GE Healthcare Announces Acquisition of Prismatic Sensors; Analyst Goes Bullish on GE Stock

General Electric’s subsidiary, GE Healthcare makes a major investment in cutting-edge CT technology by acquiring Prismatic Sensors AB. GE stock is peaking and is trading at its highest since early March 2020.

General Electric Company (GE) is making its way to the very top as it continues the bullish momentum following Biden’s win. Things are starting to get better for the multinational giant. The company overall has improved in all its major sectors during the last quarter after being hit hard by the pandemic.

Recently, one of its major subsidiary’s GE Healthcare announced that it is going to acquire a Swedish start-upPrismatic Sensors AB. The company is investing in specialized photon-counting detectors that reflects GE’s continuing progress in photon-counting CT technology.

The CEO of GE Healthcare, Kieran Murphy highlighted that this technology has the potential to make a big difference in CT imaging that could help millions of patients in the future.

The company is committed to revolutionizing the Healthcare sector. Starting from the first x-ray machines to the first photon-counting CT prototype, GE Healthcare is entering into the most advanced and next-generation technologies. The company is looking forward to this acquisition that will enhance its Deep Silicon and clinical potential.

The healthcare experts believe that Photon counting will become the new standard for all clinical applications where CT is used today. This technology can potentially increase the ability and effectiveness of neurology, oncology, cardiology, and other clinical CT applications.

The CEO of Prismatic Sensors, Mats Danielsson said:

“Our research shows Deep Silicon is the best solution for photon-counting CT to meet clinical requirements.”

GE Healthcare services have largely been in demand due to high volume from the COVID-19 pandemic impact. The company used this medical imaging technology to diagnose lung conditions arising from coronavirus disease.

Last year, GE Healthcare obtained the FDA clearance for a new artificial intelligence-powered X-ray device that helps in reducing the time in detection of the collapsed lung in patients. The company is increasing its dominance in both hospital and lab equipment, and healthcare software segments.

The new X-ray device unit reported $4.5 billion in revenue during Q3 2020.

Analyst Sees General Electric Stock Going Up

The recent surge in GE stock was driven after the analysts raised their outlook on General Electric. The stock soared up to 5% on Tuesday before it closed the session at $10.45 up by 3.77%. GE stock is rallying in the premarket on Wednesday trading at $10.55 soaring by 1.01%.

The Healthcare sector is flourishing and the company expects its aviation business to recover with vaccine availability in the near future.

The analysts from Oppenheimer & Co. rated GE stock to outperform and upgraded its price target to $12 from prior target of $10.

Earlier this year, the company sold its biopharma division to Danaher,bringing in $20 billion. This lifted the financial position of the company. Also, the net debt levels have dropped below $34.6 billion, while its cash balances are up to $24.3 billion.

The analysts believe that General Electric (GE) has the opportunity to use the cash for growing its business activities. This company can use it for making pension fund contributions or retire preferred stock in the next year.

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Based on the forecast from S&P Global Market Intelligence, General Electric is anticipated to burn cash this year, as most analysts think. With this, the free cash flow would reach $2.4 billion turning positive. Analysts then expect it to increase up to 67% to $4 billion in 2022.

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