Although March brought on tough times for top stocks in the medtech industry, April is already showing signs of a rebound.
The year’s strong start, during which MassDevice‘s MedTech 100 index notched an all-time best of 110.96 points (Feb. 15) came to an end later that month and carried over into March, with the index hitting its lowest recent point on March 8 (102.16), marking a fall at a level not seen since October.
Even after a handful of slight improvements over the month of March, the industry never quite found its footing, ending the month below the 105-point mark.
The first week of April has already presented positive movement, though, with the industry rising to 106.26 points as the week ended on April 2, a 1.3% rise from the 104.87-point mark set the week prior on March 26.
Improvements highlight the secure position the industry has nestled into a year on from the height of the COVID-19 pandemic’s impact on medtech, as the industry has produced a 15.1% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus a 71% increase from the mid-pandemic low of 62.13 (March 23, 2020).
The overall markets also rose along with medtech over the past week, with the S&P 500 Index growing by 1.1% and the Dow Jones Industrial Average ticking up by a more tame 0.2%.
The industry continues to recover from the COVID-19 pandemic and its effects. Here are some of the major highlights from the past week:
- 8 medical device companies that beat the COVID-19 pandemic and prospered
- Illumina postpones $8B Grail deal amid FTC challenge
- Abbott’s rapid COVID-19 self-test is now over-the-counter
- 3M, others may have unmasked a solution to future N95 shortages
- Medtronic veteran Brooke Story to lead BD’s Integrated Diagnostic Solutions
- Merit Medical must face shareholder lawsuit
- BD plans $65M plant in Arizona
- NeuroPace files for $75M IPO
- Fresenius Kabi, Corvida Medical ink U.S. distribution deal for drug-transfer device