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CVRx CVRX recently announced the publication of new data supporting its Barostim technology for treating heart failure. The data was published in the Journal of the American College of Cardiology: Heart Failure.
The publication builds on the data from the BeAT-HF trial published in 2024 in the European Journal of Heart Failure, demonstrating the long-term sustained symptomatic benefits of Barostim in heart failure patients with reduced ejection fraction.
Shares of CVRX gained 3.2% on Friday on the announcement of the publication of the new data.
More on CVRX’s New Study Data
Barostim technology stimulates baroreceptors located in the carotid artery wall with electrical pulses. The body's baroreflex is triggered by the pulses, which cause the heart to respond. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the United States. It has also received the CE Mark for heart failure and resistant hypertension in the European Economic Area.
Barostim was used in conjunction with guideline-directed medical therapy (GDMT) by the study participants. Comparing GDMT alone with a range of physical and psychological indicators, the participants reported feeling noticeably better. The capacity to work around the house, sleep and exercise all significantly improved as a result. Recipients reported feeling less depressed after taking Barostim. Physical measures included reduced breathing difficulties, discomfort and exhaustion and improved mobility and capacity to carry out daily tasks.
The published data showcased the durable improvements up to 24 months in the individual components of the Minnesota Living with Heart Failure and EuroQual-5D quality of life measures. The CVRx management believes that this analysis of the long-term BeAT-HF data will support the shared decision-making of patients and physicians when considering Barostim therapy.
Favorable Industry Prospects for CRVX
Per a report by Coherent Market Insights, the global cardiac implant market size was estimated to be $37.8 billion in 2022 and is projected to witness a CAGR of 8.1% during the 2022-2030 period.
Given the market potential, CVRX’s Barostim technologies’ positive study is likely to increase its demand and provide a boost to the company’s business.
Price Performance of CVRX Stock
In the past six months, CVRX’s shares have plunged 62% against the industry’s 2.1% growth. The S&P 500 has increased 9.2% in the same time frame.
CVRX’s Zacks Rank & Stocks to Consider
CVRX carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service currently sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.58%.
The company has gained 41.1% compared with the industry's 34.8% growth so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.31%.
The company’s shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
Zacks Investment Research
Masimo Corporation MASI has announced a partnership with Qualcomm Technologies to create a next-generation smartwatch reference platform for Wear OS by Google.
The collaboration is aimed at combining Masimo's expertise in advanced biosensing technologies with Qualcomm's Snapdragon wearable platforms. This reference platform is expected to help original equipment manufacturers (OEMs) develop high-performing smartwatches more efficiently, providing accurate health tracking and superior connectivity through low-power SoCs.
Masimo’s key technologies include the widely used Masimo SET pulse oximetry, which has improved outcomes in more than 200 million patients worldwide and is recognized by the top U.S. hospitals. The company’s advanced noninvasive monitoring tools, such as the Rainbow Pulse CO-Oximetry and the Root Patient Monitoring Platform, offer continuous, reliable data across a range of clinical scenarios.
MASI also provides wearable, portable and home-based devices like the Masimo W1 Medical Watch and the Radius-7. Beyond healthcare, the company’s Consumer Audio division includes iconic brands like Bowers & Wilkins and Denon. Their diverse product offerings excel in patient care, hospital automation, and health and wellness, delivering top-tier performance across the board.
Due to the above-mentioned portfolio, the product is likely to witness substantial demand in the field of wearables and other key technologies, which contribute to the top-line growth of the company, thus driving MASI’s share price higher.
Significance of Masimo’s Collaboration With Qualcomm
The management highlighted the collaboration as a merger of Masimo’s advanced biosensing technology and Qualcomm’s low-power Snapdragon systems, creating a powerful foundation for high-performance smartwatches. It also emphasized that this platform will enable OEMs to produce competitive and desirable wearables, enhancing the overall smartwatch market.
This partnership is aimed at enhancing Masimo's existing portfolio, which includes the Masimo W1 and the upcoming Masimo Freedom wearables, known for their precision in health monitoring. Qualcomm’s Snapdragon W5+ Gen 1 will power these next-gen devices, optimizing power efficiency and connectivity.
