The medtech industry has been rising for weeks and the latest seven-day stretch was no exception as stocks ticked up again.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (Aug. 6) at 119.41 points, marking a 0.5% rise from the previous week’s tally of 118.86 points (July 30). Not including the the week in which the index shot up to 145.88 points and quickly tumbled down, the latest marks would represent the index’s all-time best.
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 29.3% 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 92.2% 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 almost identically, ticking up by 0.9% and 0.8%, respectively.
Here are some of the major highlights from the past week as earnings season continues:
- Medtronic to acquire Intersect ENT in $1.1B deal
- iRhythm beats The Street in Q2, expects up to 23% revenue growth this year
- BD handily beats The Street in Q2 — but notes some delta variant effects
- Abbott CMO Dr. Nick West touts latest iteration of drug-eluting stent
- ResMed hits supply chain constraints as it responds to major Philips recall
- Asensus Surgical reports mixed Q2 results
- Moderna sales increase 64 times in Q2
- Insulet slides on mixed-bag Q2 results
- Abiomed beats The Street in Q1, boosts full-year revenue guidance
- Vaxart stock soars after FDA approves IND application for oral COVID-19 vaccine tablet