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GE HealthCare to Connect the Dots in AI in 2024
Executives said the company will actively pursue AI across its product portfolio.
February 8, 2024
2 Min Read
Image Credit: Shutter2U via iStock/Getty Images
At a Glance
- The company aims to address the challenges associated with integrating various AI applications into healthcare workflows.
- The firm's strategy aims to enhance capabilities in imaging and AI.
- Following its independence from General Electric and subsequent acquisitions, GE HealthCare has shown significant progress.
Artificial intelligence is going to be a major focus of GE HealthCare going forward. That was the message to analysts and investors from company executives during a recent earnings call.
GE HealthCare’s President and CEO Peter Arduini discussed pain points regarding using AI applications from different vendors and how the firm can help overcome these issues.
“One of the dilemmas our customers face is integrating the variety of multi-vendor AI applications into their workflows,” Arduini said according to a transcript from Seeking Alpha. “Our new App Orchestrator is a solution that simplifies the AI selection, integration, and workflow process for healthcare professionals. By providing easy access to prevalidated apps, we’re helping reduce the pressure that often comes with the overhead of evaluating, acquiring, and implementing solutions from many companies.”
Arduini added, “We’re in the process of developing the subscription-based application for the cloud. Our high-growth, high-margin AI solutions are designed to increase productivity, efficiency, and diagnostic confidence. Customers have the option to purchase new AI-equipped devices or as an upgrade to existing equipment. We’re actively pursuing AI across our product portfolio with a focused effort to expedite product development in 2024.”
GE HealthCare kicked off the year with the proposed acquisition of MIM Software, a company offering medical imaging and AI solutions.
“This mission to improve outcomes across care pathways will be enabled by our announced intention to acquire MIM,” Arduini said according to a Seeking Alpha transcript. “After closing, we plan to integrate these new capabilities into GE HealthCare’s devices to enhance imaging fusion, and multimodal inputs for diagnostics, therapy planning, and monitoring. And by leveraging these new tools across various care areas, we can differentiate our solutions for the benefit of patients and healthcare systems worldwide, particularly around Theranostics.”
GE HealthCare on the Fast Track
GE HealthCare was officially independent from General Electric in January of 2023. The company was quick to establish its M&A prowess – kicking off 2023 with the announced acquisition of Imactis, a French developer of CT interventional guidance technology.
The company has been making significant strides since the spinoff. For the most recent quarter, the company beat profit estimates and forecast 2024 profit largely above Wall Street estimates.
“We view GE HealtCare’s FY24 set-up as more favorable now, having gotten through 4Q23 (and the first-year post-spin), but at the same time, in order to get more constructive on shares, we think valuation has to come down to a more reasonable level,” BTIG Analyst Ryan Zimmerman wrote in research notes. “This was a good quarter for GE HealthCare.”
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