Hologic's (HOLX) 3DQuorum Imaging Technology Gets FDA Nod

Hologic, Inc. (NASDAQ:HOLX) recently attained the FDA approval for its 3DQuorum Imaging Technology, powered by Genius AI to be used in breast cancer screening. 3DQuorum technology works alongside Hologic’s Clarity HD high resolution imaging technology to diminish tomosynthesis image volume for radiologists by 66%.

This regulatory clearance is expected to boost Hologic’s Breast and Skeletal Health Solutions business segment.

3DQuorum Technology in Detail

3DQuorum technology utilizes Genius AI-powered analytics to reconstruct high-resolution 3D data to produce 6 mm “SmartSlices” with precision. These analytics detect regions of clinical relevance and preserve crucial features during reconstruction of the SmartSlices. Without compromising image quality, sensitivity or precision, SmartSlices accelerate read time by lessening the number of images for radiologists to review. The 3DQuorum technology reduces the number of 3D images by almost two-thirds, saving one hour per eight hours of daily image interpretation time on an average.

For investors’ notice, 3DQuorum technology is available as part of the new Hologic Clarity HD Plus technology package, which can be used with currently available and future Hologic 3D mammography systems.

Genius AI technology is Hologic’s new core artificial intelligence platform, developed to offer facilities like advanced cancer detection, operational proficiency and clinical decision support across the breast cancer care portfolio.

Market Prospects

Per Technavio, the breast cancer market is expected to see a CAGR of close to 8% between 2019 and 2023. Hence the FDA approval is well-timed.

Recent Developments

Lately, Hologic has been investing in a few developments to boost its Breast and Skeletal Health Solutions business.

In August 2019, the company acquired 46% of shares in SuperSonic Imagine, a leading French company specialized in ultrasound medical imaging services. This acquisition is likely to strengthen Hologic’s Breast and Skeletal Health Solutions business.

In July 2019, Hologic partnered with MagView to develop Unifi EQUIP, an automated solution that should enable compliance with the FDA’s Enhancing Quality Using the Inspection Program (EQUIP) guidance. MagView is a leading provider of mammography information solutions.

Price Performance

The company’s shares have rallied 15.9% in the past year compared with the industry’s rise of 6.5%.

Zacks Rank & Key Picks

Currently, Hologic carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Haemonetics Corporation (NYSE:HAE) , NuVasive, Inc (NASDAQ:NUVA) and GW Pharmaceuticals plc (NASDAQ:GWPH) .

Haemonetics, currently sporting a Zacks Rank #1 (Strong Buy), has a projected long-term earnings growth rate of 13.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.

NuVasive, with a Zacks Rank #2 (Buy), has an expected long-term earnings growth rate of 10.9%.

GW Pharmaceuticals estimates fourth-quarter earnings growth rate to be 67.9%. It currently carries a Zacks Rank of 2.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>