Signify Premium Insight: Few Reasons to Smile at Carestream’s Kodak Moment
Published: September 6, 2022
In August, Carestream Health, the century old medical imaging company, announced that it had filed for Chapter 11 bankruptcy protection, with an agreement put in place to free the company of $470m of debt.
The firm, which specialises in digital X-ray equipment, computed radiography, X-ray film and printing products, said that its level of debt, which in 2021 stood at more than $1bn, was not sustainable given the headwinds that it faced in the medical imaging industry.
The company, whose revenue last year stood at $1.1bn, has seen its revenues decline by $100m since 2018 as customers increasingly turned away from its analogue radiography products in favour of digital alternatives.
The vendor has said it will continue to operate while in bankruptcy, but, in light of its challenges, are there any reasons for optimism?