The beginning of February brought yet another peak for medtech stocks.
MassDevice‘s MedTech 100 index ended the week (Feb. 5) at 108.23 points, marking a 4% rise from the 104.05-point mark set at the end of the previous week (Jan. 29).
The final mark for the week sets an all-time best for the index, which had previously reached 106.81 points on Jan. 8, then 107.4 points on Jan. 20. The rise has been remarkable, considering the index had never reached even the 100-point mark before November 2020.
Medtech’s latest rise means the index has risen 17.2% from the pre-COVID-19 pandemic high of 92.32, set on Feb. 19, 2020. Additionally, the industry has very much rebounded from its lowest place, a 62.13-point mark at the start of the pandemic on March 23, 2020. Since that point, the industry has jumped 74.2%.
Medtech’s performance this past week mirrored the overall markets, with the S&P 500 Index rising 4.6% and the Dow Jones Industrial Average ticking up 3.9%. The rises represented rebounds from major dips that were most likely influenced by the market activity surrounding GameStop and other stocks over the past few weeks.
The industry continues to plug along, and businesses continue to operate through the pandemic. Here are some of the major highlights from the past week, with earnings reports out in full force:
- Zimmer Biomet to spin off spine and dental businesses
- 3M, Abbott in top 50 of Fortune’s most admired companies list
- Pandemic Emergency Manufacturing Act would supplement DPA
- Boston Scientific misses Q4 Street projections as revenues dip
- Becton Dickinson beats The Street, raises 2021 guidance
- TransEnterix brings in $79.6M from stock offering
- Baxter ticks up on Street-beating Q4 results
- Masimo completes Lidco acquisition
- Cardinal Health posts Street-beating Q2, raises EPS guidance
- Align Technology rises on Street-beating, record-breaking Q4 revenues