Artificial Intelligence
Sensus Healthcare Reports First Quarter 2023 Financial Results
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Lower demand for SRT systems reflects the impact of inflation on dermatologists’ cash flow from fewer elective aesthetic procedures and higher operating costs
Sensus expects to ship more than 60 SRT units during 2023 and return to profitability in the second half of the year
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., May 03, 2023 (GLOBE NEWSWIRE) — Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three months ended March 31, 2023.
Highlights from the first quarter of 2023 and recent weeks include the following (all comparisons are with the first quarter of 2022, unless otherwise indicated):
- Revenues were $3.4 million, compared with $10.3 million, reflecting lower SRT unit sales
- Shipped 10 systems including three SRT systems to Asia and six domestic SRT systems, compared with 33
- Net loss was $1.9 million, or $0.12 per share, compared with net income of $16.1 million, or $0.97 per diluted share, which included a gain on asset sale of $12.8 million, or $0.77 per diluted share
- Ended the quarter with $19.3 million in cash and cash equivalents, and no debt
- Strong booth traffic at key dermatology conferences including the South Beach Symposium, the Winter Clinical and the American Academy of Dermatology Annual Meeting
- Expects to ship more than 60 SRT systems this year, with most units already in finished inventory
- Expects a return to profitability in the second half of 2023 based on a growing base of prospects and a novel sales approach
Management Commentary
“Our first quarter financial results were disappointing as potential new customers delayed making SRT purchase decisions due to inflation conditions impacting their aesthetic business. Many dermatologists depend on elective aesthetic procedures as a meaningful source of practice revenue and profit, and inflation has caused consumers to pull back on these expenditures. Inflation is also impacting operating expenses and cash flow as recruiting costs and staff salaries continue to rise, while many larger practices are deploying cash for acquisitions,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare.
“That said, we have prepared for the growth we expect later this year by building inventory and prepaying for components, and we expect to ship more than 60 SRT systems during 2023. We are working to regain momentum in China now that the pandemic lockdowns have been lifted, and we shipped two SRT systems there during the quarter as well as one to Taiwan. We plan to increase our addressable market by entering three to four new international territories each year, with an initial focus on Southeast Asia and South America. In addition, we continue to make investments in Sentinel IT, our HIPAA-compliant software solution that not only is capable of storing patient data for multiple clinical purposes, but also is intended to include artificial intelligence that will allow customers to better manage their practices as well as their patient data. We were delighted to launch our Sentinel/Sensus Cloud capabilities at last month’s American Academy of Dermatology Annual Meeting, which was well received.
“We are confident we have the right people, technology and sufficient cash to regain our growth trajectory. Tragically, skin cancer rates continue to rise, with an estimated one in five Americans, or 70 million people, expected to develop skin cancer during their lifetime. SRT is the No. 1 choice for the non-invasive treatment of non-melanoma skin cancer, and this trend makes our SRT systems more important than ever. We’ve seen SRT treatments rise to over 480,000 in the last two years alone. The return on investment for our premium SRT system under our fair market value leasing program continues to be compelling, with favorable reimbursement and breakeven at only 2 to 2.5 patients per month. Based on our booth traffic at important conferences such as the Winter Clinical, the South Beach Symposium and the American Academy of Dermatology Annual Meeting, interest in SRT remains very strong and will continue to resonate as it contributes towards positive cash flows and productivity in every practice where it is deployed.
“We are broadening Sensus’ reach into radiation oncology, where SRT systems provide a compelling economic option for treating skin cancer and represent, in many cases, a new source of revenue for hospitals. Interest from this channel is high and we are optimistic it will become a meaningful component of revenue, one that is largely insulated from economic factors,” he added. “We recently sold and installed an SRT-100 Vision system complete with our new state-of-the-art, solid-state, high-frequency ultrasound to Beth Israel Deaconess Hospital in Plymouth, Massachusetts. We are very excited about the potential to provide the most patient-friendly and robust alternative to treating non-melanoma skin cancer to hospitals as they increasingly recognize this underserved opportunity.”
