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GRMN Expands Global Reach With ECG App: Should You Buy the Stock?
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Garmin (GRMN - Free Report) has been successful in significant strides while demonstrating its ability to expand its market presence and capitalize on growing demand for its products.
In a move to bolster its market reach, Garmin announced the availability of its ECG App in the Australian and European Union (EU) markets. The ECG App is now accessible and compatible with Garmin smartwatches, including Venu 3 Series, fenix 8 Series and more.
The ECG app uses sensors on the user’s compatible smartwatch to record their heart rhythm and monitor for indicators of atrial fibrillation (AFib) whenever they wish. Customers can use the ECG App to record a 30-second ECG and check their heart rhythm data directly on the watch or, if desired, later in the Garmin Connect smartphone app. The ECG App is only meant for people aged 22 and over and is not meant to replace conventional techniques of diagnosis or therapy.
The latest move reflects Garmin’s market expansion strategies, which include entering into emerging markets. These growth strategies have boosted investors’ confidence in the company, with its share price surging 73% over the past year, comfortably outperforming the Zacks Computer and Technology sector’s growth of 29.8%.
Over the same time frame, Garmin also outperformed its industry peers, including Electrovaya (ELVA - Free Report) , Greenland Technologies (GTEC - Free Report) and Kopin (KOPN - Free Report) . In the past year, shares of ELVA, GTEC and KOPN have plunged 27.1%, 44.5% and 36.5%, respectively.
Garmin's International Expansion Strategies to Aid Growth
Garmin aims to solidify its presence in high-potential international markets to drive long-term growth. In the third quarter of 2024, the company’s revenues grew 24% year over year, primarily driven by a 40% surge in the EMEA region followed by an 18% increase in the APAC region. This demonstrates the company’s impressive geographic diversification.
GRMN is also investing heavily in Southeast Asia as it sees the region as a very high-growth market. The company sees double-digit growth from its India business, where its distribution partner, AIG, is collaborating with finance companies to offer attractive financing schemes to customers.
Garmin's success in advanced wearables, where it achieved the #2 position in Europe and #3 globally, exemplifies its effective market penetration. Key to this growth has been innovative product offerings like the fenix 8 series and Enduro 3, which cater to diverse consumer needs, including endurance athletes and adventurers. Garmin’s local partnerships, competitive pricing and adaptability to regional preferences have bolstered its appeal in these markets.
Robust Portfolio Steers Garmin’s Prospects
Garmin has a solid track record of creating new products, particularly in the fitness and wearables markets. One of the primary reasons for the company's recent success has been its ability to provide new features and improve existing products.
GRMN's growth remains sustained with its inventive product line, market expansion and steady financial performance as it enters 2025. The expansion of the portfolio with the recent launch of Montana 710, Montana 710i and sturdy Montana 760i to its lineup of handheld GPS navigators, in January 2025, further boosts investors’ confidence in the company.
Launching new products might help Garmin increase market share and potentially offset slowdowns in other areas, particularly in high-growth industries, such as sophisticated smartwatches and specialized fitness trackers. Furthermore, developments in areas, such as battery life, health monitoring capabilities, and connectivity, with other smart devices have the potential to distinguish Garmin's products in an increasingly competitive market.
In addition to strengthening Garmin's standing in the outdoor and adventure market, the company's most recent introduction of the Instinct 3 Series puts it in a better position to take on rivals like Apple and Fitbit. Because of its affordability, innovative features and durability, the Instinct 3 is a formidable competitor in the wearables market and could propel Garmin's revenue growth in 2025.
Garmin’s Near-Term Prospects Look Promising
Garmin has a strong history of reporting strong quarterly performance with its earnings surpassing the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 28.5%. Analysts seem to be optimistic about the company’s near-term growth prospects as well.
The Zacks Consensus Estimate for Garmin’s 2025 earnings has been revised upward by 9.1% to $7.66 per share, indicating year-over-year growth of 9.3%. The consensus mark for revenues is pegged at $6.53 billion, suggesting a year-over-year increase of 6.3%.
Investors looking to capitalize on the growing wearables market may find Garmin to be a compelling option due to its consistent emphasis on innovation and market expansion. GRMN has proven to be innovative and adaptable, which puts it in a strong position for long-term success in the upcoming year.
GRMN currently sports a Zacks Rank #1 (Strong Buy), implying that existing investors should keep holding the stock while new buyers should accumulate the stock. You can see the complete list of today’s Zacks #1 Rank stocks here.
