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Masimo Launches Masimo SafetyNet-Open to Fight Coronavirus

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Masimo Corporation (MASI - Free Report) recently launched Masimo SafetyNet-Open, which has been designed to help businesses, governments and schools manage employee and student health and safety better during COVID-19.

This is expected to strengthen the company’s foothold in the non-invasive patient monitoring space.

More About Masimo SafetyNet-Open

In March 2020, Masimo launched the Masimo SafetyNet-COVID-19 remote patient-monitoring solution, which is being utilized by hospitals to ensure the safety of both patients and frontline workers. Masimo SafetyNet-Open will enable its clients to meet the challenge of reopening responsibly and safely with a wide-ranging, flexible and easy-to-implement continuous monitoring solution, which, along with clinical guidance from partner hospitals, would ensure prevention, early diagnosis and recovery monitoring.

Masimo SafetyNet-Open does not just act as a simple screening check at the workplace entrance. It helps in coordination of the continuous monitoring of people through an array of sensors and an app. Masimo SafetyNet-Open can help organizations better figure out patterns that may support contact tracing on the back of a centralized dashboard. The system components work jointly to offer integrated and secure monitoring that organizations can utilize to identify when additional action may be required.

Recent Developments

Masimo has seen a plethora of developments lately.

In March, the company and University Hospitals collaborated to implement Masimo SafetyNet to help clinicians monitor patients remotely. Notably, Masimo SafetyNet is a telehealth solution that combines the Radius PPG pulse oximetry. The solution functions through Masimo SET Measure-through Motion and Low Perfusion technology, and Doctella. 

In the same month, the company inked a deal with Imprivata with respect to the integration of Imprivata Medical Device Access into Masimo’s Hospital Automation solutions that feature the Root Patient Monitoring and Connectivity Platform.

Market Prospects

Per a report by Grand View Research, the global remote patient-monitoring system market is anticipated to reach $1.8 billion by 2026, witnessing a CAGR of 13.5% during the forecast period (2019-2026). Hence, this launch is well-timed.

Price Performance

Over the past three months, shares of this company have surged 52.3% compared with the industry’s growth of 46.2%.

Zacks Rank and Key Picks

Masimo currently holds a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Laboratory Corporation of America Holdings (LH - Free Report) , Surmodics (SRDX - Free Report)  and HMS Holdings (HMSY - Free Report) .

LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Surmodics’ long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #1.

HMS Holdings’ long-term earnings growth rate is estimated at 10%. It currently carries a Zacks Rank #2.

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