GE HealthCare Announces Agreement to Acquire Intelligent Ultrasound's Clinical Artificial Intelligence Business

Business acquisition agreement adds innovative real-time image recognition technology and expertise to GE HealthCare’s AI-enabled device portfolio
Intelligent Ultrasound’s AI-powered technology aims to provide real-time assistance for OBGYN scans and improve exam accuracy and efficiency
Planned acquisition supports GE HealthCare’s precision care strategy to address inefficiencies and improve quality of patient care

CHICAGO, July 18, 2024–(BUSINESS WIRE)–GE HealthCare (Nasdaq: GEHC) today announced that it has entered into an agreement to acquire the clinical artificial intelligence (AI) software business of Intelligent Ultrasound Group PLC (Intelligent Ultrasound) for a total consideration of approximately $51 million. Intelligent Ultrasound is a leader in AI-powered, integrated image analysis tools designed to make ultrasound smarter and more efficient. GE HealthCare plans to integrate these solutions across its ultrasound portfolio, strengthening its capabilities with technology that improves workflows and enhances ease of use for the benefit of clinicians and patients.

“We are excited to bring Intelligent Ultrasound’s innovative technology to GE HealthCare’s ultrasound portfolio, allowing us to fully integrate these solutions into our systems to help clinicians improve workflow, reduce repetitive tasks and simplify exams,” said Phil Rackliffe, president and CEO of GE HealthCare’s Ultrasound and Image Guided Therapies business. “This technology and the experts behind it will help enhance our portfolio of AI-enabled devices and accelerate our pace of development of next-generation AI tools.”

Intelligent Ultrasound pioneered the ScanNav Assist AI technology that powers SonoLystlive and SonoLyst X/IR, available on GE HealthCare’s Voluson™ Expert and Voluson Signature ultrasound devices. SonoLyst is also currently available on the Voluson SWIFT. With the acquisition, GE HealthCare also adds an AI innovation pipeline that serves to advance future development and realize long-term efficiencies.

GE HealthCare plans to welcome Intelligent Ultrasound’s team of R&D experts, who will contribute to AI-based image recognition and innovation for GE HealthCare Women’s Health ultrasound devices and the entire portfolio. This agreement follows GE HealthCare’s acquisition of Caption Health in 2023, which added new capabilities in AI-based image guidance and AI development expertise to help with early disease detection in other areas.

“I truly believe we are at the beginning of a wave of AI that will make a profound difference in medical imaging, and particularly in ultrasound,” said Nick Sleep, COO of Intelligent Ultrasound, who will join GE HealthCare. “Being part of the GE HealthCare family will help accelerate the adoption of this technology and make ultrasound even easier for customers to use.”

These technologies are particularly essential to reduce the workload of sonographers. As examinations become more complex, 81% of hospitals report a shortage of radiology technologists.¹ and 90 percent of sonographers report work-related musculoskeletal disorders due to workload and repetitive movements, among other factors.² Streamlined workflows and AI-powered protocols can reduce manual processes, provide better reproducibility across users, and allow clinicians to focus more on patient care.

This agreement strengthens GE HealthCare’s AI-enabled device portfolio, which currently tops the FDA’s list of AI-enabled device clearances in medical technology companies, and supports the company’s precision care strategy to address inefficiencies in clinical care workflow and improve the quality of patient care across the care pathway. With the sale of its Clinical AI business, Intelligent Ultrasound will continue to operate with a focus on its world-class, high-fidelity ultrasound simulation technology designed to enhance ultrasound education.

Completion of the transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2024. Additional details of the transaction have not been publicly disclosed. GE HealthCare intends to fund the transaction with available cash.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements can be identified by words and variations of words, such as “will,” “expect,” “may,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook” and similar expressions. These forward-looking statements may include, but are not limited to, statements about the transaction, the completion and expected results of the transaction, and the performance, growth opportunities and strategy of GE HealthCare Technologies Inc. (the “Company”). These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Factors that could cause actual results to differ materially from those described in its forward-looking statements include, but are not limited to, the conditions to the completion of the transaction may not be satisfied; the closing of the transaction may not occur or may be delayed; the Company may be unable to realize the anticipated benefits of the transaction; operating costs and business disruptions (including, without limitation, difficulties in maintaining relationships with employees, customers and suppliers) may be greater than expected; the Company may assume unexpected risks and liabilities; and completion of the transaction may distract the Company’s management from other important matters. Other factors that could cause such a difference also include those discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission and any updates or amendments it makes in future filings. There may be other factors currently unknown to the Company or that it currently considers immaterial that could cause the Company’s actual results to differ materially from those projected in the Company’s forward-looking statements. The Company undertakes no obligation to update or revise its forward-looking statements, except as required by applicable law or regulation.

About GE HealthCare Technologies Inc.

GE HealthCare is a global leader in medical technology, pharmaceutical diagnostics and digital solutions innovation, focused on delivering integrated solutions, services and data analytics to improve hospital efficiency, clinician productivity, therapy accuracy and patient health and happiness. Serving patients and providers for more than 125 years, GE HealthCare advances personalized, connected and compassionate care while simplifying the patient journey. Together, our Imaging, Ultrasound and Image-Guided Therapeutics, Patient Care Solutions and Pharmaceutical Diagnostics businesses help improve patient care from diagnosis to monitoring to therapy. We are a $19.6 billion company with approximately 51,000 colleagues working to create a world where healthcare has no limits.

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About Intelligent Ultrasound Group

Intelligent Ultrasound (AIM: IUG) is a leading global “classroom to clinic” ultrasound company, specializing in real-time, high-fidelity virtual reality simulation for the ultrasound training market (“classroom”) and artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market (“clinical”). Based in Cardiff, UK and Atlanta, USA, the Group has two revenue streams:

Simulation

Real-time, high-fidelity ultrasound training and education through simulation. Our main products are ScanTrainer Obstetrics and Gynecology Training Simulator, HeartWorks Echocardiography Training Simulator, BodyWorks Eve Point-of-Care and Emergency Medicine Training Simulator with Covid-19 Module, and the new BabyWorks Neonatal and Pediatric Training Simulator. To date, over 1,500 simulators have been sold to over 750 medical institutions worldwide.

Clinical AI Software

Deep learning-based algorithms to make ultrasound scanners smarter and more accessible with our proprietary ScanNav ultrasound image analysis technology. Products currently on the market that use this technology include GE HealthCare’s SonoLyst software, integrated into their Voluson Expert 22 and SWIFT ultrasound scanners; ScanNav Anatomy PNB, which simplifies ultrasound-guided needling by providing the user with real-time AI-based anatomical highlighting for a range of medical procedures; and NeedleTrainer, which teaches ultrasound-guided needling in real-time and integrates ScanNav Anatomy PNB.

www.intelligentultrasound.com

¹ “Nationwide Radiology Staff Shortage?”, AHEC Online, September 27, 2021.

² Work-related musculoskeletal disorders in sonography, Society of Diagnostic Medical Sonography, Susan Murphey, https://www.sdms.org/docs/default-source/Resources/work-related-musculoskeletal-disorders-in-sonography-white-paper.pdf?sfvrsn=10

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Contacts

GE HealthCare Press Contact
Eric Tatro
GE HealthCare
+1 312 459 6140
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