The COVID-19 pandemic is drying up sales for many large medical device companies, but there’s hope for a recovery later this year.
That’s the big message from medtech’s top CEOs as they issue financial predictions and engage in earnings calls with analysts.
Governments around the world are calling on medical device companies to make the supplies that health providers need to manage the virus: respirator masks, ventilators, infusion pumps, virus and antibody tests, and more.
At the same time, the same companies are taking a hit related to the devices and products used in elective procedures — and even procedures that people actually need — as hospitals focus on saving people with COVID-19.
It’s little wonder then that MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remains down about 10% from its pre-pandemic Feb. 19 high point. (It’s still in better shape than the Dow Jones Industrial Average, which is down 20% from the high point.)
With quarterly earnings season wrapping up, here are some of the top quotes from medtech CEOs in recent weeks: