Why Apple Is Propping Up BioTelemetry
BioTelemetry saw its shares make a handy gain on Thursday after a new partnership with Apple to provide cardiac monitoring services in conjunction with the Apple Heart Study.
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BioTelemetry Inc. (NASDAQ: BEAT) shares saw a handy gain on Thursday after a new partnership with Apple Inc. (NASDAQ: AAPL) was announced. Specifically, these companies are joining forces to provide cardiac monitoring services in conjunction with the Apple Heart Study.
The study, which has just launched, is expected to discover undiagnosed irregular heart rhythms, such as atrial fibrillation, using the Apple Watch and the dedicated “Apple Heart Study” app.
While BioTelemetry is not exactly a household name, it is a leading mobile and wireless medical technology company focused on delivery of health information to save and improve lives while reducing the cost of care. BioTelemetry provides cardiac monitoring, mobile blood glucose monitoring, centralized medical imaging, and original equipment manufacturing that serve both the health care and clinical research industries.
Joseph H. Capper, president and CEO of BioTelemetry, commented:
We are extremely excited to be participating in this potentially ground-breaking study. Too often, the first indication of a cardiac arrhythmia is the occurrence of a life-threatening event. The Apple initiative will potentially benefit countless individuals who are unaware that they may be at risk for serious health issues.
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Excluding Thursday’s move, Biotelemetry has outperformed the broad markets, with the stock up about 20% year to date. Over the past 52 weeks, the stock is up roughly 37%.
Shares of BioTelemetry were last seen up almost 8% at $28.96, with a consensus analyst price target of $43.50 and a 52-week trading range of $19.30 to $39.20.
Apple was trading at $170.76 a share. The stock has a 52-week range of $108.25 to $176.24 and a consensus price target of $187.74.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
