Philips Unveils Latest IntelliSpace Cardiovascular Version

Koninklijke Philips N.V. (NYSE:PHG) expanded its healthcare portfolio with the launch of the latest version of Cardiovascular Image and Information Management System, IntelliSpace Cardiovascular 2.1.

IntelliSpace Cardiovascular Features

IntelliSpace Cardiovascular can deliver “diagnostic quality” echo images views for clinicians, which can be accessed anytime from anywhere. It provides a unified view of patient’s history in a sequential manner, eliminating the individual search of images and reports.

This latest offering from the Philips family comes with vendor-agnostic web application programming interfaces (“WebAPI”) enabling customers to access third-party applications effortlessly. This implies clinicians can easily access EMR data, scheduling systems and any web-based applications, thereby improving patient care. Cardiologists can now streamline their work by obtaining interoperable and patient-centric information that will allow them to take better decisions.

Philips Foresees Bright Cardiovascular Prospects

According to the World Health Organization’s 2015 report cardiovascular diseases are responsible for whopping 17.5 million deaths annually. Also, the research of Future Health Index reveals that 81% of cardiology patients believe that healthcare system in their local areas is inadequate, causing them to run same tests multiple times at various facilities.

The company believes that cardiovascular diseases – being the costliest among chronic illnesses – require prompt treatment and critical care. Philip’s novel IntelliSpace Cardiovascular solution is specifically designed for preventing, diagnosing and treating these diseases. The pressing demand for integrated cardiology solutions is likely to facilitate rapid market traction of IntelliSpace Cardiovascular going forward.

Healthcare Portfolio Growth Looks Promising

Philips is gradually evolving as a healthcare company. It has grown its presence in the healthcare domain over the past couple of quarters. The company believes increased spending on healthcare and fitness will act as a long-term growth driver. Recently, it organized its healthcare business into three segments, namely Personal Health, Diagnosis & Treatment and Connected Care & Health Informatics.

Especially, Philips remains optimistic about the prospects of its Diagnosis & Treatment vertical on account of positive industry trends like thriving Image-Guided Therapy and Ultrasound equipment sales. We believe higher levels of quality and regulatory expenditure in the second half of 2016, and first half of 2017, will boost this vertical.

Philips currently has Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Daktronics Inc. (NASDAQ:DAKT) , Garmin Ltd. (NASDAQ:GRMN) and Amkor Technology, Inc. (NASDAQ:AMKR) . All three stocks sport a Zacks Rank #1 (Strong Buy).