Two ASX healthcare companies that are using AI to leverage their business

Interested in adding healthcare stocks integrating artificial intelligence to your portfolio? Here are two to consider. 

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The Artificial Intelligence megatrend has been apparent in recent years. For those looking to pair AI with defensive healthcare stocks, these two could offer the best of both worlds.

Pro Medicus Ltd (ASX: PME)

Pro Medicus is a global provider of medical imaging and software services to hospitals, imaging centres and health care groups. 

Its core product, the Visage 7 imaging platform, is a clinical application used by radiologists to view images and make clinical diagnosis'. 

Over the past two years Pro Medicus shares have skyrocketed, up more than 255% in that span. 

Created with Highcharts 11.4.3Pro Medicus PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

AI Integration 

The company has invested in AI solutions, such as AI interfacing capability into the Visage platform that combines with the cloud archive and allows clients to incorporate proprietary algorithms based on their data via APIs.

In their 1H25 Earnings Presentation, Pro Medicus showed a focus and investment in AI solutions and its key uses in radiology. 

For example, its use in imaging equipment, early-stage lung nodule detection and a "second set of eyes" for diagnosis. 

Furthermore, it is integrating AI into its business through its Visage Ease VP for Apple Vision Pro. 

This new platform leverages immersive AI integration, making use of Apple's spatial computing technology to enhance medical imaging. 

This aligns with Pro Medicus' broader strategy of embedding AI-powered tools directly into radiology workflows, allowing for real-time, AI-assisted diagnostics in a highly immersive environment. 

Analysts at Bell Potter continue to look favourably on Pro Medicus. The outlook remains extremely positive thanks to its strong presence in the industry, underpinned by long-term contracts. 

Pro Medicus recently signed a 10 year contract worth $330 million with US based Trinity Health. 

Trinity Health comprises 93 hospitals, 107 continuing care locations, 142 urgent care locations. 

According to Bell Potter, 

"The PME full stack solution continues to wipe the floor with competitors – 10 contract announcements in the LTM including two new academic medical centres clients."

Sonic Healthcare Ltd (ASX: SHL)

Sonic Healthcare is a global medical diagnostics company specialising in pathology, laboratory medicine, and radiology services.

It is a defensive healthcare stock, benefiting from stable demand for pathology and diagnostic services.

Unlike Pro Medicus, Sonic Healthcare has had a rocky last 12 months, dropping 11.68% over that time. 

However, it does have a strong global presence with locations across Australia, New Zealand, the US, the UK, Germany, Switzerland, Belgium and Ireland.

Created with Highcharts 11.4.3Sonic Healthcare PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

AI Integration 

Sonic Healthcare is investing in digital pathology, incorporating AI to improve diagnostic accuracy and efficiency. 

The integration of AI tools assists pathologists in interpreting complex data, leading to more precise diagnoses.

In 2021, Sonic healthcare acquired a strategic ownership stake in Harrison.ai, a leading Australian healthcare AI company. 

The two formed Franklin.ai to develop AI solutions for pathology.

Franklin AI helps medical professionals interpret medical images, and speeds up the process of analysing results and routine checks. 

Last year Sonic Healthcare USA also acquired PathologyWatch, a move that accelerates the adoption of digital pathology and AI technologies, reinforcing their continued investment and integration of AI solutions. 

At the time of writing, shares in Sonic Healthcare are trading at $25.86 each. 

Bell Potter has a target price of $29.00, suggesting there is some upside. 

Furthermore, there were positive earnings results last month for this healthcare stock. 

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus and Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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