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Masimo MASI recently announced that a U.S. court has found Politan Capital and its managing partner, Quentin Koffey, guilty of violating a sealing order by releasing information from ongoing court proceedings in a press release dated Sept. 12.
This incident is likely to become a critical factor in the lead-up to Masimo’s 2024 Annual Meeting on Sept. 19, where Politan aims to replace several board members, potentially leading to the ousting of the company’s long-standing CEO and founder, Joe Kiani. The ruling has raised significant issues concerning corporate governance and the ethical conduct of activist investors.
Politan’s press release, which disclosed court proceedings sealed by a previous ruling, was deemed a violation by the U.S. Court for the Central District of California. The court stated that Politan’s disclosure gave it an unfair advantage in its proxy battle with Masimo, as the latter was unable to respond meaningfully due to the constraints of the sealing order.
Although the court ruled in favor of Masimo regarding the breach, it did not issue an injunction because the company failed to demonstrate significant economic damage from Politan’s actions. Furthermore, Politan had made corrective disclosures in response to the litigation.
MASI stock has gained 2% so far following the court ruling on Sept. 14. Year to date, Masimo’s shares have lost 1.9% against the industry’s growth of 9.8%. The S&P 500 Index has gained 18.1% in the said time frame.
Will MASI Gain From the Ruling?
The controversy stems from Politan’s broader agenda, which involves challenging the current leadership at Masimo. The investment firm has been vocal in its criticism of Masimo’s governance, particularly its alleged “egregious CEO benefits” and what Politan describes as “broken governance.”
In June 2024, Politan proposed two new board members, Darlene Solomon, former CTO of Agilent, and William Jellison, former CFO of Stryker, in an attempt to reshape Masimo’s leadership. According to Politan, these changes are necessary to safeguard the company’s future and maximize shareholder value.
However, the court’s contempt ruling has cast doubt on Politan’s ethical standing. Masimo’s management seized the opportunity to question the credibility and integrity of Politan, urging investors to vote against the firm’s nominees. The current board emphasized that Politan and its leadership, including Quentin Koffey, lack the necessary experience and qualifications to guide Masimo, further citing the court’s contempt ruling as evidence of Politan’s questionable conduct.
Importance of MASI’s Board Battle
The upcoming vote on Sept. 19 will determine the future of Masimo’s leadership. It could also result in Joe Kiani being ousted as CEO, a position he has held since the company’s inception. The court ruling adds a layer of complexity to the voting process, as shareholders must now weigh the legal and ethical implications of supporting Politan's candidates. If Politan succeeds, it could lead to a significant shift in Masimo’s strategic direction. A victory for MASI’s current board would maintain the status quo, albeit with renewed questions about governance and accountability. This ruling, therefore, plays a critical role in shaping the company’s future leadership and governance structure.
Masimo Corporation Price
Masimo Corporation price | Masimo Corporation Quote
MASI’s Zacks Rank & Other Key Picks
Currently, Masimosports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DVA’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 24.2%. Its shares have risen 56.1% compared with the industry’s 26.3% growth in the past year.
Baxter, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Baxter has gained 2.9% compared with the industry’s 19.5% growth in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.7% compared with the industry’s 19.5% growth in the past year.
Zacks Investment Research
Stryker Corporation SYK announced that it has closed the previously-announced agreement to acquire care.ai, a privately held company specializing in artificial intelligence (AI)-assisted virtual care workflows, smart room technology and ambient intelligence solutions. This acquisition is likely to strengthen Stryker's healthcare IT and wireless medical device offerings, underscoring its commitment to delivering innovative solutions that can tackle key challenges in the healthcare industry.
The deal should help SYK in enhancing its position further in the healthcare technology sector. Although SYK stock declined 2.2% following the announcement, the company’s shares have demonstrated a strong uptrend year to date, which is likely to continue for the rest of 2024.
