Medtech stocks remain in a stronger position than they were at the low point of the COVID-19-induced economic crisis, but they took a small dip over the last week.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 80.62 points at the end of last week (May 1). That total represents a -1.2% drop from the 81.58-point total at the same time a week prior.
The index increased to 82.83 by the following Monday (April 27), marking a 2.7% decrease from market close that day to market close on Friday.
The lowest point during the pandemic remains at 62.13 on March 23. Since then, medtech stocks have experienced 29.8% growth. However, they are still down -12.5% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.
Earnings reports are revealing that medical device companies are generally experiencing tough sales hits as a result of 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:
- ResMed gets boost from ventilator sales
- Stryker beats The Street
- Johnson & Johnson’s pharma segment booms while medtech suffers
- 3M sees growth in personal safety business
- GE feels COVID-19 effect on Q1 earnings
- Boston Scientific’s stock was up despite a bottom-line slide
- Baxter tops Wall Street projections
- Last week’s Medtech 100 Index roundup