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Zimmer Biomet (ZBH), HSS Partner to Advance Remote Patient Care
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Zimmer Biomet Holdings, Inc. (ZBH - Free Report) recently announced an exclusive agreement with renowned academic medical center focused on musculoskeletal health, Hospital for Special Surgery (“HSS”). The agreement is aimed at deploying and commercializing HSS Orthopedic Care Pathways on Zimmer Biomet's mymobility with Apple Watch, which is a first-of-its-kind remote care management platform.
It is noteworthy to mention that Zimmer Biomet had announced the addition of features to mymobility with Apple Watch in June, thus creating a first-of-its-kind remote care management system. Further, the addition of features expanded the existing collaboration between Zimmer Biomet and Apple Inc. (AAPL - Free Report) through which the companies launched the mymobility care management system in October 2018.
For investors’ note, the agreement will enable healthcare systems and clinicians across the globe to implement HSS Orthopedic Care Pathways on the back of the mymobility platform. Also, the mymobility with Apple Watch platform can now be accessed by clinicians and patients in the HSS network as well.
Notably, the HSS Orthopedic Care Pathways will be launched in early 2021 and will be commercially available globally through Zimmer Biomet in the first half of the year.
With the latest partnership, the company aims to strengthen its musculoskeletal healthcare business across the globe.
Rationale Behind the Partnership
Per management, the partnership comes at a crucial time when virtual approaches to healthcare are becoming increasingly important. Further, management believes that partnership with hospitals like HSS aid in making virtual care the new standard for orthopedic patients worldwide, thus enabling healthcare providers to safely care for and connect with patients.
Healthcare professionals will be able to provide support and guidance to the patients via the mymobility with Apple Watch and iPhone, which resembles a virtual care team member. This will enable the patients to prepare for and recover from orthopedic procedures from the comfort of their home, thus lowering the overall cost of care.
Notably, the mymobility platform leverages the powerful sensors on Apple Watch to measure a patient's activity as well as post-operative progress. This will also provide physicians with key mobility metrics and outcomes data collected via Apple Watch and the mymobility patient app to aid in further optimizing the pre- and post-surgery protocols.
Industry Prospects
Per a report by Grand View Research, the global remote patient monitoring system market was valued at $691.5 million in 2018 and is projected to reach $1.8 billion by 2026 at a CAGR of 13.5%. Factors like the current pandemic situation and rising elderly population are expected to drive the market.
Given the market potential, the latest collaboration seems to have been timed well.
Recent Developments
Of late, Zimmer Biomet has been witnessing some notable developments across its business.
The company completed the acquisition of A&E Medical Corporation, a Vance Street Capital Portfolio Company, this month. The buyout brings A&E Medical’s complete portfolio of sternal closure devices along with a range of single-use complementary temporary pacing wire and surgical punch products under Zimmer Biomet’s purview.
Zimmer Biomet, during its third-quarter earnings call in November, confirmed that the company’s quarterly performance had exceeded management’s expectations. Also, robust growth was observed in U.S. knees and hips businesses.
Also, in November, the company announced favorable preliminary results from a prospective randomized controlled clinical trial to evaluate the impact of mymobility with Apple Watch.
Price Performance
Shares of the company have lost 0.9% in the past year against the industry’s 2.3% rise and the S&P 500’s 16% growth.
Zacks Rank & Key Picks
Currently, Zimmer Biomet carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) and Thermo Fisher Scientific Inc. (TMO - Free Report) .
Thermo Fisher’s long-term earnings growth rate is estimated at 18%. It currently carries a Zacks Rank #2 (Buy).
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Zimmer Biomet (ZBH), HSS Partner to Advance Remote Patient Care
Zimmer Biomet Holdings, Inc. (ZBH - Free Report) recently announced an exclusive agreement with renowned academic medical center focused on musculoskeletal health, Hospital for Special Surgery (“HSS”). The agreement is aimed at deploying and commercializing HSS Orthopedic Care Pathways on Zimmer Biomet's mymobility with Apple Watch, which is a first-of-its-kind remote care management platform.
It is noteworthy to mention that Zimmer Biomet had announced the addition of features to mymobility with Apple Watch in June, thus creating a first-of-its-kind remote care management system. Further, the addition of features expanded the existing collaboration between Zimmer Biomet and Apple Inc. (AAPL - Free Report) through which the companies launched the mymobility care management system in October 2018.
For investors’ note, the agreement will enable healthcare systems and clinicians across the globe to implement HSS Orthopedic Care Pathways on the back of the mymobility platform. Also, the mymobility with Apple Watch platform can now be accessed by clinicians and patients in the HSS network as well.
Notably, the HSS Orthopedic Care Pathways will be launched in early 2021 and will be commercially available globally through Zimmer Biomet in the first half of the year.
With the latest partnership, the company aims to strengthen its musculoskeletal healthcare business across the globe.
Rationale Behind the Partnership
Per management, the partnership comes at a crucial time when virtual approaches to healthcare are becoming increasingly important. Further, management believes that partnership with hospitals like HSS aid in making virtual care the new standard for orthopedic patients worldwide, thus enabling healthcare providers to safely care for and connect with patients.
Healthcare professionals will be able to provide support and guidance to the patients via the mymobility with Apple Watch and iPhone, which resembles a virtual care team member. This will enable the patients to prepare for and recover from orthopedic procedures from the comfort of their home, thus lowering the overall cost of care.
Notably, the mymobility platform leverages the powerful sensors on Apple Watch to measure a patient's activity as well as post-operative progress. This will also provide physicians with key mobility metrics and outcomes data collected via Apple Watch and the mymobility patient app to aid in further optimizing the pre- and post-surgery protocols.
Industry Prospects
Per a report by Grand View Research, the global remote patient monitoring system market was valued at $691.5 million in 2018 and is projected to reach $1.8 billion by 2026 at a CAGR of 13.5%. Factors like the current pandemic situation and rising elderly population are expected to drive the market.
Given the market potential, the latest collaboration seems to have been timed well.
Recent Developments
Of late, Zimmer Biomet has been witnessing some notable developments across its business.
The company completed the acquisition of A&E Medical Corporation, a Vance Street Capital Portfolio Company, this month. The buyout brings A&E Medical’s complete portfolio of sternal closure devices along with a range of single-use complementary temporary pacing wire and surgical punch products under Zimmer Biomet’s purview.
Zimmer Biomet, during its third-quarter earnings call in November, confirmed that the company’s quarterly performance had exceeded management’s expectations. Also, robust growth was observed in U.S. knees and hips businesses.
Also, in November, the company announced favorable preliminary results from a prospective randomized controlled clinical trial to evaluate the impact of mymobility with Apple Watch.
Price Performance
Shares of the company have lost 0.9% in the past year against the industry’s 2.3% rise and the S&P 500’s 16% growth.
Zacks Rank & Key Picks
Currently, Zimmer Biomet carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) and Thermo Fisher Scientific Inc. (TMO - Free Report) .
Hologic’s long-term earnings growth rate is estimated at 17.4%. The company presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Thermo Fisher’s long-term earnings growth rate is estimated at 18%. It currently carries a Zacks Rank #2 (Buy).
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>