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GRMN Expands Global Reach With ECG App: Should You Buy the Stock?
Garmin (GRMN - Free Report) has been successful in significant strides while demonstrating its ability to expand its market presence and capitalize on growing demand for its products.
In a move to bolster its market reach, Garmin announced the availability of its ECG App in the Australian and European Union (EU) markets. The ECG App is now accessible and compatible with Garmin smartwatches, including Venu 3 Series, fenix 8 Series and more.
The ECG app uses sensors on the user’s compatible smartwatch to record their heart rhythm and monitor for indicators of atrial fibrillation (AFib) whenever they wish. Customers can use the ECG App to record a 30-second ECG and check their heart rhythm data directly on the watch or, if desired, later in the Garmin Connect smartphone app. The ECG App is only meant for people aged 22 and over and is not meant to replace conventional techniques of diagnosis or therapy.
The latest move reflects Garmin’s market expansion strategies, which include entering into emerging markets. These growth strategies have boosted investors’ confidence in the company, with its share price surging 73% over the past year, comfortably outperforming the Zacks Computer and Technology sector’s growth of 29.8%.
Over the same time frame, Garmin also outperformed its industry peers, including Electrovaya (ELVA - Free Report) , Greenland Technologies (GTEC - Free Report) and Kopin (KOPN - Free Report) . In the past year, shares of ELVA, GTEC and KOPN have plunged 27.1%, 44.5% and 36.5%, respectively.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Garmin's International Expansion Strategies to Aid Growth
Garmin aims to solidify its presence in high-potential international markets to drive long-term growth. In the third quarter of 2024, the company’s revenues grew 24% year over year, primarily driven by a 40% surge in the EMEA region followed by an 18% increase in the APAC region. This demonstrates the company’s impressive geographic diversification.
GRMN is also investing heavily in Southeast Asia as it sees the region as a very high-growth market. The company sees double-digit growth from its India business, where its distribution partner, AIG, is collaborating with finance companies to offer attractive financing schemes to customers.
Garmin's success in advanced wearables, where it achieved the #2 position in Europe and #3 globally, exemplifies its effective market penetration. Key to this growth has been innovative product offerings like the fenix 8 series and Enduro 3, which cater to diverse consumer needs, including endurance athletes and adventurers. Garmin’s local partnerships, competitive pricing and adaptability to regional preferences have bolstered its appeal in these markets.
Robust Portfolio Steers Garmin’s Prospects
Garmin has a solid track record of creating new products, particularly in the fitness and wearables markets. One of the primary reasons for the company's recent success has been its ability to provide new features and improve existing products.
GRMN's growth remains sustained with its inventive product line, market expansion and steady financial performance as it enters 2025. The expansion of the portfolio with the recent launch of Montana 710, Montana 710i and sturdy Montana 760i to its lineup of handheld GPS navigators, in January 2025, further boosts investors’ confidence in the company.
Launching new products might help Garmin increase market share and potentially offset slowdowns in other areas, particularly in high-growth industries, such as sophisticated smartwatches and specialized fitness trackers. Furthermore, developments in areas, such as battery life, health monitoring capabilities, and connectivity, with other smart devices have the potential to distinguish Garmin's products in an increasingly competitive market.
In addition to strengthening Garmin's standing in the outdoor and adventure market, the company's most recent introduction of the Instinct 3 Series puts it in a better position to take on rivals like Apple and Fitbit. Because of its affordability, innovative features and durability, the Instinct 3 is a formidable competitor in the wearables market and could propel Garmin's revenue growth in 2025.
Garmin’s Near-Term Prospects Look Promising
Garmin has a strong history of reporting strong quarterly performance with its earnings surpassing the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 28.5%. Analysts seem to be optimistic about the company’s near-term growth prospects as well.
The Zacks Consensus Estimate for Garmin’s 2025 earnings has been revised upward by 9.1% to $7.66 per share, indicating year-over-year growth of 9.3%. The consensus mark for revenues is pegged at $6.53 billion, suggesting a year-over-year increase of 6.3%.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Conclusion: Buy GRMN Stock for Now
Investors looking to capitalize on the growing wearables market may find Garmin to be a compelling option due to its consistent emphasis on innovation and market expansion. GRMN has proven to be innovative and adaptable, which puts it in a strong position for long-term success in the upcoming year.
GRMN currently sports a Zacks Rank #1 (Strong Buy), implying that existing investors should keep holding the stock while new buyers should accumulate the stock. You can see the complete list of today’s Zacks #1 Rank stocks here.