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Philips (PHG) Aids Clinicians With New Monitoring Solution
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Philips (PHG - Free Report) unveiled Visual Patient Avatar, a new monitoring solution to help clinicians in the operating room with complex patient data and time constraints.
Notably, the new solution is designed to improve situational awareness in operating rooms by visualizing vital information about the patients through animations, colors and shapes.
This user-friendly avatar display enhances the recall and processing of critical data, potentially saving lives and providing clinical teams with peace of mind.
Moreover, the new solution will boost clinical confidence and reduce cognitive overload among clinicians, enabling timely decision-making and improved patient outcomes.
Philips is expected to gain solid traction across anesthesiologists and nurse anesthetists on the back of its latest move.
The latest move is in sync with the company’s growing efforts to strengthen its footing in the global patient monitoring devices and solutions market.
Per a Mordor Intelligence report, the global patient monitoring devices market is expected to hit $43.81 billion in 2023 and reach $62.57 billion by 2028, exhibiting a CAGR of 7.4% between 2023 and 2028.
A Vynz Research report predicts the global patient monitoring solutions market to reach $38.95 billion, implying a CAGR of 7.8% during the forecast period of 2023-2030.
The company’s growing prospects in this booming market will likely aid it in winning investors’ confidence in the days ahead.
Philips has gained 25.2% on a year-to-date basis, outperforming the industry’s decline of 13.1%.
Strengthening Product Portfolio
The latest move bodes well with the company’s growing efforts to strengthen its overall product portfolio.
Notably, Philips announced the interoperability of its Capsule Medical Device Information Platform with Philips Patient Information Center iX, offering hospitals a comprehensive patient overview.
Further, this open patient monitoring ecosystem combines disparate medical devices and systems, enabling clinicians to capture streaming data from various manufacturers and make treatment recommendations confidently.
Additionally, the company launched the Philips Image Guided Therapy Mobile C-arm System 3000, Zenition 30, a versatile X-ray system for various clinical procedures, including orthopedics, trauma, spine and pain management.
Also, Philips’ partnership with Masimo (MASI - Free Report) received FDA clearance for the activation of SedLine Brain Function Monitoring, Regional Oximetry, and CO2 measurements in Philips Patient Monitors.
This integration with Masimo enables clinicians to make informed decisions without additional monitoring equipment and quickly assess and monitor blood saturation in the brain (cerebral oxygenation), anesthetic sedation and patient respiratory performance.
The above-mentioned endeavors will continue to aid the company’s overall financial performance in the near term.
Philips expects 2023 comparable sales growth in mid-single-digits, up from low-single-digit, driven by its strong portfolio offerings.
The Zacks Consensus Estimate for 2023 revenues is pegged at $19.68 billion, suggesting year-over-year growth of 5.64%.
Zacks Rank & Stock to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Image: Bigstock
Philips (PHG) Aids Clinicians With New Monitoring Solution
Philips (PHG - Free Report) unveiled Visual Patient Avatar, a new monitoring solution to help clinicians in the operating room with complex patient data and time constraints.
Notably, the new solution is designed to improve situational awareness in operating rooms by visualizing vital information about the patients through animations, colors and shapes.
This user-friendly avatar display enhances the recall and processing of critical data, potentially saving lives and providing clinical teams with peace of mind.
Moreover, the new solution will boost clinical confidence and reduce cognitive overload among clinicians, enabling timely decision-making and improved patient outcomes.
Philips is expected to gain solid traction across anesthesiologists and nurse anesthetists on the back of its latest move.
Koninklijke Philips N.V. Price and Consensus
Koninklijke Philips N.V. price-consensus-chart | Koninklijke Philips N.V. Quote
Growth Prospects
The latest move is in sync with the company’s growing efforts to strengthen its footing in the global patient monitoring devices and solutions market.
Per a Mordor Intelligence report, the global patient monitoring devices market is expected to hit $43.81 billion in 2023 and reach $62.57 billion by 2028, exhibiting a CAGR of 7.4% between 2023 and 2028.
A Vynz Research report predicts the global patient monitoring solutions market to reach $38.95 billion, implying a CAGR of 7.8% during the forecast period of 2023-2030.
The company’s growing prospects in this booming market will likely aid it in winning investors’ confidence in the days ahead.
Philips has gained 25.2% on a year-to-date basis, outperforming the industry’s decline of 13.1%.
Strengthening Product Portfolio
The latest move bodes well with the company’s growing efforts to strengthen its overall product portfolio.
Notably, Philips announced the interoperability of its Capsule Medical Device Information Platform with Philips Patient Information Center iX, offering hospitals a comprehensive patient overview.
Further, this open patient monitoring ecosystem combines disparate medical devices and systems, enabling clinicians to capture streaming data from various manufacturers and make treatment recommendations confidently.
Additionally, the company launched the Philips Image Guided Therapy Mobile C-arm System 3000, Zenition 30, a versatile X-ray system for various clinical procedures, including orthopedics, trauma, spine and pain management.
Also, Philips’ partnership with Masimo (MASI - Free Report) received FDA clearance for the activation of SedLine Brain Function Monitoring, Regional Oximetry, and CO2 measurements in Philips Patient Monitors.
This integration with Masimo enables clinicians to make informed decisions without additional monitoring equipment and quickly assess and monitor blood saturation in the brain (cerebral oxygenation), anesthetic sedation and patient respiratory performance.
The above-mentioned endeavors will continue to aid the company’s overall financial performance in the near term.
Philips expects 2023 comparable sales growth in mid-single-digits, up from low-single-digit, driven by its strong portfolio offerings.
The Zacks Consensus Estimate for 2023 revenues is pegged at $19.68 billion, suggesting year-over-year growth of 5.64%.
Zacks Rank & Stock to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical market sector are Amedisys (AMED - Free Report) and Alcon (ALC - Free Report) . While Amedisys sports a Zacks Rank #1 (Strong Buy), Alcon carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Amedisys shares have gained 11.7% in the year-to-date period. AMED’s long-term earnings growth rate is currently projected at 8.3%.
Alcon shares have gained 8.5% in the year-to-date period. The long-term earnings growth rate for ALC is currently projected at 14.88%.