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Masimo's (MASI) Telehealth Solution Helps in COVID-19 Crisis

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Masimo Corporation (MASI - Free Report) recently announced that it is lending support to Renown Health by helping clinicians to address the COVID-19 surge. Masimo SafetyNet is being utilized to provide care for COVID-19 infected patients to recover in the safety of their homes. Further, the telehealth solution can aid clinicians to identify possible deterioration in home-based patients’ vital signs and intervene proactively, before the situation worsens.

For investors’ note, Reno, NV-based Renown Health is a non-profit integrated healthcare network catering Nevada, Lake Tahoe and northeast California. It utilizes Masimo Rad-97 Pulse Oximeters and was one the first systems to implement Masimo SafetyNet to extend patient care from the hospital to the comfort of home.

With this, Masimo has boosted its non-invasive patient-monitoring solutions portfolio.

More on the News

It is worth mentioning that Masimo SafetyNet was launched earlier this year in order to help hospitals and clinicians fight the pandemic.

By partnering with health networks like Renown Health, Masimo is delivering on its objective to make a positive difference during this tumultuous time. The company remains optimistic about further collaboration with Renown Health in the future.

Masimo is likely to continue to extend the ways in which Masimo SafetyNet and its other monitoring and automation solutions can aid Renown Health to boost patient care and outcomes.

Market Prospects

Per a report by Grand View Research, the global remote patient monitoring system market is anticipated to reach $1.8 billion at CAGR of 13.5% between 2019 and 2026. Growing incidence of cardiovascular diseases, increase in geriatric population, and demand for independent and healthy living are likely to drive the market.

Notable Developments

In July 2020, the company announced a crucial expansion to the Masimo SafetyNet platform with the launch of Radius T°, a wearable, wireless sensor that provides continuous body temperature measurements. This lends the patient monitoring solution the capability to track four key vital signs – oxygen saturation, respiration rate, pulse rate and temperature.

In March 2020, the company and University Hospitals collaborated to implement Masimo SafetyNet to help clinicians monitor patients remotely. This is likely to ramp up demand for its patient monitoring systems, thereby facilitating remote monitoring at patients’ homes.

Price Performance

Over the past year, shares of this Zacks Rank #3 (Hold) company have soared 66.6% compared with the industry’s growth of 18.1%.

Stocks to Consider

Some better-ranked stocks from the broader medical space are Merit Medical Systems, Inc. (MMSI - Free Report) , Patterson Companies, Inc. (PDCO - Free Report) and McKesson Corporation (MCK - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Merit Medical has a projected long-term earnings growth rate of 12.6%.

Patterson Companies has an estimated long-term earnings growth rate of 9.6%.

McKesson has a projected long-term earnings growth rate of 6.6%.

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