On the back of several weeks of new records and strong performances, the medtech industry has finally hit a snag in its recent ascent.
MassDevice‘s MedTech 100 index ended the week (Feb. 26) at 106.65 points, marking a 1.9% dip from the 108.72-point mark set one week before (Feb. 19). This highlights a similar drop from the week prior, when the index slid -1.7% from 110.63 points on Feb. 12.
The slide for the index was inevitable, given the heights to which it had been rising, but it is stark after exactly two weeks ago, on Monday, Feb. 15, the index hit its highest mark ever, though, rising to 110.96 points. That mark set an all-time best for the index, which had previously been rising for practically all of 2021. 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 has risen 15.5% 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 71.7%.
The overall markets mirrored the medtech industry over the past week, with the S&P 500 Index faring even worse, dropping -2.4%, and the Dow Jones Industrial Average falling more in line with medtech after a -1.8% dip.
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:
- DTW Podcast: Geoff Martha updates Medtronic’s new course; AJAX CEO Duke Rohlen is funding innovation differently
- The top 7 medtech CEO quotes on COVID-19, one year later
- 8 drug delivery innovations you need to know
- 12 surgical robotics companies you need to know
- TransEnterix announces name change, new category of surgery
- Medtronic rises on Street-beating Q3
- iRhythm’s revenue jumps 33% in Q4
- Thermo Fisher completes Mesa Biotech acquisition
- Abiomed CEO Michael Minogue appointed as AdvaMed chairperson
- Former MiMedx CEO sentenced to year in prison for fraud scheme