First Quarter Financial Results
Revenues for the first quarter of 2023 were $3.4 million, compared with $10.3 million for the first quarter of 2022. The decrease was primarily due to a lower number of SRT units sold due to inflation impacting medical practices and lower sales to a large customer.
Cost of sales was $1.8 million for the first quarter of 2023, compared with $3.2 million for the year-ago quarter. The decrease was primarily due to lower sales in the first quarter of 2023.
Gross profit for the first quarter of 2023 was $1.6 million, or 47.1% of revenues, compared with $7.1 million, or 68.9% of revenues, for the first quarter of 2022. The decrease was primarily due to the lower number of units sold and higher costs charged by vendors in the 2023 quarter, reflecting another impact of inflation.
Selling and marketing expense was $2.1 million for the first quarter of 2023, compared with $1.2 million for the prior-year quarter. The increase was primarily due to higher tradeshow and advertising expenses.
General and administrative expense was $1.4 million for the first quarter of 2023, compared with $1.3 million for the first quarter of 2022. The increase was primarily due to higher professional fees and travel expense offset by a reduction in insurance expense.
Research and development expense was $1.1 million for the first quarter of 2023, compared with $0.7 million in the comparable 2022 period. The increase was primarily due to expenses related to an ongoing aesthetic project during 2023 to develop a drug-delivery system.
Other income of $0.2 million for the first quarter of 2023 was related to interest income. Other income of $12.8 million for the year-ago quarter included the gain on the sale of a non-core asset.
Net loss for the first quarter of 2023 was $1.9 million, or $0.12 per share, compared with net income of $16.1 million, or $0.97 per diluted share, for the first quarter of 2022. Net income for the 2022 quarter included the gain on the sale of a non-core asset of $12.8 million, or $0.77 per diluted share.
Adjusted EBITDA for the first quarter of 2023 was negative $2.7 million, compared with positive $16.9 million for the first quarter of 2022. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $19.3 million as of March 31, 2023, compared with $25.5 million as of December 31, 2022. The Company had no outstanding borrowings under its revolving line of credit as of March 31, 2023 or December 31, 2022. Prepaid and other current assets were $10.7 million as of March 31, 2023, compared with $6.9 million as of December 31, 2022. Inventories were $6.3 million as of March 31, 2023, compared with $3.5 million as of December 31, 2022.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company’s performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | |||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||
| (unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| March 31, | |||||||||
| (in thousands) | 2023 | 2022 | |||||||
| Net income, as reported | $ | (1,894 | ) | $ | 16,062 | ||||
| Add: | |||||||||
| Depreciation and amortization | 72 | 92 | |||||||
| Stock compensation expense | 143 | 57 | |||||||
| Income tax expense (benefit) | (802 | ) | 648 | ||||||
| Interest income, net | (243 | ) | (1 | ) | |||||
| Adjusted EBITDA, non GAAP | $ | (2,724 | ) | $ | 16,858 | ||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management will discuss financial results for the 2023 first quarter, provide a business update and answer questions. To access the conference call, dial 844-481-2811 (U.S. and Canada Toll Free) or 412-317-0676 (International). The call will be webcast live and can be accessed at this link, or in the Investors section of the Company’s website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until June 3, 2023 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 1356425. An archived webcast of the call will also be available in the Investors section of the Company’s website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ”forward-looking statements.” In some cases, these statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately,” “potential” or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to return to profitability; our ability to sell the number of SRT units we anticipate for the balance of 2023; the possibility that inflationary pressures continue to impact our sales; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty have not had any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our “Introductory Note Regarding Forward-Looking Information” and the factors described in the “Risk Factors” section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
