Owens & Minor partners with Google Cloud to enhance inventory management system, positively impacting stock.
From Nasdaq: 2024-09-12 08:41:00
Owens & Minor, Inc. (OMI) partners with Google Cloud to enhance its cloud-based clinical inventory management system, QSight, aiming to optimize the healthcare supply chain and improve patient support. Shares of OMI rose 0.2% to $14.42 after the announcement, demonstrating the company’s strategic commitment to technological advancements in the industry.
Inefficient healthcare inventory management poses risks like using expired products and increased costs for hospitals. Traditional systems lack real-time visibility, affecting supply chain efficiency. The partnership between Owens & Minor and Google Cloud focuses on refining QSight to help hospitals manage a wide range of medical supplies effectively, laying the groundwork for future innovations in customer experience.
A report by Research and Markets values the healthcare inventory management software market at $331.5 million in 2021, with a projected 8.9% growth rate through 2028. Increasing complexities in the healthcare supply chain drive the demand for advanced inventory management solutions, offering visibility, automation, and analytics to healthcare organizations.
Owens & Minor’s recent acquisition of Rotech Healthcare Holdings, Inc., for $1.36 billion aligns with its strategy to expand into the home-based care sector. Despite a 10.8% decline in stock value over the past year, OMI has consistently beaten earnings estimates, with an average surprise of 11.1% in the trailing four quarters.
Boston Scientific (BSX) and AxoGen (AXGN) are Zacks Rank #2 stocks in the medical sector, showing positive earnings trends. BSX shares have risen by 55.9% in the past year, while AXGN has surged by 141.4%. Both companies have surpassed earnings estimates in the trailing four quarters, indicating strong growth potential in the medical industry.
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