Manufacturer Varex Imaging saw its sales slide during the second quarter of 2020, with revenues dropping 13% year over year.
The pandemic-induced slump has forced the Utah-based firm to discontinue certain products, eliminate 94 positions, and “closely” manage discretionary spending.
“During the third quarter of fiscal year 2020, the impact of COVID-19 resulted in declining sales and a sizeable unfavorable shift in product mix that reduced our revenues, margins and profitability,” CEO Sunny Sanyal said in a statement.
Varex is withdrawing its guidance for the rest of the year, given continued uncertainty surrounding the pandemic. The 70-year-old firm is based in Salt Lake City and is a “leading” designer of x-ray imaging components such as tubes and digital detectors.
$1.8M for gadolinium reduction
California tech firm Subtle Medical has scored additional funding from the National Institutes of Health for a project aimed at reducing gadolinium use during MR imaging.
With the Phase 2 funds, the firm plans to develop a new artificial intelligence software called “SubtleGAD,” that harnesses deep learning to drop contrast agent dosages.
The continued capital allocation is based on successful early trial results. Subtle hopes to eventually aid “millions” of patients with kidney disease who currently cannot receive such scans.
“With this technology, hospitals and imaging centers will be able to deliver safer low-dose, contrast-enhanced MRI exams without sacrificing the clinical quality of the images," Co-founder and CEO Enhao Gong, PhD, said in a statement.
Nanox eyes $125M IPO
Imaging disrupter Nanox—which is hoping to upend the industry with a new low-cost x-ray system—has taken a step toward its $125 million initial public offering.
The Israel-based firm recently filed its Form F-1 with the Securities and Exchange Commission, with plans to use “NNOX” on the Nasdaq. Nanox has already raised more than $100 million in funding from companies including Fujifilm and Foxconn.
It hopes to eventually offer an end-to-end radiology solution that would include AI and image storage. Officials already submitted an application for FDA clearance earlier this year for its core system, the Nanox.Arc, but pushed back the process because of the pandemic, according to reports.
Philips inks multi-year research pact
Royal Philips has inked a multi-year research deal with one Dutch provider in a bid to commercialize “breakthrough” new MRI technology.
The Amsterdam-based imaging giant will work in tandem with University Medical Center Utrecht to establish a worldwide research network to fuel the development of MR-STAT. First created at the academic hospital, the imaging technology relies on a new “smart acquisition scheme,” along with machine-assisted reconstruction. The partners said it’s able to deliver multiple quantitative MR paraments in one scan, representing a “significant” advance in tissue classification.
“With this fast quantitative and single acquisition technology, enhanced with AI, MR-STAT will play a pivotal role in delivering the best diagnostic outcome at an affordable cost, benefitting both healthcare providers and their patients,” Joland Rutgers, research and development leader for MR at Philips, said in a statement.
Canon partners with Zebra Medical
Imaging manufacturer Canon USA recently announced a new partnership with Israeli AI vendor Zebra Medical Systems.
With the pact, Canon will now offer its partner’s AI1 automated imaging analysis solutions, which help docs provide faster diagnoses. The two companies said this is Zebra’s first foray into the “modality space.”
"We are excited about the partnership with Canon Medical Systems USA Inc., a company taking innovative and proactive steps to ensure AI adoption for better patient care,” CEO Ohad Arazi said in an Aug. 11 statement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.