Intermagnetics rides Philips' MRI success
The struggling MRI market hasn't slowed magnet supplier IntermagneticsGeneral. The Latham, NY, company last month released financialresults for its 1995 fiscal year (end-May) that show revenuesup 64% and net income up 87%. Intermagnetics had annual
The struggling MRI market hasn't slowed magnet supplier IntermagneticsGeneral. The Latham, NY, company last month released financialresults for its 1995 fiscal year (end-May) that show revenuesup 64% and net income up 87%.
Intermagnetics had annual revenues of $85.7 million for 1995compared to $52.3 million in the same period the year before.Net income was $4 million, compared to $2.1 million in 1994.
Intermagnetics president Carl Rosner said the favorable resultswere due to market share gains by the company's customers ratherthan overall improvements in the MRI industry. One of the firm'sprimary clients is Philips Medical Systems, whose Gyroscan NTline has enjoyed strong demand (SCAN 8/10/94).
Intermagnetics developed the compact, lightweight magnets onwhich the Gyroscan NT line is based. The magnets themselves aresimilar in appearance and Intermagnetics designed identical accessoryequipment, such as patient beds and gradient coil systems, thancan be used with any of the magnets regardless of field strength.
"We've made it easier for our customers to have a more cost-effectiveinterface solution," Rosner said. "We have a two-yearlead on other magnet manufacturers in terms of superconductingtechnology."
Rosner estimated that Intermagnetics holds about a 15% to20% market share for MRI magnets. It competes with Siemens' OxfordMagnet Technology subsidiary, Magnex of Great Britain, and withvendors who manufacture their own magnets. Intermagnetics alsomanufactures magnet components such as wire and shield coolersthat it supplies to other vendors.
Intermagnetics believes the global MRI market will grow 3% to5% this year, with gains in international markets offsetting theU.S., which continues to be depressed, Rosner said.
The company signed on Hitachi as a customer last year under afive-year contract to supply superconducting magnets to the Japanesevendor. While Intermagnetics did not provide the magnet for Hitachi'sopen-style Airis system, the company is developing such a magnet,Rosner said.