| SENSUS HEALTHCARE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Three Months Ended | ||||||||
| (in thousands, except share and per share data) | March 31, | |||||||
| 2023 | 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Revenues | $ | 3,414 | $ | 10,338 | ||||
| Cost of sales | 1,792 | 3,189 | ||||||
| Gross profit | 1,622 | 7,149 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | 2,099 | 1,218 | ||||||
| General and administrative | 1,364 | 1,273 | ||||||
| Research and development | 1,098 | 728 | ||||||
| Total operating expenses | 4,561 | 3,219 | ||||||
| Income (loss) from operations | (2,939 | ) | 3,930 | |||||
| Other income: | ||||||||
| Gain on sale of assets | – | 12,779 | ||||||
| Interest income | 243 | 1 | ||||||
| Other income | 243 | 12,780 | ||||||
| Net Income (loss) before income tax | (2,696 | ) | 16,710 | |||||
| Provision for (benefit from) income tax | (802 | ) | 648 | |||||
| Net Income (loss) | $ | (1,894 | ) | $ | 16,062 | |||
| Net income (loss) per share – basic | $ | (0.12 | ) | $ | 0.97 | |||
| – diluted | $ | (0.12 | ) | $ | 0.97 | |||
| Weighted average number of shares used in computing net income (loss) per share – basic | 16,245,343 | 16,497,801 | ||||||
| – diluted | 16,245,343 | 16,641,654 | ||||||
| SENSUS HEALTHCARE, INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| As of March 31, | As of December 31, | ||||||||
| (in thousands, except shares and per share data) | 2023 | 2022 | |||||||
| (unaudited) | |||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 19,340 | $ | 25,520 | |||||
| Accounts receivable, net | 12,733 | 17,299 | |||||||
| Inventories | 6,342 | 3,501 | |||||||
| Prepaid and other current assets | 10,654 | 6,921 | |||||||
| Total current assets | 49,069 | 53,241 | |||||||
| Property and equipment, net | 397 | 243 | |||||||
| Intangibles, net | 25 | 50 | |||||||
| Deposits | 24 | 24 | |||||||
| Deferred tax asset | 2,515 | 1,713 | |||||||
| Operating lease right-of-use assets, net | 949 | 996 | |||||||
| Other noncurrent assets | 419 | 468 | |||||||
| Total assets | $ | 53,398 | $ | 56,735 | |||||
| Liabilities and stockholders’ equity | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued expenses | $ | 4,928 | $ | 5,521 | |||||
| Product warranties | 375 | 403 | |||||||
| Operating lease liabilities, current portion | 192 | 190 | |||||||
| Income tax payable | – | 890 | |||||||
| Deferred revenue, current portion | 671 | 693 | |||||||
| Total current Liabilities | 6,166 | 7,697 | |||||||
| Operating lease liabilities, net of current portion | 782 | 830 | |||||||
| Deferred revenue, net of current portion | 126 | 139 | |||||||
| Total liabilities | 7,074 | 8,666 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders’ equity | |||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | – | – | |||||||
| Common stock, $0.01 par value – 50,000,000 authorized; 16,913,595 issued and 16,396,766 outstanding at March 31, 2023; 16,902,761 issued and 16,390,419 outstanding at December 31, 2022 | 169 | 169 | |||||||
| Additional paid-in capital | 45,220 | 45,031 | |||||||
| Treasury stock, 516,829 and 512,342 shares at cost, at March 31, 2023 and December 31, 2022, respectively | (3,473 | ) | (3,433 | ) | |||||
| Retained earnings | 4,408 | 6,302 | |||||||
| Total stockholders’ equity | 46,324 | 48,069 | |||||||
| Total liabilities and stockholders’ equity | $ | 53,398 | $ | 56,735 | |||||
News Summary:
Cisco delivers seamless integration between ThousandEyes and Amazon CloudWatch Internet Monitor.ThousandEyes’ unmatched cloud and Internet visibility combined with AWS’s Internet health and performance insights will allow a complete view of an application’s entire service delivery path, across private environments, the public Internet and into AWS’s network.Customers benefit from new operational insights and recommendations enabling them to optimize deployments and assure exceptional digital experiences for any AWS-hosted application.LAS VEGAS, Nov. 28, 2023 /PRNewswire/ — AWS re:Invent — Today at AWS re:Invent 2023, Cisco (NASDAQ: CSCO) announced new integrations between Cisco ThousandEyes and Amazon CloudWatch Internet Monitor (CWIM), a new Internet monitoring service from Amazon Web Services (AWS). The first-of-its-kind integration empowers customers with unparalleled visibility into their cloud deployments, enabling them to deliver unmatched optimized digital experiences.
