Varian Medical Systems, Inc. (VAR - Free Report) recently announced that Proton Therapy Pte. Ltd. has become the first to bring Halcyon system – an innovative treatment platform – into Singapore with its order for the same. Notably, Proton Therapy Pte intends to treat its first patient with the same by the end of 2020.
Notably, the Halcyon radiotherapy treatment system has been designed to offer cost-effective cancer care worldwide. The system streamlines every aspect of image-guided volumetric intensity modulated radiotherapy (IMRT).
This order is likely to have strengthened Varian’s Halcyon platform, which is a significant contributor to the top line, and also enhanced its geographic foothold.
Significance of the Halcyon System
With Proton Therapy Pte’s order, Varian continues to strengthen its partnership with the company as it can now provide more precise, effective treatments in comparison to conventional machines, thereby boosting patient care.
Varian remains committed toward offering the newest capabilities to the healthcare providers that can help make cancer a chronically managed disease.
Notably, apart from the Halcyon system, Varian is presently installing its ProBeam Compact system at their site in Singapore's international biomedical hub, Biopolis.
In May 2020, Varian launched new features for its Noona software application — a powerful tool developed to engage cancer patients in their continuous reporting and symptom monitoring processes. Noona offers cancer care teams in-app features such as patient screening, real-time symptom reporting, secure care team messaging, telephone triage workflow automation, and patient access to medical records, thereby helping them with the new short and long-term healthcare changes resulting from the coronavirus pandemic.
Also, in May, the announced a partnership with National University Cancer Institute, Singapore (“NCIS”) to expand access to cancer solutions in Singapore Two Varian Vital Beam medical linear accelerators.
Per a report by Grand View Research, the global cancer diagnostics market size was valued at $144.4 billion in 2018 and is expected see a CAGR of 7% over the forecast period (2019-2026). Rising prevalence of oncologic cases, technological advancements in diagnostics, and growing demand for effective screening tests are some of the main factors driving the growth of this market.
Shares of this Zacks Rank #3 (Hold) company has gained 58.6%, compared with the industry’s growth of 20.3% in a year’s time.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. (WST - Free Report) , Thermo Fisher Scientific Inc. (TMO - Free Report) and PerkinElmer, Inc. (PKI - Free Report) . While PerkinElmer sports a Zacks Rank of 1 (Strong Buy), both Thermo Fisher and West Pharmaceuticals carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PerkinElmer has a projected long-term earnings growth rate of 17.4%.
West Pharmaceutical has a projected long-term earnings growth rate of 17.4%.
Thermo Fisher has an estimated long-term earnings growth rate of 15%.
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