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Most business economists are optimistic that the U.S. economy will avoid a recession in 2024. This is true despite potential challenges in the job market due to higher interest rates. The Federal Reserve has a strategy of using elevated interest rates to control inflation while sustaining economic growth. This is central to this positive outlook, with only 24% of surveyed economists foreseeing a recession. While an uptick in unemployment is expected, the majority anticipates it remaining below 5%. This reflects a general confidence in the economy’s resilience. All of this means now is the time to get into companies that will skyrocket in the coming year. These telehealth stocks will give your portfolio enormous value, but, only if you invest now.

Teledoc Health Inc. (TDOC)

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Teledoc Health Inc. (NYSE:TDOC) is a global telemedicine company that offers telehealth, medical opinions, AI and analytics services, and telehealth devices. TDOC is down 18.02% YTD, at $18.51 per share. WSJ analysts give TDOC 6 ‘Buy’ ratings. They also forecast a median 12-month price target of $21.50. This ranges from a high of $34.00 to a low of $16.00.

The global telehealth market is forecasted to grow at a CAGR of 19.7%, valued at $142.96 billion in 2023. It is expected to grow to $504.24 billion by 2030. With the expansion of AI into the medical market, the telehealth market is gaining significant traction. Many people in underdeveloped countries are deprived of quality healthcare due to living in rural areas. This is why governments are taking action. Governments are providing virtual care platforms to ensure that everyone has access to the healthcare they need.

Furthermore, Teledoc Health Inc. reported steady Q3 financials. This waswith an 8% YoY growth in revenue to $660.2 million and FCF of $68 million. For the first nine months of 2023, international revenue grew 21% to $269.1 million. Also, the U.S. revenue grew 8% to $1672.8 million.TDOC’s Health Integrated Care segment revenue increased 9% to $374.4 million in Q3. Finally, the BetterHelp segment revenue increased 8% to $285.8 million.

TDOC partners and innovates through multiple partnerships with the largest healthcare payers globally. The company’s main goal, as addressed in Q3, is to offer better health available to more than 90 million members through a broad range of integrated health services available virtually. Jason Gorevic, CEO of TDOC, also said that the company will further advance virtual care in 2024 through its highly successful Unified app, which enables members to access complex states of care from a single device. 

CrowdStrike Holdings (CRWD)

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CrowdStrike Holdings (NASDAQ: CRWD) is a cyber security-based SaaS firm providing AI-powered endpoint cyber security for databases and servers. It has seen consistent growth over the past few years, with a 131% YTD growth rate, and a current stock price of $238.97.

Yahoo! Finance! has 43 analysts predicting a mean price of $233.23, with a high of $275.00, and a low of $172.00 per share.

The use of AI in cybersecurity and a specific focus on endpoint security makes CrowdStrike stand out. The company reported a Q3 2023 revenue of $786 million, with a YoY growth of 35%. Subscription earnings were $733.5 million, with a YoY growth of 34%. According to CrowdStrike, GAAP income from operations was $3.2 million, significantly beating last year’s income, which was negative.

A few reasons for the company’s growth include high ratings in cybersecurity evaluations and an array of new product releases. CrowdStrike achieved perfect 100% coverage scores across protection, visibility, and analytic detections in MITRE Engenuity ATT&CK®: Evaluations Enterprise Round 5, an industry-first. It also released a new version of CrowdStrike Falcon® Go, meeting the cybersecurity needs of small and medium-sized companies. At the Fal. Con Cybersecurity Conference, CrowdStrike also announced data protection, exposure management, and IT automation innovations, along with the next version of their Falcon platform, Raptor.

With these innovations, CrowdStrike became the first independent software vendor to exceed $1 billion in software sales through AWS Marketplace. This software can be implemented very successfully in the telehealth industry as it will allow for the implementation of patient record storage and an analysis of health issues.

CRWD is a strong buy due to its steady revenue stream and innovative product releases.

Predictmedix AI (PMED)

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Predictmedix AI Inc. (NASDAQ:PMED) emerges as a leading provider of global rapid health screening and remote patient care solutions. The company’s innovative Safe Entry Stations, fueled by proprietary artificial intelligence (AI), employ multispectral cameras to analyze physiological data patterns. These stations can predict a range of health issues, encompassing 19 physiological vital parameters, impairment due to drugs or alcohol, fatigue and various mental illnesses.

In its latest press release this month, PMED unveiled its cutting-edge Safe Entry Stations at the D-30 event in New Delhi, India, attended by delegates from 30 countries. This event marks a significant stride in the global battle against drug addiction and the disabilities resulting from substance abuse. It signifies the collaborative efforts of 30 nations acknowledged by the United Nations for their dedicated initiatives to combat drug addiction on a worldwide scale.

According to analysts at Yahoo! Finance, PMED is perceived as having substantial value for future growth, as every analyst designates it as a “Buy.” Despite PMED’s current stock price of $0.05, many believe it is undervalued. The recent event positions PMED for significant growth, given its current undervaluation and the potential for future expansion. In the continuously thriving Biotech sector, PMED stands out, having already secured an advantageous position through strategic partnerships and robust financials.

On the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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