Medtech stocks rebounded from a significant dip earlier in June last week, continuing to highlight the topsy-turvy nature of the markets during the COVID-19 pandemic.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 85.00 points at the end of last week (June 19). That total represents a 3.5% increase from the 82.12-point total at the same time a week prior (June 12), demonstrating another uptick after a -6% drop-off just one week before.
Meanwhile, the S&P 500 Index experienced a 1.9% increase from June 12 to June 19, and the Dow Jones Index fared slightly worse with a 1% increase over the same period of time. Both indexes mirrored medtech’s rebound, having posted -4.8% and -5.6% decreases, respectively, the week before.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 36.8% growth in total. Stocks in the industry remain down -7.9% 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:
- Stryker CEO Kevin Lobo discusses workforce diversity on the DeviceTalks Weekly podcast
- COVID-19 lessons learned in the words of manufacturers, a healthcare system and a logistics company
- 3M announces sizeable sales dips in May
- Medtronic, Foxconn to boost ventilator manufacturing at Wisconsin plant
- Merck acquired Themis to speed up COVID-19 vaccine development
- HHS commits $347 million to increase manufacturing for vials earmarked for COVID-19-related drugs and vaccines
- Owens & Minor completes Movianto sale
- 3M settles N95 price-gouging suit
- Pandemic forces Proteus into filing for Chapter 11 bankruptcy
- Merit Medical implicated in kickback schemes in whistleblower suit