Revvity Introduces Transcribe AI: Revolutionizing Data Entry in Clinical Laboratories

Rhea-AI Summary

Revvity, Inc. (NYSE: RVTY) has launched Revvity Transcribe AI, an innovative optical character recognition (OCR) service that converts handwritten text on test request forms into digital format. This solution aims to streamline workflows and reduce manual data entry tasks in clinical laboratories. Key features include:

• 40% improvement in overall data entry workflow speed, including data validation
• Especially valuable for newborn screening (NBS) laboratories
• Compatible with Revvity's EVOYA™ platform for NBS software
• Secure data processing with ISO27001 compliance

The service allows laboratory personnel to focus on other essential tasks by automating the manually intensive process of transcribing handwritten information. Revvity Transcribe AI will be introduced at the 2024 APHL Newborn Screening Symposium in Omaha, Nebraska.

Positive

• Improves data entry workflow speed by 40%, including data validation
• Reduces manual data entry tasks, allowing staff to focus on other essential work
• Compatible with existing Revvity EVOYA™ platform for newborn screening
• Offers secure data processing with ISO27001 compliance

Negative

• None.

Insights

Tech Expert

Revvity's Transcribe AI represents a significant advancement in laboratory automation, addressing a critical pain point in clinical workflows. The 40% improvement in data entry speed is substantial, potentially translating to increased throughput and reduced operational costs for labs. This AI-driven OCR solution is particularly valuable for newborn screening labs, where speed and accuracy are paramount.

The integration with the EVOYA™ platform enhances its utility, offering a seamless workflow for NBS laboratories. The ISO27001 compliance ensures data security, a important factor in handling sensitive medical information. While the immediate impact is on efficiency, the long-term implications could include improved patient care through faster test processing and reduced human errors.

For investors, this product launch signals Revvity's commitment to innovation in the growing field of laboratory automation. It positions the company competitively in the $15.3 billion global lab automation market, which is expected to grow at a CAGR of 8.1% through 2030. The focus on newborn screening also taps into a niche but critical healthcare segment with stable demand.

Market Research Analyst

Revvity's Transcribe AI launch is strategically timed to address the growing demand for efficiency in clinical laboratories. The global clinical laboratory services market, valued at $256.0 billion in 2022, is projected to reach $476.8 billion by 2030, with a CAGR of 7.2%. This growth is driven by increasing disease prevalence and the need for early diagnosis, areas where Transcribe AI can make a significant impact.

The product's focus on newborn screening is particularly astute. The global newborn screening market is expected to reach $2.5 billion by 2027, growing at a CAGR of 10.5%. By targeting this segment, Revvity is positioning itself in a high-growth, high-impact area of healthcare.

For investors, this launch represents a potential new revenue stream and a strengthening of Revvity's market position. The company's ability to innovate in AI and automation could lead to increased market share and improved financial performance in the medium to long term.

• Enables transcription of handwritten test request forms to digitized format
• Utilizes innovative AI for higher accuracy and efficiency
• Data is securely processed with ISO27001 compliant solution

WALTHAM, Mass.--(BUSINESS WIRE)-- Revvity, Inc. (NYSE: RVTY) today announced the launch of Revvity Transcribe AI, an innovative optical character recognition (OCR) service designed to convert handwritten text on test request forms into a digitized format. This cutting-edge solution is now available to clinical laboratories, aiming to streamline workflows and reduce manual data entry tasks.

Revvity Transcribe AI addresses the need for laboratories to quickly and accurately process test request forms. In many laboratories, this is manual work that is time-consuming, prone to errors, and for which talent is hard to recruit. Based on initial internal data, the solution improves overall data entry workflow speed by 40 percent, including data validation.

While beneficial for a range of applications, this service is especially valuable for newborn screening (NBS) laboratories and is compatible with the EVOYA™ platform, Revvity’s NBS software solution. Public screening labs process hundreds of handwritten dried blood spot (DBS) test cards every day, and by deploying Revvity Transcribe AI, the manual data entry resource can instead be made available for other tasks within the laboratory.

“With the new Revvity Transcribe AI solution, labs can swiftly transcribe handwritten information on test request forms such as DBS filter paper cards using advanced AI-supported OCR technology,” said Norm Lord, vice president of digital products at Revvity. “This innovative service ensures that the digitized data is securely processed and seamlessly integrated into laboratory information management systems for review and verification. By automating this manually intensive process, Revvity Transcribe AI allows laboratory personnel to concentrate on other essential and time-sensitive tasks.”

Revvity Transcribe AI will be introduced at the 2024 APHL Newborn Screening Symposium, October 20-24, in Omaha, Nebraska.

About Revvity

At Revvity, “impossible” is inspiration, and “can’t be done” is a call to action. Revvity provides health science solutions, technologies, expertise, and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

With 2023 revenue of more than $2.7 billion and over 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia, and governments. It is part of the S&P 500 index and has customers in more than 190 countries.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241022438350/en/

Investor Relations:

Steve Willoughby

steve.willoughby@revvity.com

Media Relations:

Chet Murray

(781) 462-5126

chet.murray@revvity.com

Source: Revvity

FAQ

What is Revvity Transcribe AI and how does it benefit clinical laboratories?

Revvity Transcribe AI is an optical character recognition (OCR) service that converts handwritten text on test request forms into digital format. It benefits clinical laboratories by improving data entry workflow speed by 40%, reducing manual tasks, and allowing staff to focus on other essential work.

How does Revvity Transcribe AI (RVTY) impact newborn screening laboratories?

Revvity Transcribe AI is especially valuable for newborn screening (NBS) laboratories, as it can process hundreds of handwritten dried blood spot (DBS) test cards daily, automating the manual data entry process and freeing up resources for other tasks within the laboratory.

Is Revvity Transcribe AI (RVTY) compatible with existing laboratory systems?

Yes, Revvity Transcribe AI is compatible with the EVOYA™ platform, Revvity's newborn screening software solution. It can also integrate seamlessly with laboratory information management systems for review and verification of digitized data.

When and where will Revvity Transcribe AI (RVTY) be introduced to the public?

Revvity Transcribe AI will be introduced at the 2024 APHL Newborn Screening Symposium, taking place from October 20-24 in Omaha, Nebraska.