Medtech stocks ticked down over the course of last week as the COVID-19 pandemic continues to bear economic ramifications.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.4 points at the end of last week (May 15). That total represents a -1.9% decline from the 83.98-point total at the same time a week prior (May 8).
The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 32.6% growth in total. However, they are still down -10.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.
Compared to the S&P 500 Index, which experienced a -2.2% increase from May 8 to May 15, the medtech index took a similarly small dip. The Dow Jones Index suffered even more with a -2.6% decline over the same period of time.
More often than not, recent earnings reports are revealing negative results in large part due to COVID-19. Elective and sometimes even necessary medical procedures are on the back burner while the focus is on the pandemic.
At the same time, countries around the world rely on the device industry to provide crucial supplies to fight the virus: tests, respirator masks, protective equipment, ventilators, infusion pumps, dialysis machines and more.
Several companies have reported their quarterly financial results and made other important financial projections and business-related announcements. Here are the highlights:
- What medtech’s top CEO’s are saying about the COVID-19 pandemic
- 3M’s health care revenue was up 5% in April
- Analysis shows that COVID-19 could increase the demand for telehealth
- SmileDirectClub suffers after closing stores worldwide
- TransEnterix narrows losses but expects further hit from COVID-19
- Elective procedure deferrals contribute to Conformis slide
- Alcon surgical sales dip but company posts strong Q1 anyway
- Titan Medical improves its bottom line
- Electromed beats The Street’s revenue projections