• AI
  • Molecular Imaging
  • CT
  • X-Ray
  • Ultrasound
  • MRI
  • Facility Management
  • Mammography

Profits boom at Intermagnetics General

Article

Philips' rising market share in MR and the growth of new MR applications are helping drive incremental revenue growth for Intermagnetics General. The company is an exclusive supplier of superconducting magnets to Philips, as well as a developer of MRI

Philips' rising market share in MR and the growth of new MR applications are helping drive incremental revenue growth for Intermagnetics General. The company is an exclusive supplier of superconducting magnets to Philips, as well as a developer of MRI surface coils to multiple OEMs and end users. Second quarter results, released Jan. 8, indicate a 16% rise in earnings for the company (excluding one-time items that netted a substantial gain) to $3.6 million from $3.1 million a year earlier and a net sales increase of 20% to $39 million from $32.4 million. Sales of magnet systems and radio-frequency coils substantially increased due to continued strong demand from MR scanners, offsetting softer results in the company's instrumentation business.

On Jan. 8 the company announced the signing of a definitive agreement to sell the helium-related portion of its subsidiary IGC-APD Cryogenics' business for about $10 million. The sale to Sumitomo Heavy Industries (SHI) of Japan includes all helium-related assets and liabilities. The deal is expected to close in February 2002. The mixed-gas portion of APD Cryogenics' refrigeration systems business, currently conducted at APD's Allentown, PA, facility, will be integrated into IGC-Polycold Systems' new facility in Petaluma, CA. SHI and Intermagnetics also announced a strategic six-year supply agreement under which Intermagnetics will purchase shield coolers used in the production of its MRI magnet systems. Intermagnetics currently purchases all of its shield coolers from either SHI or APD.

Recent Videos
Employing AI in Detecting Subdural Hematomas on Head CTs: An Interview with Jeremy Heit, MD, PhD
Pertinent Insights into the Imaging of Patients with Marfan Syndrome
What New Brain MRI Research Reveals About Cannabis Use and Working Memory Tasks
Current and Emerging Legislative Priorities for Radiology in 2025
How Will the New FDA Guidance Affect AI Software in Radiology?: An Interview with Nina Kottler, MD, Part 2
A Closer Look at the New Appropriate Use Criteria for Brain PET: An Interview with Phillip Kuo, MD, Part 2
How Will the New FDA Guidance Affect AI Software in Radiology?: An Interview with Nina Kottler, MD, Part 1
A Closer Look at the New Appropriate Use Criteria for Brain PET: An Interview with Phillip Kuo, MD, Part 1
Teleradiology and Breast Imaging: Keys to Facilitating Personalized Service, Efficiency and Equity
Current and Emerging Insights on AI in Breast Imaging: An Interview with Mark Traill, MD, Part 3
Related Content
© 2025 MJH Life Sciences

All rights reserved.