BioTelemetry Inc (NASDAQ:BEAT), a pioneer in the wireless medical technology space, is on the fast track to growth because of its strength in the mobile cardiac monitoring market, according to a report by ROBO Global.
Pennsylvania-based BioTelemetry’s flagship product, the Mobile Cardiac Outpatient Telemetry (MCOT) system, gives cardiologists the ability to monitor their patients through the wearable technology they are using which shares data with their doctors through MCT transmitters.
“With the cardiac monitoring market poised to grow to $32 billion by 2022 at a CAGR of 8%, Biotelemetry’s strength in this area bodes well for its future,” wrote ROBO Global senior research analyst Lisa Chai in a report. ROBO Global created the ROBO Global Robotics & Automation Index, the world’s first benchmark index to track companies that focus on robotics, automation and artificial intelligence.
To date, Biotelemetry’s MCOT devices have been used to monitor more than one million people per year and process over four billion heartbeats every day.
Before wearable devices like MCOT, monitoring and diagnosing heart disorders typically required hospital stays.
BioTelemetry is a ROBO Global index member and has delivered a total return of more than 443% to investors in the past three years.
Chai wrote that BioTelemetry’s newest system incorporates “unparalleled arrhythmia detection capability” into a product that can be configured as an ultralight wearable patch, or used with more traditional lead wires when patients prefer not to wear a patch.
The analyst noted that competition is brewing in the space, but BioTelemetry is doing everything to stay ahead of competition.
According to Chai, iRhythm Technologies Inc (NASDAQ:IRTC) is the second-biggest player in the space, and offers a wearable biosensor called the Zio patch. Similarly, General Electric Company’s (NYSE:GE) subsidiary GE Healthcare’s MobileLink is a wireless, integrated ECG communication solution that captures, transmits and analyzes ECG information.
“To safeguard its market leadership, BioTelemetry holds 65 US patents and 134 international patents, and it currently has 56 active patent applications,” wrote Chai.
To strengthen its competitive position, in July 2017 Biotelemetry acquired a heavy hitter in the space called LifeWatch.
It has also participated in a study which combines the iPhone, Apple Watch, and BioTelemetry’s ePatch to screen for heart rhythm abnormalities in the general population.
“Its gross margin is impressive at 63%, with additional room to expand. These numbers have bolstered investor confidence in the company’s ability to execute in every area—including research, product development, and sales,” wrote Chai.
The ROBO Global Robotics & Automation Index ETF (NYSEARCA:ROBO) was down a little at $38.16 in midday trade Wednesday.
Contact Uttara Choudhury at [email protected]