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The AI Eye Episode 346: Nuance (NasdaqGS: $NUAN) Announces Q2 2020 Financial Results and Predictmedix Begins Deployment of AI Tech for COVID-19

 

Point Roberts, WA and Vancouver, BC - May 8, 2020 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's edition of The AI Eye - watching stock news, deal tracker and advancements in artificial intelligence.

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The AI Eye Episode 346: Nuance (NasdaqGS: $NUAN) Announces Q2 2020 Financial Results and Predictmedix Begins Deployment of AI Tech for COVID-19

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Today's Column - The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NasdaqGS:NUAN) (CSE:PMED)

Nuance Communications, Inc. (NasdaqGS:NUAN) has announced financial results for its second quarter ended March 31, 2020. Highlights include a GAAP revenue of $369.3 million and GAAP earnings per diluted share of $0.05. Nuance CEO Mark Benjamin explained:

"We achieved 11% year-over-year organic revenue growth, with strength from both our Healthcare and Enterprise segments. Enterprise reported 19% annual revenue growth, the highest in 10 years, driven by our Intelligent Engagement solutions. Healthcare revenue grew 10% year-over-year, driven by strong growth in Dragon Medical cloud and increased demand from our newer cloud-based solutions, PowerScribe One and CDE One."

Looking forward he commented:

"Despite the uncertain near-term operating environment, I believe the markets we serve will expand post COVID-19 as our customers appreciate the critical need for AI-based solutions, remote access capabilities for healthcare workers, and increased demand for telehealth, and security and fraud protection solutions. We remain an incredibly resilient company, and I am confident that we will emerge from this pandemic stronger."

Predictmedix Inc. (CSE:PMED) has begun deployment of its artificial intelligence tech for mass screening of COVID-19 with Max Healthcare, a South Asian healthcare group comprising 14 hospitals and over 3000 doctors. An excerpt from the press release explains the technology:

The AI powered technology utilizes multispectral imaging with a focus on visual spectral imaging along with infrared thermography to identify cases which are suspected of COVID-19. The technology can be deployed using multispectral cameras in facilities where there is large movement of people to identify potential COVID-19 cases and limit exposure, thereby limiting infection. The data collected is brought into a central server / cloud for analysis and alerts are sent in case of a positive detection to the surveillance department within the facility where the technology is deployed within seconds.

Global AI in Retail to Reach $5.034 billion by 2022

A report from Markets and Markets finds that the global AI in Retail market is expected to grow from $736.1 million in 2016 to $5.034 billion by 2022 with a compound annual growth rate (CAGR) of 38.3 percent in the forecast period. An excerpt from the report description outlines the role of product recommendation in the market:

Among solutions, product recommendation and planning is expected to hold the largest artificial intelligence in retail market share and is expected to continue its dominating position during the forecast period. Product recommendation is a very powerful aspect of the overall shopping cycle for any shopper. eRetailers are using AI to give a personalized experience to their customers and give recommendations on products they would like to purchase by showing relevant products. Moreover, machine learning and deep learning technology will remain the most significant technology contributing highest revenue compared to other technologies.

Sam Mowers, Investorideas.com

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