United Imaging Healthcare touts growth, gets FDA nod for 5T MR
by Gus Iversen, Editor in Chief | May 02, 2024
Business Affairs
Dr. Xue Min, chairman of United Imaging Group (right) introduces the uMR Jupiter 5.0T to Dr. Harsh Mahajan at ECR (Courtesy: United Imaging Healthcare)
United Imaging Healthcare, a relative newcomer among medical imaging manufacturers, has reported significant growth in its financial and operational metrics for 2023, according to their latest disclosure.
The Shanghai-based medical imaging manufacturer recorded a revenue of nearly $1.6 billion (11.4 billion CNY) in 2023, which represents a 23.52% increase from the previous year. Net income for the year was $270 million (1.97 billion CNY), up 19.21% year-over-year.
The company also shared results for the first quarter of 2024, showing continued growth with revenue of 2.35 billion CNY and net income of 0.36 billion CNY, marking increases of 6.22% and 10.20% respectively.
In 2023, United Imaging Healthcare focused on expanding its international footprint, extending its sales network across over 65 countries and regions. The company's global strategy is supported by a robust certification framework, according to the disclosure, having secured over 700 product registration certificates and quality management system certifications, including 45 CE certifications and 44 FDA 510(k) registrations.
Bringing 5T MR to the U.S. market
The company offers MR, CT, PET/CT, PET/MR, and X-ray solutions. Notably, in 2023, it launched a 5T MR scanner, which CEO Jeff Bundy discussed with HCB News in an exclusive interview.
United Imaging Healthcare announced on May 1, just a few days after the annual report, that the uMR Jupiter 5T MR imaging system had received FDA approval in the U.S. "For decades, whole body applications above 3T have been elusive, and this system was targeted to open those doors. uMR Jupiter breaks new ground and defines a new technical category of systems," said Dr. Al Zhang, chairman and co-CEO. "We are excited to be able to discuss this technology at ISMRM with the world."
Forecasting continued expansion
A significant area of growth for the company has been its overseas business, which saw a 54.72% increase in year-over-year revenue, totaling 1.68 billion CNY. The company attributes this success to strong sales of high-end medical equipment.
Investment in research and development remains a priority, with expenditures totaling 1.92 billion CNY in 2023. Collaborations with top institutions like Yale University and UC Davis have led to significant advancements, including the development of an advanced molecular imaging device for the brain.
Founded in 2011, United Imaging Healthcare is also expanding in North America. Earlier this year, the company announced 71 open positions (most of them newly created) in 26 states in service, sales, support, and other customer-focused roles. The Houston-based North American subsidiary, which already had an office in Cambridge, Massachusetts for United Imaging Intelligence, its AI subsidiary, has also opened an R&D office in the Seattle area.
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The Shanghai-based medical imaging manufacturer recorded a revenue of nearly $1.6 billion (11.4 billion CNY) in 2023, which represents a 23.52% increase from the previous year. Net income for the year was $270 million (1.97 billion CNY), up 19.21% year-over-year.
The company also shared results for the first quarter of 2024, showing continued growth with revenue of 2.35 billion CNY and net income of 0.36 billion CNY, marking increases of 6.22% and 10.20% respectively.
In 2023, United Imaging Healthcare focused on expanding its international footprint, extending its sales network across over 65 countries and regions. The company's global strategy is supported by a robust certification framework, according to the disclosure, having secured over 700 product registration certificates and quality management system certifications, including 45 CE certifications and 44 FDA 510(k) registrations.
Bringing 5T MR to the U.S. market
The company offers MR, CT, PET/CT, PET/MR, and X-ray solutions. Notably, in 2023, it launched a 5T MR scanner, which CEO Jeff Bundy discussed with HCB News in an exclusive interview.
United Imaging Healthcare announced on May 1, just a few days after the annual report, that the uMR Jupiter 5T MR imaging system had received FDA approval in the U.S. "For decades, whole body applications above 3T have been elusive, and this system was targeted to open those doors. uMR Jupiter breaks new ground and defines a new technical category of systems," said Dr. Al Zhang, chairman and co-CEO. "We are excited to be able to discuss this technology at ISMRM with the world."
Forecasting continued expansion
A significant area of growth for the company has been its overseas business, which saw a 54.72% increase in year-over-year revenue, totaling 1.68 billion CNY. The company attributes this success to strong sales of high-end medical equipment.
Investment in research and development remains a priority, with expenditures totaling 1.92 billion CNY in 2023. Collaborations with top institutions like Yale University and UC Davis have led to significant advancements, including the development of an advanced molecular imaging device for the brain.
Founded in 2011, United Imaging Healthcare is also expanding in North America. Earlier this year, the company announced 71 open positions (most of them newly created) in 26 states in service, sales, support, and other customer-focused roles. The Houston-based North American subsidiary, which already had an office in Cambridge, Massachusetts for United Imaging Intelligence, its AI subsidiary, has also opened an R&D office in the Seattle area.
Back to HCB News
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