By
Chimamanda U. Martha
October 23rd, 2023
Philips announced the launch of its remote monitoring and defibrillator solution dubbed Tempus ALS. PHG stock is down in the pre-market.
Koninklijke Philips N.V. (NYSE: PHG) stock fell in the pre-market despite closing yesterday with a plus. Philips stock is 2.84% down in regards to yesterday’s close $54.13 (+3.09%). The company that is dubbed a global leader in health technology, has, however, not been largely affected by the coronavirus pandemic as generally observed in most markets.
According to Philips stock historical metrics, its share value has been up 13.17% year to date, up 25.75% in the past three months and 13.29% in the past one month.
This can be largely attributed to the fact the company has diversified its business ventures through the health technology field. It was formerly one of the largest global electronics companies, however, it is currently focused in the area of health technology.
With the world struggling to fight the COVID-19 infection rate, most companies that are working to help fight the global pandemic are being favored by the investors.
Shares of companies that are developing and supplying equipment and drugs needed by medical personnel to fight the coronavirus pandemic have been skyrocketing in the past two quarters.
With Philips majorly in the health tech industry, speculation of the company developing much-needed equipment cannot keep the shares volatility low.
Philips Pre-Hospital Wireless Monitoring Devices
Through a press release on July 29, the company launched its remote monitoring and defibrillator solution (Tempus ALS) meant for pre-hospital settings in the United States.
According to the company, the solution is a complete end-to-end system that brings together innovative hardware and advanced software to expand the pre-hospital scope of care for first responders.
“In emergency situations, where seconds count, having access to advanced patient data collection and sharing and real-time secure data streaming, can help inform confident treatment and transport decisions outside the hospital,” said Arman Voskerchyan, General Manager of Therapeutic Care at Philips.
With a ready market for the solution, the company is likely to significantly benefit financially despite the pandemic constraints. Currently, Philips (PHG) stock is testing the ATH that was attained in mid July of 2000. If the bulls break above this level, we might see a new ATH set during the COVID-19 pandemic era.