Better-than-expected quarterly earnings are providing a further boost to medtech industry stocks.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 30) at 118.86 points. Two weeks ago aside — when the index shot up to 145.88 points and quickly tumbled down — this mark would be the index’s all-time best.
The total at the end of last week represents a 2.9% rise from the 115.54-point tally posted by the index at the end of last week (July 23).
Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 28.7% increase from the pre-pandemic high of 92.32 (set on Feb. 19, 2020). Moreover, it remains well ahead of the mid-pandemic low of 62.13 (March 23, 2020) as well, totaling a 91.3% ascent above that point.
The industry’s performance did not correlate with the overall markets this past week as the S&P 500 Index and Dow Jones Industrial Average fared identically, both sliding by -0.4% week-over-week.
Here are some of the major highlights from the past week as earnings season kicks into gear:
- Recall may have knocked Philips out of sleep devices market for a year
- Dexcom beats Street — but remains coy on U.S. G7 launch
- Hillrom beats The Street in Q3, raises guidance
- BD acquires resorbable polymer maker Tepha
- Hologic beats The Street as Q3 profits nearly double
- Edwards Lifesciences beats The Street in Q2, boosts guidance
- Stryker has a Street-beating Q2, raises guidance
- Boston Scientific rises on Street-beating Q2
- 3M’s healthcare segment registers growth in Street-beating Q2
- Baxter stock down on mixed-bag Q2 results
- GE beats The Street as healthcare segment thrives in Q2
- Pfizer highlights COVID-19 and flu vaccine strategy in Q2 earnings call
- Smith+Nephew revenue up 48% in Q2
- Tenaya Therapeutics prices $180M IPO for targeted therapies
