Pro Medicus (ASX:PME) share price drops lower despite FDA approval

The Pro Medicus Limited (ASX: PME) share price is dropping lower on Tuesday despite the release of a positive announcement this morning.

At the time of writing, the leading health imaging company’s shares are down 1% to $42.39.

What did Pro Medicus announce?

This morning the company announced that it has received clearance by the U.S. Food and Drug Administration (FDA) for its Breast Density artificial intelligence (AI) algorithm.

This means the company now has clearance in the US, Europe, and Australia markets, which paves the way for management to begin marketing the algorithm across all three jurisdictions.

What does this algorithm do?

According to the release, the Breast Density algorithm is intended for use with compatible…