Medtronic (MDT) to Enhance Patient Care via Digital Portal

Medtronic plc MDT recently announced a mobile application and web portal, CareGuidePro, for patients undergoing the company’s spinal cord stimulation (“SCS”) therapy. The CareGuidePro, which serves as a virtual guide for patients for the entire duration of their treatment journey, has been developed in collaboration with physician-led digital health and patient-engagement solutions provider, Higgs Boson Health.

For investors’ information, the CareGuidePro is available on iOS and Android devices.

It should also be noted that Medtronic is currently enrolling patients for the app's limited commercial release. A full United States release is, however, expected in late summer.

The patient-centric digital health platform by Medtronic for SCS patients is expected to provide a significant boost to the company’s Pain Therapies division. Notably, this division is a component of the broader Restorative Therapies Group.

Significance of the Platform

The CareGuidePro platform enables patients to record their pain relief and other feedback directly into the app. This allows detailed Patient Reported Outcomes to ensure that timely and crucial information is recorded and accessible, even outside of in-person office visits.

Per a medical expert, the ability to monitor patients more closely and receive faster data and feedback aids in adjusting and adapting therapies more efficiently and effectively per requirement. The platform’s ability to provide this facility is an important step forward in neuromodulation as well as patient care.

Per management, CareGuidePro (which is the first patient-centric digital health platform created for SCS patients) is expected to be a simplified solution that will naturally incorporate into the care provider's workflow. Further, the platform is likely to facilitate a better patient experience, and in turn potentially contribute to better therapy management.

Industry Prospects

Per a report by Global Market Insights, the digital health market was estimated to be more than $106 billion in 2019 and is expected to grow at a CAGR of 28.5% through 2026. Factors like surging cases of COVID-19 infections and a fast-growing healthcare IT infrastructure are expected to boost the adoption of digital health technologies.

Given the market potential, the latest announcement is expected to significantly strengthen Medtronic’s foothold in the SCS products business.

Recent Developments in Restorative Therapies Group

Of late, Medtronic has witnessed a few notable developments in its Restorative Therapies Group business.

The company, in April, received the FDA’s approval to proceed with an investigational device exemption trial to assess its internally developed implantable tibial neuromodulation device — a therapy designed to provide relief from symptoms of bladder incontinence. The same month, Medtronic announced a partnership with Surgical Theater to interface the latter’s SyncAR augmented reality technology with the former’s StealthStation S8 surgical navigation system.

Also in April, Medtronic announced receipt of the FDA’s clearance for its Pipeline Flex Embolization Device with Shield Technology.

Medtronic received the CE Mark for its SenSight directional lead system for Deep Brain Stimulation therapy as treatment of symptoms associated with movement disorders and epilepsy in March. The same month, the company received revised commercial labeling approval from the FDA for its Intellis Platform that works with Differential Target Multiplexed SCS programming.

In February, Medtronic received the FDA’s approval for expanded MRI labeling of its InterStim II and InterStim Micro sacral neuromodulation systems that use SureScan MRI leads.

Price Performance

Shares of the company have gained 28.3% in the past year compared with the industry’s 15.3% growth and the S&P 500's 46.5% rise.

Zacks Rank & Key Picks

Currently, Medtronic carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Amedisys, Inc. AMED, Boston Scientific Corporation BSX and National Vision Holdings, Inc. EYE.

Amedisys’ long-term earnings growth rate is estimated at 12%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Boston Scientific’s long-term earnings growth rate is estimated at 9.3%. It currently carries a Zacks Rank #2.

National Vision’s long-term earnings growth rate is estimated at 11.8%. It currently carries a Zacks Rank #2.

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