions on the technologies, clinical applications, and regulatory developments that will shape the specialty for the next 12 months.

AI – Generative AI to Reduce Radiology’s Workload: “New generative AI methods will summarize complex medical records, draft radiology reports from images, and explain radiology reports to patients using language they understand. These innovative systems will reduce our workload and will provide more time for us to connect with our colleagues and our patients.” — Curtis Langlotz, MD, PhD, Stanford University and president, RSNA 2024

AI – Generative AI Will Get Multimodal: “In 2024, we can expect continued innovations in generative AI with a greater emphasis on integrating GenAI into existing and new radiology and patient-facing applications with growing interests in retrieval-augmented generation, fine-tuning, smaller models, multi-model routing, and AI assistants. Medicine being multimodal, the term ‘multimodal’ will become more ubiquitous.” — Woojin Kim, MD, CMIO at Rad AI

AI – Will AI Really Reduce Radiology Burnout? “Burnout will continue to be a huge issue in radiology with no solution in sight. AI vendors will offer algorithms as solutions to burnout with catchy slogans such as ‘buy our lung nodule detector and become the radiologist your parents wanted you to be.’ Their enthusiasm will cause even more burnout.” — Saurabh Jha, MBBS, AKA RogueRad, Hospital of the University of Pennsylvania

Breast Imaging – Prepare Now for Density Reporting: “The FDA ‘dense breast’ reporting standard to patients becomes effective on September 10, 2024, and breast imaging centers should be prepared for new patient questions and conversations. A plan for a consistent approach to recommending supplemental screening and facilitating ordering of additional imaging from referring providers should be put into action.” — JoAnn Pushkin, executive director, DenseBreast-info.org

Breast Imaging – Density Reporting to Spur Earlier Detection: “In March 2023, FDA issued a national requirement for reporting breast density to patients and referring providers after mammography. Facilities performing mammograms must meet the September 2024 deadline incorporating breast density type and associated breast cancer risk in their reporting. This change can lead to earlier breast cancer detection as these patients will be informed of supplemental screening as it relates to their breast density and [will] choose to pursue it.” — Stamatia Destounis, MD, Elizabeth Wende Breast Care and chair, ACR Breast Imaging Commission

CT – Lung Cancer Screening to Build Momentum: “Uptake of LDCT screening for lung cancer will increase in the US and worldwide. AI-enabled cardiac evaluation, even on non-gated scans, will allow for prediction of illnesses such as AFib and heart failure.  Quantifying measurement error across platforms will become an important aspect of nodule management.” — David Yankelevitz, MD, Icahn School of Medicine at Mount Sinai Health System

CT – Photon-Counting CT to Expand: “In 2024, we will continue to see many papers published on photon-counting CT, strengthening the body of scientific evidence as to its many strengths. Results from clinical trials involving multiple manufacturers’ systems will also increase in number, perhaps leading to more commercial systems entering the market.” — Cynthia McCollough, PhD, director, CT Clinical Innovation Center, Mayo Clinic

Enterprise Imaging – Time is Ripe for Cloud and AI: “Healthcare has an opportunity for change in 2024, and imaging is ripe for disruption, with burnout, staffing challenges, and new technology needs. Many organizations are expanding their enterprise imaging strategy and are asking how and where they can take the plunge into cloud and AI. Vendors have got the message; now it’s time to push the gas and deliver.” — Monique Rasband, VP of strategy & research, imaging/oncology at KLAS

Imaging IT – Data Brokerage to Go Mainstream: “A new market will hit the mainstream in 2024 – radiology data brokerage. As data-hungry LLMs scale up and the use of companion diagnostics in lifesciences proliferates, health systems will look to cash in on curated radiology data. This will also be an even bigger driver for migration to cloud-based imaging IT.” — Steve Holloway, managing director, Signify Research     

