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Medtronic advances AI in endoscopy with new software

EditorIsmeta Mujdragic
Published 04/10/2024, 09:00 AM
MDT
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DUBLIN - Medtronic plc (NYSE: NYSE:MDT), a global healthcare technology leader, has announced the introduction of ColonPRO™, a new software enhancement for its GI Genius™ intelligent endoscopy system. The update, revealed at the Genius Summit, features an advanced algorithm for improved polyp detection and procedural highlights to aid physicians' workflow.

The GI Genius™ system, recognized as the first computer-aided detection (CADe) system that utilizes artificial intelligence (AI) to identify colorectal polyps, has been substantiated by over 30 publications and could potentially affect 2.7 million patients annually. The ColonPRO™ software boasts a 9% reduction in false positives and supports the development of third-party applications through the AI Access™ platform.

In addition to the software launch, Medtronic has entered into a strategic collaboration with Modernizing Medicine®, a healthcare technology and Electronic Health Records (EHR) innovator. The partnership aims to streamline workflows and augment decision-making in gastroenterology, integrating ModMed's gGastro® EHR software with the GI Genius™ system to enhance efficiency and patient care.

Raj Thomas, president of Medtronic's Endoscopy business, emphasized the synergy in the partnership with ModMed, aiming to alleviate administrative burdens and allow physicians to focus more on patient care. Dr. Jason Sugar of ModMed hailed the integration as a "game changer" that aligns with how physicians want to apply AI technology.

The collaboration is expected to test new capabilities for future integration, with the goal of enabling gGastro® EHR software to receive real-time, AI-generated data from the GI Genius™ system.

This news is based on a press release statement from Medtronic plc.

InvestingPro Insights

As Medtronic plc (NYSE: MDT) continues to innovate in the healthcare technology space with enhancements like ColonPRO™ and strategic collaborations, it's important for investors to consider the company's financial health and market position. Medtronic boasts a significant market capitalization of $111.27 billion, underscoring its substantial presence in the healthcare sector.

The company's commitment to shareholder returns is evident, with a notable dividend yield of 3.33% as of the first quarter of 2024. This is complemented by Medtronic's impressive track record of maintaining dividend payments for 48 consecutive years, a testament to its financial stability and dedication to its shareholders. Investors interested in consistent income may find Medtronic's dividend history particularly appealing.

Medtronic's P/E ratio stands at 26.45, which may suggest a higher valuation relative to near-term earnings growth. However, with analysts predicting profitability for the year and a solid gross profit margin of 65.72% over the last twelve months as of Q1 2024, the company appears to manage its resources efficiently.

For those looking to delve deeper into Medtronic's financials and market prospects, there are additional InvestingPro Tips available that can offer further insights, including the company's performance in terms of earnings revisions and price volatility. With 10 more tips listed in InvestingPro, investors can equip themselves with a comprehensive understanding of Medtronic's investment profile. To explore these insights, visit InvestingPro and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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