Here's Why BioTelemetry, Inc. Is Soaring Today

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What happened

Shares ofBioTelemetry(NASDAQ: BEAT), a medical device company focused primarily on mobile cardiac monitoring, are up more than 16% as of 11:45 a.m. EDT on Wednesday.

So what

The huge jump is attributable to the news that health insurance giantAnthem(NYSE: ANTM) has decided to offer coverage on real-time remote heart monitors. That's great news for BioTelemetry as Anthem's medical enrollment was just shy of 40 million members as of the end of the second quarter. Thus, this coverage decision should greatly expand the number of patients who could eventually use one of BioTelemetry's mobile cardiac telemetrydevices.

Given the news, it is no surprise to see investors bidding up shares today.

Now what

BioTelemetry is on a roll this year. The company's revenue and profits continue to grow at double-digit rates and it just receivedFood and Drug Administration approval for its next-generation device called the MCOT Patch. Management believes that the MCOT Patch's lightweight design will make it highly attractive to potential users, which could help to spur growth when it hits the market later this year.

In addition, the company recently signed a partnership deal with Bloom Technologies that holds promise to eventually bring a remote monitoring prenatal device market. If the companies succeed then it could open up even more growth opportunities down the road.

Given all the good news, perhaps it should come as nosurprise to see that BioTelemetry's stock has vastly outperformed theiShares U.S.Medical Devices ETF(NYSEMKT: IHI) year to date.

BEAT data by YCharts.

All in all, BioTelemetry's future is looking bright. Growth-focused investors might want to consider putting this high-flying stock on their radar.

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Brian Feroldi has no position in any stocks mentioned.Like this article? Follow him onTwitter where he goes by the handle@Longtermmindsetor connect with him on LinkedIn to see more articles like this.

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