MRI – Prostate MRI to Reduce Biopsies: “Prostate MRI in conjunction with PSMA PET will explode in 2024 and reduce the number of unnecessary biopsies for patients.” — Stephen Pomeranz, MD, CEO of ProScan Imaging and chair, Naples Florida Community Hospital Network 

Theranostics – New Radiotracers to Drive Diagnosis & Treatment: “Through 2024, nuclear medicine theranostics will increasingly be integrated into standard global practice. With many new radiopharmaceuticals in development, theranostics promise early diagnosis and precision treatment for a broadening range of cancers, expanding options for patients resistant to traditional therapies. Treatments will be enhanced by personalized dosimetry, artificial intelligence, and combination therapies.” — Helen Nadel, MD, Stanford University and president, SNMMI 2023-2024

Radiology Operations – Reimbursement Challenges Continue: “In 2024, we will continue to experience recruitment challenges coupled with decreases in reimbursement. Now, more than ever, every radiologist needs to be diligent in advocating for the specialty, focus on business plan diversification, and ensure all services rendered are optimally documented and billed.” — Rebecca Farrington, chief revenue officer, Healthcare Administrative Partners 

The Takeaway
To paraphrase Robert F. Kennedy, radiology is indeed living in interesting times – times of “danger and uncertainty,” but also times of unprecedented creativity and innovation. In 2024, radiology will get a much better glimpse of where these trends are taking us.

Top 10 Radiology Stories of 2023

What were the top 10 radiology stories of 2023 in The Imaging Wire? From worklist cherry-picking to a wearable breast ultrasound scanner – and with lots of AI in between – this year’s top 10 list demonstrates the fascinating new developments going on every day in medical imaging.

1. The Perils of Worklist Cherry-Picking

If you’re a radiologist, chances are at some point in your career you’ve cherry-picked the worklist. But picking easy, high-RVU imaging studies to read before your colleagues isn’t just rude – it’s bad for patients and bad for healthcare. That’s according to a study in Journal of Operations Management that analyzed radiology cherry-picking in the context of operational workflow and efficiency. 

2. Tipping Point for Breast AI? 

Have we reached a tipping point when it comes to AI for breast screening? A study in Radiology demonstrated the value of AI for interpreting screening mammograms. 

3. Autonomous AI for Medical Imaging is Here. Should We Embrace It? 

What is autonomous artificial intelligence, and is radiology ready for this new technology? In this paper, we explored one of the most exciting autonomous AI applications, ChestLink from Oxipit. 

4. Undermining the Argument for NPPs

If you think you’ve been seeing more non-physician practitioners (NPPs) reading medical imaging exams, you’re not alone. A study in Current Problems in Diagnostic Radiology found that the rate of NPP interpretations went up almost 27% over four years. 

5. Reimbursement Drives AI Adoption

It’s no secret that insurance reimbursement drives adoption of new medical technology. But an analysis in NEJM AI showed exactly how reimbursement is affecting the diffusion into clinical practice of perhaps the newest medical technology – artificial intelligence. 

6. Radiation and Cancer Risk

New research on the cancer risk of low-dose ionizing radiation could have disturbing implications for those who are exposed to radiation on the job – including medical professionals. In a study in BMJ, researchers found that nuclear workers exposed to occupational levels of radiation had a cancer mortality risk that was higher than previously estimated.

7. Cardiac Imaging in 2040

What will cardiac imaging look like in 2040? It will be more automated and preventive, and CT will continue to play a major – and growing – role. That’s according to an April 11 article in Radiology in which Dr. David Bluemke and Dr. João Lima looked into the future and offered a top 10 list of major developments in cardiovascular imaging in 2040.

8. When AI Goes Wrong

What impact do incorrect AI results have on radiologist performance? That question was the focus of a study in European Radiology in which radiologists who received incorrect AI results were more likely to make wrong decisions on patient follow-up – even though they would have been correct without AI’s help.

