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MedTech 100 roundup: Another high as stocks tick up

For the third consecutive week, stocks in the medtech industry reached heights not yet seen since the COVID-19 pandemic began.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.65 points at the end of last week (Aug. 7). Overall, medtech stocks saw a 0.72% increase from the 89.01-point total at the same time a week prior (July 31).

On Aug. 5, the index reached 90.45 points, marking its highest point since that pre-pandemic high, with the previous mid-pandemic high (90.37) coming last week.

The most recent high mark represents just a -2% 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 2.5% increase from July 31 to Aug. 7, and the Dow Jones Index fared even better, positng a 3.8% rise over the same period of time.

Medtech’s lowest point during the COVID-19 pandemic remains at 62.13…

DTW Podcast: 10 ways medtech is finding its footing amid COVID-19

When COVID-19 set upon the U.S. in March, medtech executives had a month at most to tell Wall Street analysts how the pandemic had hit the industry’s largest companies. We heard about short-term hits in revenues, procedures and employee headcounts, but uncertainty clearly ruled the day.

Over the past few weeks, medtech executives from several leading companies reported back to analysts with a full quarter under their belt. To be sure, no one can claim to hold a full grasp on this crisis, but a survey of the calls reveals steps and adjustments that companies are taking to thrive beyond the pandemic.

In this podcast, we’ll list our Top 10.

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DeviceTalks by MassDevice · Ten ways medtech companies are finding their footing during the pandemic

Pfizer to make Gilead’s remdesivir COVID-19 treatment

Pfizer (NYSE:PFE) announced today that it entered into a multi-year agreement with Gilead Sciences (NSDQ:GILD) to manufacture and supply its antiviral remdesivir treatment.

The investigational antiviral remdesivir will be manufactured by Pfizer under the agreement as the company becomes one of the multiple external manufacturing organizations supporting efforts to scale up the supply of the investigational treatment for COVID-19. Pfizer will offer contract manufacturing services at its McPherson, Kan.-based facility to supply remdesivir for Gilead.

Get the full story at our sister site, Pharmaceutical Processing World.

Cardinal Health dips on mixed bag Q4

Cardinal Health (NYSE:CAH) shares took a hit today on fourth-quarter results that came in mixed compared to the consensus forecast.

The Dublin, Ohio-based company posted profits of $656 million, or $2.23 per share, on sales of $36.7 billion for the three months ended June 30, 2020, more than doubling its bottom line despite a sales decline of -1.9%.

Adjusted to exclude one-time items, earnings per share were $1.04, 12¢ ahead of Wall Street projections. However, the company’s revenues missed the consensus forecast by about 1%.

Cardinal Health estimates that the COVID-19 pandemic and the resulting decline in elective procedures and physician office visits negatively impacted the company’s earnings, both in the quarter and for the full year.

“In fiscal 2020, we delivered on our commitments, grew operating earnings and exceeded our EPS guidance, despite the unprecedented global environment,” Cardinal Health CEO Mike Kaufmann sa…

Axonics beats on Q2 earnings despite losses

Axonics Modulation Technologies (NSDQ:AXNX) shares dipped slightly today on second-quarter results that beat the consensus earnings forecast.

The Irvine, Calif.-based sacral neuromodulation (SNM) device maker posted losses of -$19.8 million, or -54¢ per share, on sales of $15.1 million for the three months ended June 30, 2020, for a -3.8% bottom-line slide on massive sales growth from just $1.5 million in revenues in the second quarter of 2019.

Axonics Modulation Technologies’ losses per share of -54¢ came in 11¢ ahead of the projections from analysts on Wall Street.

The company reported that new order flow was de minimis in April because of COVID-19-related deferrals of elected procedures, but Axonics saw a gradual recovery in early May and continued improvement in June.

Weekly new order flow came in at approximately 70% of the weekly average from the first quarter of the year, prior to the pandemic.

“Axonics was exceptionally produc…

Insulet up on Street-beating Q2, raised guidance

Insulet (NSDQ:PODD) shares ticked up today on second-quarter results that topped the consensus forecast.

The Acton, Mass.-based wearable insulin delivery system developer posted profits of $14.4 million, or 22¢ per share, on sales of $226.3 million for the three months ended June 30, 2020, for a bottom-line gain of nearly ten times as much as last year’s second-quarter profits on sales growth of 27.8%.

Adjusted to exclude one-time items, earnings per share were also 22¢, coming in well ahead of the Wall Street projections of $0.00 per share. Revenues beat the analysts’ projections by 6.8%.

The company noted a large impact from the COVID-19 pandemic on its gross margin, highlighting a 63% decline because of the related safety and mitigation costs.

“Thanks to our team’s relentless focus on our mission and the strength and durability of our recurring revenue model, we delivered another quarter of financial and operational results th…

FDA issues EUA for Vela Diagnostics COVID-19 PCR test

Vela Diagnostics announced that it received FDA emergency use authorization (EUA) for the manual version of its coronavirus PCR test.

