Philips (PHG) Launches OncoSuite To Improve Oncology Care

Koninklijke Philips N.V. (NYSE:PHG) recently expanded its healthcare portfolio with the launch of OncoSuite, a state-of-the-art interventional oncology solution. This will be unveiled at the Cardiovascular and Interventional Radiological Society of Europe’s annual meet (“CIRSE”), being held at Barcelona from Sep 10–14.

With the launch of OncoSuite, Philips is pioneering the development of both tumor embolization and ablation procedures, which will aid physicians to treat multiple tumor lesions simultaneously. It is built on Philips’ interventional X-ray systems and can offer enhanced imaging, live 3D image guidance for tumor embolization and 3D image guidance for tumor ablation. It will also help physicians to improve their decision making while performing these complicated procedures.

This launch also reflects the company’s goal to expand its minimally-invasive treatment techniques that have been steadily gaining popularity in the healthcare domain. OncoSuite is a breakthrough development in interventional radiology to treat patients on whom procedures like surgery, chemotherapy or radiation therapy could not be performed. It helps physicians to gain a better view of targeted areas and treat tumor lesions by reducing the impact on healthy tissue.

With instances of non-alcoholic fatty liver diseases on rise, Philips believes there is a pressing need for technologies like OncoSuite that can offer optimal care for patients at affordable prices. As a matter of fact, Philips is gradually evolving as a healthcare company. It has grown its presence in the healthcare domain over the past couple of quarters. Especially, the company’s Diagnosis & Treatment vertical is showing significant promise on account of positive industry trends like thriving Image-Guided Therapy and Ultrasound equipment sales.

We believe that Philips’ comprehensive healthcare portfolio with increased expenditure on healthcare is a signal for brighter days emerging for the company. Particularly, higher level of quality and regulatory expenditure in the second half of 2016, and first half of 2017, are likely to bolster growth in this vertical.

Philips currently holds a Zacks Rank #2 (Buy). Other favorably placed 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). You can see the complete list of today’s Zacks #1 Rank stocks here.

Interested in IPOs? Check out the special edition of Zacks Friday Finish Line below, where Editor Maddy Johnson and Content Writer Ryan McQueeney interview Kathleen Smith of Renaissance Capital about the IPO market in 2016 (see part two here).

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