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X-ray designer KA Imaging says new tech, staff growth quadrupled 2023 revenue

por John R. Fischer, Senior Reporter | March 22, 2024
Business Affairs
KA Imaging saw four times more revenue in 2023 than in 2022.
Canadian X-ray manufacturer KA Imaging saw four times as much revenue in 2023 than the year before, along with a 38% increase in the number of employees under it, and says these positive metrics of growth have continued in Q1 2024.

The company, which was founded in 2015 as a startup in the Kitchener-Waterloo area, attributed the soaring revenue hike to several innovations it undertook this past year, including stock sales to new investors, such as In-Q-Tel, a not-for-profit strategic investor focused on developing technologies for the U.S. intelligence and national security community, and InnoCare Optoelectronics Corporation, which designs, develops, and builds X-ray flat panel detectors.

It also entered a research collaboration with the University of Greenwich, in the U.K., to explore the use of its inCiTe 3D X-ray Microscope unit for fast phase-contrast tomography of soft tissues and biomaterials, and released a new product, its premium mobile system Reveal Mobi Pro, in July.

Reveal Mobi Pro, which is now available in the U.S. integrates KA Imaging’s Reveal 35C detector and dual-energy subtraction (DES) SpectralDR technology into a complete mobile X-ray solution that can capture conventional and dual-energy images with a single exposure at the bedside. This reduces revenue outflows and maintains the radiation dose of a conventional chest X-ray.

The company’s patented SpectralDR technology improves visualization of lung nodules, pneumonia, line and tube tips, pneumothorax, retained surgical objects, and more, and is used by more than ten hospitals in the U.S., providing clinical data on various applications such as pneumonia, cardiology critical care, emergency, and ICU departments.

“We are now in the middle of a funding round, aiming to close out the USD $25 million raise since a good portion is already committed. The funds will be used to fuel our commercialization efforts and develop our new AI technology,” said Amol Karnick, president and CEO of KA Imaging, in a statement.

In addition to its technological and business growth, KA imaging brought on board several new executives, including Charlie Hicks as VP of global sales, who has spent 25 years in the X-ray industry, working for organizations such as Carestream and Micro-X.

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