Irvine, CA-based Masimo Corporation MASI recently announced the 510(k) clearance and full-market release of its proprietary Rad-97 Pulse CO-Oximeter. The launch of Rad-97 offers Masimo noninvasive and continuous monitoring, through Measure-through Motion and Low Perfusion SET pulse oximetry and upgradeable rainbow technologies. All these are included in a compact, standalone monitor that incorporates advanced customizability, connectivity and device integration capabilities.
Masimo’s pulse oximetry prodcuts aim at giving accurate oxygen saturation and pulse rate measurements. Wider adoption of the non-invasive patient monitoring technology is helping the company to gain market share. Also, Masimo’s SET pulse oximetry business has considerable growth opportunities in international markets. We believe that Masimo’s innovative product line will drive top-line growth.
Considering bountiful opportunities for Advanced Monitoring Technologies in the global market, the launch instills investors’ confidence in the stock. A research report by Markets And Markets reveals that niche market is expected to reach a worth of $15.01 billion globally by 2022, at a CAGR of 8.5%.
Additionally, Masimo’s long-term growth fundamentals are strong. The company recorded a five-year CAGR of 8.5% for revenues and 9.1% for adjusted earnings per share. Masimo has particularly witnessed an improvement in earnings over the last three years.
Masimo develops, manufactures and markets a family of non-invasive monitoring systems. The latest development would significantly fortify the company’s position in niche markets.
Masimo carries a Zacks Rank #2 (Buy). Year to date, Masimo has outperformed the industry in terms of price. The company has returned 27.1%, compared with the sub-industry’s gain of 19.8%. Also, the current return is higher than the S&P 500’s gain of 11.7% over the same time frame.
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Other Key Picks
A few other top-ranked stocks in the broader medical sector are Edwards Lifesciences Corp EW, IDEXX Laboratories, Inc IDXX and Cogentix Medical, Inc CGNT.
Notably, Edwards Lifesciences sports a Zacks Rank #1 (Strong Buy), while IDEXX Laboratories and Cogentix Medical hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Edwards Lifesciences delivered an average earnings beat of 10.8% over the last four quarters. The company has a long-term expected earnings growth rate of 15.2%.
IDEXX Laboratories delivered an average earnings beat of 9.3% over the trailing four quarters. It has a long-term expected earnings growth rate of 19.8%.
Cogentix Medical came up with a positive earnings surprise of 200% in the last quarter. The stock represented a stellar return of 100.9% over the last year.
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