The medtech industry’s hot start to 2021 has finally come to a full halt after stocks fell harder than they had in more than four months.
MassDevice‘s MedTech 100 index ended the week (March 5) at 103.3 points, marking a -3.1% dip from the 106.65-point mark set one week before (Feb. 26). In less than a month, the fall has been more than seven points from the end-of-week tally of 110.63 points on Feb. 12.
Medtech’s lowest point of the week was on Thursday, March 4, when it fell to 102.85. The overall drop of about five points from the 107.88-point mark set on Monday, March 1, is the largest dip since the index slid from 97.2 to 91.01 between Oct. 23, 2020, and Oct. 30, 2020.
The all-time best for the index was 110.96, set just three days after that. The index had never reached even the 100-point mark before November 2020.
Still, the industry is in much better condition than it was around this time last year. Medtech’s latest mark means the index is still up 11.9% 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 nearly a year ago, on March 23, 2020. Since that point, the industry has jumped 66.3%.
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:
- 5 reasons Medtronic’s CEO is optimistic about the future
- Asensus Surgical finalizes name change from TransEnterix, debuts NYSE ticker
- Hillrom execs change their minds on BardyDx acquisition
- Boston Scientific to acquire Lumenis surgical business for $1.07B
- Boston Scientific completes Preventice buy, divests BTG Pharmaceutical business
- Medtronic is changing a lot: Here’s what you need to know
- Colfax to split to create new orthopedic device giant
- Report: Permira eyeing LivaNova purchase
- Medtronic hiring Walmart exec to run its supply chain
- Becton Dickinson acquires smart medication device maker GSL Solutions
- Conformis dips 9% on Street-beating Q4 results
- Medtronic wins city council approval for 42-acre campus in Colorado
- Amgen to acquire Five Prime Therapeutics for $1.9B
- Senseonics sinks on mixed bag Q4, massive bottom-line slide