Revvity, Inc. RVTY has launched Revvity Transcribe AI, an optical character recognition (OCR) service designed to convert handwritten text on test request forms into digital data.
Revvity Transcribe AI meets laboratories' need for fast and accurate processing of test request forms. This automated service securely integrates the data into lab information systems, streamlining the process and reducing manual work. The service is expected to improve data entry speed by 40% and is particularly beneficial for newborn screening (NBS) labs.
Revvity's Transcribe AI solution uses advanced AI-supported OCR technology to quickly transcribe handwritten test request forms, such as dried blood spot (DBS) filter paper cards, into digitized data.
Likely Trend of RVTY Stock Following the News
Following the news, shares of RVTY lost 0.4% to $118.78 on yesterday’s closing.
Shares of RVTY have risen 8.6% year to date against the industry’s 4% decline. The S&P 500 has risen 22.7% in the same time frame.
Despite the recent price decline, Revvity’s launch of Transcribe AI signals positive investor sentiment, showcasing the company’s innovative healthcare solutions. With more than $2.7 billion in revenues and a global presence across 190 countries, Revvity continues to push the boundaries in healthcare, reinforcing its market leadership.
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Significance of Revvity’s Launch of Transcribe AI
Revvity Transcribe AI transforms data entry processes, allowing lab personnel to focus on more critical tasks while reducing errors. Compatible with Revvity’s NBS software solution, EVOYA platform, this AI-driven solution automates a traditionally labor-intensive task, significantly boosting lab efficiency. The platform automates the processing of hundreds of handwritten DBS test cards, allowing public screening labs to reallocate manual data entry resources to other tasks.
Revvity Transcribe AI is planned to be introduced at the 2024 Association of Public Health Laboratories Newborn Screening Symposium from Oct. 20 to Oct. 24 in Omaha, NE.
The solution employs innovative AI to enhance accuracy and efficiency while ensuring secure data processing in compliance with ISO 27001 standards.
Market Prospects Favoring RVTY
Per a report in Grand View Research, the optical character recognition market size was worth $12.56 billion in 2023. It is anticipated to reach $32.9 billion by 2030 at a CAGR of 14.8%.
The robust growth is likely to be driven by improved productivity and a rise in the penetration of automatic recognition systems.
Recent Development at Revvity
This month, Revvity launched the EURORealTime APOE assay in Europe, enabling accurate genotyping of the APOE gene to assess patients' risks of side effects before starting anti-amyloid therapy for Alzheimer’s disease. The real-time PCR test detects the most common APOE forms (E2, E3, E4), with E4 carriers being at higher risk for brain-related side effects. This test automates APOE genotyping using a single blood sample, with results processed on Revvity’s EUROIMMUN instruments.
Zacks Rank & Key Picks
Currently, Revvity carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Addus HomeCare ADUS, Quest Diagnostics (DGX) and RadNet (RDNT). While Addus HomeCare sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and RadNet carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Addus HomeCare has an estimated long-term growth rate of 12.1%. ADUS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 11.5%.
Addus HomeCare shares have rallied 85.5% compared with the industry's 16.9% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.8%. DGX's earnings surpassed estimates in each of the trailing four quarters, with the average being 3.3%.
Quest Diagnostics has gained 42% compared with the industry's 14.9% growth year to date.
RadNet’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 98.2%.
RDNT's shares have surged 93.7% year to date compared with the industry’s 14.8% growth.
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