Yahoo Finance Philips (PHG) Strengthens Patient Monitoring Services in Spain
Philips PHG recently announced the wide availability of its ambulatory cardiac monitoring service in Spain.
The service is brought together by integrating its wearable ePatch device with its AI-driven Cardiologs analytics platform, enabling healthcare professionals to detect life-threatening heart arrhythmias, improve patient comfort, and potentially improve clinical outcomes.
While Philips' ePatch offers 14-day continuous monitoring for heart and blood pressure, enhancing the detection and diagnosis of AF, a common cardiac arrhythmia, the AI-driven Cardiologs analytics platform provides a user-friendly interface and high-quality recording capabilities.
Hospital Vall d'Hebron first availed this monitoring service in 2023. The program provided swift examination of recordings and identifying AF events for rapid review, thereby expediting hospital discharge for 80 patients in 2023.
Philips is further gaining solid customer momentum across various hospitals and healthcare providers in Spain with the wide availability of this service.
In addition to Hospital Vall d'Hebron, the program is being used in 14 major hospitals across Madrid, Barcelona, Bilbao, Alicante, Madrid, Cadiz, and Navarra to detect post-discharge AF, monitor patients for AF after cardiac ablation or heart valve replacement, and study the link between magnesium insufficiency and AF.
Moreover, the latest move has added strength to Philips’ patient monitoring solutions portfolio.
Koninklijke Philips N.V. Price and Consensus
Koninklijke Philips N.V. price-consensus-chart | Koninklijke Philips N.V. Quote
Strengthening Patient Monitoring Solutions
Apart from the latest move, the company partnered with smartQare to integrate the latter’s viQtor solution into its clinical patient monitoring platforms. This partnership aims to improve continuous patient monitoring in and out of hospitals by enabling open communication between sensors and systems, making data and decision support accessible via user-friendly platforms.
Philips unveiled Visual Patient Avatar, a new monitoring solution to help clinicians in the operating room with complex patient data and time constraints.
This new solution is designed to improve situational awareness in operating rooms by visualizing vital information about the patients through animations, colors and shapes. The user-friendly avatar display enhances the recall and processing of critical data, potentially saving lives and providing clinical teams with peace of mind.
Earlier, the company received 510(k) clearance for its IntelliVue patient monitor software, including the award-winning Philips Sounds alarm package, making it available in the United States and over 200 countries worldwide. This will enable the company to create a more peaceful, healing environment for both patients and caregivers.
To Conclude
All the above-mentioned endeavors will enable Philips to capitalize on growth opportunities present in the global patient monitoring market. Per a Mordor Intelligence report, the global patient monitoring market is expected to hit $47.05 billion in 2024 and reach $67.19 billion by 2029, indicating a CAGR of 7.4% during 2024-2029.
Moreover, the strengthening patient monitoring solutions portfolio is expected to benefit the Connected Care segment, which, in turn, will likely aid the overall financial performance of the company in the upcoming period.
Philips expects 2024 comparable sales growth in the band of 3-5%.
The Zacks Consensus Estimate for 2024 sales is pegged at $20.15 billion, indicating growth of 2.5% from the year-ago quarter.
Zacks Rank & Stocks to Consider
Currently, Philips carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical market sector are DaVita DVA, Alcon ALC and Encompass Health EHC, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DaVita shares have surged 27.5% in the year-to-date period. DVA’s long-term earnings growth rate is currently projected at 13.60%.
Alcon shares have gained 9% in the year-to-date period. ALC’s long-term earnings growth rate is currently projected at 14.58%.
Encompass Health shares have gained 43.6% in the year-to-date period. The long-term earnings growth rate for EHC is currently projected at 15.65%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Koninklijke Philips N.V. (PHG) : Free Stock Analysis Report
DaVita Inc. (DVA) : Free Stock Analysis Report
Alcon (ALC) : Free Stock Analysis Report
Encompass Health Corporation (EHC) : Free Stock Analysis Report
