Medtech stocks took a dip as April came to a close, but opened May with a strong week as the COVID-19 pandemic continues to affect the economy.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 83.98 points at the end of last week (May 8). That total represents a 4.2% rise from the 80.62-point total at the same time a week prior.
The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 35.2% growth. However, they are still down -9% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.
Earnings reports continue to reveal several 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 need 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 first-quarter financial results and made other important financial projections and announcements. Here are the highlights:
- Henry Schein’s medical sales boost Q1 results
- Smith & Nephew’s revenues fall amid elective surgery deferrals
- Becton Dickinson rises with increased need for testing
- Haemonetics misses forecast, expects further COVID-19-related hit
- Dentsply Sirona down after reduced dental procedures
- Inogen sinks on losses as direct-to-consumer sales shrink
- Avanos rises despite COVID-19 disruption