The collaboration is also aimed at strengthening Masimo's competitive edge, offering OEMs production-ready solutions that accelerate market entry and benefit consumers with feature-rich, data-accurate devices. The combined expertise promises to drive innovation and expand choices within the Wear OS ecosystem.
Masimo & Qualcomm Enhance Wear OS With Next-Gen Biosensing Tech
Masimo and Qualcomm’s new reference platform for Wear OS smartwatches allows OEMs to design the exterior and user interface of their devices. Masimo provides the interiors, including Snapdragon platforms and advanced biosensors.
The platform ensures premium performance with health and wellness capabilities powered by Masimo’s Signal Extraction Technology (SET), used in the Masimo W1 and upcoming Masimo Freedom wearables. This standardized package simplifies smartwatch development, offering manufacturers an easy way to incorporate high-performance biosensing and connectivity features.
Recent Collaboration
This month, Masimo partnered with Google to create a reference platform for manufacturers building Wear OS smartwatches. The platform uses Masimo’s advanced biosensing technologies to help OEMs develop high-performance smartwatches more efficiently. The platform supports the Wear OS ecosystem by offering reliable health and wellness tracking tools and seamless Android integration.
MASI Stock Price Performance
Shares of Masimo have plunged 3.8% year to date against the industry’s 9.2% growth. The S&P 500 has witnessed a 17.7% growth in the same time frame.
Favorable Earnings Surprise Trend for MASI Stock
Masimo’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 14.63%.
Zacks Rank & Other Key Picks
Currently, Masimo carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space are Universal Health Services UHS, Quest Diagnostics DGX and Aveanna Healthcare AVAH. While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and Aveanna Healthcare carry a Zacks Rank #2 each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, the average being 14.58%.
Universal Health Services’ shares have risen 41.1% compared with the industry's 34.8% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.31%.
Quest Diagnostics’ shares have risen 3.7% year to date compared with the industry’s 10.2% growth.
Aveanna Healthcare's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 47.5%.
AVAH's shares have soared 104.5% year to date compared with the industry’s 15.7% growth.
Zacks Investment Research
For Immediate Releases
Chicago, IL – September 16, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Ubiquiti Inc. UI, Spotify Technology S.A. SPOT, DocuSign Inc. DOCU, Vertiv Holdings Co. VRT and Universal Health Services Inc. UHS.
Here are highlights from Monday’s Analyst Blog:
Buy 5 Large-Cap Growth Stocks on Rate-Cut Expectations
Wall Street is currently riding on high expectations of the beginning of the interest rate cut regime by the Fed in the September FOMC meeting scheduled next week. The existing range of 5.25-5.5% marks a 23-year high level. If the Fed initiates a rate cut, it will be the first one since March 2020, at the onset of COVID-19.
The CME FedWatch tool currently shows a 100% probability of a 25-basis point interest rate cut in September. For November, market participants estimate a 100% probability that the total (year-to-date) rate cut will be 50 basis points and a 94.4% probability that the total rate cut will be 75 basis points. Likewise for December, market participants estimate a 100% probability that the total rate cut will be 75 basis points and a 79.7% probability that the total rate cut will be 1% in 2024.
At this stage, investment in growth stocks should be fruitful. Five such stocks are — Ubiquiti Inc. Spotify Technology S.A., DocuSign Inc., Vertiv Holdings Co. and Universal Health Services Inc.
These stocks have strong growth potential for the rest of 2024. These stocks have seen positive earnings estimate revisions in the past 60 days. Each of our picks sports a Zacks Rank #1 (Strong Buy) and has a Growth Score of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Growth investors are primarily focused on stocks with aggressive earnings or revenue growth, which should propel their stock prices higher in the future. A rate cut will be beneficial for corporates as it will reduce the cost of production. Moreover, businesses will get access to cheap credits.
5 Large-Cap Growth Stocks to Buy
Ubiquiti Inc.
Ubiquiti’s excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. UI’s operating model is backed by a rapidly growing and highly engaged community of service providers, distributors, value-added resellers, systems integrators and corporate IT professionals (referred to as the Ubiquiti Community).
