RadNet Inc. announced that two of its subsidiaries received approval from the Food and Drug Administration for their mammography and prostate artificial intelligence tools.
RadNet is a publicly traded diagnostic imaging company based in Los Angeles with multiple imaging centers in the Valley region, including Burbank, Glendale, Encino, Tarzana, West Hills and Santa Clarita.
DeepHealth is a subsidiary of RadNet that had its cancer detection tool, Saige-Dx, approved by the FDA. Saige-Dx identifies suspicious lesions in mammograms and assigns a suspicion level to each finding and to the entire case. The AI tool specifically helps detect and diagnose breast cancer and reduces unnecessary recalls.
Quantib, another RadNet subsidiary, received FDA approval for Quantib Prostate, an AI-powered software that aids in MRI prostate reporting workflow. The software’s tools will help improve reporting quality and speed.
“We are very proud that two of our subsidiaries, DeepHealth and Quantib, have received FDA clearance for their flagship products,” Dr. Howard Berger, chief executive of RadNet, said in a statement. “Artificial intelligence will have a transforming impact on radiology and cancer care, and we are committed to delivering those advances to patients and health care providers.”
Prior to the FDA approvals, Berger stated in RadNet’s first quarter earnings report that the company projected losses for the next 24 months from investments in the new technologies. “We continue to be more convinced than ever that AI will have a significant impact on the growth and cost structure of our business in the coming years,” Berger said in a statement.
Shares of RadNet closed up 43 cents, or 2.3 percent, to $19.13 on Thursday, a day when the market closed down a fraction of a percent.