The medtech industry’s 2021 performance has been all over the place and the past weekend highlighted its topsy-turvy nature.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — had been on the rise since the beginning of April, with its mark of 112.25 on April 16 representing an all-time best, topping the previous high of 110.96 set on Feb. 15.
Just one week later, the index topped itself again, reaching 114.58 to end the week on April 23, marking an increase of 2.1% from the previous week.
After a -1.6% decrease over the week ending on April 30, there was little indication of in which direction the index would head next. The industry’s response to the slight dip was an even sharper downturn with a 4.49-point loss.
On May 6, the index finished the day at 108.21, representing a -4% slide from the previous week’s mark and a -5.6% fall from the high-point set the previous week. The only comparable performance since the turn of the year came when the industry fell -3.1% in early March.
Despite the latest setback, the industry continues to reflect a rebound from the struggles brought on by the COVID-19 pandemic. Overall, it has produced a 17.2% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus a 74.2% increase from the mid-pandemic low of 62.13 (March 23, 2020).
The overall markets were on the opposite end of the spectrum over the past week, with the S&P 500 Index rising by 1.2% and the Dow Jones Industrial Average faring even better with a 2.7% increase.
Earnings reports for the first quarter of 2021 are in full swing as medtech companies continue to rebound from the COVID-19 pandemic more than a year on. Here are some of the major highlights from the past week:
- Catch up on all the earnings reports around the industry HERE
- BD to spin off its diabetes business, Q2 earnings beat The Street
- Moderna sales increase 242 times in Q1, says COVID-19 vaccine 96% effective in teens
- Lilly partners with four companies on insulin pen tech
- Zimmer Biomet dips despite Street-beating Q1
- GE Healthcare acquires Zionexa and its FDA-approved PET imaging agent
- iRhythm Technologies up on mixed-bag Q1 results
- Siemens Healthineers ticks up on Q2 earnings, raised guidance