Masimo Corporation MASI recently 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 global 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.
Benefits of the Solution
The solution has been developed to help manage the rapid surge in COVID-19 patients while maintaining distance from other patients and providers. This is likely to enable hospitals expand remote patient monitoring into alternative care spaces, comprising overflow locations, home care settings and emergency recovery facilities.
Apart from being a cost-effective way to scale monitoring, Masimo SafetyNet can aid hospitals in increasing capacity.
Notably, Masimo SafetyNet can be configured for more than 150 other CarePrograms, which includes heart failure, oncology and chronic obstructive pulmonary disease (COPD).
Masimo has seen a plethora of developments lately.
The company is providing discounts on its Rainbow platform to help customers manage blood supplies. This is likely to tackle 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 #2 (Buy) company have surged 36.2% against the industry’s decline of 6.1%.
Other Key Picks
Some other top-ranked stocks from the broader medical space include McKesson Corporation MCK, Merit Medical Systems, Inc. MMSI and The Cooper Companies, Inc. COO, each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
McKesson has an estimated long-term earnings growth rate of 6.1%.
Merit Medical has an estimated long-term earnings growth rate of 12.1%.
Cooper Companies has a projected long-term earnings growth rate of 10.8%.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
McKesson Corporation (MCK) : Free Stock Analysis Report
Masimo Corporation (MASI) : Free Stock Analysis Report
Merit Medical Systems, Inc. (MMSI) : Free Stock Analysis Report
The Cooper Companies, Inc. (COO) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research