- Agreement to acquire business adds innovative, real-time image
recognition technology and expertise to GE HealthCare’s portfolio
of AI-enabled devices
- AI-based technology from Intelligent Ultrasound aims to provide
real-time support for OBGYN scans and improve exam accuracy and
efficiency
- Planned acquisition supports GE HealthCare’s precision care
strategy to address inefficiencies and improve patient care
quality
GE HealthCare (Nasdaq: GEHC) today announced it has entered into
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 analysis tools designed to make ultrasound smarter and more
efficient. GE HealthCare plans to incorporate these solutions
across the ultrasound portfolio, strengthening its capabilities
with technology that helps improve workflows and enhance
ease-of-use for the benefit of clinicians and patients.
"We are pleased to bring innovative technology from Intelligent
Ultrasound into GE HealthCare’s Ultrasound portfolio, allowing us
to fully integrate these solutions into our systems to help
clinicians improve workflow, reduce repetitive tasks, and simplify
exams,” said Phil Rackliffe, president and CEO of Ultrasound and
Image Guided Therapies, GE HealthCare. “This technology and the
experts who developed it will help enhance our portfolio of
AI-enabled devices and accelerate our pace of development of
next-generation AI tools.”
Intelligent Ultrasound has pioneered the ScanNav Assist AI
technology, which powers SonoLystlive and SonoLyst X/IR, available
on GE HealthCare’s Voluson™ Expert and Voluson Signature ultrasound
devices. SonoLyst is also currently available on the Voluson SWIFT.
By acquiring this business, GE HealthCare also adds an AI
innovation pipeline that serves to help advance future development
and realize long-term efficiencies.
GE HealthCare plans to welcome the team of research and
development experts from Intelligent Ultrasound, who will help
drive AI-enabled image recognition and innovation for GE HealthCare
Women’s Health ultrasound devices as well as across the broader
portfolio. This agreement follows GE HealthCare’s acquisition of
Caption Health in 2023, which added new capabilities in AI-enabled
image guidance and AI development expertise to aid in early disease
detection in other areas.
“I really believe that we are at the start of a wave of AI
making a profound difference to medical imaging, and especially
ultrasound,” said Nick Sleep, Chief Operating Officer, Intelligent
Ultrasound, who will join GE HealthCare. “Becoming part of the GE
HealthCare family will help speed the adoption of this technology
and make ultrasound even easier for customers to use.”
These technologies are especially vital to relieving burdens
placed on sonographers. As exams are becoming more complex, 81
percent of hospitals report radiology technologist shortages,1 and
90 percent of sonographers report work-related musculoskeletal
disorders due to workload and repetitive motions, among other
factors.2 Streamlined workflows and AI-enabled protocols can reduce
manual processes, provide greater reproducibility between users,
and allow clinicians to focus more on patient care.
This agreement bolsters GE HealthCare’s portfolio of AI-enabled
devices— which presently tops the FDA’s list of AI-enabled device
authorizations across medical technology companies—and supports the
Company’s precision care strategy to solve for inefficiencies in
the clinical care workflow and improve patient care quality across
the care pathway. With the sale of its clinical AI business,
Intelligent Ultrasound will continue to operate with a renewed
focus on its world-class, high-fidelity ultrasound simulation
technology designed to enhance ultrasound education.
The consummation of the transaction is subject to customary
closing conditions and is expected to close in Q4 2024. Additional
details of the transaction have not been disclosed publicly. GE
HealthCare intends to fund this transaction with cash on hand.
