Medical technology developer Enlitic (ASX: ENL) has achieved a double breakthrough with its artificial intelligence-powered ENDEX product for radiation dosimetry.
On a milestone day, Enlitic signed separate three-year contracts with Bayer Healthcare and Philips Healthcare related to its ENDEX application.
ENDEX transforms new and historical medical image data descriptions into a consistent, clinically-relevant standard nomenclature that impacts workflows and capacity within and beyond radiology.
Once validation testing has been successfully completed, ENDEX will be integrated into and distributed alongside Bayer’s radiation dose management proprietary software products to support radiation monitoring.
Bayer Healthcare is one of the largest pharmaceutical and biomedical companies in the world, with its services supporting radiologists in delivering high-quality contrast-enhanced imaging.
Enlitic is forecasting that the deal with Bayer will add around $75,000 to annual revenue during the term of the agreement.
Enlitic chief executive officer Michael Sistenich said the integration of Enlitic’s ENDEX solution will enhance Bayer’s software by standardising the imaging data and supporting enhanced decision-making by clinicians.
“Ensuring patient radiation doses remain within safe limits is critical to providing high-quality care,” he said.
“ENDEX supports monitoring by ensuring universal terminology is applied, helping to inform better decision-making by clinicians and staff.”
“This partnership opens a new and exciting use case for ENDEX in radiation dosimetry and highlights our potential to expand the value of Enlitic’s solutions.”
Global medical technology leader Philips Healthcare has also signed up to implement the ENDEX platform under a new three-year agreement through Enlitic distribution partner Blackford.
ENDEX is being introduced to streamline radiology workflow under an agreement estimated to contribute revenue of between $150,000 and $570,000 per annum during the term of the agreement.
Mr Sistenich said the agreement will see Enlitic initially provide services to a limited number of Philips’ customer sites per annum, leaving room for further expansion.
“Our continued growth and new partnerships demonstrate the vast potential for ENDEX to positively impact the healthcare industry,” he added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.