Masimo Corporation (MASI - Free Report) recently announced that the UAE Ministry of Health & Prevention (MOHAP) has adopted the company’s flagship Eve application. The device, which functions through Rad-97 Pulse CO-Oximeter, will be used for critical congenital heart disease (CCHD) screening in newborns. Notably, it will be installed in nine hospitals of UAE.
The company recently received the CE marking of Eve. (Read More: Masimo's Eve Gets CE Mark, Bolsters CCHD Diagnosis)
Eve simplifies the CCHD screening process by providing visual instructions and easy-to-interpret display of results, which is cost effective.
Per statistics released by Shaikh Khalifa Medical City, more than 500 newborns are diagnosed with congenital heart disease in the UAE every year. Nearly 70% of them require cardiac surgery.
Hence, Masimo’s latest development has been a timely and strategic one.
Per MarketsandMarkets, the global newborn screening market was estimated at about $438.9 million in 2013. It is expected to reach $819.6 million by 2019, at a CAGR of 11%.
The benefits of newborn screening programs, legislations and mandates along with technological advancements are fueling growth.
Buoyed by such positive developments, Masimo’s shares have increased 16.4%, against the industry’s decline of 6.2% in the past six months.
Masimo’s Global Exposure
Masimo has a significant international presence.
In the last reported quarter, the company’s worldwide shipments of non-invasive technology rose 12% to 53,600 units from the prior-year quarter’s figure.
Moreover, Masimo secured a substantial contract for its flagship Rad-67 with blood transfusion centers in Valencia, Spain.
In the recent past, the company’s technologies were adopted by NU Hospitals, a Bangalore-based nephrology care center in India. (Read More: Masimo Products to Boost India-Based NU Hospitals' Systems)
Zacks Ranks & Key Picks
Masimo currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are, Genomic Health (GHDX - Free Report) , Abiomed (ABMD - Free Report) and Integer Holdings Corporation (ITGR - 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 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 flaunts a Zacks Rank #1.
Integer Holdings has a projected long-term earnings growth rate of 15%. The stock carries a Zacks Rank #2 (Buy).
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