Forward-Looking Statements
This release contains forward-looking statements. These
forward-looking statements might be identified by words, and
variations of words, such as “will,” “expect,” “may,” “would,”
“could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,”
“potential,” “position,” “forecast,” “target,” “guidance,”
“outlook,” and similar expressions. These forward-looking
statements may include, but are not limited to, statements about
the transaction, the completion and expected results of the
transaction, and GE HealthCare Technologies Inc.’s (the
“Company’s”) performance, growth opportunities, and strategy. These
forward-looking statements involve risks and uncertainties, many of
which are beyond the control of the Company. Factors that could
cause the Company’s actual results to differ materially from those
described in its forward-looking statements include, but are not
limited to, the conditions to the completion of the transaction may
not be satisfied; closing of the transaction may not occur or may
be delayed; the Company may be unable to achieve the anticipated
benefits of the transaction; operating costs and business
disruptions (including, without limitation, difficulties in
maintaining relationships with employees, customers, and suppliers)
may be greater than expected; the Company may assume unexpected
risks and liabilities; and completing the transaction may distract
the Company’s management from other important matters. Other
factors that may cause such a difference also include those
discussed in the "Risk Factors" section of the Company’s Annual
Report on Form 10-K filed with the U.S. Securities and Exchange
Commission and any updates or amendments it makes in future
filings. There may be other factors not presently known to the
Company or which it currently considers to be immaterial that could
cause the Company’s actual results to differ materially from those
projected in any forward-looking statements the Company makes. The
Company does not undertake any obligation to update or revise its
forward-looking statements except as required by applicable law or
regulation.
About GE HealthCare Technologies Inc.
GE HealthCare is a leading global medical technology,
pharmaceutical diagnostics, and digital solutions innovator,
dedicated to providing integrated solutions, services, and data
analytics to make hospitals more efficient, clinicians more
effective, therapies more precise, and patients healthier and
happier. Serving patients and providers for more than 125 years, GE
HealthCare is advancing personalized, connected, and compassionate
care, while simplifying the patient’s journey across the care
pathway. Together our Imaging, Ultrasound and Image Guided
Therapies, Patient Care Solutions, and Pharmaceutical Diagnostics
businesses help improve patient care from diagnosis, to therapy, to
monitoring. We are a $19.6 billion business with approximately
51,000 colleagues working to create a world where healthcare has no
limits.
Follow us on LinkedIn, X , Facebook, Instagram, and Insights for
the latest news, or visit our website https://www.gehealthcare.com/
for more information.
About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world's leading
'classroom to clinic' ultrasound companies, specialising in
real-time hi-fidelity virtual reality simulation for the ultrasound
training market ('classroom') and artificial intelligence-based
clinical image analysis software tools for the diagnostic medical
ultrasound market ('clinic'). Based in Cardiff in the UK and
Atlanta in the US, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through
simulation. Our main products are the ScanTrainer obstetrics and
gynaecology training simulator, the HeartWorks echocardiography
training simulator, the BodyWorks Eve Point of Care and Emergency
Medicine training simulator with Covid-19 module and the new
BabyWorks Neonate and Paediatric training simulator. To date over
1,500 simulators have been sold to over 750 medical institutions
around the world.
Clinical AI software
Deep learning-based algorithms to make ultrasound machines
smarter and more accessible using our proprietary ScanNav
ultrasound image analysis technology. Current products on the
market utilising this technology are GE HealthCare's SonoLyst
software that is incorporated in their Voluson Expert 22 and SWIFT
ultrasound machines; ScanNav Anatomy PNB that simplifies
ultrasound-guided needling by providing the user with real-time
AI-based anatomy highlighting for a range of medical procedures;
and NeedleTrainer that teaches real-time ultrasound-guided needling
and incorporates ScanNav Anatomy PNB.
www.intelligentultrasound.com
1 “Radiology Staffing Shortages Nation Wide?”, AHEC online, Sept
27, 2021.
2 Work Related Musculoskeletal Disorders in Sonography, Society
of Diagnostic Medical Sonography, Susan Murphey,
https://www.sdms.org/docs/default-source/Resources/work-related-musculoskeletal-disorders-in-sonography-white-paper.pdf?sfvrsn=10
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717580041/en/
GE HealthCare Media Contact Eric Tatro GE HealthCare +1
312 459 6140 Eric.Tatro@gehealthcare.com
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