Despite a minor regression week-over-week, the medtech industry’s stocks hit another milestone as the COVID-19 rebound remains in progress.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.01 points at the end of last week (July 31). Overall, medtech stocks saw a -0.3% increase from the 89.29-point total at the same time a week prior (July 24).
On July 30, the index reached 90.37 points, marking its highest point since that pre-pandemic high, with the previous mid-pandemic high (90.11) coming last week.
The most recent high mark represents just a -2.1% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.
Meanwhile, the S&P 500 Index saw a 1.7% increase from July 24 to July 31, and the Dow Jones Index posted a -0.2% drop over the same period of time.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 43.3% growth in total.
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 as some companies began to roll out earnings reports:
- Reports accuse Trump administration of squandering more than $500 million on Philips ventilator contract
- Government awards $2.1 billion to GSK, Sanofi for COVID-19 vaccine
- NIH puts up $249 million for COVID-19 tests
- Stryker posts strong Q2, shares trade slightly down
- COVID-19 testing helps Hologic to Q3 revenue boom
- Hillrom beats Street, but 2020 EPS guidance causes dip in the markets
- Baxter misses on Q2 projections
- Early non-human results are promising in Moderna’s COVID-19 vaccine trials
- GE Healthcare sales down -21% year-over-year in Q2
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- 3M comes up short of projected forecasts on Wall Street in Q2
- Smith & Nephew misses projections as COVID-19 drives down revenue
- Boston Scientific beats the Street, even with Q2 losses
- Tandem Diabetes suffers big Q2 losses
- Teleflex’s Q2 impacted by revenue and profit slides
- Dexcom’s strong Q2 boosted by CGM sales to healthcare facilities