While the markets experienced some growth over the past week, stocks in the medtech industry remained practically unchanged over seven days.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 87.15 points at the end of last week (June 5). That total represents just a -0.02-point decrease from the 87.17-point total at the same time a week prior (May 29), which represented the industry’s highest point since before the COVID-19 pandemic took hold of the markets.
Meanwhile, the S&P 500 Index experienced a 3.14% increase from May 29 to June 5 and the Dow Jones Index fared even better with a 6.81% increase over the same period of time. The market surge came on the back of the White House announcement that 2.5 million jobs were added in May and unemployment rose to 13.3% when a surge to nearly 20% was expected, according to Yahoo Finance.
The lowest point for medtech during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 40.3% growth in total.
Stocks remain down 5.6% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19, although that margin of decline is among the smallest differences observed over the course of the pandemic.
Most companies have reported their recent earnings results and given their forecasts for what lies ahead with the pandemic, as Medtronic CEO Geoff Martha recently reported that the medtech giant was already seeing signs of a rebound in the month of May, while a poll out from Gallup found that fewer Americans are worried about going to the doctor amid the pandemic.
The industry continues to plug along and business continue to operate through the pandemic. Here are some of the major highlights from the past week:
- Abbott takes hit after recall and negative Goldman Sachs report
- Medtronic partners with Titan Medical to make robot-assisted surgery play
- Industry leaders offer thoughts on George Floyd’s death and the resulting demonstrations
- Canada orders 37 million Becton Dickinson syringes in anticipation of COVID-19 vaccine
- Owens & Minor — currently manufacturing masks on a government contract — commences offerings worth $240 million
- Cantel Medical rises on strong Q3
- Becton Dickinson furloughs 160 employees at Nebraska facility