After five months since medtech stocks peaked before the COVID-19 pandemic rocked the markets, the industry inched back toward that pre-pandemic high.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 88.9 points at the end of last week (July 17). That total represents just a -3.7% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.
Medtech stocks saw a 5.1% increase from the 84.39-point total at the same time a week prior (July 10), highlighting a large improvement after last week saw almost no material change in the index.
Meanwhile, the S&P 500 Index saw a 1.2% bump from July 10 to July 17, and the Dow Jones Index fared even better, posting a 2.3% increase over the same period of time. Both indexes mirrored the medtech industry’s changes as far as increases, but didn’t see as drastic a change.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 43.1% growth in total.
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 as some companies began to roll out earnings reports:
- Johnson & Johnson beats Street in Q2 despite decreased medical device sales
- COVID-19 diagnostics boost Abbott’s Q2 results
- Perkin Elmer anticipates impressive sales growth as a result of COVID-19 testing
- Abbott and Edwards settle patent disputes over heart devices
- Medtronic buys spinal surgery tech company Medicrea
- Thermo Fisher increases per-share offer for Qiagen
- HHS to buy 750,000 COVID-19 antigen tests from Becton Dickinson
- Terumo acquires Quirem Medical for up to $45 million
- AngioDynamics slides on missed Q4 revenues
- Caption Health raises $53 million Series B