Ubiquiti boasts a proprietary network communication platform that is well-equipped to meet end-market customer needs. In addition, UI is committed to reducing its operational costs by using a self-sustaining mechanism for rapid product support and dissemination of information by leveraging the strength of the Ubiquiti Community.
Earnings Estimate Revisions for UI Stock on the Rise
Ubiquiti has an expected revenue and earnings growth rate of 11.9% and 22.2%, respectively, for the current year (ending June 2025). The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past seven days.
Spotify Technology S.A.
Spotify Technology provides audio streaming services worldwide. SPOT operates through two segments - Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. SPOT also offers sales, distribution and marketing, contract research and development, and customer support services.
Impressive Earnings Estimate Revisions for SPOT Shares
Spotify Technology has an expected revenue and earnings growth rate of 19.4% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
DocuSign Inc.
DocuSign’s top line has been significantly benefiting from continued customer demand for eSignature, its anchor product. Despite this rising demand, the market for eSignature remains largely untapped. This keeps DOCU in a position to expand eSignature around the world. DOCU remains focused on continuously acquiring customers, improving its offerings and expanding internationally.
Robust Earnings Estimate Revisions of DOCU Stock
DocuSign has an expected revenue and earnings growth rate of 6.6% and 15.1%, respectively, for the current year (ending January 2025). The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past seven days.
Vertiv Holdings Co.
Veritiv designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. VRT offers hardware, software, analytics and ongoing services.
VRT Shares See Strong Earnings Estimate Revisions
VRT has an expected revenue and earnings growth rate of 12.8% and 45.8%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past 60 days.
Universal Health Services Inc.
Universal Health’s Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. UHS anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs.
Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. UHS maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends.
UHS Shares Witness Solid Earnings Estimate Revisions
Universal Health Services has an expected revenue and earnings growth rate of 9.8% and 51%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
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Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
https://www.zacks.com
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
Wall Street is currently riding on high expectations of the beginning of the interest rate cut regime by the Fed in the September FOMC meeting scheduled next week. The existing range of 5.25-5.5% marks a 23-year high level. If the Fed initiates a rate cut, it will be the first one since March 2020, at the onset of COVID-19.
The CME FedWatch tool currently shows a 100% probability of a 25-basis point interest rate cut in September. For November, market participants estimate a 100% probability that the total (year-to-date) rate cut will be 50 basis points and a 94.4% probability that the total rate cut will be 75 basis points. Likewise for December, market participants estimate a 100% probability that the total rate cut will be 75 basis points and a 79.7% probability that the total rate cut will be 1% in 2024.
At this stage, investment in growth stocks should be fruitful. Five such stocks are — Ubiquiti Inc. UI, Spotify Technology S.A. SPOT, DocuSign Inc. DOCU, Vertiv Holdings Co. VRT and Universal Health Services Inc. UHS.
These stocks have strong growth potential for the rest of 2024. These stocks have seen positive earnings estimate revisions in the past 60 days. Each of our picks sports a Zacks Rank #1 (Strong Buy) and has a Growth Score of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.
Growth investors are primarily focused on stocks with aggressive earnings or revenue growth, which should propel their stock prices higher in the future. A rate cut will be beneficial for corporates as it will reduce the cost of production. Moreover, businesses will get access to cheap credits.
5 Large-Cap Growth Stocks to Buy
Ubiquiti Inc.
Ubiquiti’s excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. UI’s operating model is backed by a rapidly growing and highly engaged community of service providers, distributors, value-added resellers, systems integrators and corporate IT professionals (referred to as the Ubiquiti Community).
Ubiquiti boasts a proprietary network communication platform that is well-equipped to meet end-market customer needs. In addition, UI is committed to reducing its operational costs by using a self-sustaining mechanism for rapid product support and dissemination of information by leveraging the strength of the Ubiquiti Community.
Earnings Estimate Revisions for UI Stock on the Rise
Ubiquiti has an expected revenue and earnings growth rate of 11.9% and 22.2%, respectively, for the current year (ending June 2025). The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past seven days.
Spotify Technology S.A.
Spotify Technology provides audio streaming services worldwide. SPOT operates through two segments - Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. SPOT also offers sales, distribution and marketing, contract research and development, and customer support services.
