CHICAGO - GE HealthCare (NASDAQ:GEHC) has announced findings from a pilot study illustrating the effectiveness of its wireless, wearable Portrait Mobile monitoring solution in post-surgical care. The study, published in the Journal of Clinical Anesthesia and conducted with Cleveland Clinic, suggests that continuous monitoring with the device can significantly aid clinicians in patient care.
The COSMOS (Continuous Ward Monitoring with the GE HealthCare Portrait Mobile Monitoring Solution) pilot study involved 250 patients and compared continuous monitoring using Portrait Mobile to intermittent vital signs assessments. The study revealed that in the Portrait Mobile group, clinicians encountered less than three alarms per patient per day, with 82% of those alarms deemed informative or useful, leading to timely clinical interventions.
These interventions, prompted by the alarms, included oxygen therapy adjustments and were more frequent in the Portrait Mobile group, resulting in a 25% reduction in vital sign abnormalities. The most common nursing action in response to the alarms was the initiation or increase of oxygen therapy, with approximately 60% more patients in the Portrait Mobile group receiving supplemental oxygen compared to those with intermittent monitoring.
The results of the COSMOS Phase 2 pilot were presented at the American Society of Anesthesiologists 2024 Annual Meeting in Philadelphia. The study supports the notion that continuous monitoring can provide critical information to healthcare providers, allowing for quicker response to patient deterioration.
GE HealthCare's technology, including Portrait Mobile, is part of its FlexAcuity monitoring solutions designed to adapt to changing patient needs. These solutions have been recognized for their design, with Portrait Mobile winning the iF Design Gold Award for Product Design in 2022.
The study's principal investigator, Dr. Daniel I. Sessler, now affiliated with UTHealth Houston, underscored the importance of continuous monitoring in detecting problems sooner, thus preventing potential delays in care that can occur with traditional vital signs checks every 4-6 hours.
The findings of the study are based on a press release statement and underscore GE HealthCare's commitment to enhancing patient care through innovative monitoring technologies. A full clinical trial following the COSMOS pilot is currently underway.
In other recent news, GE HealthCare Technologies Inc. has been the focus of significant developments. Piper Sandler affirmed its Overweight rating on the company's shares, indicating confidence in its value-creating strategies. The firm's analysts anticipate that the upcoming Investor Day will shed light on GE HealthCare's advancements, including its radiopharmaceutical portfolio, artificial intelligence efforts, and a detailed long-range plan.
GE HealthCare has also reported positive financial performance, with a 1% organic revenue growth in the recent quarter, and total revenues reaching $4.9 billion. The company's adjusted EBIT margin improved to 16.3%, and adjusted EPS rose to $1.14, marking a 15% year-over-year increase. Furthermore, the company's backlog now stands at $19.6 billion, largely due to service contracts and multiyear enterprise deals.
In terms of product advancement, GE HealthCare's SIGNA MAGNUS, a head-only 3.0T MRI scanner, has received FDA 510(k) clearance. This marks a significant stride in magnetic resonance imaging technology, particularly beneficial for neuroimaging. The company also plans to launch Flyrcado, a new PET imaging agent expected to generate annual revenues of over $500 million. Amid these recent developments, GE HealthCare has raised its full-year guidance for adjusted EBIT margin to 15.8%-16% and adjusted EPS to $4.25-$4.35.
InvestingPro Insights
GE HealthCare's (NASDAQ:GEHC) innovative Portrait Mobile monitoring solution aligns well with its position as a prominent player in the Healthcare Equipment & Supplies industry, as highlighted by InvestingPro Tips. The company's focus on advanced patient monitoring technologies could contribute to its financial performance and market position.
According to InvestingPro Data, GE HealthCare boasts a market capitalization of $37.35 billion, reflecting its significant presence in the healthcare sector. The company's revenue for the last twelve months as of Q3 2024 stood at $19.56 billion, with a modest growth of 1.43% over the same period. This steady revenue stream supports GE HealthCare's continued investment in cutting-edge solutions like Portrait Mobile.
An InvestingPro Tip indicates that analysts predict the company will be profitable this year, which is consistent with its current financial health. GE HealthCare's profitability over the last twelve months is another positive indicator, suggesting that its innovative products are translating into financial success.
The company's P/E ratio of 22.72 suggests that investors are willing to pay a premium for its shares, possibly due to its strong market position and potential for growth in the medical technology sector. This valuation could be influenced by the promising results of studies like COSMOS, which demonstrate the effectiveness of GE HealthCare's products in improving patient outcomes.
For readers interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide a more comprehensive view of GE HealthCare's investment potential.
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