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The business acquisition agreement will add innovative real-time image recognition technology and expertise to GE Healthcare's portfolio of AI-enabled devices.
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The AI-based technology of intelligent ultrasound aims to support gynecological and obstetric scans in real time, improving the accuracy and efficiency of examinations.
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The planned acquisition will support GE Healthcare's precision care strategy to address inefficiencies and improve the quality of patient care.
Chicago, July 18, 2024–(BUSINESS WIRE)–GE Healthcare (Nasdaq: GEHC) today announced it has signed an agreement to acquire Intelligent Ultrasound Group PLC's (Intelligent Ultrasound) clinical artificial intelligence (AI) software business for total consideration of approximately $51 million. Intelligent Ultrasound is a leader in integrated, AI-driven image analytics tools designed to make ultrasound smarter and more efficient. GE Healthcare plans to incorporate these solutions across its ultrasound portfolio, enhancing capabilities with technology that helps improve workflow and enhance ease of use to benefit clinicians and patients.
“We are pleased to bring Intelligent Ultrasound's innovative technology to GE Healthcare's Ultrasound portfolio, allowing us to fully integrate these solutions into our systems and help clinicians improve workflow, reduce repetitive tasks and simplify exams,” said Phil Rackliff, president and CEO, Ultrasound and Image-Guided Therapy, GE Healthcare. “This technology and the experts who developed it will enhance our portfolio of AI-enabled devices and help us accelerate the pace of development of next-generation AI tools.”
Intelligent Ultrasound pioneered the ScanNav Assist AI technology that powers SonoLyst.live GE Healthcare also offers SonoLyst X/IR, which is available on GE Healthcare's Voluson™ Expert and Voluson Signature ultrasound machines. SonoLyst is now also available on Voluson SWIFT. By acquiring this business, GE Healthcare is also adding to its AI innovation pipeline to help drive future developments and deliver long-term efficiencies.
GE Healthcare will welcome Intelligent Ultrasound's team of research and development experts who will help drive AI-enabled image recognition and innovation across GE Healthcare Women's Health ultrasound devices and the broader portfolio. The deal follows GE Healthcare's acquisition of Caption Health in 2023, which added new capabilities to its AI-enabled image guidance and AI development expertise to aid in early disease detection in other sectors.
“We believe we are at the beginning of a wave of AI that will revolutionize medical imaging, particularly diagnostic ultrasound,” said Nick Sleep, chief operating officer of Intelligent Ultrasound, who will join GE Healthcare. “Becoming part of the GE Healthcare group will accelerate the adoption of this technology and make diagnostic ultrasound even more accessible for our customers.”
These technologies are especially important to ease the burden on ultrasound technicians, as exams become more complex, with 81% of hospitals reporting a shortage of radiologists.1 Additionally, 90% of ultrasound technicians report work-related musculoskeletal disorders due to factors such as workload and repetitive movements.2 Streamlined workflows and AI-enabled protocols reduce manual processes and improve user-to-user reproducibility, allowing clinicians to focus more on patient care.
The deal strengthens GE Healthcare's portfolio of AI-enabled devices, which currently tops the FDA's AI-enabled device clearance list across medical technology companies, and supports the company's precision care strategy to solve inefficiencies in clinical care workflows and improve the quality of patient care across the care pathway. With the sale of its clinical AI business, Intelligent Ultrasound will continue with a renewed focus on world-class, high-fidelity ultrasound simulation technology designed to enhance ultrasound education.
The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2024. Details of the transaction were not disclosed. GE Healthcare intends to fund the transaction with cash on hand.
Forward-Looking Statements
This release contains forward-looking statements. These forward-looking statements may be identified by words such as “will,” “expect,” “may,” “will,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “goal,” “guidance,” “outlook” and variations of these and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the transaction, the closing and expected results of the transaction, and GE HealthCare Technologies Inc.'s (the “Company”) financial results, growth opportunities and strategy. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company's control. Factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements include, but are not limited to, that the conditions to the closing of the transaction may not be satisfied, or that the closing of the transaction may not occur or may be delayed. The Company may not achieve the expected benefits of the transaction, operating costs and business interruption (including, without limitation, difficulties in maintaining relationships with employees, customers and suppliers) may be greater than expected, the Company may incur unanticipated risks and liabilities, and the completion of the transaction may divert the attention of the Company's management from other important matters. Other factors that may cause such differences include those discussed in the “Risk Factors” section of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission and as updated or revised in future filings. Other factors not currently known to the Company or that the Company currently believes to be immaterial could cause the Company's actual results to differ materially from those projected in the forward-looking statements made by the Company. The Company assumes no obligation to update or revise any forward-looking statements, except as required by applicable law or regulation.
About GE Healthcare Technologies
GE Healthcare is an innovation leader in medical technology, pharmaceutical diagnostics and digital solutions, committed to providing integrated solutions, services and data analytics to make hospitals more efficient, improve clinician effectiveness, enhance treatment precision and improve patient health and well-being. Serving patients and healthcare providers for more than 125 years, GE Healthcare drives personalized, connected and compassionate care while simplifying processes across the entire patient care pathway. Our imaging, ultrasound and image-guided therapy, patient care solutions and pharmaceutical diagnostics businesses help improve patient care from diagnosis to treatment to monitoring. We are a $19.6 billion company with approximately 51,000 employees working to create a world without limits in healthcare.
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About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is a leading global 'classroom to clinic' ultrasound company specialising in real-time high-fidelity virtual reality simulation for the ultrasound training market (the 'classroom') and artificial intelligence based clinical image analysis software tools for the diagnostic medical ultrasound market (the 'clinic'). Based in Cardiff, UK and Atlanta, US, the Group has two revenue streams:
simulation
Real-time high-fidelity ultrasound education and training through simulation. Our flagship products are the ScanTrainer OB-GYN training simulator, HeartWorks echocardiography training simulator, BodyWorks Eve Point of Care and Emergency Medicine training simulator with Covid-19 module, and the new BabyWorks neonatal and pediatric training simulator. To date, over 1,500 simulators have been sold to over 750 healthcare institutions worldwide.
Clinical AI Software
Our proprietary ScanNav ultrasound image analysis technology uses deep learning-based algorithms to make ultrasound machines smarter and easier to use. Current marketed products that employ this technology include SonoLyst software built into GE HealthCare's Voluson Expert 22 and SWIFT ultrasound machines, ScanNav Anatomy PNB, which simplifies ultrasound-guided needle insertion by providing users with real-time AI-based anatomical highlighting in a variety of medical procedures, and NeedleTrainer, which coaches real-time ultrasound-guided needle insertion and incorporates ScanNav Anatomy PNB.
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1 “A national radiology staffing shortage?” AHEC Online, September 27, 2021.
2 Occupational Musculoskeletal Disorders in Sonography, Society of Diagnostic Medical Ultrasound, Susan Murphy, https://www.sdms.org/docs/default-source/Resources/work-related-musculoskeletal-disorders-in-sonography-white-paper.pdf?sfvrsn=10
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GE Healthcare
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