Impressive Earnings Estimate Revisions for SPOT Shares
Spotify Technology has an expected revenue and earnings growth rate of 19.4% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
DocuSign Inc.
DocuSign’s top line has been significantly benefiting from continued customer demand for eSignature, its anchor product. Despite this rising demand, the market for eSignature remains largely untapped. This keeps DOCU in a position to expand eSignature around the world. DOCU remains focused on continuously acquiring customers, improving its offerings and expanding internationally.
Robust Earnings Estimate Revisions of DOCU Stock
DocuSign has an expected revenue and earnings growth rate of 6.6% and 15.1%, respectively, for the current year (ending January 2025). The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past seven days.
Vertiv Holdings Co.
Veritiv designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. VRT offers hardware, software, analytics and ongoing services.
VRT Shares See Strong Earnings Estimate Revisions
VRT has an expected revenue and earnings growth rate of 12.8% and 45.8%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, current-year and next-year earnings has improved over the past 60 days.
Universal Health Services Inc.
Universal Health’s Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. UHS anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs.
Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. UHS maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends.
UHS Shares Witness Solid Earnings Estimate Revisions
Universal Health Services has an expected revenue and earnings growth rate of 9.8% and 51%, respectively, for the current year. The Zacks Consensus Estimate for current-quarter, next-quarter, current-year and next-year earnings has improved over the past 60 days.
Zacks Investment Research
Merit Medical Systems MMSI witnessed strong momentum in the year-to-date period. Shares of the company have rallied 26.4% against the industry’s decline of 1%. The S&P 500 Composite has risen 16.3% in the same period.
With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.
South Jordan, UT-headquartered Merit Medical provides various peripheral and cardiac intervention products to cure cardiac conditions specific to interventional cardiology and electrophysiology. The company conducts its business via two operating segments — Cardiovascular (which includes Peripheral Intervention or PI, Cardiac Intervention or CI Custom Procedural Solutions or CPS and Original Equipment Manufacturer or OEM) and Endoscopy.
The Cardiovascular segment offers a broad line of medical devices used to gain and maintain vascular access. These products include Merit Medical’s micropuncture kits, angiographic needles, its family of Prelude Introducer Sheaths and a wide range of guide wires and safety products. The Endoscopy segment’s products, Merit Medical Endotek, are organized into two product portfolios — gastroenterology and pulmonary.
Catalysts Driving MMSI’s Growth
Investors are upbeat about Merit Medical’s strong product portfolio and strength in its Cardiovascular business segment. In July, Merit Medical executed an asset purchase agreement with EndoGastric Solutions, Inc. The asset acquisition expands the company’s endoscopy portfolio with a minimally-invasive solution — EndoGastric Solutions’ EsophyX Z+ device — for patients suffering from chronic gastroesophageal reflux disease.
In May, Merit Medical announced the U.S. commercial release of the basixSKY Inflation Device. The device is available as a standalone solution and in kits with Merit Medical’s Angioplasty Packs, configured to offer complementing AccessPLUS, Honor, and PhD hemostasis valves.
Also, in May, Merit Medical received the FDA’s 510(k) clearance for its Siege Vascular Plug. The company also announced the launch of its Bearing nsPVA Express Prefilled Syringe in the United States and Australia.
Merit Medical’s cardiovascular sales for the three months ended June 30, 2024, were 96.9% of total sales and up 5.3% from the corresponding period of 2023. On the second quarter of 2024 earnings call in August, Merit Medical’s management confirmed that the total revenue growth of 5.6% on a reported basis and 6.6% at CER was partly driven by growth in its Cardiovascular segment. Management also stated that the Cardiovascular segment was the primary driver of the better-than-expected total revenue results versus the high end of constant currency growth expectations in the quarter.
MMSI ended the second quarter on a strong note, wherein both earnings and revenues beat the Zacks Consensus Estimate. The year-over-year uptick in the top line and bottom line was impressive. The company saw revenue growth in both its segments and across the majority of the product categories within its Cardiovascular unit.
Robust performances in the United States and outside were impressive. The expansion in operating margin bodes well for the stock. These tailwinds are likely to help in improving the stock’s price.
Factor That May Offset Gains for MMSI
Merit Medical competes strongly in the markets where it operates. The company is a global competitor in multiple markets, such as interventional cardiology, diagnostics, and radiology.
