Company Overview - 4DX is a structural and functional imaging software company that enhances CT scans to provide significant value to a range of medical professionals, including radiologists and surgeons [2]. - The company has a team of approximately 130 employees, with a focus on the U.S. market and additional operations in Australia [2]. Product Development - As of early September, 4DX has achieved FDA clearance for 9 devices, including the recent clearance of CT:VQ [2]. - The company has learned the importance of offering a full-service portfolio, which has been a key factor in its growth and the acquisition of Imbio [3].

Core Insights - Boston Scientific (BSX) reported an adjusted gross margin of 71% in Q3 2025, a 60-basis-point improvement year-over-year, primarily due to a favorable product mix and strong growth in electrophysiology (EP) and WATCHMAN units, although tariffs limited growth potential [1][4] - WATCHMAN's sales increased by 35% in Q3, with over 600,000 patients treated, driven by accelerated adoption in the U.S. and strong clinical evidence [2] - EP sales surged 63% year-over-year, supported by the growth of the Farapulse Pulsed Field Ablation (PFA) System, with expectations for global PFA penetration to reach about 50% by the end of 2025 [3] Financial Performance - The adjusted operating margin rose by 80 basis points to 28%, reflecting solid performance on the top line [1] - Full-year adjusted gross margin is expected to be slightly above 2024 levels, despite an estimated $100 million tariff headwind, with management projecting an operating margin expansion of approximately 100 basis points [4] Market Position and Valuation - Year-to-date, Boston Scientific shares have increased by 9.8%, outperforming the industry growth of 3.4% [7] - The company's shares trade at a forward 12-month Price-to-Sales (P/S) ratio of 6.59, which is lower than its median but above the industry average [9] Earnings Estimates - Earnings estimates for Boston Scientific are showing an upward trend, with current estimates for the current year at $3.04 and $3.45 for the next year [11]

Core Viewpoint - GE HealthCare has announced the acquisition of Intelerad for $2.3 billion, aiming to enhance its cloud-enabled product offerings by 2028 [1][5]. Group 1: Acquisition Details - The acquisition is valued at $2.3 billion (C$3.24 billion) and is expected to support GE HealthCare's strategy to expand its cloud-enabled product range [1]. - Intelerad, founded in 1999, specializes in medical imaging software for cardiology and radiology, providing cloud-first solutions for both outpatient and inpatient settings [1][2]. - The transaction is anticipated to close in the first half of 2026, subject to regulatory approvals [4]. Group 2: Strategic Implications - Intelerad's focus on outpatient care complements GE HealthCare's existing hospital-based imaging solutions, enhancing customer access and integrated imaging capabilities [2]. - The acquisition is expected to accelerate GE HealthCare's transition to a software-as-a-service (SaaS) model, increasing recurring revenue [2]. Group 3: Financial Projections - GE HealthCare projects that Intelerad will generate approximately $270 million in revenue in its first full year post-acquisition, with around 90% of this revenue being recurring [3]. - The adjusted EBITDA margin for Intelerad is expected to exceed 30% [3]. - Intelerad's revenue is currently growing at a low double-digit annual rate, with expectations for acceleration within the combined entity [4].