After rising more than 31 points to heights never before reached, the medtech industry returned to normal this past week.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 23) at 115.54 points, a total that, had it not been for the previous week, would be the index’s all-time high.
However, the index finished the previous week (July 16) at 145.88 points, a remarkable 27.1% rise week-over-week, registering by far the greatest increase the index has seen since its inception — and perhaps an anomaly. Although the index slid by -20.8%, it remains in a stronger position than ever before, last week notwithstanding.
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 25.2% 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 an 86% ascent above that point.
The sharpness of medtech’s dip was obviously a byproduct of its equally large rise, while the overall markets experienced far more tempered changes. The S&P 500 Index rose 2%, and the Dow Jones Industrial Average fared similarly well, ticking up 1.1%.
Here are some of the major highlights from the past week as earnings season kicks into gear:
- George Soros and Bill Gates are helping to turn Mologic into a social enterprise
- Report: Medtech dollars, deals hit new highs in first half of 2021
- Dexcom CEO Kevin Sayer says G7 will be ‘wonderful’
- Johnson & Johnson, other companies to pay $26B over opioid crisis
- COVID-19 testing boosts Abbott in Street-beating Q2
- Intuitive Surgical dips despite Street-beating Q2
- NeuroMetrix stock skyrockets on news of FDA breakthrough device designation
- Ancora Heart raises $80M for ventricular restoration system