2 Best Telehealth Stocks For 2021: Nuance And IRhythm

NASDAQ: NUAN | Nuance Communications, Inc. News, Ratings, and Charts

The global digital health industry is expected to grow at a CAGR of 27.7% over the next four years, driven by its rising market share. While hospitals and other health care centers have been focusing on dealing with the coronavirus pandemic, people have been accessing telehealth services for help with other ailments.

While the world is still struggling to control the spread of the virus (with a new second strain now making the task even more difficult), the telehealth industry is on the rise. Moreover, consumers are gradually getting accustomed to remote health care, particularly as digital health services are relatively time and resource efficient. So, we think that even after the pandemic is controlled, the demand for telehealth services will continue.

Companies such Nuance Communications, Inc. (NUAN) and iRhythm Technologies, Inc. (IRTC) have witnessed a surge in the demand for their services this year, which has helped their stocks climb. With the telehealth boom here to stay, we expect these two stocks to continue their upward trajectory in the coming months.

Nuance Communications, Inc. (NUAN)

NUAN is an artificial intelligence company that provides healthcare and productivity solutions through three segments – Healthcare, Enterprise, and Other. NUAN’s algorithms are designed to read, analyze, and respond to human activities, thereby enhancing user productivity.

On December 15, Industrial Bank of Korea announced the use of NUAN’s state-of-the-art biometrics technology for its video calls to minimize fraudulent activities. Earlier in December, NUAN’s Surgical Computer Assisted Physician Documentation solution was implemented by McLeod Healthcare network. These developments reflect NUAN’s popularity in the global markets and are expected to bolster the company’s position in the biotechnology and healthcare sectors.

Though NUAN’s revenue and EPS has declined in the third quarter ended September 30, 2020, the company is expected to make a quick comeback given its surging popularity and recognition in the international markets. Moreover, NUAN has beaten the consensus EPS estimate by 12.5% in the fourth quarter of 2020.

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