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For anyone unfamiliar with cerebral oximetry, it's kind of like a pulse-ox for your brain. By attaching two patches to the forehead of a patient and bouncing near-infrared light through the cranium, one can measure cerebral oxygenation.

This has been shown to be quite helpful during many high-risk surgeries, particularly cardiothoracic with patients on a bypass pump. There are countless other likely areas of benefit. Think about a patient presenting to the ED with a GCS less than 8; how else will you know they're adequately perfusing the brain.

Up until last summer, there were basically two U.S. companies selling this: Somanetics and Casmed (which makes the Fore-Sight monitor). Somanetics was bought out by a large company last summer. So the only remaining play is Casmed (CASM). Their technology is superior: their monitor is accurate for measuring absolute values, rather than trend like their competitor.

This is likely to become an enormous industry. Hard to see how it will not be the standard of care for any high-risk surgeries or head injuries, to name but two examples (also big in the NICU). Besides being a wonderfully helpful technology for patients, it has the awesome financial characteristics of a razor/blade business (you buy the expensive monitor, then you keep buying THEIR single-use patches)...and as the market stands now, it's a duopoly. That's about as good as it gets.

You've really got to take a look. Ticker: CASM. (When you look at the financial numbers, remember this is a technology in its infancy).
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