Masimo Inks Deal With Imprivata, Improves Patient Monitoring

Masimo Corporation (NASDAQ:MASI) 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, and Iris Gateway. On the back of this newly launched technology, hospitals are likely to benefit from a more powerful patient monitoring and hospital automation solution created to boost clinical workflows and efficacy in a number of ways.

With this new feature, Masimo will not only add to its SET Pulse Oximeter Technology but also bolster patient monitoring, which in turn will drive growth.

Notably, Masimo’s Root Patient Monitoring and Connectivity Platform helps in making patient care workflows simpler through an easy-to-internet display and multiple network/connectivity options putting together multiple streams of data.

Iris Gateway is part of Masimo’s Hospital Automation solution, which offers third-party device integration and automates transfer of data from medical devices into Electronic Medical Records. This in turn helps in improvement of productivity and lowering the occurrence of transcription errors.

Benefits of Imprivata Medical Device Access

The new technology is part of a comprehensive identity and multifactor authentication platform that enables fast, secure authentication workflows across the healthcare enterprise.

By bringing Imprivata’s authentication technology to Masimo’s customers, the company is likely to improve clients’ experience with monitoring and automation solutions, thereby helping them to stay committed toward enhancing patient outcomes.

Given complexity surrounding Internet of Medical Things (IoMT), many a times healthcare organizations are challenged with the protection of security and integrity of the information stored on and transmitted through medical devices without hampering clinical productivity. Through this partnership, customers are likely to have the capability to implement and enforce the security of sensitive information captured on Root and Iris Platforms, without weighing on clinical workflows.

Patient Monitoring in Focus

Masimo is touted to be the most innovative company in the patient monitoring space. According to a report by Allied Market Research, the global market for patient monitoring devices will witness a CAGR of 6.4% and reach $37.19 billion by 2025. Rise in geriatric population, growing prevalence of chronic diseases and increasing adoption of cost-effective remote patient monitoring devices will drive growth of this market.

The company remains committed toward enhancing patient monitoring and its efforts reflect the same. In non-invasive patient monitoring, the company’s Patient SafetyNet, Rainbow acoustic monitoring, SedLine brain function monitoring, Capnography and gas monitoring deserve mention.

Recently, the company announced Pathway, which is a feature for the Root Patient Monitoring and Connectivity Platform. Pathway is likely to aid clinicians in simplifying decision making associated with newborn resuscitation.

Zacks Rank and Price Performance

Currently, Masimo carries a Zacks Rank #2 (Buy). On a year-to-date basis, Masimo has outperformed the industry it belongs to. The stock has rallied 15.4% against the industry’s 8.9% decline in the said period.

Other Stocks that Warrant a Look

Other top-ranked stocks from the broader medical space include Accuray Incorporated (NASDAQ:ARAY) , West Pharmaceutical Services, Inc. (NYSE:WST) and DexCom, Inc. (NASDAQ:DXCM) , each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Accuray has an expected earnings growth rate for the next quarter of 200%.

West Pharmaceutical has an estimated earnings growth rate for the next quarter of 3.4%.

DexCom has a projected long-term earnings growth rate of 36.7%.

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