The Wearable health technology market is likely to be one of the most important and fastest-growing markets over the next ten years. Wearable health technology has the potential to drastically reduce healthcare costs while also upending a number of related markets. Better medical care and better use of resources are two of the main things that are driving this new market. With this market predicted to expand in the next few years, let’s take a look at a few stocks that have been active over the last week.
DXCM is a San Diego based company that specializes in constant, real-time blood-glucose monitors or CGMs for diabetic patients. Recently, the shares of the stock shot up about 50% in October. This recent jump is following a third-quarter earnings report that exceeded expectations on the top and bottom lines. The strong quarter could in part be due to their DXCMs strategy to offer some of their older devices, at a discounted rate, in price sensitive regions. The strong quarter three performance makes this wearable health tech stock, one to watch in the future.
WHSI is an established manufacturer and provider of Personal Emergency Response Systems, PERS, devices for the growing medical alarm device industry, and eHealth sectors. Their device, known as the iHelp Max, is a 4G cellular PERS device with advanced features such as fall detection, geo-fencing, AI utilizing Google Assistant and Alexa, notifications, daily check-ins, and medication reminders that are sold directly to dealers, distributors, and retail customers.
An area that sets WHSI apart from other wearable technology stocks is that the company offers Remote Patient Monitoring (RPM), utilizing their iHelp Max Device. WHSI’s advanced medical alarm technology platform allows real-time remote patient monitoring and data collection of essential vital signs via Bluetooth, NFC, and WiFi.
WHSI recently announced the first enterprise remote patient monitoring contract with a Cleveland-based physician group. Under the terms of the contract, WHSI will supply both the hardware and the backend SASS portal. Marc Cayle, VP of Innovation and Development at WHSI, said, “The RPM program is going to be a significant addition to our multi-silo approach to assisting as many patients as possible to manage their respective compliance needs, which is absolutely critical for chronic care conditions. The Company offers state-of-the-art Personal Emergency Response (“PERS”) solutions through its dealer and distributor network and now we can assist physician groups to manage their RPM programs”
IRTC is a leading digital healthcare company that focuses on creating solutions to detect, prevent, and predict disease. iRhythm Technologies combines wearable biosensors and cloud-based data analytics with powerful proprietary algorithms. The company recently shared its third quarter results. IRTC came out with a quarterly loss of $0.63 per share, beating expectations. A quarter ago, it was thought that the company would post a loss of $0.94 per share, when in reality the loss per share of $0.79. Over the last four quarters, IRTC has beaten out consensus EPS estimates four times. iRhythm CEO and President Quentin Blackford commented, “Despite the ongoing staffing and capacity challenges, we grew registration volumes by more than 20% in the third quarter, achieving our highest daily registration volumes ever as we exited September.”
BTCY is a small medical device and technology company based outside of San Francisco, that provides biometric data monitoring solutions, BTCY is focused on delivering innovating, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic, and post-diagnostic solutions for chronic conditions and lifestyle improvement.
Recently, BTCY announced the U.S. launch of Biocare Cardiac, a cardiac disease management solution. This national roll-out follows two successful pilot programs in Oklahoma City with the CardioVascular Health Clinic, a facility that provides cardiovascular care to more than 40,000 patients, and the Lexington Heart Specialist, which cares for more than 20,000 cardiovascular patients. Biocare Cardiac is the first-of-its-kind comprehensive cardiac disease management solutions combining diagnostics, RPM diseases, lifestyle management, and telemedicine for cardiologists and patients.
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