9. The 35 Best Radiology Newsletters, Blogs, and Websites to Follow

We dedicated March 6th’s top story to the people and publications that we rely on to find the most interesting medical imaging stories. Assuming that you already subscribe to The Imaging Wire, these are the 35 other newsletters, websites, blogs, and accounts to follow if you want to know what’s happening in radiology.

10. Breast Ultrasound Gets Wearable

Wearable devices are all the rage in personal fitness – could wearable breast ultrasound be next? MIT researchers have developed a patch-sized wearable breast ultrasound device that’s small enough to be incorporated into a bra for early cancer detection. They described their work in a paper in Science Advances.

The Takeaway

The Imaging Wire’s list of top 10 articles for 2023 shows that, while artificial intelligence featured prominently during the year, there was much more to radiology than just AI. We hope you enjoyed reading our content this year as much as we enjoyed bringing it to you.

RSNA 2023 Video Highlights

That’s a wrap! 

RSNA 2023 just concluded, and by most accounts it was a successful conference. Preliminary figures indicate that attendance was up 11% over 2022. While short of the glory days of RSNA, the numbers indicate that the meeting’s recovery from the COVID-19 pandemic will be slow but steady.

As expected, AI was a dominant theme at McCormick Place, and that’s reflected in our video coverage of the technical exhibit floor. AI busted out of the AI Showcase to permeate both exhibit halls, a sign of the technology’s growing influence on radiology.

We profiled many of the most intriguing companies that were exhibiting at RSNA 2023 – some of them dominant players in the field while others are new entries looking to secure a foothold. 

We hope you enjoy watching our coverage as much as we enjoyed producing it! Check out the links below or visit the Shows page on our website.

Welcome to RSNA 2023

It’s off to the races at RSNA 2023 as radiology’s showcase conference kicked off on Sunday. 

“Leading Through Change” is the theme of this year’s meeting, and it’s an appropriate slogan for a specialty that seems on the cusp of disruption with the growing use of AI, deep learning, and other tools. 

  • AI is being featured prominently in scientific presentations and vendor exhibits in McCormick Place, with a particular focus on whether large language models like ChatGPT can find practical application in radiology. Early research is promising but still inconclusive.

Another major focus at RSNA 2023 has been lung cancer screening, with Sunday afternoon sessions investigating how screening can be expanded

  • Researchers mined a database of 32k women who got screening mammography to find eligible candidates for lung screening, finding 5% who met screening criteria. 
  • Using the USPTSF’s 2021 guideline revision to find screening candidates led to shorter smoking histories (42 vs. 29 pack-years) and slightly more women being eligible (48% vs. 46%). 
  • ChatGPT gave more correct answers than Google Bard to non-expert questions on lung screening (71% vs. 52%).
  • ChatGPT, GPT-4, and Bard needed multiple iterations to produce reports readable by patients. 

AI is also proving its value for selecting screening candidates and identifying lung pathology: 

  • An AI algorithm analyzed chest X-rays to determine whether an individual would benefit from CT lung cancer screening – even if they don’t smoke. In 17.4k patients, the model classified 28% as high risk, 2.9% of whom were later diagnosed with lung cancer, a higher level than the 1.3% six-year threshold at which guidelines recommend CT lung screening.
  • A deep learning algorithm analyzed chest X-rays in a cohort of 10k patients to predict who would develop type 2 diabetes, turning in better accuracy than a model that only looked at clinical factors like age, BMI and HbA1c levels (AUCs:  0.84 vs. 0.79). 

Looking for more coverage of RSNA 2023? Be sure to check out our videos from the technical exhibit floor, which you can find on our new Shows page

The Takeaway
The RSNA has always been known as the Super Bowl of radiology, and this year’s meeting is off to a great start. Be sure to check back on our Twitter/X, LinkedIn, and YouTube pages for more coverage of this week’s events in Chicago.

Vendors Enter RSNA on Q3 Roll

As RSNA 2023 approaches, medical imaging vendors appear to be on a roll when it comes to financial results. In the weeks leading up to the meeting, companies have posted numbers that for the most part are strongly positive and appear to be leaving the bad old days of the COVID-19 pandemic behind.

