Shares of Veeva Systems Inc. (VEEV - Free Report) rose 0.7% to $105.31 on continued adoption of the flagship Veeva Vault platform by medical device and diagnostics (MD&D) companies. Management announced that Veeva has more than 65 MD&D customers using Veeva Vault, including 11 of the world’s top 25 medical device companies.
Notably, Veeva Vault is a content management platform that caters to the needs of the healthcare industry. The platform includes Vault eTMF and Vault CTMS for clinical, Vault QMS and Vault QualityDocs for quality, Vault MedComms for medical and Vault PromoMats for commercial services.
Over the past year, shares of the California-based software giant have rallied 86.1% compared with the industry’s 38.3% rise. The current level is also higher than the S&P 500 index’s increase of 16.3%.
The stock currently has a Zacks Rank #2 (Buy).
Veeva has lately witnessed a slew of developments in its cloud-based platform.
The number of Veeva Vault Quality customers has increased to more than 180, including 10 of the top 20 largest global pharmaceutical companies. Additionally, the number of Veeva Vault QMS customers has doubled with 58 life sciences organizations using the application to manage quality processes.
Earlier, the Veeva Development Cloud was implemented by Idorsia, a Swiss biopharmaceutical start-up. (Read More: Veeva Systems' Development Cloud Platform Picked by Idorsia)
Cloud-Based Computing & MedTech
The use of digital data by the MedTech companies is on a rise lately. Cloud-based applications are cost effective and help streamline operations through the use of electronic health records, electronic medical records and predictive analytics.
Cerner Corporation’s (CERN - Free Report) HealtheIntent and athenahealth’s (ATHN - Free Report) cloud-based big data network athenaNet deserve a mention in this regard.
Per research by MarketsandMarkets, the global healthcare cloud computing market is expected to reach $44.93 billion by 2023 at a CAGR of 18.2%. The study further states that in 2018 North America held the largest share of the healthcare cloud computing market, followed by Europe.
Another Key Pick
Another top-ranked stock in the broader medical space is Intuitive Surgical, Inc. (ISRG - Free Report) .
Intuitive Surgical’s long-term earnings growth is projected at 14.7%. The stock flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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