CHICAGO - GE HealthCare (NASDAQ:GEHC) today announced the establishment of its new AI Innovation Lab, aimed at propelling early-stage artificial intelligence concepts. This effort is part of the company's larger AI and digital strategy, which involves the integration of AI into medical devices, the creation of AI applications to facilitate decision-making across various stages of care, and the use of AI to bolster outcomes and operational efficiencies throughout healthcare systems. The investment in cloud technology is central to this strategy, providing the necessary computational power for AI development.
The AI Innovation Lab is set to explore various applications of AI in healthcare. One such project is the Health Companion, which looks to apply agentic AI to mimic the collaborative problem-solving of a multi-disciplinary medical team, potentially aiding clinicians in decision-making and personalized care. Dr. Taha Kass-Hout, Global Chief Science and Technology Officer at GE HealthCare, highlighted the lab's role in pioneering healthcare innovation and the company's commitment to transforming healthcare through technology.
GE HealthCare's R&D efforts are centered on enhancing the accuracy of diagnostics, reducing administrative burdens, and ensuring personalized patient care. Projects under development include using AI to predict triple negative breast cancer recurrence in collaboration with the Winship Cancer Institute of Emory University, innovating solutions to improve care for mothers and babies, researching a multi-modal X-ray foundation model in partnership with Amazon (NASDAQ:AMZN) Web Services, and developing AI to aid radiologists in mammography screenings.
Moreover, GE HealthCare has submitted a 510(k) to the U.S. Food and Drug Administration (FDA) for a new AI-powered fetal heart rate interpretation feature, designed to assist care teams in monitoring fetal health.
GE HealthCare, with a history of innovation spanning 125 years, continues to invest in AI, leading the industry with the highest number of FDA authorizations for AI-enabled devices for three consecutive years.
For more information on these projects, GE HealthCare invites interested parties to visit their booth at the HLTH 2024 conference in Las Vegas, NV, or to explore their website. This article is based on a press release statement from GE HealthCare.
In other recent news, GE HealthCare has made notable strides in the healthcare sector. The company unveiled CareIntellect for Oncology, a cloud-first application that leverages AI to streamline cancer treatment data for clinicians. This tool, set to be available to U.S. healthcare providers in 2025, aims to improve prostate and breast cancer management by providing a unified view of patient data.
In addition, the U.S. Food and Drug Administration (FDA) has approved Flyrcado, a diagnostic drug developed by GE HealthCare for the detection of coronary artery disease (CAD). Expected to be available in select U.S. markets in 2025, Flyrcado is recognized for its potential to improve access to PET-MPI, especially for patients who are difficult to image.
Analysts from Stifel have adjusted their stock price target for GE HealthCare, raising it to $102 from the previous $100, while maintaining a Buy rating on the stock. This revision comes in the wake of the FDA's approval of GE HealthCare's Flurpiridaz, a novel radiopharmaceutical for myocardial perfusion imaging (MPI) using positron emission tomography (PET).
Other developments include the FDA's approval of another diagnostic drug from GE HealthCare, designed to detect CAD. Named Flyrcado, this drug is expected to be available in select U.S. markets in early 2025. Also, GE HealthCare's Flyrcado has received FDA approval for CAD detection, marking a significant advancement in the diagnostic options available for CAD.
InvestingPro Insights
GE HealthCare's (NASDAQ:GEHC) ambitious AI initiatives align well with its strong market position and financial performance. According to InvestingPro data, the company boasts a substantial market capitalization of $41.71 billion, underscoring its significant presence in the healthcare technology sector.
InvestingPro Tips highlight that GE HealthCare is a "prominent player in the Healthcare Equipment & Supplies industry," which is consistent with its leadership in AI-enabled medical devices. The company's innovative efforts are likely contributing to its solid financial standing, with a revenue of $19.52 billion over the last twelve months as of Q2 2023.
Moreover, the stock is "trading near its 52-week high," with a price at 95.17% of its 52-week peak. This suggests that investors are optimistic about GE HealthCare's strategic direction and growth potential in AI and digital healthcare solutions.
Analysts appear to share this positive outlook. An InvestingPro Tip reveals that "4 analysts have revised their earnings upwards for the upcoming period," indicating confidence in the company's future performance. This aligns with GE HealthCare's ongoing investments in AI innovation and cloud technology.
For investors seeking a deeper understanding of GE HealthCare's potential, InvestingPro offers additional insights, with 6 more tips available on the platform. These could provide valuable context for evaluating the company's AI strategy and its impact on long-term growth prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.