Carestream Health to Sell Its Healthcare IT Business to Philips

Companies Share Commitment to Continuous Innovation and Enhancing
Patient Care


ROCHESTER, N.Y.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/HealthIT?src=hash” target=”_blank”gt;#HealthITlt;/agt;–Carestream Health has signed an agreement with Royal Philips (NYSE: PHG,
AEX: PHIA), a global leader in health technology, to sell its healthcare
information systems (HCIS) business to Philips.

Carestream’s HCIS business unit provides imaging IT solutions to
multi-site hospitals, radiology services providers, imaging centers and
specialty medical clinics around the world. The business has developed
strong customer relationships in attractive, high-growth healthcare
segments and is positioned for continued growth and success.

As a result of this acquisition, Philips’ expanded healthcare IT
business will feature Carestream’s enterprise imaging platform—including
best in class VNA, diagnostic and enterprise viewers, multimedia
reporting, workflow orchestrator and clinical, operational and business
analytics tools—as part of its broad portfolio.

“We have had global success in providing radiology and enterprise
imaging IT systems to help medical professionals provide quality care
and enhance their operations,” said Ludovic d’Aprea, Carestream’s
General Manager for Healthcare Information Solutions. “By becoming part
of Philips, the HCIS business will have a greater opportunity to thrive
and grow. Both organizations share a commitment to meaningful innovation
which is deeply embedded in each company’s culture. Customers will have
access to a broader portfolio of healthcare IT solutions to simplify
medical image management, enable effective collaboration and enhance
patient care.”

Like Carestream, Philips has built a strong, global business based on
customer focus, world-class technical excellence and continuous
innovation.

“Philips partners with global healthcare providers to connect people,
information and technology with the commitment to deliver on the
Quadruple Aim of improved patient experiences, better health outcomes,
improved staff experiences, and lower costs of care,” said Robert
Cascella, Chief Business Leader Precision Diagnosis at Royal Philips.
“This acquisition will enhance our ability to provide flexible solutions
to hospitals and health systems. The combination of our successful
innovations in imaging system platforms, workflow optimization and
artificial intelligence-enabled informatics, combined with Carestream’s
cloud-based enterprise imaging informatics platform and complementary
geographic footprint will provide a solid foundation to deliver on the
promise of precision diagnosis.”

Carestream will retain its medical imaging, dental and industrial films,
non-destructive testing, and precision coating businesses which are not
impacted by the sale. “These established businesses have solid financial
foundations, innovative technology platforms and have earned the trust
of loyal customers around the world,” said David C. Westgate, Chairman,
President and CEO of Carestream. “Our focus will be on delivering
innovation that is life changing—for patients, customers, channel
partners, communities and other stakeholders—and we will grow the
company for long-term success.”

Following receipt of all regulatory and applicable government approvals,
input from works councils and unions, and meeting all pre-conditions,
the two companies will work towards closing the sale in the second half
of this year and will continue to operate independently until closing.

Additional terms of the transaction were not disclosed.

About Carestream Health

Carestream is a worldwide provider of medical imaging systems and IT
solutions; X-ray imaging systems for non-destructive testing; and
precision contract coating services for a wide range of industrial,
medical, electronic and other applications—all backed by a global
service and support network. For more information about the
company’s broad portfolio of products, solutions and services, please
contact your Carestream representative or call 888-777-2072 or visit www.carestream.com.

CARESTREAM is a trademark of Carestream Health.

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Rx
only

2019

Contacts

Robert Salmon, Carestream Health
1-585.627.6560, robert.salmon@carestream.com

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