Patterson (PDCO) Expands AI Solutions in Canada via Alliance
Patterson Companies (PDCO) subsidiary Patterson Dental Canada recently collaborated with Pearl to expand access to its Second Opinion AI disease detection capabilities in Canada’s dental market. Pearl’s real-time pathology detection AI software assists dentists in accurately evaluating dental conditions in X-rays, such as caries, bone loss and calculus. Having received its Medical Device Establishment License from Health Canada in 2021, this technology enhances clinical performance and patient communication by enabling more precise and efficient reading of patient X-rays.
Significance of the Alliance
Per Patterson, this collaboration marks a significant expansion of Pearl’s commercial relationship with Patterson. By integrating Second Opinion within Patterson Dental Canada’s leading software platforms, such as Eaglesoft, Fuse and Dolphin, the partnership aims to elevate the standard of dental care across North America.
Patterson's longstanding commitment to tailored dental solutions, combined with Pearl's innovative AI technology, promises to bring advanced clinical AI benefits to thousands of dental practices in Canada. This alliance underscores the shared mission of both companies to enhance the quality of dental care and improve patient outcomes through cutting-edge technology.
More on Pearl’s AI
With regulatory clearance in 120 countries, Pearl's AI aids dentists in making precise clinical decisions and effectively communicating with patients, transforming the dental care experience worldwide. This advanced technology supports dental professionals in delivering more accurate diagnoses and improving patient outcomes, marking a significant step forward in global dental care.
Industry Prospects
Per a report in Yahoo Finance, the global dental software market was valued at $2911.21 million in 2023. It is anticipated to reach $6519.04 million by 2032 at a CAGR of 10.6%.
The growth of the global dental software market will be fueled by the development of dental technology, which will likely increase the industry's reliance on digital systems, software and tools. The adoption of a surgical-restorative strategy will also support growth.
Other Recent Developments
Earlier this month, Patterson Dental Supply announced new integration features within Weave and its practice management software solutions, Fuse, Eaglesoft, and Dolphin Management. These integrations offer the most comprehensive data exchange available, enabling read and write capabilities for patient data, appointment data, confirmations and ledger entries to facilitate payment collection. The Weave integrations automate tasks, enhance data accuracy and streamline payment workflows, thereby providing seamless patient care.
Last month,Patterson Dental Supply introduced new integrations with DentalXChange in Fuse, Eaglesoft, Dolphin Management and Dolphin Blue. These integrated solutions offer additional options for electronic insurance processing and patient billing statement workflows. The specific integration features vary depending on the practice management software used. Patterson Dental and DentalXChange are collaborating to develop fully integrated electronic insurance and patient billing workflows, thus enhancing efficiency and convenience for dental practices.
Price Performance
Shares of Patterson have declined 8.7% so far this year against the industry's 1.2% rise. The S&P 500 has witnessed a 16% rise in the same time frame.
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Zacks Rank & Key Picks
Currently, Patterson carries a Zacks Rank #4 (Sell).
Some top-ranked stocks in the broader medical space are Quest Diagnostics DGX, Universal Health Services UHS and Haemonetics HAE, each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quest Diagnostics has an estimated long-term growth rate of 5.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.67%.
Quest Diagnostics shares have gained 3.2% compared with the industry’s 10.9% rise so far this year.
Universal Health Services has an estimated long-term growth rate of 15.20%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 8.12%.
Universal Health Services has gained 17.5% compared with the industry's 10.2% rise so far this year.
Haemonetics has an estimated long-term growth rate of 12.00%. HAE’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 13.24%.
Haemonetics’ shares have increased 7.1% compared with the industry's 3.2% rise so far this year.
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Quest Diagnostics Incorporated (DGX) : Free Stock Analysis Report
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Patterson Companies, Inc. (PDCO) : Free Stock Analysis Report