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Earnings Season Momentum | Screening Support
February 22, 2024
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Together with
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“One of the highest compliments I can get in a social setting is ‘Wow! I would have never thought you were a doctor.’”
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The always-astute Dergon, in a post on radHQ.net on whether people are impressed when meeting radiologists.
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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.
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Connect with CARPL at ECR 2024
Experience the world’s largest radiology AI marketplace and accelerate radiology AI adoption with CARPL.ai at ECR 2024. Schedule your meeting today.
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Stop Shipping Discs!
By pivoting to a 100% digital fulfillment model for patient images and records, you can improve their experience while significantly reducing labor and shipping costs. Find out how on this page from Clearpath.
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- Study Supports Annual Breast Screening: A new study in Radiology supports the idea that routine breast cancer screening should start at 40 and be conducted annually. Researchers conducted a modeling study of four different screening scenarios, finding that annual screening from 40-79 using DBT and starting in 2023 averted the most breast cancer deaths per 1k women (11.5 vs. 6.7-10.3), had the greatest breast cancer mortality reduction (42% vs. 25-37%), and gained the most life-years (230 vs. 121-217). But will the new study finally silence screening’s skeptics? Don’t bet on it.
- RadNet Launches RT Training: RadNet has launched a new program called ImagingWorks targeting the shortage of radiologic technologists. The company is working with workforce development non-profit JVS SoCal to launch a 12-week entry-level training program for roles to assist MRI technologists and become patient service representatives, with additional ultrasound and MRI technologist training to follow. ImagingWorks participants can earn income and participate in internships while they learn and gain state credentials, and on graduation will receive job placement at RadNet or other diagnostic imaging facilities.
- Radiation Dose Visualization: They say seeing is believing, and that apparently applies to radiation dose. In a paper in Clinical Radiology, German researchers saw a 58% reduction in radiation dose exposure to radiologists who were shown their dose exposure levels in real time during interventional procedures. Dose levels from personal dosimeters were displayed on-screen during about half of CT-guided interventions; those who saw the levels apparently took steps to reduce exposure compared to a control group (4.7 vs. 11.6 µSv). Dose fell 79% for radiologists acting as assistants.
- Dose Exposure in Kids: And a new paper in European Radiology illustrates why radiation dose exposure should be reduced as much as possible. South Korean researchers studied 2.4M kids treated for minor head trauma from 2009-2017; those who got head CT scans had 29% higher rates of hematologic malignant neoplasms and had 1.7 excess neoplasms per 100k person-years. The findings should spur renewed emphasis on pediatric CT dose reduction and even finding alternative imaging modalities for children.
- Gradient Debuts Atlas Data Suite: AI data sharing developer Gradient Health has launched Atlas, a new suite of products giving AI developers easier access to clinical data for algorithm training. Available in three flavors, Atlas is a self-serve offering that allows instant previews and full data delivery in less than 72 hours, while Atlas+ is the company’s most powerful tool for technical users who need large or highly complex datasets. Atlas Concierge is a fully outsourced data delivery service. The suite leverages Gradient’s large library of anonymized medical images for AI training.
- Portable MRI Scanner Cleared: neuro42 has received FDA 510(k) clearance for its portable bedside MRI scanner, also called neuro42. The scanner is a low-field system optimized for guiding neurosurgical procedures that might be more difficult to conduct with high-field MRI. Founded in 2020 after licensing technology from MGH’s Martinos Center, neuro42 received a $5M NIH grant last year to investigate intraoperative MRI-guided neurosurgery. The company has also licensed MRI-compatible robotic needle interventional technology from Johns Hopkins.
- Ultra-High-Res Photon-Counting CT: Ultra-high-resolution photon-counting CT with a minimum 0.2mm slice thickness produced more accurate images of coronary stenosis compared to conventional CT by reducing blooming artifacts from calcium and stents. In Radiology, researchers used a Siemens Healthineers Naeotom Alpha photon-counting scanner in ultra-high-res mode to scan 114 patients with suspected coronary artery disease. Thanks to fewer artifacts, 0.2mm scans confirmed lower-diameter stenosis (29%) compared to 0.4mm and 0.6mm resolution (37% and 42%); 54% of patients had their stenosis severity downgraded.
- AI For Heart Care: Three in five Americans believe AI will lead to better heart care, according to a 1k-person survey from Cleveland Clinic. Many Americans are taking a positive outlook on AI due to feature improvements they’ve already seen on their wearables, as half of respondents use at least one type of tech to monitor their health, and 53% said their wearables cause them to exercise more regularly. Clinicians, on the other hand, are more excited about AI’s potential to “help process data for certain studies like echocardiograms, or CT scans, or MRI.”
- AI Fuels Better TB Screening: In a model for tuberculosis screening in developing countries, researchers used Qure.ai’s qXR AI algorithm of chest X-rays in combination with the Xpert MTB/RIF sputum assay to detect TB in a screening program in the Philippines. In 292k people screened, using AI to identify suspected TB cases for Xpert testing had a lower dropout rate (positive X-rays that didn’t get sputum testing) than when humans read X-rays (17% vs. 43%), and also had higher diagnostic yield (3.8% vs. 2.4%).
