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Why Axon Enterprise Stock Surged 16.6% in January

What happened

Shares of Axon Enterprise (NASDAQ: AAXN) popped nearly 17% last month, according to data provided by S&P Global Market Intelligence, after the public safety device and technology company revealed what could be a sizable new growth opportunity.

So what

On Jan. 8, Axon announced its first deal with an emergency medical services provider in the United States. Cypress Creek EMS will outfit its paramedics with Axon's body-worn cameras. The EMS team will also use Axon's Evidence.com digital data management solution.

"We conducted a trial with Axon cameras in 2014 and it proved to be an invaluable teaching tool that improved our clinical practice and sped up advanced certifications," Cypress Creek EMS Executive Director Bradley England said in a press release. "The use of this technology contributed to saving at least two lives because our paramedics were able to show ER doctors exactly what they saw in the field."

The Axon Flex 2 camera. Image source: Axon Enterprise.

Now what

As my colleague Travis Hoium notes, there are 248,000 emergency medical technicians and paramedics in the U.S. alone. Axon's deal with Cypress Creek EMS gives it a beachhead into this enormous market -- one that it will look to advance in the years ahead.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Axon Enterprise. The Motley Fool has a disclosure policy.

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