Agfa – Between Agfa’s two imaging divisions, healthcare IT continues to outperform the radiology solutions business. Healthcare IT saw growth in revenue (3.3% to $67M) and EBITDA (44.3% to $6.4M), but revenue declined at radiology solutions (-5.7% to $127M) as did EBITDA (-21% to $10M). 

Canon – Canon Medical Systems saw firm revenues in Japan and Europe, which propelled the business unit to higher revenues (5% to $913M) while income before taxes edged up (0.3% to $46M). 

Fujifilm – Revenues tapered off slightly in Fujifilm’s healthcare business at constant currency rates (-1.9% to $1.66B) as a 12.4% decline in its contract manufacturing business offset 1.7% growth in medical systems. Operating income in healthcare slipped due to a one-time benefit in the year-ago quarter (-6.5% to $217M).

GE HealthCare – Revenue growth in its molecular imaging and CT businesses helped propel GE HealthCare’s revenue growth (5.4% to $4.82B), assisted by 13% growth in pharmaceutical diagnostics and a 9% increase in patient care solutions. Net income was lower (-23% to $375M). 

Guerbet – Strong revenues for the third quarter in Asia (+15%) and stability in the EMEA region (0.6%) helped counter a decline in the Americas (-5.2%), enabling Guerbet to turn in overall quarterly revenue growth at constant exchange rates (2.3% to $212M). The company expects sales of its Elucirem MRI contrast agent to ramp up in the fourth quarter. 

Hologic – The semiconductor shortage that had impacted Hologic in previous quarters eased, leading to a sharp jump in revenues in the company’s breast health business (27% to $353M). The rebound didn’t extend to Hologic’s overall net income as its net margin narrowed (-24% to $91M). 

Konica Minolta – A decline in sales of X-ray systems to hospitals in its core market of Japan and a slower US hospital market produced lower revenues in Konica Minolta’s healthcare division (-5% to $238M), and the business posted an operating loss (-$5.5M).

Philips – Philips rebounded in the most recent quarter, with revenues in its diagnosis and treatment division rising sharply after currency conversion thanks to double-digit growth in all businesses (14% to $2.39B). Operating income doubled (to $272M). 

RadNet – RadNet saw a double-digit jump in revenues (15% to $402M) while net income leaped ($17.5M vs. $668k). Revenue jumped 221% in the company’s AI segment, which made progress narrowing its EBITDA loss (-$2.5M vs. -$4.5M) on higher consumer adoption of its Enhanced Breast Cancer Detection offering.  

Siemens Healthineers – Siemens Healthineers closed its financial year with “outstanding” 8.3% revenue growth at constant exchange rates, including double-digit growth in its imaging business (11% to $3.62B) while adjusted EBIT edged up (2% to $812M). Its Varian radiation therapy business saw a strong recovery in revenue (30% to $1.1B) and adjusted EBIT (90% to $207M).

Varex – Growth in Varex’s industrial X-ray imaging business propelled the company to higher overall revenues even as revenues in its medical business fell (-9.8% to $164M). The medical division’s gross profit also slipped (-7% to $53M).

The Takeaway

Not every company was a winner in this last round of quarterly earnings, but at least the macroeconomic headwinds of the COVID-19 pandemic are fading. The fourth calendar quarter is typically radiology’s strongest period due to the impact of the RSNA conference on equipment purchasing, so let’s hope the momentum continues.

ECR 2023 Bounces Back As AI Tops Clinical Program

The European Congress of Radiology is back. European radiologists returned to Vienna in force last week for ECR 2023, surprising many naysayers with crowded presentation rooms and exhibit booths.

Due to the COVID-19 pandemic, it was the first ECR meeting since 2019 to be held in the conference’s traditional timeframe of early March. And after a lightly attended ECR 2022, held during Europe’s July vacation season, many were watching with bated breath to see if the conference could mount a comeback. 

