Signify Premium Insights - Medical Imaging: Round-Up from May 2023
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Written by?Alan Stoddart?Editor of Signify Premium Insights - Medical Imaging.
This article provides several links to our Signify Premium Insights, evaluating recent mergers and news events. To access these articles you will need a subscription or simply request a 30 day free trial below.
There were many interesting stories to be found in medical imaging vendors’ first quarter results announcements. In May, Signify Research’s quarterly financial round-up addressed some of these stories.
Many of the vendors chosen for the quarterly analysis had enjoyed, for the first time in several years, a relatively stable quarter. Free from the buffeting winds of pandemics, supply chain breakdowns, the outbreak of war and crippling inflation, vendors were able to once again consider their longer-term plans. Of course, many of these factors have not gone away, but, for the most part, they had relented enough to allow vendors to post solid, frequently undramatic quarters.
There were some financial results that offered rather more intrigue, however. United Imaging’s first annual report as a publicly listed company for instance showed a vendor in a transitory stage. On the one hand it must keep its well-established domestic customer base, which provides the vast majority of its revenues, content, while also investing enough in R&D to be able to win over international customers, which will allow the vendor to truly scale.
Butterfly Network was another vendor in the spotlight. The handheld ultrasound vendor burst onto the New York Stock Exchange in 2021, but as seen in its latest annual results, it has failed to keep the momentum going. Its pre-IPO projections were overly optimistic, while growth since listing has failed to keep up with both expectations and promises. Stopping such a challenging run will not be easy, particularly as losses, and the subsequent pressure on the company, mounts. To do so will require difficult decisions to be taken and inspired leadership. Butterfly Network, Inc.
Another vendor enduring a difficult spell was iCAD , which, alongside falling revenues was forced to cut costs and reduce its workforce. While conditions for the vendor have not been easy, with the Covid pandemic hitting as the vendor sought to transition to a new sales model proving a particular challenge, but there are other, underlying factors and external pressures which can not be so easily brushed aside.
One vendor which enjoyed more positive headlines was Nanox. After enduring some difficult times, with some commentators questioning its credibility, the vendor was finally able to achieve its goal and received FDA clearance for its multi-source X-ray system. It’s good news, but as discussed in the Premium Insight, there are numerous challenges ahead as the vendor tries to actually sell the device. Nanox Vision .
Other vendors, which also had potentially transformative changes were also featured in May’s Premium Insights. One such vendor was UK teleradiology vendor Medica, which was acquired by private equity group, IK Investment Partners. Given the potential of the teleradiology reading services market, it is no wonder PE investors are looking to gain exposure to the market, but are the pair ready to capitalise on the potential? Medica Group .
Another vendor that was subject to an acquisition was DIA Imaging Analysis, which was picked up by Philips. The move comes amid an expected wave of consolidation in the medical imaging AI market, and has been preceded by a partnership between the two firms. What’s more, as highlighted by GE医疗 's acquisition of Caption Health earlier this year, the time appears ripe for large ultrasound vendors to bolster their offerings through choice acquisitions. The move, in 飞利浦 ’ case at least, also offers some hints about the vendor’s longer-term plans.
Other vendors continue to make inroads by themselves. Clarius added voice control to its range of handheld ultrasound devices. It is a feature that could help the vendor convince some to take on its subscription service, but will it be a significant enough differentiator?
Another ultrasound vendor, Ultromics , also had good news, being granted Breakthrough Device status for its cardiac amyloidosis platform. As well as moving with the times, could the award also open new revenue streams for the vendor? Clarius Mobile Health .
About Signify Premium Insights – Medical Imaging
A subscription to Signify Premium Insights - Medical Imaging provides compelling thought leadership on the most pertinent developments in healthcare technology. This service utilises Signify Research’s expansive market data to properly appraise and interpret breaking news stories, major market moves and industry-changing announcements are evaluated as they unfold, and the considered opinions of Signify Research’s expert analysts are shared to provide Insight into current developments. Key vendors, technologies and conferences are followed, with updates carefully scrutinised to ensure that the most important details are revealed and properly assessed.?Subscription provides approximately 100 actionable and up to the moment Premium Insights per year as well as access to Signify’s Insight archive.?
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About Alan Stoddart
Alan brings nine years of editorial expertise and leads on the Signify Research’s Insight and analysis services. Prior to joining, Alan held editorial positions covering a diverse range of technology and engineering/IT topics working with Kantar Media and Kimberley Media Group.
About the Signify Premium Insights Contributing Analysts
Signify Premium Insights rely heavily on the industry expertise from Signify Research’s expert medical imaging analyst team. This team brings with it many years of experience developing market reports, insights and providing consultancy services to the medical imaging industry.
Simon Harris, Managing Director and Principal Analyst
Simon has 26 years of experience in technology market intelligence, having served as Executive Vice President at IMS Research and Senior Research Director for IHS Inc.’s Technology division. Simon has authored market reports on ultrasound equipment and machine learning in medical imaging.
Steve Holloway, Director and Principal Analyst
Steve has 12 years of experience in healthcare technology market intelligence, having served as Senior Analyst at InMedica. Steve leads our Imaging IT division & has authored reports on imaging IT & archiving & management IT, AV and viewing IT, imaging workflow & operation IT & radiation dose?Management.
Bhvita Jani, Research Manager
Bhvita joined Signify Research in 2020 as part of the Medical Imaging Team focusing on the X-ray market. She brings with her 3 years’ experience covering X-ray, MRI and CT research at IHS Markit. Bhvita also has three years’ experience in digital and offline marketing.
Sanjay M. Parekh, PhD, Senior Market Analyst
Sanjay joined Signify Research in 2019 after two years of post-doctoral experience using big data in healthcare. Prior to that, he received his PhD from the University of Nottingham. Sanjay covers our Machine Learning in Medical Imaging report and service for Signify Research.
Amy Thompson, Senior Market Analyst
Amy joined Signify in 2020 as part of the Healthcare IT team, focusing on Imaging and Clinical IT. Prior to that, she brings four years’ experience as a Research Analyst; supporting business strategy and market sizing for Liaison Group, a company operating within the NHS.
Mustafa Hassan, PhD, Senior Market Analyst
Mustafa joined Signify Research in 2020 as part of the Medical Imaging team which covers areas such as ultrasound, general radiography and machine learning in medical imaging. Prior to that he obtained a PhD in Pharmacy and Physiology from the University of Kent.
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
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