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5 AI Stocks to Watch in 2021

27 Jan 5 AI Stocks to Watch in 2021

While Industries across the globe are grappling with the pandemic and its impact on their operations, Technology Industry has been focused on minimizing the impact and marching ahead with its innovations and breakthroughs, be it healthcare, contactless payments or big data analysis.

Artificial Intelligence is witnessing burgeoning demand and gaining wide scale acceptance owing to the humongous amount of data being generated by new age organizations. There is a growing need for tools that enable advanced data interpretation, and offer valuable insights, that can be used for serving both internal as well as external customers better. According to a report by Markets and Markets, the artificial intelligence as a service market is expected to reach USD 10.88 Billion by 2023, growing at a CAGR of 48.2%, from USD 1.13 Billion in 2017.

We take a look at some tech companies that are impervious to the scare and offer a very attractive upside in the long run. These companies not only have an excellent potential for growth and returns but have major upcoming catalysts such as new products and services, growing client base or even global expansion plans lined up for 2021.

iRobot Corporation (NASDAQ: IRBT)

Market Cap: $3.56B; Current Share Price: 126.40 USDChart
Data by YCharts

iRobot is a leading consumer robotic manufacturer that designs and develops robots for home use such as its award –winning Roomba® Vacuuming Robot and the Braava® family of mopping robots. In addition, the Company is also developing technologies for human-robot interaction and mapping and navigation. The Company was formed in 1990 by MIT roboticists Colin Angle, Helen Greiner and Rodney Brooks and launched their iRobot Packbot in 2001, for use in disaster response and life-saving missions.

The Company’s flagship product Roomba® Vacuuming Robot was launched in 2001, followed by the launch of the Roomba 980 vaccuming robot and the Braava® jet mopping robot in 2015-2016. The root educational coding robot was added to its product line in 2019 and is part of a multi-faceted educational outreach initiative namely iRobot Stem that offers educational robots, coupled with online resources and classroom demonstrations. iRobot Ventures, supports early-stage companies that are developing  products that fit in with its strategic interests, such as consumer technology, cloud services and infrastructure, localization and mapping and artificial intelligence, by providing access to engineering, operational and networking resources.

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In August 2020, the Company unveiled its iRobot Genius™ Home Intelligence platform that offers customers greater control of their robots along with a wide range of personalized cleaning features. iRobot also witnessed an increase of 45% in its digital community, by nearly 7.8 million members.

iRobot recorded a 43% increase in revenue during its Q3, 2020, to reach $413.1 million as compared to $289.4 million from the same period last year. The Company also witnessed an 86% increase in premium robot revenue, and a 75% growth in the U.S., 22% growth in EMEA and 12% growth in Japan over the prior year period. Furthermore the Company’s online orders, through its own website and app, and other e-commerce retailers and traditional retailers grew by over 70% and constituted over 60% of its revenue.

Ontrak Inc (NASDAQ: OTRK)

Market Cap: $1.65B; Current Share Price: 95.00 USDChart
Data by YCharts

Ontrak, formerly known as Catasys, a leading AI and technology-enabled healthcare company uses advanced data analytics to address untreated behavioral health conditions that can cause chronic medical diseases. The Company’s integrated, multimodal, longitudinal OnTrak™ program not only helps with behavioral changes but also creates significant savings in medical expenses. By combining predictive analytics with human engagement, the Ontrak PRE™ (Predict-Recommend-Engage) platform is able to improve chronic medical diseases such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure. This is achieved by leveraging its cutting-edge analytics platform that analyzes billions of data points from national and local health plans.

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The treatment is delivered either in-person or through telephone and is combined with care coaching and in-market Community Care Coordinators, specially trained psychosocial and medical providers. The plan is available to members of health plans in 31 states and in Washington, D.C. The Company’s clients include industry leaders such as aetna, Centene Corporation (NYSE: CNC) and Cigna (NYSE: CI).

Ontrak recently acquired LifeDojo Inc, a science-based behavior change platform that will facilitate Ontrak’s engagement with high-tech, high-growth organizations that use LifeDojo’s 32 behavior change modules. In addition, the acquisition brings onboard digital tools that enhance member value and lower cost.

The Company estimates that its total addressable market (TAM) is worth over $33.7B and believes that even a 20 percent enrollment would mean a $6.7 billion revenue opportunity for the Company. The recent acquisition of LifeDojo and other intended acquisitions will most likely expand the TAM by up to 100 percent as per the company estimates. Ontrak seeks to expand its services to newer geographical regions and lines of business and pursue acquisitions that will enable it to grow rapidly.

eGain corporation (NASDAQ: EGAN)

Market Cap: $366.51M; Current Share Price: 11.85 USDChart
Data by YCharts

eGain provides cutting-edge Software-as-a-Service solutions for customer engagement through a suite of products that encompass digital interaction, knowledge management and AI-based process guidance. The Company caters to diverse industries such as financial services, healthcare, government, insurance, retail and telecom to name a few. The products on offer include call track, chat, virtual assistant, mail hub, Social media, analytics and consulting.

The Company was awarded the Trend Setting product of 2020 by KMWorld for its omni-channel customer engagement solutions. In July 2020, the Company was named as one of the Top 100 companies in customer service, marketing and sales by CRM Magazine and has received many more such laurels. eGain’s solutions are trusted by industry leaders such as Navy Federal, Florida Blue, IRS, Land’s End, Union Bank, CVS Health (NYSE: CVS) and Barclay’s (NYSE: BCS) to name a few. In November 2020, the Company announced that it was selected by a global automaker for its unified customer messaging and engagement automation needs, with plans to modernize its IVR experience to include SMS-based chatbot assistance and live chat, using eGain’s rich customer service functionality, bolstered by AI and Knowledge.

