Masimo (NASDAQ:MASI) Corporation MASI recently introduced — Masimo Sleep — a new health and wellness home monitoring solution, which has been developed to enable consumers to understand their quality of sleep efficiently. This new solution is likely to strengthen the company’s product portfolio further.
Interestingly, Masimo Sleep is powered by the same signal processing and sensor development that fuels the company’s hospital products, which are utilized to monitor more than 200 million patients a year in leading institutions.
Notably, this solution is not FDA 510 (k) approved and is available as a general wellness product.
Benefits of Masimo Sleep
Masimo Sleep is a wearable sleep quality solution on the back of clinically proven vital signs technology, thereby making it a unique sleep management solution. The solution helps in data analysis to offer a personalized multi-dimensional insight into users’ sleep health. This allows users to make healthier lifestyle choices in order to improve their sleep.
Masimo Sleep, introduced as part of the company’s line of direct-to-consumer solutions, comprises of the MightySat fingertip pulse oximeter. The solution substantially expands consumers’ ability to make healthier decisions at home.
Recent Developments
Recently, the company launched Masimo SafetyNet-Open, which has been designed to help businesses, governments and schools manage employee and student health and safety better amid COVID-19.
In April, the company announced the full market release of MasimoSafetyNet, 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.
Market Prospects
According to a report by Global Market Insights, the global sleep tech devices market size crossed $9 billion in 2018 and is estimated to witness a CAGR of more than 16% over the forecast period (2019-2025). Hence, the launch of this solution is a well-timed one for Masimo.
Price Performance
Over the past year, shares of this Zacks Rank #3 (Hold) company have surged 57.9% compared with the industry’s growth of 5.4%.
Stocks to Consider
Some better-ranked stocks from the broader medical space include Quest Diagnostics Incorporated (NYSE:DGX) DGX, Laboratory Corporation of America (NYSE:LH) Holdings LH and West Pharmaceutical Services (NYSE:WST), Inc. WST. While West Pharmaceutical sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and Laboratory Corporation carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
Quest Diagnostics has an estimated long-term earnings growth rate of 7.6%.
Laboratory Corporation has an estimated long-term earnings growth rate of 6.1%.
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