With this new integration, customers can leverage operational insights to ensure optimal placement of AWS instances and monitoring coverage based on user traffic profiles. This integration comes on the heels of ThousandEyes announcing AWS Network Path Enrichment, giving customers deeper visibility into AWS by enriching ThousandEyes Path Visualization with data from AWS data sources—helping customers work more collaboratively with providers to resolve issues that are impacting application performance.
Building upon the existing relationship between AWS and Cisco, the new integration demonstrates Cisco’s deep commitment to its end-to-end network assurance vision. Cisco securely and sustainably connects everyone to everything and assures the digital experience of every one of those connections. By working with AWS, Cisco is delivering on its promise to provide visibility into every domain that impacts digital experience—whether user, enterprise, Internet, or cloud—so it can ultimately provide artificial intelligence (AI)-driven insights, recommendations, and remediations to support the digital transformation of every customer, wherever they are on their journey.
“Since launching one year ago, Amazon CloudWatch Internet Monitor has delivered real-time insights into the traffic and performance of our customers’ AWS VPCs, CloudFront distributions, and Workspaces towards Internet destinations. In-depth Internet visibility is critical to our customers, so we’re excited to combine forces with ThousandEyes to provide a comprehensive view of Internet health.” — Robert Kennedy, VP of AWS Border Network Engineering, AWS
“Connectivity is key to Sutherland’s business model and to our customer interactions. Cloud visibility is a big part of that and with ThousandEyes’ end-to-end visibility all the way from our employees’ home environments to AWS, we’re able to quickly catch and resolve issues which allows us to deliver consistent high-quality application experiences to both our employees and customers.”—Ted Sanfilippo, VP Infrastructure, Head of Global Network Services and GTOC, Sutherland
“Customers today need to assure digital experiences over any network—the ones they own and the ones they don’t. As the leader in Internet visibility, Cisco is on a mission to deliver unmatched, end-to-end network assurance. Today’s integration with AWS demonstrates our shared commitment to empower our customers to more effectively monitor and manage their cloud environments.”— Mohit Lad, Senior Vice President and General Manager, Network Assurance, Cisco, and Co-Founder, ThousandEyes
For more information and live demos visit ThousandEyes at AWS re:Invent at booth #1621. Join our Lightning Talk on the exhibit floor: NET102-S, “Extending ThousandEyes visibility to the AWS network,” November 28 at 3:30 PM – 3:50 PM (PDT)
Availability
The Amazon CloudWatch Internet Monitor integration will be available in Cisco ThousandEyes in spring 2024. The ThousandEyes platform is available for purchase today in AWS Marketplace.Additional Resources
ThousandEyes Announcement BlogAWS Marketplace: CiscoCisco at AWS re:Invent 2023Additional Cisco news at AWS re:InventAbout CiscoCisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
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Artificial Intelligence
Artificial Neural Network Market to Reach $1.4 Billion by 2032 at 19.9% CAGR: Allied Market Research
The growing demand for AI-based solutions and the rising need for intelligent business processes are expected to drive the global artificial neural network market growth.
NEW CASTLE, Del., Nov. 28, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Artificial Neural Network Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry (Healthcare, BFSI, Retail and E-commerce, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032”. According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.