As per its Q1, 2021 financial results, the Company reported a 29% increase in its SaaS revenue over the previous year, while its total revenue was up by 11% at $19.1 million. eGain also had $5.7 million in cash as compared to $2.7 million. The Company is projecting a growth between 8% and 11% year over year in its SaaS revenue for Q2, 2021 and expects the revenue to be in the range of $15.2 million to $15.6 million.

Rekor Systems Inc (NASDAQ: REKR)

Market Cap: $441.86M; Current Share Price: 13.40 USDChart
Data by YCharts

Rekor Systems, a Company providing advanced vehicle recognition and management systems, announced the launch of REKOR Go, a mobile application that can transform a smartphone into a tool which can accurately identify license plates and vehicles. Furthermore the app does not require uninterrupted internet connectivity or access to cloud storage to operate, this is especially of use in areas that have limited or unreliable access to mobile and internet connectivity.

The application works in real-time on a live video stream to capture information while on the go, and can issue an instant alert when the data matches a customer defined “hotlist”.  The app also offers services such as alert management, 30 day data storage and complete access, easy data export, options to upload bulk lists through a companion Rekor Go website.

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The Company is gearing up for the impending launch of Rekor Blue, a smartphone application that makes vehicle recognition faster for law enforcement agencies. The app is intended to be released in the first half of 2021 and will work in tandem with existing REKOR platforms.

Rekor offer AI–powered real-time insight to redefine diverse areas such as roadway intelligence, customer experience and public safety. The technology is deployed in over 70 countries across the world and on more than 9000 lanes of traffic. The Company’s AI-driven vehicle recognition improves customer experience in restaurants and retail operations by facilitating safe and efficient contactless transactions, enhances loyalty programs and assists in resource management.

The Company’s clientele include prominent organizations such as Mastercard (NYSE: MA), Nokia (NYSE: NOK), VeroGo, Nvidia (NASDAQ: NVDA) and aws. Rekor is working with Mastercard’s AI powered drive through platform by transforming drive-thru and drive-in interactions through AI-based vehicle recognition and voice ordering. It is the chosen partner for Nvidia’s Metropolis™, an AI –powered roadway intelligence platform.

Accuray Incorporated (NASDAQ: ARAY)

Market Cap: $470.06M; Current Share Price: 5.15 USDChart
Data by YCharts

Accuray develops novel radiotherapy systems that are personalized to suit each patient and delivered with precision resulting in minimal side effects and cost-efficiency. Its Synchrony or Motion synchronization is the only solution available for true motion tracking for moving targets such as breasts and lungs, ensuring precise dosing and minimal peripheral tissue damage. Its product offerings include CyberKnife, Radixact, TomoTherapy and Onrad. The Company recently received 510(k) clearance for its ClearRT™ Helical kVCT Imaging* for the Radixact® System and has released data from a phase II trial of 338 women with low-risk breast cancer which demonstrated local disease control in 98.8 percent of the women even after seven years after receiving once-daily accelerated partial breast irradiation (APBI) delivered with the TomoTherapy® System.

Image Source: Company

CyberKnife Precision Robotic Treatment is a first-in-class robotic radiation therapy system that offers multiple advantages such as real-time tracking, motion synchronization, precision and reduced toxicity. It offers Stereotactic Radiosurgery (SRS) and Stereotactic Body Radiation Therapy (SBRT). It comprises of a linear accelerator mounted on a robotic arm that can greatly improve the precision and delivery of radiation beams while its integrated X-Ray imager facilitates real-time tracking.

Image Source: Company

In addition it can target various indications including intracranial, lung liver and prostate and can enhance patient experience and improve cost –effectiveness. As part of its continuous R&D efforts the company has introduced CyberKnife Volvo Optimizer that can be used in conjunction with Volo and MLC to target a disease site in 15 to 30 minutes which translates to reduced treatment planning time by 50%and delivery time by a whopping 90%. The iDMS™ Data Management System acts as a link between all Accuray treatment planning and delivery systems thereby ensuring an integrated database of all relevant patient information.

The Company’s proprietary TomoHelical™ Treatment Delivery, which works with its Radixact® and TomoTherapy®Systems, is an image guided, intensity modulated radiation therapy (IG-IMRT) that uses a unique ultra-fast multi-leaf collimator (MLC) to treat breast cancers.

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The clinical data for CyberKnife for Prostate treatment shows excellent cancer control with minimal side effects as well as improved survival rates when compared with conventional radiation options. RadiXact system enables high precision handling of complex cases with motion synchronization ability.

The company has manufacturing facilities in Madison, Wisconsin, Sunnyvale, California and China. Its operations are spread over seven facilities around the world which support over 850 installed systems in 50+ countries.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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References

https://www.irobot.in/

https://www.ontrak-inc.com/solution.html

https://www.ontrak-inc.com/pdf/Ontrak%20Corporate%20Presentation%20-%20December%202020.pdf

https://www.kmworld.com/Articles/Editorial/Features/KMWorld-Trend-Setting-Products-of-2020-142404.aspx

https://www.egain.com/company/news/press-releases/egain-reports-saas-revenue-growth-of-29-year-over-year-and-an-operating-cash-flow-margin-of-30-in-q1-2021/

https://investors.accuray.com/news-releases/news-release-details/accuray-receives-510k-fda-clearance-clearrttm-helical-kvct

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