After three consecutive weeks of record-breaking numbers, medtech industry stocks finally fell backward over the past seven days.
MassDevice‘s MedTech 100 index finished last week at 105.8 (Jan. 15), marking a -0.95% drop from the 106.81 points (the highest ever total for the index) registered at the end of the week prior (Jan. 8). Medtech’s stock performance appeared to mirror overall markets as the S&P 500 Index saw a -1.5% loss, while the Dow Jones Industrial Average fared almost identically to medtech, falling by -0.91%.
The index still remains more than 13 points ahead of its pre-pandemic high of 92.32 on Feb. 19, 2020. Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 70.3% growth in total, as of the end of last week. (Here are some of the best-performing medtech stocks from 2020.)
The industry continues to plug along and businesses continue to operate through the pandemic; last week even saw a multibillion-dollar M&A deal announced. Here are some of the major highlights from the past week as preliminary earnings reports begin to surface:
- Steris to acquire Cantel Medical in $4.6B deal
- Big medtech suspends political contributions in wake of Electoral College vote
- EY says COVID-19 stunted medtech M&A in 2020, should see improvement in 2021
- Boston Scientific’s preliminary Q4 results show 6.8% revenue decline
- TransEnterix raises more than $31M in stock offering
- BD stock up on Street-beating preliminary quarterly revenue numbers