Prime determinants of growth
The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/13364
Report coverage & details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$227.8 Million
Market Size in 2032
$1.4 Billion
CAGR
19.9 %
No. of Pages in Report
450
Segments covered
Component, Deployment Mode, Enterprise Size Industry, and Region.
Drivers
Growing demand for AI-based solutions
The rising need for intelligent business processes
Opportunities
Advancements in big data analytics.
The availability of high-performance computing systems.
Restraints
A lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN)
Buy this Complete Report (450 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/artificial-neural-network-market/purchase-options
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The on-premise segment to maintain its lead position during the forecast period
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The large enterprises segment to maintain its lead position during the forecast period
Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.
The healthcare segment to maintain its lead position during the forecast period
Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing for less than two-fifths of the artificial neural network market revenue, owing to the development of digital technologies in IT sector. However, the manufacturing segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032. The surge in implementation of automation trends and the increase in utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.
North America region dominated the global artificial neural network market in 2022
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.
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Competition Analysis:
Recent Product launches in the Artificial Neural Network Market
In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time..Recent Partnerships in the Artificial Neural Network Market
In June 2023, Snowflake partnered with Microsoft to simplify joint customers’ artificial intelligence projects. A core focus of the collaboration is Microsoft’s Azure OpenAI Service. It provides cloud-based versions of OpenAI LP’s machine learning models, including GPT-4.In November 2021, Qualcomm Technologies partnered with Google Cloud, on Neural Architecture Search (NAS), enabling the companies to create and optimize AI models automatically rather than manually.Leading Market Players: –
Amazon Web Services Inc. Google Inc. Hewlett Packard Enterprise Development LP IBM Corporation Intel Corporation Microsoft Corporation NVIDIA Corporation Oracle Corporation Qualcomm Technologies Inc. Salesforce Inc.The report provides a detailed analysis of these key players in the artificial neural network market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us:
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Artificial Intelligence
New process definition capabilities in PIMS further enhance quality assurance and “right -first-time” initiatives for pharma manufacturers
WOKING, England, Nov. 28, 2023 /PRNewswire/ — IDBS unveils new process definition templates in its latest release, PIMS 5.1. Process definition templates enable pharma manufacturers to template process steps and quality specifications for faster process definition set-up and improved harmonization across the manufacturing teams to further enhance quality assurance (QA) and “right-first-time” initiatives.
Providing contextualized access to aggregated manufacturing data, PIMS offers a single source of data truth for efficient gathering, sharing and analysis of critical manufacturing process and quality data to support continued process verification (CPV), investigations and process optimization.
This release builds on recent PIMS’ process definition enhancements that added process definition versioning and approvals to help alleviate manual standard operating procedure (SOP) requirements and enhance QA for a more robust GxP environment.
PIMS’ customers report that these standardized process definition templates will reduce their manual process definition set-up and enable easy, harmonized site and product comparisons.
“Our customers recognize the value of being able to trace their process data over time, not only for tech transfer but also to help them learn from their historical data and optimize future process development,” says Pietro Forgione, General Manager at IDBS. “Having their critical process data in PIMS already gives them the assurance of data integrity and these new enhancements now make it even easier to complete QA and validation steps and move them closer to ‘right-first-time’ manufacturing.”
To learn more, register for the December 6 webinar here.
About IDBS
IDBS helps BioPharmaceutical organizations accelerate the discovery, development and manufacturing of the next generation of life-changing therapies that advance human health worldwide. From lab through manufacturing, IDBS leverages its 30+ years of experience working with a diverse list of customers – including 18 of the top 20 global BioPharma companies – and deep expertise in scientific informatics and process data management to tackle today’s most complex challenges.
Known for its signature IDBS E-WorkBook product, IDBS has extended solutions across the entire value chain for BioPharma Lifecycle Management (BPLM). Built on analytics-centric and cloud-native technology, IDBS Polar and Skyland PIMS platforms are powered by a digital data backbone to drive faster and smarter decisions in drug development and across the supply chain.
Learn more at idbs.com.
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