Google Inc (NASDAQ:GOOG) recently announced that it is testing a smart contact lens, which would enable diabetics to measure their glucose level. Equipped with tiny chips and an antenna, the lens can measure the level of glucose in tears.
These smart lenses use a tiny wireless chip and glucose sensor to provide readings once per second. Google also plans to add LED lights to these sensors to warn users whenever their glucose level crosses the threshold.
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Google is holding discussions with the Food & Drug Administration (FDA) so that this technology could soon be incorporated into a viable product to be used by people all over the world.
This is not the first time that an attempt to introduce smart contact lenses has been made by a tech giant. Earlier, Microsoft (MSFT) made a similar effort but didn’t quite succeed.
Google, the world’s largest online search engine, is increasingly extending its foothold into new markets, with efforts ranging from a high-speed Internet access business to advanced research on self-driving cars and robotics.
Google generates revenues primarily from the sale of advertising space on its online properties. It is focused on protecting and growing its position in the search market through continued innovation, quality improvements and expansion into various spheres.
We however anticipate that going forward Google will be burdened with margin pressure as a result of increasing competition from companies like Facebook (FB) and LinkedIn (LNKD), as well as the growing hardware business.
Currently, Google has a Zacks Rank # 2 (Buy).
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