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The agreement to acquire this business adds innovative real-time image recognition technology and expertise to GE HealthCare’s portfolio of AI-enabled devices.
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Intelligent Ultrasound’s AI-based technology aims to provide real-time support for OBGYN scans and improve the accuracy and efficiency of examinations.
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The planned acquisition supports 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 that it has entered into an agreement to acquire the clinical artificial intelligence (AI) software business of Intelligent Ultrasound Group PLC (Intelligent Ultrasound) for approximately $51 million. Intelligent Ultrasound is a leader in AI-based, integrated image analysis tools designed to make ultrasound smarter and more efficient. GE HealthCare plans to integrate these solutions across its ultrasound portfolio, enhancing its capabilities with technologies that help improve workflow and enhance ease of use for the benefit of clinicians and patients.
“We are excited to bring Intelligent Ultrasound’s innovative technology into the GE HealthCare Ultrasound portfolio, allowing us to fully integrate this solution into our systems to help clinicians improve workflows, 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 the pace of development of next-generation AI devices.”
Intelligent Ultrasound has pioneered ScanNav Assist AI technology, which powers SonoLystlife and SonoLyst X/IR, available on GE HealthCare’s Voluson™ Expert and Voluson Signature ultrasound devices. SonoLyst is also currently available on Voluson SWIFT. By acquiring these businesses, GE HealthCare also adds an AI innovation pipeline that will help advance future development and achieve long-term efficiencies.
GE HealthCare plans to welcome a 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 and the broader portfolio. The 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 help with early disease detection in other areas.
“I truly believe that we are at the beginning of a wave of AI that will revolutionize medical imaging, and ultrasound in particular,” said Nick Sleep, Chief Operating Officer, Intelligent Ultrasound, who will join GE HealthCare. “Becoming part of the GE HealthCare family will help accelerate the adoption of this technology and make ultrasound even more accessible to customers.”
This technology is critical to lightening the load on sonographers. As exams become more complex, 81 percent of hospitals report a shortage of radiology technicians,1 and 90 percent of sonographers report work-related musculoskeletal disorders due to workload and repetitive motion, among other factors.2 Streamlined workflows and AI-enabled protocols can reduce manual processes, provide greater reproducibility across users, and allow clinicians to focus more on patient care.
This agreement strengthens GE HealthCare’s portfolio of AI-enabled devices—which currently tops the FDA’s list of AI-enabled device authorizations across medical technology companies—and supports the Company’s precision care strategy to address 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 to operate with a renewed focus on world-class, high-fidelity ultrasound simulation technology designed to enhance ultrasound education.
Completion 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 publicly disclosed. GE HealthCare intends to fund the transaction with available cash on hand.
Forward-Looking Statements
This release contains forward-looking statements. These forward-looking statements can 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 the performance, growth opportunities, and strategies of GE HealthCare Technologies Inc. (the “Company”). 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, the conditions to the completion of the transaction may not be satisfied; the closing of the transaction may not occur or may be delayed; the Company may not be able to obtain 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 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 could cause such differences 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 currently known to the Company or that are currently considered immaterial that could cause the Company’s actual results to differ materially from those projected in the Company’s forward-looking statements. The Company undertakes no obligation to update or revise any 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, physicians 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 journey across the care pathway. Together, our Imaging Therapy, Ultrasound and Image Guidance, 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 boundaries.
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About Intelligent Ultrasound Group
Intelligent Ultrasound (AIM: IUG) is one of the world’s leading ultrasound companies providing classroom-to-clinic services, specialising in real-time, hi-fidelity virtual reality simulation for the ultrasound training market (‘classroom’) and artificial intelligence-based clinical image analysis software for the diagnostic medical ultrasound market (‘clinic’). Headquartered in Cardiff, UK and Atlanta, USA, the Group has two revenue streams:
Simulation
Real-time hi-fidelity ultrasound education and training through simulation. Our main products are ScanTrainer obstetrics and gynecology 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, more than 1,500 simulators have been sold to more than 750 medical institutions worldwide.
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 using this technology include GE HealthCare’s SonoLyst software included in their Voluson Expert 22 and SWIFT ultrasound machines; ScanNav Anatomy PNB which simplifies ultrasound-guided acupuncture by providing users with real-time AI-based anatomical highlighting for a variety of medical procedures; and NeedleTrainer which teaches ultrasound-guided acupuncture in real-time and includes ScanNav Anatomy PNB.
www.intelligentultrasound.com
1 “Radiology Staff Shortage Across the Nation?”, AHEC online, September 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
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Contact
GE HealthCare Media Contact
Eric Tatro
GE Health Care
+1 312 459 6140
Eric.Tatro@gehealthcare.com
