Koninklijke Philips N.V. PHG recently introduced ScanWise Implant, a Magnetic Resonance Imaging (MRI)-guided user interface and automatic scan parameter selection device, at the ongoing 100th annual meeting of the Radiological Society of North America (“RSNA”) in Chicago. The first-of-its kind device is the latest addition to the company’s diagnostic imaging solutions portfolio.
Presently, patients with conditional implants face difficulties while undergoing MRI scan, as these implants come with “safety limits” that are hard for scanners to interpret. ScanWise, a milestone product of Philips, will help medical personnel perform scans on patients with conditional implants, namely, spine, knee and hip replacements.
Philips’ diagnostic imaging solutions business is strongly committed toward improving the “first-time-right imaging” practices of radiologists. Some of the popular products in this line include Ingenia 1.5T S, mDIXON XD and MR in-bore experience. ScanWise’s advanced features will not only help expand the company’s portfolio but also lead to better management of hospital workflow and enhance diagnostic confidence as well as patient experience.
Given the fact that conditional implants are common among elderly patients, approximately 300,000 patients in the U.S. cannot undergo MRI examinations. Moreover, the proportion of population with joint replacements and implanted cardiac devices are projected to rise to 70% over the next 5 years. Consequently, this new product is likely to augment the company’s revenues in future.
Overall, Philips’ healthcare segment has fared strongly over the past few quarters and management remains confident that this trend is likely to continue in the future as well. Moreover, as national health expenditure in developed countries like the U.S. and Europe are expected to rise with a surge in ageing population, the company is keen to leverage these trends.
Phillips currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the sector include GigOptix, Inc. GIG, Mistras Group, Inc. MG and Harman International Industries, Inc. HAR. While both GigOptix and Mistras sport a Zacks Rank #1 (Strong Buy), Harman International Industries holds a Zacks Rank #2 (Buy).
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