The medtech industry continues to climb back up in the markets, following a landmark week with another move up toward its pre-COVID-19-pandemic highs.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.29 points at the end of last week (July 24). That total represents just a -3.3% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.
On July 22, the index reached 90.11 points, marking its highest point since that pre-pandemic high and the first and only time it has eclipsed 90 points since that day in February.
Medtech stocks saw a 0.44% increase from the 88.9-point total at the same time a week prior (July 17), highlighting a slight improvement after last week saw the industry inch back toward that pre-pandemic high.
Meanwhile, the S&P 500 Index saw a -0.3% decline from July 17 to July 24, and the Dow Jones Index fared slightly worse, posting a -0.8% drop over the same period of time. Both indexes went opposite the medtech industry’s changes this past week, but similarly did not see a drastic 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 43.7% 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:
- A look at how COVID-19 is affecting investments and other deals in medtech
- Edwards posts better-than-expected Q2 performance
- Thermo Fisher gets boost from COVID-19 diagnostics, rises in Q2
- HHS taps Pfizer to produce COVID-19 vaccine doses
- Becton Dickinson receives order for 177 million injection devices for COVID-19
- Philips rises on Q2 revenues
- COVID-19 impact weighs heavy as Align Technology registers losses in Q2
- Intuitive Surgical sales dip in Q2
- Medtronic Foundation pledges $16 million to racial equity groups, Minneapolis rebuilding
- NeuroMetrix improves bottom line, struggles for revenue in Q2
- Haemonetics to sell Inlog Holdings France SAS subsidiary