Many reputable companies have more financial, technological, and other resources and are more widely available in the market than Merit Medical. With these resources and market presence, competitors may be able to win market share by marketing their products more effectively or at lower costs.
Key Picks
Some better-ranked stocks in the broader medical space are Universal Health Service UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Service sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Service has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%. Universal Health Service has gained 56.1% so far this year compared with the industry's 48.1% growth.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%. Quest Diagnostics shares have gained 13.9% so far this year compared with the industry’s 17.9% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%. ABM's shares have risen 27.4% so far this year compared with the industry’s 17% growth.
Zacks Investment Research
ABM Industries Incorporated ABM stock has gained 19.5%, outperforming the 11% rally of the industry it belongs to and the 8.6% rise of the Zacks S&P 500 composite in the past six months.
ABM reported impressive third-quarter fiscal 2024 results. EPS (excluding 86 cents from non-recurring items) was 94 cents, which outpaced the Zacks Consensus Estimate by 10.6% and gained 19% on a year-over-year basis. Total revenues of $2.1 billion surpassed the consensus mark by 2.7% and increased 3.3% from the year-ago quarter.
How is ABM Industries Doing?
ELEVATE, which is ABM’s multi-year comprehensive strategic plan, aims to provide clients with offerings that improve transparency and efficiencies, develop its talent management system capabilities, expand data usage, and modernize the digital ecosystem. ABM anticipates ELEVATE to continue accelerating its organic growth, enhancing its strategic and comprehensive positioning, and reinforcing profitability.
ABM Industries' growth strategy involves strategic acquisitions and organic investments. The recent acquisition of Quality Uptime Services, Inc. allows ABM’s Mission Critical Solutions to offer comprehensive and complementary critical infrastructure solutions for data centers and similar essential services. RavenVolt, which was acquired in 2022, helped ABM expand its footprint in potential geographies and end markets through strategic acquisitions. RavenVolt’s addition has expanded ABM’s Technical Solutions service offerings, improving its foothold in EV infrastructure, power and bundled energy solutions markets.
ABM continues to reap the benefits of its comprehensive transformational initiative called “2020 Vision” launched in 2015. This initiative aims to attain profitable growth in the long run through an industry-based go-to-market approach. As part of this initiative, ABM Industries has centralized key functional areas, reinforced sales capabilities, and begun investing in service delivery tools and processes for supporting standard operating practices that are crucial for success in the long term.
2020 Vision initiative has enhanced the company’s Janitorial, Parking, Facilities Services, Building & Energy Solutions, and Airline Services offerings, and strengthened its position as a leading integrated facilities management company.
ABM Industries Incorporated Revenue (TTM)
ABM Industries Incorporated revenue-ttm | ABM Industries Incorporated Quote
We are also impressed with ABM Industries’ motive toward rewarding its shareholders through dividend payments and share repurchases. The company paid out dividends of $57.5 million in 2023, $51.9 million in 2022 and $51 million in 2021. ABM returned $138.1 million in share repurchases in 2023 and $97.5 million in 2022. The company did not repurchase any shares in 2021. Such actions indicate its commitment to create value for shareholders and underline its confidence in its business. These initiatives not only instill investors’ confidence but also positively impact the bottom line.
Despite all the above efforts taken by ABM Industries to boost its capabilities, it has had to deal with rising operating expenses in the past two years. In fiscal 2023, operating expenses increased 4.1% year over year. The same rose 28.5% year over year in fiscal 2022. Increasing operating expenses can have significant negative impacts on the bottom line.
Zacks Rank & Stocks to Consider
ABM Industries currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are AppLovin APP and Evertec EVTC.
AppLovin flaunts a Zacks Rank of 1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
APP has a long-term earnings growth expectation of 20%. It delivered a trailing four-quarter earnings surprise of 21.1%, on average.
Evertec sports a Zacks Rank of 1 at present. It has a long-term earnings growth expectation of 8%.
EVTC delivered a trailing four-quarter earnings surprise of 11.1%, on average.
Zacks Investment Research
iRhythm Technologies, Inc. IRTC has received regulatory approval from Japan’s Pharmaceutical and Medical Device Agency for its Zio long-term continuous ECG monitoring (LTCM) system.
