Two weeks ago, medtech was on the rise following a rough stretch, but the past week brought the industry slightly back down to earth.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the week (June 4) at 106.96 points, producing a -1.4% dip from the 108.5-point mark set one week prior (May 28). It halts the progress made over a couple of weeks in which the industry produced an uptick, following its 1.4% rise from May 14 to May 21.
Having endured its largest slide of 2021 in recent weeks, the index is still in a better position to produce another upswing after demonstrating signs of picking up again when April brought the industry’s all-time best performance.
Even with setbacks that slowed the industry this past week, medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 15.9% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus a 72.2% increase from the mid-pandemic low of 62.13 (March 23, 2020).
The overall markets went opposite medtech this past week, performing at a slightly higher level as the S&P 500 Index rising 0.6% and the Dow Jones Industrial Average faring almost identically, ticking up 0.7%.
Medtech companies continue to rebound from the COVID-19 pandemic more than a year later. Here are some of the major highlights from the past week:
- 7 startups grabbing the medtech spotlight in Minnesota
- Medtronic stops sales of its HVAD system
- Abiomed buys PreCardia and its heart failure treatment system
- iRhythm CEO Mike Coyle steps down for personal reasons, stock slides
- Abbott stock down on reduced 2021 earnings outlook
- FTC drops Illumina-Grail court case, clearing the way for EU investigation
- LivaNova moves forward with heart valve business sale