Technology stocks

Top health tech stocks to buy now and hold

When it comes to healthcare and technology, you might think these two might be mutually exclusive. However, you would be wrong. Major health tech stocks are growing by leaps and bounds due to their mainstreaming into healthcare. This article will discuss some of the top health technology stocks that investors should consider buying now and holding for the long term.

Simulations Plus (SLP)

Simulations Plus is a medical technology company that develops innovative medical simulation training products. They serve a variety of health care organizations, including health care providers, commercial health insurers, and federal agencies. Simulations Plus’ most unique product offering is the Trauma Patient Simulator (TPS), which allows students and healthcare professionals to practice realistic patient assessment skills in a controlled clinical environment. The TPS is designed to be a realistic manikin that will allow students and healthcare professionals to practice a variety of emergency care procedures in a controlled clinical environment. This includes the ability to administer emergency medical treatments such as airway management, CPR and bleeding control. TPS from Simulations Plus Additionally, simulation training products are on the market that are FDA cleared for training and testing.

GoodRx Holdings (GDRX)

GoodRx is a price comparison and coupon app for healthcare. The app allows users to discover the lowest prices for prescription drugs at nearby pharmacies. The app also provides other useful information, such as price comparisons for over-the-counter medications and health and wellness services, such as lab tests and doctor visits. The GoodRx app has been downloaded over 60 million times and currently has approximately 15 million monthly active users. GoodRx has also been praised for its efforts to reduce overall healthcare costs through its system, which encourages competition among pharmacies by providing them with drug pricing data. Financially, GoodRx currently expects to generate more than $130 million in revenue in 2019, up from $104 million in 2018.

Inspire Medical Systems (INSP)

Inspire Medical is a medical device company that develops and markets various medical devices. These include spinal disc replacement systems, a transsphenoidal brain surgery device, and a continuous glucose monitoring system. The company has an impressive list of clients, including Stanford, Yale, Duke, and other leading healthcare institutions. Inspire Medical’s most cost-effective product is the Inspire Titanium Screw, a spinal disc replacement system designed to help patients avoid the risks of traditional spinal fusion surgery. The Inspire Medical Intervertebral Disc Replacement System is designed for use in the lower back, where it can help prevent the dangers of conventional spinal fusion surgery, including decreased mobility and loss of natural curvature of the spine. Inspire Medical’s Intervertebral Disc Replacement System has seen impressive growth, with revenue growing from $17 million in 2017 to $71 million in 2019.

Evolutionary Health (EVH)

Evolent Health is a healthcare IT company that provides a comprehensive set of cloud-based services including population health management, clinical integration, analytics and business intelligence. Evolent Health’s core services are designed to help healthcare providers improve overall quality and localize quality. Lower currently works with over 500 clients, including healthcare providers and commercial health insurers. Evolent Health is also recognized for its commitment to diversity and inclusion and has been named to the Forbes list of Best Diversity Employers. Evolent Health currently forecasts revenue of $1.1 billion in 2019, up from $660 million in 2018.

Conclusion

Health technology stocks are booming and have proven to be among the best investments of recent years. With the demand for healthcare services ever-increasing, these stocks could be poised for even more growth in the future. Investors should consider buying these stocks now and holding them for the long term. Don’t know where to start? Check out our list of the best health tech stocks for some ideas. When it comes to healthcare and technology, you might think these two might be mutually exclusive. However, you would be wrong. In fact, major health tech stocks are growing by leaps and bounds due to their mainstreaming into healthcare.