Carestream Health

Carestream Health

Company type	Private
Industry	Medical and dental imaging systems; contract manufacturer/tollcoating; and non-destructive testing (NDT) products
Founded	2007
Headquarters	Rochester, New York, USA
Key people	Todd, Chairman, President and CEO
Revenue	$944mUSD (2024)
Owner	Onex Corporation
Number of employees	3,300 (2022)
Website	http://www.carestream.com/

Carestream Health, Inc., previously known as the Eastman Kodak Company Health Group, is a U.S.-based firm specializing in medical imaging, currently owned by the Canadian investment organization Onex Corporation.

History

Moody’s Investors Service assigned a credit rating of Caa1 to Carestream, revising its financial outlook to negative due to an elevated risk of default.

In 2007, Onex Corporation purchased Kodak’s Health Group for $2.35 billion, integrating approximately 8,100 staff members and rebranding the division as Carestream Health. As a company under private equity ownership, Carestream carries a greater likelihood of bankruptcy compared to firms not backed by private equity.

In April 2017, Carestream divested its Dental Digital segment to private equity groups Clayton, Dubilier & Rice and Hillhouse Capital Management. This division comprised imaging equipment and practice management software tailored for dental clinics; however, dental X-ray film and anesthetic products remained under Carestream’s control.

On September 28, 2022, Carestream initiated Chapter 11 bankruptcy proceedings. Financial difficulties persisted into 2024, culminating in the shutdown of its manufacturing facility in Colorado.

Approximately 50% of Carestream’s income is generated from its shrinking analog print business, which has experienced a $100 million decline since 2018. The remaining revenue is derived from digital medical systems that yield lower profitability than the print operations.

Products

The DRX-Revolution, Carestream Health’s signature offering, has been subject to recalls along with numerous adverse event notifications reported to the FDA, including occurrences of unexpected internal fires that exposed healthcare professionals and patients to hazardous chemicals within clinical environments.

The company’s product range encompasses photothermographic laser printers, imaging films, computed radiography systems, digital radiography devices, and various diagnostic imaging technologies serving both medical and dental sectors. Carestream holds a portfolio exceeding 800 patents related to medical and dental imaging innovations. A notable product line is the DRX-1 series which facilitates wireless communication between digital X-ray detectors and computer systems for both fixed and mobile radiographic applications.

Medical and Dental Products

• Radiology department solutions, featuring digital radiography suites, mobile and portable X-ray units for general diagnostics, computed radiography for general imaging and mammography applications, alongside traditional X-ray film products.
• Medical printing solutions, including photothermographic printers employing dry film technology.

Non-Medical Products

• Contract manufacturing and precision coating services, offering pilot coating development, hard coating applications, production of PET and TPU films, solution formulation, quality assurance testing, and packaging services.
• Non-destructive testing equipment, comprising computed radiography systems and X-ray films designed for industrial inspection purposes.