Veeva Systems Inc.VEEV recently announced that its next-generation cloud single clinical data management application, Veeva Vault CDMS, eliminates the need for multiple tools and helps streamline clinical data. Thus, healthcare companies can now get a complete view of clinical data in a single application and move away from a complex combination of data.
Following the announcement, Veeva's shares inched up 0.7% to $105.20. Over the past year, shares of this California-based company have rallied 89.2% compared with the industry 's 35% rise. The current level is also higher than the S&P 500 index's gain of 16.3%.
The stock currently carries a Zacks Rank #2 (Buy).
About Veeva Vault CDMS
Vault CDMS is part of Veeva Vault Clinical Suite platform. The modern cloud-based application combines the Vault Coder, Vault EDC and Vault Data Workbench. The Vault Coder codes medical information with speed and accuracy in Vault CDMS. Meanwhile, the Vault EDC maintains and manages all clinical data.
Per management, the Vault Data Workbench is designed to seamlessly bring together all trial data for integrated cleaning, reporting and export. It is scheduled to be available starting 2019.
Cloud-Based Computing Takes MedTech by Storm
Healthcare companies are increasingly relying on cloud-based applications to streamline healthcare data. Cloud-based applications are cost effective and help streamline operations through the use of electronic health records, electronic medical records and predictive analytics.
Earlier this year, Veeva launched Nitro, a next-generation commercial data warehouse for the life sciences industry. (Read More: Veeva Rolls Out Nitro to Unify Healthcare Industry Data )
Other bigwigs that offer cloud-based services are Cerner Corporation CERN and athenahealth ATHN . Cerner's HealtheIntent and athenahealth's cloud-based big data network athenaNet deserve a mention here.
Per research by MarketsandMarkets, the global healthcare cloud computing market is expected to reach $44.93 billion by 2023 at a CAGR of 18.2%. The study further states that in 2018, North America held the largest share of the healthcare cloud computing market, followed by Europe.
Thus, Veeva's latest move has been a timely and strategic one.
Another Key Pick
Another top-ranked stock in the broader medical space is Intuitive Surgical, Inc. ISRG , with a Zacks Rank #2. Intuitive Surgical's long-term earnings growth is projected at 14.7%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.