Fairfield, N.J.-based Vela designed its COVID-19 diagnostic to target conserved regions of the viral genome so the probe-based reverse transcription PCR test detects SARS-CoV-2, the virus causing COVID-19.

The ViroKey test is conducted through nasopharyngeal and oropharyngeal swabs. The manual version of it enables flexible sample processing and quick adoption of the test by all laboratories with existing ABI 7500 Fast Dx instruments, according to a news release.

Vela also created an automated version of the assay that is optimized for a workflow with the Sentosa SX101 instrument along with the ABI 7500 Fast Dx or the Sentosa SA 201.

ViroKey SARS-CoV-2 RT-PCR also received CE mark and provisional approval from the Singapore Health Sciences Authority, according to Vela.

“RT-PCR is currently the gold stan…

Koru Medical slides on missed earnings forecast

Koru Medical Systems (NSDQ:KRMD) shares dipped today on second-quarter results that missed the consensus earnings forecast.

The Chester, N.Y.-based infusion system developer posted losses of -$1.1 million, or -3¢ per share, on sales of $7.7 million for the three months ended June 30, 2020, for a bottom-line slide into the red despite sales growth of 44.1%.

Koru Medical Systems’ -3¢ per share losses came in 5¢ behind the projections of 2¢ per share from Wall Street analysts.

The company said in a news release that it believes its revenue growth was primarily driven by increased demand that included clinical trials and the trend toward at-home infusion therapy amid the COVID-19 pandemic.

“We reported a strong Q2 2020, highlighted by a quarterly net sales record of $7.7 million,” Koru president & CEO Don Pettigrew said in the release. “I am extremely proud of the entire Koru Medical team for navigating us through the COVID-19 pandemic and …

TransMedics beats Street earnings projections in Q2

(Image from TransMedics)

TransMedics (NSDQ:TMDX) shares ticked slightly up today on second-quarter results that topped the consensus earnings forecast.

The Andover, Mass.-based organ transplant transportation technology developer posted losses of -$8.5 million, or -36¢ per share, on sales of $3.4 million for the three months ended June 30, 2020, for a 7.6% bottom-line gain on a sales decline of -40.2%.

Adjusted to exclude one-time items, earnings per share were also -36¢, coming in 6¢ ahead of Wall Street projections.

The company attributed much of its revenue decline to the decrease in organ transplant procedures performed over the three-month period as a result of the ongoing COVID-19 pandemic.

“Despite the continued impact of the COVID-19 pandemic on our revenue, we achieved several significant milestones in the second quarter,” TransMedics president & CEO Dr. Waleed Hassane…

U.S. to spend $1B for doses of J&J’s COVID-19 vaccine candidate

The U.S. Dept. of Health and Human Services and Defense Dept. agreed to a $1 billion deal for a vaccine candidate from Johnson & Johnson (NYSE:JNJ).

HHS and DoD announced the agreement with Janssen Pharmaceutical, as the J&J subsidiary is set to offer large-scale manufacturing and the delivery of its COVID-19 vaccine candidate, with the federal government owning 100 million doses of the vaccine.

Get the full story at our sister site, Pharmaceutical Processing World.

Becton Dickinson slides on mixed-bag Q2, declining revenue projections

Becton Dickinson (NYSE:BDX) shares took a big hit today on second-quarter results that were mixed compared to the consensus forecast.

BDX shares were down -8.5% at $259.32 in mid-morning trading today.

The Franklin Lakes, N.J.-based company posted profits of $286 million, or 97¢ per share, on sales of $3.85 billion for the three months ended June 30, 2020, for a -36.6% bottom-line slide on a sales decline of -11.4%.

Adjusted to exclude one-time items, earnings per share were $2.20, 16¢ ahead of Wall Street, where analysts were looking for sales of $3.94 billion.

BD reported that the COVID-19 pandemic resulted in negative growth in segments including medical (primarily driven by medical delivery solutions’ decreases). Life sciences saw a -10.1% decrease, but it could have been worse if not for the company’s efforts in COVID-19 diagnostic testing.

“During the third quarter, BD demonstrated our focus on execution and deliveri…

Conformis dips on Q2 losses

Conformis (NSDQ:CFMS) shares dipped today on second-quarter results that highlighted losses influenced by the ongoing COVID-19 pandemic.

The Billerica, Mass.-based joint replacement implant maker posted losses of -$2.1 million, or -3¢ per share, on sales of $19.5 million for the three months ended June 30, 2020, for a 68.4% bottom-line gain on a sales decline of -1%.

Adjusted to exclude one-time items, losses per share also totaled -3¢, coming in 7¢ ahead of Wall Street projections.

Last month, the company released its preliminary results, highlighting a -50% drop in product revenue as a result of the COVID-19 pandemic and the deferral of elective procedures. Its projections from the preliminary results fell in line with what the company announced this week.

According to a news release, Conformis benefitted from $9.6 million in royalty revenue as a result of a settlement and license agreement with Zimmer Biomet.

“We are excited to ann…