The Zio system, which provides 14 days of continuous heart monitoring, combines a wearable patch device with AI-powered analysis through Zio ECG Utilization Software for high diagnostic accuracy to help doctors make the right diagnosis the first time. With this approval, iRhythm aims to secure reimbursement from Japan’s Ministry of Health, Labour and Welfare (MHLW) to make this technology more accessible. Japan's MHLW designated iRhythm's Zio system for high medical needs, a rare distinction for innovative devices with significant medical utility.
iRhythm's deep learning technology can accurately classify a wide range of arrhythmias, matching the diagnostic performance of cardiologists. In clinical settings, this AI-driven system helps reduce misdiagnosed ECG interpretations, enhancing diagnostic accuracy and improving clinical efficiency.
Shares of IRTC have lost 0.1% since the announcement on Sept. 11.
Japan’s Regulatory Approval Elevates IRTC's Zio ECG System
Per iRhythm, this approval marks a major milestone in cardiac care for Japan, the second-largest ambulatory cardiac monitoring market. Currently, most patients rely on outdated Holter monitoring, but the Zio system offers greater accuracy and longer monitoring times, reducing misdiagnoses and improving clinical efficiency.
With Japan’s aging population and increasing stroke and cardiovascular disease burden, it has been recommended by the Japanese Heart Rhythm Society that the adoption of Zio’s advanced AI-powered ECG technology is expected to meet the growing demand for better arrhythmia detection in Japan. iRhythm’s partnership with local distributors positions the company to enhance patient outcomes globally.
Japan is poised for growth due to its aging population and rising cardiovascular disease burden with 1.6 million cardiac tests annually.
iRhythm Expands Global Reach in Cardiac Monitoring Solutions
iRhythm Technologies, which has processed over eight million patient reports and accumulated 1.8 billion hours of ECG data, is preparing to launch its Zio ECG systems in Japan after receiving regulatory approval. The company has signed a distribution agreement, awaiting reimbursement approval. iRhythm’s Zio monitor systems are already available in the United States, the United Kingdom and parts of Europe, including Austria, the Netherlands, Spain and Switzerland.
Market Prospects Favoring IRTC
Per a report in Grand View Research, the global arrhythmia monitoring devices market size is estimated to be $7.85 billion in 2024. It is anticipated to reach $12.03 billion by 2030 at a CAGR of 7.4%.
The robust growth is likely to be driven by the rise in heart rhythm irregularities, the development of AI-powered devices, the broader use of remote cardiac monitoring and user-friendly device designs. Additionally, increasing adoption by medical professionals, technological advancements and growing investment in innovative devices are fueling this market’s rapid growth.
Recent Developments at iRhythym
This Month, iRhythm shared promising real-world data on its next-generation Zio LTCM patch ECG device at the Heart Rhythm Society’s HRX 2024 meeting. The Zio monitor, designed to be smaller, lighter and waterproof with a breathable adhesive, demonstrated significant improvements over its predecessor, Zio XT. This study suggests that the new device enhances patient monitoring and detection of heart rhythm abnormalities.
Last Month, iRhythm launched its Zio monitor and LTCM service in Austria, the Netherlands, Spain and Switzerland. The Zio monitor, offering up to 14 days of continuous ECG monitoring, received CE Marking under the European Union Medical Device Regulation in December 2023. This expansion provides a significant improvement over traditional 24-48-hour Holter monitoring.
IRTC Stock Price Performance
Shares of iRhythm have plunged 30.1% year to date compared with the industry’s 12.1% decline. The S&P 500 has witnessed a 16.2% rise in the same time frame.
Zacks Rank & Key Picks
Currently, iRhythm carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services UHS, Quest Diagnostics DGX and Aveanna Healthcare AVAH. While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and Aveanna Healthcare carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Services has gained 41.1% compared with the industry's 34.8% growth year to date.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have risen 3.7% year to date compared with the industry’s 10.2% growth.
Aveanna Healthcare's earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 47.5%.
AVAH's shares have surged 104.5% year to date compared with the industry’s 15.7% growth.
Zacks Investment Research
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