Masimo Corporation MASI recently announced its collaboration 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.
On Apr 10, Masimo announced the full market release of Masimo SafetyNet, which is an economically scalable cloud-based patient management solution, created to enable clinicians to provide care for patients in hospital settings and non-traditional settings remotely. This innovative solution is now available globally and is likely to aid clinicians and health workers in fighting the COVID-19 pandemic.
This solution is likely to boost Masimo’s patient monitoring product spectrum that includes Rainbow Pulse CO-Oximetry, Rainbow acoustic monitoring, SedLine brain function monitoring, and capnography and gas monitoring.
Masimo SafetyNet at a Glance
The solution uses a tetherless, wearable single-patient-use SET sensor to monitor a patient’s blood oxygen saturation and respiration rate along with pulse rate, perfusion index and Pleth Variability Index (PVi).
The telehealth solution combines clinically proven Masimo SET Measure-through Motion and Low Perfusion pulse oximetry with a cloud-based remote data capture and surveillance platform. This can be accessed from a patient’s smartphone or any smart device.
The solution has been developed to help manage the rapid surge in COVID-19 patients while fulfilling the quarantine norms.
Significance of the Collaboration
The collaboration is likely to make it easier and quicker for this much required technology to reach more of patients requiring remote monitoring and management. With the monitoring of key physiological data, clinicians will receive a correct picture of a patient’s respiratory status, which in turn will help medical professionals correctly ascertain the need of intervention.
The phones come with Knox security that are fully equipped with the necessary connectivity and security to enable Masimo monitoring data to reach providers in a safe and efficient manner. Further, in order to facilitate ease of use, the phones available along with Masimo SafetyNet can be locked to offer only Masimo SafetyNet functionality.
The company is providing discounts on its Rainbow platform to help customers manage blood supplies. This is likely to aid in tackling the blood shortage due to the COVID-19 outbreak worldwide.
Further, the company recently acquired Germany’s TNI medical. Notably, TNI’s novel softFlow is expected to boost Masimo’s respiratory care product portfolio. The COVID-19 wave has ramped up demand for TNI’s softFlow technology. Hence, this technology will provide Masimo with additional tools to address the growing number of people affected by pulmonary diseases.
Moreover, the company recently 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.
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 #1 (Strong Buy) company have surged 61.6% outperforming the industry’s rise of 6.1%.
Other Key Picks
Some other top-ranked stocks from the broader medical space include ResMed Inc. RMD, Merit Medical Systems, Inc. MMSI and DexCom, Inc. DXCM, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ResMed has an estimated long-term earnings growth rate of 14.4%.
Merit Medical has an estimated long-term earnings growth rate of 12.1%.
DexCom has a projected long-term earnings growth rate of 36.7%.
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