Significance of SYK’s Agreement
Stryker's acquisition of care.ai marks a pivotal step in addressing major challenges in the healthcare industry, such as nursing shortages, staff retention and workplace safety. care.ai's AI-powered platform enhances healthcare delivery by enabling responsive, personalized workflows, allowing caregivers to focus more on patient care.
This move should accelerate Stryker's digital vision, offering customers real-time, intelligent decision-making tools that benefit both caregivers and patients. By integrating care.ai’s AI-driven technology with its Vocera platform, Stryker can create a comprehensive ecosystem to support dynamic clinical workflows and the development of smart healthcare facilities.
The acquisition highlights Stryker’s commitment to addressing its customers' evolving needs while advancing the future of healthcare. It aligns with Stryker's strategy of making tuck-in acquisitions to expand its capabilities.
Stryker Corporation Price
Stryker Corporation price | Stryker Corporation Quote
Earlier, in June, the company agreed to purchase Artelon, a leader in soft tissue repair technology. In December, it announced plans to acquire Serf Sas, a firm specializing in joint replacement technology. Through these strategic moves, Stryker is reinforcing its position as a leader in healthcare innovation.
Industry Prospects
Per a Precedence Research report, the global AI healthcare market size is expected to be worth $26.69 billion in 2024. It is anticipated to reach $613.81 billion by 2034 at a CAGR of 36.8%.
The robust growth will be primarily driven by the increasing adoption of digital technologies to reduce healthcare costs and enhance patient care quality. The rising prevalence of chronic diseases and an aging population are expanding the patient pool, leading to a greater need for efficient data management.
The demand for personalized medicine and the need to maintain digital health records are further propelling the market. The integration of AI and machine learning into healthcare systems should aid in early disease detection and improved care, supported by data analytics, deep learning, natural language processing and predictive analytics.
Price Performance
Shares of Stryker have risen 21.6% year to date compared with 15.5% growth of the industry. The S&P 500 has witnessed a 18.1% rise in the same time frame.
SYK’s Zacks Rank & Key Picks
Currently, Strykercarries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DVA’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 24.2%. Its shares have risen 56.1% compared with the industry’s 26.3% growth in the past year.
Baxter, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Baxter has gained 2.9% compared with the industry’s 19.5% growth in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.7% compared with the industry’s 19.5% growth in the past year.
Zacks Investment Research
Masimo Corporation MASI, on Friday, announced a partnership with Google. The tie-up aims to develop a new reference platform for original equipment manufacturers (OEMs) building Wear OS by Google smartwatches.
OEMs who adopt the new Masimo platform will continue to design and produce their new smartwatches’ physical exteriors. However, the devices’ interiors, including optimized hardware and software components, biosensors, and a companion Android smartphone app, will be provided by Masimo. This is expected to ensure superior performance and unmatched user experiences.
Health and wellness capabilities will feature the same biosensing innovations and analytics that power the Masimo W1 wearable and upcoming Masimo Freedom smartwatch. The Masimo reference platform will likely make these components, features and benefits available for smartwatch manufacturers building Wear OS smartwatches in an easy-to-implement, standardized package.
Following the announcement on Sept. 13, MASI’s shares have gained 1% till the last trading.
The latest partnership is expected to significantly strengthen Masimo’s patient monitoring business.
Rationale Behind MASI’s Tie-Up
Per Masimo, by incorporating its biosensing technologies and standardizing smartwatch devices using the Masimo reference platform, OEMs will be able to build more efficiently and bring high-performing Wear OS smartwatches to market. The company believes that the robust reference platform will likely support the fast-growing Wear OS ecosystem, including a suite of health and wellness tracking tools to provide accurate, reliable data, seamless integration with Android smartphones, and improved quality and experience.
Masimo’s management expects the new wearable platform to boost the smartwatch OEMs’ abilities to create innovative, competitive and truly compelling Wear OS smartwatches for consumers.
