Masimo Corporation (MASI - Free Report) recently announced that Centroid — a wearable, wireless patient orientation, activity, and respiration rate sensor — has been cleared by the FDA. With this FDA clearance, the company is likely to strengthen its Root Patient Monitoring and Connectivity platform.
Notably, Centroid enables clinicians to monitor patient position to avoid preventable pressure ulcers and alerts them to sudden movements that includes fall-like events. Additionally, Centroid detects chest movements and offers continued respiration rate, and provides clinicians with additional data for better care decisions.
Benefits of Centroid
Interestingly, Centroid pairs with the Masimo’s Root Patient Monitoring and Connectivity Platform through Bluetooth, which helps in keeping track of a patient’s posture, orientation, and activity. This aids in monitoring patient position and identifying changes in the same.
Masimo remains focused toward utilizing its own expertise in signal processing and sensor design to create new and innovative ways to offer excellent quality and most relevant data to clinicians in the most effective and intuitive format. The latest offering, which helps to automate the process of tracking and making decisions about patient position, can help clinicians in lowering the frequency and severity of pressure ulcers, thereby improving patient outcomes.
Recently, the company 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. 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.
In April, Masimo collaborated with Samsung Electronics America to make the Masimo SafetyNet Patient App available on select Samsung smartphones. The app will be pre-installed and pre-configured on these phones. The collaboration is likely to enable faster and wider distribution of Masimo SafetyNet to COVID-19 patients, particularly the older patients who are less likely to own smartphones or have the ease to configure the app on their own.
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). Growing incidence of cardiovascular diseases, increase in geriatric population and demand for independent and healthy living are likely to drive the market.
Over the past year, shares of this Zacks Rank #3 (Hold) company have surged 44.9% compared with the industry’s growth of 1.6%.
Stocks to Consider
Some better-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. (WST - Free Report) , Quest Diagnostics Incorporated (DGX - Free Report) and Laboratory Corporation of America Holdings (LH - Free Report) . While West Pharmaceutical and Quest Diagnostics sport a Zacks Rank #1 (Strong Buy), Laboratory Corporation carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
Quest Diagnostics has an estimated long-term earnings growth rate of 7.6%.
Laboratory Corporation has an estimated long-term earnings growth rate of 6.1%.
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