Fortunately, ECR 2023 didn’t disappoint. While attendance didn’t hit the high water mark set prior to the pandemic, it was strong enough to satisfy most that the show was indeed healthy, with chatter on-site placing attendance at around 17,000.

As with RSNA 2022, interest in AI was strong. AI-based content permeated the scientific sessions as well as the exhibit floor, and the show’s AI Theatre was packed for nearly every presentation. 

In his opening address, ECR 2023 President Dr. Adrian Brady of Ireland addressed concerns about AI’s impact on radiology in the years to come, characterizing it as one of the “winds of change” that should be embraced rather than shunned. 

Other major trends at ECR 2023 included: 

Patient Safety – Many sessions discussed how to reduce risk when scanning patients, ranging from lowering radiation dose to limiting the amount of contrast media to MRI scanning of patients with metallic implants.

Sustainability – Energy challenges have gripped the European continent since the Russian invasion of Ukraine in 2022, and imaging energy conservation was a key focus across several sessions. 

Workhorse Modalities – Unlike RSNA, where new product launches were focused on high-end premium systems, scanner introductions at ECR 2023 concentrated on workhorse offerings like mid-range CT and 1.5-tesla MRI.

The Takeaway

ECR is indeed back. It may not yet be a mandatory show for most U.S. radiologists, but it has regained its importance for anyone interested in a more global look at medical imaging. And given the European emphasis on research, it’s a great place to learn about new technologies before they appear in North America.

The 35 Best Radiology Newsletters, Blogs, and Websites to Follow

We’re dedicating today’s Top Story to the people and publications that I rely on to find the most interesting medical imaging stories. Assuming that you already subscribe to The Imaging Wire, these are the 35 other newsletters, websites, blogs, and accounts to follow if you want to know what’s happening in radiology.

I’ll always check the mainstream radiology news websites (Aunt Minnie, Health Imaging, et al.) and the major medical imaging journals (RSNA, EJR, JACR, etc.), but in order to find news that you won’t see elsewhere and understand how it impacts radiology, the juiciest stories usually come from the people of medical imaging.

  • Brian Casey Insights – Brian is the GOAT of radiology news and he has some big stuff coming up.
  • AI for Radiology – Kicky will get you caught up on AI quickly, and she’s an actual radiology AI insider.
  • Signify Research – Home of the best radiology analysis, backed by actual market data.
  • Dr. Lauren Oakden-Rayner – My favorite radiology blogger. Her posts don’t just cover the news, they are the news.
  • Ben White, MD – Excellent insights into the business of being a working radiologist.
  • Aunt Minnie Forums – The Rads on the AM Forums can get nasty, but their insights are nice.
  • Hardian Health – A must read if you’re trying to navigate AI regulatory issues.
  • PACSMan – When Mike sent us our first hatemail I was pumped that someone was reading, and his Aunt Minnie editorials keep us pumped. 
  • Tom Greeson – Tom’s ReedSmith posts are a great way to know which radiology stories are actually significant and why.

The Best Radiology Social Media “Influencers” to Follow

Nowadays the juiciest news isn’t even published, it’s posted. And it’s often posted by these legends of radiology social media.

The Best Healthcare Newsletters and Sites

It can be pretty comfy inside the radiology news bubble, but imaging is just one part of healthcare. That’s what makes these newsletters and websites from outside the reading room so important.

The Takeaway

If you want to stay informed about radiology news and know what’s going on across healthcare, these sources will give you everything you need. You can also join over 10k medical imaging lifers and sign up for The Imaging Wire and we’ll do it for you.

PS – If there’s any radiology publications or healthcare news sources that should be on this list, let me know!

Medical Imaging in 2023

Happy New Year, and welcome to the first Imaging Wire of 2023. For those of you getting started on your annual gameplans, here are some potential imaging trends that you might want to consider.

Provider Strain – Many providers limped into 2023 with shaky finances, workforce shortages, and burnout problems, and now they have to navigate an economic downturn. That means they might only be open to “must have” initiatives/technologies that address that list of challenges.