- AZmed Raises $16M: European AI developer AZmed has landed $16M in a Series A funding round. AZmed has developed the Rayvolve algorithm for detecting abnormalities on standard X-rays; it got FDA clearance for fracture detection in 2022 after receiving Europe’s CE Mark in 2019. The solution has been implemented at 1k healthcare facilities across 40 countries, and AZmed plans to use the new funds to extend its global operations with the goal of doubling its workforce in 18 months while also investing in R&D.
- DeepLook Raises $1.7M: Another AI developer that’s been successful raising funds lately is DeepLook Medical, which raised $1.7M to build out its DL Precise technology for detecting suspicious masses in dense breast tissue. The FDA-cleared solution overlays on existing imaging screens, creating a seamless workflow and one-click measurement, segmentation, and visualization. In late 2023 DeepLook inked a deal with Barco to integrate DL Precise into the display vendor’s workflow software; other DeepLook partners include Blackford, Radical Imaging, and Tempus.
- Nvidia Reveals Nanox Investment: Shares of Israeli digital X-ray developer Nanox surged 50% last week after GPU chip giant Nvidia revealed that it had a stake in the firm valued at about $400,000. But the position may not necessarily be new: Nvidia had an investment in AI developer Zebra Medical Vision at the time Nanox bought it in 2021. Still, the news gives Nanox some of Nvidia’s considerable cachet as it moves its FDA-cleared Nanox.ARC multi-source X-ray system to market.
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Lessons of Cloud Image Management
What has radiology learned so far as it adopts wider use of cloud-based medical image management? In this Imaging Wire Show, we talked to Ran Rumianek of Change Healthcare about how now is the right time to begin moving imaging data to the cloud.
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Memorial MRI’s Choice for Patient Comfort
Texas has one of the highest obesity rates in the US. So to best serve its patients, Memorial MRI & Diagnostic in Houston turned to United Imaging and its 3.0T uMR OMEGA MRI scanner with 75cm ultra-wide-bore. Learn more about their story.
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Get a Clear Perspective at ECR 2024
Visit Riverain Technologies at ECR 2024 and get a clear perspective on the company’s ClearRead solutions to help identify lung abnormalities on CT and X-ray. Visit the company’s booth #A1-19 in Expo X1.
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- What Does Improved MRI Efficiency Mean? There’s a growing need for practical, cost-effective solutions to improve efficiency in MRI and other modalities. Read this article from Karen Holzberger of SpinTech MRI and James Backstrom, MD, to learn how the company’s STAGE software can help.
- AI-Powered Home Ultrasound: The recently published CUMIN study shows the technical feasibility of AI-POCUS in the hands of novice nurses and opens new possibilities for redefining how we approach cardiac care. Learn more on this page from Us2.ai.
- The Journey to Cloud-Based PACS: Radiology is looking closely at cloud-based PACS as an alternative to on-premises digital image management. Learn about providers who have made the switch with Visage Imaging in this white paper from Signify Research.
- Monitoring, Benchmarking, Data Privacy, and Ethics in AI: Join Bayer’s Calantic Digital Solutions for a February 28 presentation at ECR 2024 exploring how ethics shape AI’s trajectory, societal impact, and deployment. See Calantic’s entire program and schedule your demo today.
- What You Need to Know about the 2024 MPFS Final Rule: CMS updates the Medicare Physician Fee Schedule (MPFS) annually, and 2024 is no different. Listen to this Medality webinar recording featuring Barbara Rubel of MSN Healthcare Solutions as she reviews the key provisions that will impact radiology.
- Meet Gleamer at ECR 2024: Learn all about Gleamer and its portfolio of AI solutions, including its BoneView algorithm for detecting fractures in adults and children, at the upcoming ECR 2024 conference. Schedule a meeting today.
- Best in KLAS for Cardiovascular Imaging: The Merge Cardio and Merge Hemo solutions from Merge by Merative have been named Best in KLAS 2024 for Cardiology and Hemodynamics. Learn more about the solutions that have dominated both KLAS categories since 2007.
- How to Help Radiologists Thrive: With burnout and staffing shortages on the rise, and the increasing volume of imaging, radiology teams are searching for solutions. This interactive guide from Nuance can help you create an environment where radiologists thrive by building a powerful imaging strategy with AI-driven, real-time intelligence.
- Are Your De-identification Techniques Working? Data de-identification and anonymization processes are vital for healthcare facilities to stay compliant. Find out how to do de-identification the right way in this Live Fast 5 online event from Enlitic on February 22.
- Major Milestones in Platform AI: It was a busy year for AI platform developer Blackford. We reviewed the company’s major milestones in this video interview from RSNA 2023, in which we talked to Blackford executives David Hilderbrand and Anthony Cammack.
- Overcoming a Complex Image Exchange Workflow: Guadalupe Regional Medical Center (GRMC) and Methodist Hospital implemented a PocketHealth Community Gateway that saved over 1,700 staff hours. Read how they streamlined image exchange, improved operational efficiencies, and ensured seamless continuity of care for patients at both sites.
- Discover How to Unlock Dual-Source CT: Discover how dual-source CT technology from Siemens Healthineers delivers the temporal resolution and scan speed needed to reduce motion articles, and how the company is making dual-source CT available to a wider range of hospitals and imaging centers.
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