After spending several weeks on the ascent, medtech stocks leveled out a bit to end January, ending a run of several new highs in 2021.
MassDevice‘s MedTech 100 index ended the week (Jan. 29) at 104.05 points, marking a -2.2% drop from the 106.4-point mark set at the end of the previous week (Jan. 22).
The index had previously reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.
However, the drop from that high point to medtech’s current position is approximately -3.1%, although the industry still remains well above its pre-pandemic high (12.7%) and its mid-pandemic low point (67.5%).
While medtech saw a slight decline from the previous week, both of the overall markets fared even worse, with the S&P 500 Index and the Dow Jones Industrial Average both dipping -3.3%. The declines were most likely influenced by the market activity surrounding GameStop and other stocks over the past week.
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 earnings reports begin to surface:
- The top 5 MassDevice stories of the week
- Abiomed skyrockets on Street-beating Q3
- Stryker beats the Street on earnings but misses on revenue in Q4
- Johnson & Johnson pharma sales drive Street-beating Q4 results
- COVID-19 test sales boost Abbott in Street-beating Q4
- 3M ticks up on Street-beating Q4, strong healthcare performance
- Edwards Lifesciences misses on earnings in Q4
- Varian posts mixed bag Q1 results, expects Siemens Healthineers takeover to complete in early 2021
- COVID-19 assays sales power Hologic to Street-beating Q1
- Olympus acquires Quest Photonic Devices for $60.7 million
- ResMed beats The Street on Q2 sales, disappoints on earnings