One week after hitting an all-time best mark, the medtech industry has done it again, reaching new heights on Wall Street.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — continued its rise, finishing the week (July 9) at 114.79 points, a rise of 0.2% from the 114.59-point mark registered a week prior on July 2.
The new high comes in was just 0.21 points ahead of the 114.58-point mark set in April — the industry’s all-time best performance before last week beat it by one point.
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 24.3% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus an 84.6% increase from the mid-pandemic low of 62.13 (March 23, 2020).
The positive movement in medtech aligns with an uptick in the overall markets this past week, as the S&P 500 Index rising by o.4% and the Dow Jones Industrial Average registering a rise equal to medtech’s, ticking up by 0.2%.
Medtech companies continue to rebound from the COVID-19 pandemic more than a year later. Here are some of the major highlights from the past week:
- Hyperfine, Liminal to go public in $580M SPAC deal
- Abbott laying off hundreds of workers as COVID-19 testing demand drops
- Conformis, Stryker settle in Wright Medical patent infringement litigation
- Augmedics adds J&J, Stryker veterans to board leadership
- Surmodics acquires Vetex Medical and its mechanical thrombectomy catheter
- Explorer Surgical expands offerings into robotic surgery space
- Abbott to pay $66M to settle suits involving St. Jude Medical and Alere
- Avanos Medical to pay more than $22M to resolve criminal charges with DOJ