Masimo Corporation (MASI - Free Report) and Florida-based Thermomedics, Inc. recently announced the U.S. market release of TIR-1. With the development, Masimo reinforces its position as a provider of patient-monitoring solutions.
Following the announcement, Masimo’s share prices inched up 0.9% to $101.19 at closing. Notably, shares of Masimo have rallied 7.5%, outperforming the industry’s decline of 2.4% in a year’s time.
The stock currently carries a Zacks Rank #3 (Hold).
Per MarketsandMarkets, patient monitoring devices market in the United States is projected to reach $25.31 billion by 2023 from $18.11 billion in 2017, at a CAGR of 5.7%. The need for continuous monitoring, detection and treatment of heart, brain, lungs, and blood activities are fueling the expansion.
TIR-1 at a Glance
TIR-1 is a non-contact Bluetooth-enabled thermometer that easily integrates with the Masimo Root patient monitoring and connectivity platform.
Masimo’s Root platform is a powerful patient monitoring hub that integrates an array of technologies, devices, and systems. TIR-1 saves cost and waste by eliminating the need to purchase additional disposables.
The Bluetooth connectivity enables wireless data transfer to a connected Root monitor that helps communicate an important patient vital sign into bedside devices. The warning signs are transferred to hospital EMRs (Electronic Medical Record) via Masimo Patient SafetyNet.
Patient Monitoring in Focus
California-based Masimo is known for developing and manufacturing noninvasive patient monitoring technologies. The company’s new Root patient monitoring and connectivity platform integrates rainbow and SET technologies. The Root along with Next Generation SedLine Brain Function Monitoring helps clinicians monitor the state of the brain under anesthesia.
Secondly, Masimo Patient SafetyNet System is a wireless, remote monitoring system which helps clinicians effectively monitor patient clinical data, especially on general floors of a hospital. In this regard, it can be noted that Masimo recently launched Replica, an application for smartphones and tablets that works in conjunction with Patient SafetyNet platform.
In the regulatory front, Masimo has been experiencing positive tidings. The company’s flagship Rad-97 Pulse CO-Oximeter with integrated NomoLine capnography recently obtained CE mark. (Read More: Masimo Gets CE Mark for NomoLine, Expands in Capnography)
A few better-ranked stocks in the broader medical space are Genomic Health (GHDX - Free Report) , Abiomed (ABMD - Free Report) and Stryker Corporation (SYK - Free Report) .
Genomic Health has an expected earnings growth rate of 187.5% for the current quarter. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Abiomed has a projected long-term earnings growth rate of 27%. The stock sports a Zacks Rank #1.
Stryker has a projected long-term earnings growth rate of 9.7%. The stock carries a Zacks Rank #2 (Buy).
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