Medtronic plc MDT recently announced the publication of an economic model based on data from the PRODIGY trial (PRediction of Opioid-induced respiratory Depression In patients monitored by capnoGraphY). The economic model demonstrated that continuous pulse oximetry and capnography monitoring for patients receiving opioids on medical-surgical units can reduce the hospital cost burden and length of patient stay compared to intermittent pulse oximetry monitoring alone.

Per the company data, about 46% of patients receiving opioids on the general care floor can develop respiratory depression.

The latest findings from the analysis are expected to bolster Medtronic’s Patient Monitoring business, which offers innovative solutions for blood oxygen management, respiratory compromise and perioperative complications.

Few Words on PRODIGY Trial

The PRODIGY is a Medtronic-sponsored, prospective observational, multi-center study concerned with quantifying the incidence of opioid-induced respiratory depression (OIRD) and identifying patients at high risk for the same. The trial is primarily intended to develop and validate a risk stratification tool that aids clinicians to detect high-risk patients receiving opioids.

Image Source: Zacks Investment Research

The PRODIGY risk stratification tool may support the recent updates on monitoring opioids-receiving post-operative patients from The Joint Commission.

Analysis

Per the study findings, continuous capnography and pulse oximetry monitoring of high-risk patients receiving opioids can generate $535,531 in hospital cost savings for a median-sized U.S. hospital annually and a cumulative patient length of stay decrease of 103 days per year, assuming 20% reduction in respiratory depression.

Industry Prospects

Per a report published in Mordor Intelligence, the respiratory monitoring devices market is expected to see a CAGR of 9.5% during 2018-2026. Factors driving market growth include increasing prevalence of chronic obstructive pulmonary disease patients, surge in urbanization and pollution levels, high prevalence of tobacco smoking, and technological advancements.

Given the market prospects, the economic analysis results from PRODIGY Trial bear strategic significance.

Recent Developments

Medtronic engaged in a number of significant developments in June 2021.

The company initiated the DEFINE AFib study to understand atrial fibrillation burden in patients and its impact on patient outcomes, quality of life and healthcare, utilizing data collected from its LINQ range of insertable cardiac monitors (ICMs). The DEFINE AFib is the company's first app-based research study with sophisticated data aggregation capabilities and remote monitoring using the LINQ range of ICMs.

The company reported its first successful patient procedure with the Hugo robotic-assisted surgery (RAS) system at Clínica Santa María in Chile. The robot-assisted prostatectomy was performed in support of the Partners in Possibility Program. This first patient procedure initiated the beginning of Hugo RAS system patient registry, which is intended to collect clinical data in support of regulatory submissions.

Medtronic received expanded FDA approval for the Arctic Front Family of Cardiac Cryoablation Catheters based on results from STOP AF First study. The Arctic line of catheter ablation devices enables physicians to treat recurrent symptomatic paroxysmal atrial fibrillation as an efficient replacement to antiarrhythmic drug therapy.

Share Price Performance

The stock has outperformed its industry over the past year. It has grown 35.4% compared to the industry’s 16% growth.

Zacks Rank and Key Picks

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

A few better-ranked stocks from the Medical-Products industry include National Vision Holdings, Inc. EYE, Envista Holdings Corporation NVST and BioLife Solutions, Inc. BLFS.

National Vision Holdings, which carries a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 23%.You can see the complete list of today’s Zacks #1 Rank stocks here.

Envista Holdings, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 26.4%.

BioLife, which carries a Zacks Rank #2, has a long-term earnings growth rate of 10%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Medtronic PLC (MDT) : Free Stock Analysis Report

BioLife Solutions, Inc. (BLFS) : Free Stock Analysis Report

National Vision Holdings, Inc. (EYE) : Free Stock Analysis Report

Envista Holdings Corporation (NVST) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research