BioTelemetry, Inc. BEAT announced a partnership with Apple Inc. to provide cardiac monitoring services toward Apple Heart Study app that was launched yesterday. This study will gather data on irregular heart rhythms by using Apple Watch’s heart rate sensor and alert users, who may be experiencing atrial fibrillation (AFib).
According to BioTelemetry, this groundbreaking initiative is aimed at detecting the first indication of a cardiac arrhythmia, and benefiting those who are unaware of their health issues.
BioTelemetry is consistently trying to improve its cardiac monitoring and diagnostic services. The company also completed the acquisition of LifeWatch AG for about $280 million in July. With the buyout, BioTelemetry enhanced its position in the wireless medicine space, expanding its product portfolio and customer base in the cardiac monitoring and diagnostic services space.
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Market Prospects
According to a report by Markets and Markets, the global cardiac monitoring market is estimated to reach a worth $28.00 billion by 2021, at a CAGR of 4.8% from 2016 to 2021. Thus, the company clearly has bountiful prospects in this market.
Notably, headquartered in Conshohocken, PA, BioTelemetry provides cardiac monitoring services and cardiac monitoring device manufacturing.
Shares Shine Bright
The price performance of BioTelemetry has been favorable in the last year. The stock has gained 46.1%, outperforming the broader industry’s decline of almost 7.9%. The current level compares favorably with the S&P 500’s return of 20.2% over the same time frame.
The company also has a trailing four-quarter average positive earnings surprise of 2.7%. A solid long-term earnings growth rate of 19.2% instils our confidence in the stock.
Zacks Rank & Key Picks
BioTelemetry carries a Zacks Rank #5 (Strong Sell). A few better-ranked stocks in the broader medical sector are PetMed Express, Inc. PETS, Myriad Genetics, Inc. MYGN and Luminex Corporation LMNX. PetMed, Luminex and Myriad sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PetMed has a long-term expected earnings growth rate of 10%. The stock has rallied roughly 74.1% in a year.
Myriad Genetics has a long-term expected earnings growth rate of 15%. The stock has soared 107.9% over a year.
Luminex has a long-term expected earnings growth rate of 16.3%. The stock has gained 7.9% over the last year.
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