Startup Strain – A market full of strained healthcare providers is generally bad news for medtech startups, especially considering that many of those startups are still in search of their next funding round (from a smaller / more selective group of VCs) or are trying to make their previous rounds last longer than they initially planned.

Paying Down Imaging IT Debt – Southwest’s holiday shutdown prompted many radiology leaders to reevaluate which of their long-delayed tech updates should be now viewed as “must haves” in 2023. These leaders will have a lot to choose from, given how many imaging IT infrastructures are patched together and how many tech initiatives were delayed by COVID.

The Year of AI (again) – There’s a lot of activity in imaging AI and perhaps even more attention, qualifying the AI segment for a wide range of 2023 predictions:

  • AI tools will continue to become more comprehensive
  • Pharma companies will play a growing role in AI funding and strategies
  • AI research will shift towards evaluating commercial tools
  • New chatGPT-inspired reporting/communications use cases will emerge
  • The AI consolidation wave will peak
  • AI adoption will expand among mid-sized hospitals and practices
  • Administrative/operational AI solutions will have another big year
  • The list of reimbursable AI solutions will continue to expand

Diversified Diagnostics – 2022 brought more imaging informatics players into digital pathology, welcomed ambitious new theranostics efforts, and saw a surge of intriguing multi-omics/olgy studies. Those trends should intensify in 2023, as traditionally separate diagnostic areas slowly converge with imaging technologies and teams.

Non-Imaging Biomarkers – Speaking of which, 2023 will bring more progress towards the development and adoption of imaging-related (or imaging-alternative) biomarker tests, including three brand new biomarker techniques that we covered below in today’s newsletter.

More Home Imaging – Medical imaging will continue its shift beyond hospital walls, as home and outpatient care boom, and mobile and DIY imaging technologies evolve.

Medical Imaging in 2022

For our final issue of 2022 we’re reflecting on some of the year’s biggest radiology storylines, including some trends that might have a major impact in 2023 and beyond.

“Post-COVID” – Radiology teams thankfully scanned and assessed far fewer COVID patients in 2022, but the pandemic was still partially responsible for most of the trends included in this recap.

Imaging Labor Crunch – Many organizations still didn’t have enough radiologists and technologists to keep up with their imaging volumes this year, driving up labor costs and making efficiency even more important.

Hospital Margin Crunch – There’s a very good chance that the hospitals you work for or sell to had a tough financial year in 2022, placing greater importance on initiatives/technologies that earn or save them money (and address their labor challenges).

AI Evolution – If a radiology outsider read a random Imaging Wire issue they might think that radiologists already use AI every day. We know that isn’t true, but imaging AI’s 2022 progress suggests that we’re slowly heading in that direction.

New Mega Practice Paradigm – After years of massive national expansions, recent unfavorable shifts in surprise billing reimbursements, radiologist staffing (costs & shortages), and the lending environment seemed to have caused large PE-backed radiology groups to pivot their 2022 strategies from practice growth to practice optimization.

The Patient Engagement Push – Radiology patient engagement gained momentum in 2022, as imaging teams and vendors worked to make imaging more accessible and understandable, more patient-centric imaging startups emerged, and radiology departments continued to get better at follow-up management.

The AI Shakeup – Everyone who has been predicting AI consolidation took a victory lap in 2022, which brought at least two strategic pivots (MaxQ AI & Kheiron) and the acquisitions of Aidence and Quantib (by RadNet), Nines (by Sirona), Arterys (by Tempus), MedoAI (by Exo), and Predible (by nference). This trend should continue in 2023, as VCs remain selective and larger AI players extend their lead over their smaller competitors.

Imaging Leaves the Hospital – Between the surge of hospital-at-home initiatives and payors’ efforts to move imaging exams to outpatient settings, imaging’s shift beyond hospital walls continued throughout 2022 and doesn’t seem to be slowing as we head into 2023.

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