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Syneos Health (SYNH) to Enhance Clinical Trials With New Pact
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Syneos Health Inc. recently extended its strategic partnership with Medable — the technology platform provider for patient-centered clinical trials. The extended partnership is a part of Syneos Health’s commitment to bringing clinical trials closer to the patient.
With the extended collaboration, Syneos Health remains focused on offering novel, patient-driven clinical trial methods that allow its customers to enhance patient outcomes globally.
The recent development is likely to fortify the Syneos Health Clinical Solutions segment.
More on the News
For investors’ note, the partnership with Medable started in April 2021. Over the past 18 months, Syneos Health and Medable have partnered on over 15 clinical trials with the goal of reaching 21,000 patients across multiple therapeutic areas.
Together Syneos Health and Medable have made considerable progress in adopting new tools and developing a scalable operational model for decentralized and hybrid studies.
Moreover, Syneos Health’s deep therapeutic knowledge, experience in managing global clinical trials and operational excellence across the product development lifecycle, together with Medable’s digital trial platform, is benefitting patients and transforming biopharmaceutical product development.
Strategic Implications
With the continued surge in demand for DCTs across the industry, the ongoing collaboration with Medable fortifies Syneos Health’s commitment to offer sponsors solutions that drive efficiency, lower costs and engage patients better.
Image Source: Zacks Investment Research
The extended collaboration will continue to successfully deliver technology-enabled, insights-driven DCT solutions to tackle customers’ personalized needs. With the extended partnership, Syneos Health and Medable will continue to minimize site and patient burden, enhance enrollment and retention and increase patient access and diversity through advanced DCT solutions.
Industry Prospects
Per a report by Medi-Tech Insights, the global DCT’s market was $8.80 billion in 2021 and is expected to reach $14.20 billion by 2026 at a CAGR of 10%. Given the market potential, Syneos Health’s efforts to advance DCT solutions are well thought of.
Recent Developments
In October 2022, Syneos Health launched a dedicated HUB Patient Suite combining the company’s advisory, analytics and digitally-enabled capabilities to bring modern prescription management services to Syneos Health Deployment Solutions customers. The Syneos Health HUB Patient Suite will further enable customers to make data-driven decisions by putting the patient at the center of prescription management.
In the same month, Syneos Health extended its partnership with Datavant. The extended partnership between the companies will further leverage the complete suite of capabilities in Datavant Switchboard and Datavant’s large data ecosystem to accelerate the clinical development and commercialization of new therapies for patients.
Price Performance
Shares of the company have lost 65.3% in a year compared with the industry’s fall of 64.9%.
Zacks Rank and Key Picks
Currently, Syneos Health carries a Zacks Rank #4 (Buy).
A few other better-ranked stocks in the broader medical space that investors can consider are ShockWave Medical, Inc. (SWAV - Free Report) , Orthofix Medical Inc. (OFIX - Free Report) and Merit Medical System (MMSI - Free Report) .
ShockWave Medical, sporting a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has gained 35% against the industry’s 32.6% fall in the past year.
Orthofix Medical, currently carrying a Zacks Rank #1 (Strong Buy), reported third-quarter 2022 adjusted EPS of 13 cents, which beat the Zacks Consensus Estimate by 550%. Revenues of $114 million outpaced the consensus mark by 2.7%.
Orthofix Medical has an estimated next-year growth rate of 58.97%. MMSI’s earnings surpassed estimates in the trailing three quarters and missed in one, the average being 129.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Merit Medical, currently carrying a Zacks Rank of 2, reported third-quarter 2022 adjusted EPS of 64 cents, which beat the Zacks Consensus Estimate by 20.8%. Revenues of $287.2 million outpaced the consensus mark by 5.2%.
Merit Medical has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average being 25.4%.
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Syneos Health (SYNH) to Enhance Clinical Trials With New Pact
Syneos Health Inc. recently extended its strategic partnership with Medable — the technology platform provider for patient-centered clinical trials. The extended partnership is a part of Syneos Health’s commitment to bringing clinical trials closer to the patient.
With the extended collaboration, Syneos Health remains focused on offering novel, patient-driven clinical trial methods that allow its customers to enhance patient outcomes globally.
The recent development is likely to fortify the Syneos Health Clinical Solutions segment.
More on the News
For investors’ note, the partnership with Medable started in April 2021. Over the past 18 months, Syneos Health and Medable have partnered on over 15 clinical trials with the goal of reaching 21,000 patients across multiple therapeutic areas.
Together Syneos Health and Medable have made considerable progress in adopting new tools and developing a scalable operational model for decentralized and hybrid studies.
Moreover, Syneos Health’s deep therapeutic knowledge, experience in managing global clinical trials and operational excellence across the product development lifecycle, together with Medable’s digital trial platform, is benefitting patients and transforming biopharmaceutical product development.
Strategic Implications
With the continued surge in demand for DCTs across the industry, the ongoing collaboration with Medable fortifies Syneos Health’s commitment to offer sponsors solutions that drive efficiency, lower costs and engage patients better.
The extended collaboration will continue to successfully deliver technology-enabled, insights-driven DCT solutions to tackle customers’ personalized needs.
With the extended partnership, Syneos Health and Medable will continue to minimize site and patient burden, enhance enrollment and retention and increase patient access and diversity through advanced DCT solutions.
Industry Prospects
Per a report by Medi-Tech Insights, the global DCT’s market was $8.80 billion in 2021 and is expected to reach $14.20 billion by 2026 at a CAGR of 10%.
Given the market potential, Syneos Health’s efforts to advance DCT solutions are well thought of.
Recent Developments
In October 2022, Syneos Health launched a dedicated HUB Patient Suite combining the company’s advisory, analytics and digitally-enabled capabilities to bring modern prescription management services to Syneos Health Deployment Solutions customers. The Syneos Health HUB Patient Suite will further enable customers to make data-driven decisions by putting the patient at the center of prescription management.
In the same month, Syneos Health extended its partnership with Datavant. The extended partnership between the companies will further leverage the complete suite of capabilities in Datavant Switchboard and Datavant’s large data ecosystem to accelerate the clinical development and commercialization of new therapies for patients.
Price Performance
Shares of the company have lost 65.3% in a year compared with the industry’s fall of 64.9%.
Zacks Rank and Key Picks
Currently, Syneos Health carries a Zacks Rank #4 (Buy).
A few other better-ranked stocks in the broader medical space that investors can consider are ShockWave Medical, Inc. (SWAV - Free Report) , Orthofix Medical Inc. (OFIX - Free Report) and Merit Medical System (MMSI - Free Report) .
ShockWave Medical, sporting a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has gained 35% against the industry’s 32.6% fall in the past year.
Orthofix Medical, currently carrying a Zacks Rank #1 (Strong Buy), reported third-quarter 2022 adjusted EPS of 13 cents, which beat the Zacks Consensus Estimate by 550%. Revenues of $114 million outpaced the consensus mark by 2.7%.
Orthofix Medical has an estimated next-year growth rate of 58.97%. MMSI’s earnings surpassed estimates in the trailing three quarters and missed in one, the average being 129.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Merit Medical, currently carrying a Zacks Rank of 2, reported third-quarter 2022 adjusted EPS of 64 cents, which beat the Zacks Consensus Estimate by 20.8%. Revenues of $287.2 million outpaced the consensus mark by 5.2%.
Merit Medical has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average being 25.4%.