After a solid start to July, the medtech industry continues to experience a stock market roller coaster amid the COVID-19 pandemic.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 84.25 points at the end of last week (July 3). That total represents a 2.9% increase from the 81.88-point total at the same time a week prior (June 26), resulting in another significant direction change, following a -3.7% dip just one week before.
Meanwhile, the S&P 500 Index saw a 4% bump from June 26 to July 2 (market close before a holiday), and the Dow Jones Index fared similarly well, posting a 3.2% increase over the same period of time. Both indexes mirrored the medtech industry’s changes, having each posted decreases the week prior.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 35.6% growth in total. Stocks in the industry remain down -8.7% since the index’s pre-pandemic crash high point of 92.32 on Feb. 19.
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:
- DeviceTalks Weekly podcast: Discussing startups, plus the combination of data and patient care
- Novartis & Alexion settle after FPCA violations
- Smith & Nephew anticipates 29% sales dip in Q2
- UK officials question potential market impact of Stryker-Wright Medical merger
- Abbott & Tandem complete agreement to combine diabetes tech
- RTI Surgical dips on big Q1 losses
- What you should know about medical device litigation & COVID-19