Medtronic plcMDT recently reported receipt of the FDA approval for its MyCareLink Smart Monitor and subsequent commercial launch of the same in the U.S. Following the news on Nov 17, shares of the company had gained 1.3% to close the session at $77.56 on the subsequent day.
MyCareLink Smart Monitor is the world's first app-based remote monitoring system for implantable pacemakers. According to Medtronic, patients with smartphones or tablets connected through cellular or Wi-Fi service can transmit data from their pacemakers to physicians using app. This, in turn, will aid speedy diagnosis and expedite appropriate treatment decisions. This apart, the device will also facilitate physicians in managing and monitoring their patients implanted with the pacemakers.
MyCareLink Smart Monitor includes a handheld portable device reader and the MyCareLink Smart mobile app that is available free of cost on both Android and iOS. The entire system works on Medtronic's CareLink Network - its remote monitoring service for cardiac device patients, currently used by more than 1 million patients.
With smart appliances promising to make life more convenient for people of all age groups, the launch of such a smart app by Medtronic is indeed well-timed. It should help increase awareness about Medtronic's involvement in remote cardiac monitoring, thereby expanding the company's foothold in this niche.
Overall, at present, the demand for pacemakers is on the rise owing to a growing stroke market. Last quarter, the company witnessed solid growth in this market on the back of increased instances of ischemic stroke and thrombectomy. Going forward, Medtronic expects to see continuation of this growth rate in the range of 25% to 30% worldwide and even higher in the U.S. Hence, the launch of MyCareLink Smart Monitor at this juncture should add further impetus to this growth trend.
Medtronic currently has a Zacks Rank #3 (Hold).