After several weeks of high-level performance, the medtech industry saw its first dip in a while over the last seven days.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (Aug. 13) at 117.92 points, marking a -1.2% dip from the 119.41-point tally a week prior (Aug. 6).
Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry remains well above the marks set around the height of the pandemic, having registered a 27.7% increase from the pre-pandemic high of 92.32 (set on Feb. 19, 2020). Moreover, it remains well ahead of the mid-pandemic low of 62.13 (March 23, 2020) as well, totaling an 89.8% ascent above that point.
The industry’s performance did not correlate with the overall markets this past week as the S&P 500 Index and Dow Jones Industrial Average fared almost identically, ticking up by 0.7% and 0.9%, respectively.
Here are some of the major highlights from the past week as earnings season continues:
- Memic Innovative Surgery to go public via SPAC merger
- BD taps J&J executive as new chief financial officer
- GE Healthcare, Baxter among medtech giants inking deals with Amazon Web Services
- Butterfly Network closes the day strong after beating The Street in Q2
- Penumbra sales grow 75% in Q2
- Senseonics slides on earnings miss in Q2