Per Wear OS, smartwatch makers are expected to be able to benefit from Masimo’s biosensing technology and quickly bring the Wear OS devices to market, at scale, with Masimo's reference platform.
Masimo’s Industry Prospects
Per a report by MarketsandMarkets, the global patient monitoring devices market is anticipated to reach from $48.5 billion in 2024 to $71.1 billion by 2029 at a CAGR of 8%. Factors like the rising burden of chronic diseases due to lifestyle changes, growth in the elderly population, increasing preference for home and remote monitoring and the ease of use of portable devices are expected to drive the market.
Given the market potential, the latest tie-up is likely to provide a significant boost to Masimo’s business.
MASI’s Recent Partnerships
This month, Masimo announced its partnership with Qualcomm Technologies, Inc. to develop a next-generation smartwatch reference platform for OEMs building Wear OS by Google smartwatches.
The same month, Masimo announced that France-based Saint-Denis Hospital Center would be adopting the use of its SafetyNet cloud-based telemonitoring platform as part of an experimental mobile neonatology unit aimed at facilitating earlier discharge of premature newborns from the ICU to the home.
Last month, Masimo launched a partnership with March of Dimes to support new parents with babies in the Neonatal Intensive Care Unit (NICU). Through this partnership, Masimo will support March of Dimes’ NICU Family Support program, which helps over 50,000 families nationwide as they navigate the NICU experience and the transition from hospital to home.
Masimo’s Share Price Performance
Shares of the company have gained 14.2% in the past year compared with the industry’s 18.2% rise and the S&P 500's 25.9% growth.
MASI’s Zacks Rank & Other Key Picks
Currently, Masimo sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 at present, has an estimated long-term growth rate of 17.5%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 24.2%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita’s shares have gained 65.6% compared with the industry’s 30.1% rise in the past year.
Baxter, carrying a Zacks Rank of 2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, with the average being 3.7%.
Baxter has gained 3.9% compared with the industry’s 20.3% rise in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.6% compared with the industry’s 20.3% rise in the past year.
Zacks Investment Research
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One company value investors might notice is Baxter International (BAX). BAX is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 12.59. This compares to its industry's average Forward P/E of 22.08. Over the past 52 weeks, BAX's Forward P/E has been as high as 14.92 and as low as 10.64, with a median of 12.30.
Investors should also note that BAX holds a PEG ratio of 1.26. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. BAX's PEG compares to its industry's average PEG of 2.19. Over the last 12 months, BAX's PEG has been as high as 4.33 and as low as 1.20, with a median of 2.13.
Another notable valuation metric for BAX is its P/B ratio of 2.60. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 5.34. Within the past 52 weeks, BAX's P/B has been as high as 3.52 and as low as 1.97, with a median of 2.35.
Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. BAX has a P/S ratio of 1.35. This compares to its industry's average P/S of 1.45.
If you're looking for another solid Medical - Products value stock, take a look at Koninklijke Philips (PHG). PHG is a # 2 (Buy) stock with a Value score of A.
Shares of Koninklijke Philips currently holds a Forward P/E ratio of 18.06, and its PEG ratio is 0.94. In comparison, its industry sports average P/E and PEG ratios of 22.08 and 2.19.
PHG's Forward P/E has been as high as 18.13 and as low as 12.29, with a median of 14.35. During the same time period, its PEG ratio has been as high as 1.33, as low as 0.78, with a median of 0.91.
Furthermore, Koninklijke Philips holds a P/B ratio of 2.25 and its industry's price-to-book ratio is 5.34. PHG's P/B has been as high as 2.25, as low as 1.28, with a median of 1.50 over the past 12 months.
Value investors will likely look at more than just these metrics, but the above data helps show that Baxter International and Koninklijke Philips are likely undervalued currently. And when considering the strength of its earnings outlook, BAX and PHG sticks out as one of the market's strongest value stocks.
Zacks Investment Research
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