BioTelemetry Gets CE Mark for Holter Monitoring Software
BioTelemetry BEAT recently announced the receipt of CE mark for its Holter analysis software. This approval is expected to exclusively strengthen the company’s foothold in the growing Holter monitoring markets in Europe.
Notably, the stock dropped 1.4% to close at $19.01, which fails to justify the development. However, we are looking forward to BioTelemetry’s impressive one-year return of 33%, which is well ahead of the S&P 500’s return of 10.5% over the same time frame.
Banking on the impressive trends in the cardiac monitoring market, management is quite hopeful about the recent development. Per management, the CE mark approval not only fortifies the company’s market position, but paves way to achieve a new milestone, as BioTelemetry is now well capable of offering both devices and software for ‘cure and care’ of health issues.
Notably, BioTelemetry’s Holter analysis software currently functions for the legacy Holter recorders only. However, the company is set to launch another unified solution, using this software and its newly acquired ePatch device soon.
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Our Take
BioTelemetry recently received a 510(k) nod from the U.S. Food and Drug Administration (FDA) for the next-generation MCOT device. Additionally, the integration of the ePatch business and the successful acquisition of VirtualScopics are significant positives.
We believe that the latest development will also strengthen the company’s product portfolio, helping it to tap the abundant opportunities in Europe. Even the global market trends seem to be quite lucrative, as an analysis by the Global Industry Analysts reveals that the Holter monitoring systems market is projected to reach $516 million by 2020.
Buoyed by this trend, we presume BioTelemetry, with its series of latest product developments, will significantly gain traction in the Holter monitoring and related ancillary markets.
Zacks Rank & Other Key Picks
Currently, BioTelemetry has a Zacks Rank #2 (Buy).
Other well-ranked stocks in the broader medical sector include Masimo Corporation MASI, Quidel Corp. QDEL and NuVasive Inc. NUVA. Notably, all the three stocks sport a Zacks Rank #1 (Strong Buy).
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