Maxim Integrated Products, Inc. (MXIM - Free Report) is expanding further into the healthcare space with its wearable platform on the back of enhanced and accurate health-related data.
The company recently unveiled its first wrist-worn platform — Health Sensor Platform 2.0 (HSP 2.0). It is the next-generation evaluation and development platform, also known as MAXREFDES101.
With the launch of this platform, Maxim aims at providing various health parameters to wearable designers and health application developers by monitoring the electrocardiogram (ECG), heart rate and body temperature of an individual.
This, in turn, will enable the designers to meet the complex challenges while developing accurate wearable solutions, thus saving development time.
We note that these wearable platforms are likely to help the company in attracting more designers to its platforms. This will improve the company’s clientele, driving its top-line growth.
Notably, shares of Maxim have returned 24.2% in a year’s time, outperforming the industry’s rally of 0.9%.
Wearable Market Holds Promise
With the increasing demand for fitness trackers and wearables in today’s technically advanced world, designers are putting in immense efforts to provide proper and valuable health information to customers by developing improved apps and wearables.
Per the latest report from Allied Market Research, the global fitness tracker market is expected to witness a CAGR of 19.6% between 2017 and 2023, and reach $62.1 billion by 2023.
Also, Maxim is well poised to cater to growing needs of precise data and sensors in this market, backed by its strong wearable platforms.
The HSP 2.0 platform contains MAX32630 DARWIN microcontroller, MAX32664 biometric sensor hub with embedded heart-rate algorithm, MAX30205 human body temperature sensor, MAX86141 optical pulse oximeter and heart-rate sensor, among others. All of these will help designers extract vital health-related data, and thereby develop accurate wearable solutions.
Strengthening Product Portfolio
The company’s strong focus toward expansion and innovation of its product portfolio remains a tailwind. Moreover, enhanced and new products help the company in acquiring clients.
Maxim’s HSP 2.0 platform, along with its precise data, is expected to bring in more design customers.
In June, the company rolled out its evaluation and development platforms —MAX-HEALTH-BAND and MAX-ECG-MONITOR. While MAX-HEALTH-BAND monitors the heart rate and activities of an individual, MAX-ECG-MONITOR detects heart-rate signals and ECG as well.
Maxim’s varied product portfolio helps the company perform well across all end markets. Furthermore, it assists the company to win clients and expand globally.
The company is gaining traction with its innovative products that bode well for Maxim’s market position.
Zacks Rank & Stock to Consider
Currently, Maxim carries Zacks Rank #3 (Hold). A few better-ranked stocks in the same industry include Infineon Technologies AG (IFNNY - Free Report) , ON Semiconductor Corporation (ON - Free Report) and Rambus Inc. (RMBS - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for Infineon Technologies, ON Semiconductor and Rambus is currently projected at 7.5%, 13.2% and 10%, respectively.
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