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8 medical device companies that beat the COVID-19 pandemic and prospered

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Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery fo…

How big medtech fared during a year of COVID-19

[Image from Unsplash]Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing/MassDevice analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, Stryker, Teleflex and Zimmer Biomet.

Get the full s…

How big medtech fared during a year of COVID-19

[Photo from Unsplash]

Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, …

Dentsply Sirona skyrockets on Street-beating Q4

Dentsply Sirona (NSDQ:XRAY) shares soared this morning on fourth-quarter results that easily topped the consensus forecast.

XRAY shares were up 13.7% at $60.35 per share in mid-morning trading today.

The Charlotte, N.C.-based dental solutions company posted profits of $99 million, or 45¢ per share, on sales of $1.1 billion for the three months ended Dec. 31, 2020, for a -2.9% bottom-line slide on a sales decline of -2.6%.

Adjusted to exclude one-time items, earnings per share were 87¢, 23¢ ahead of Wall Street, where analysts were looking for sales of $995.7 million.

“Our fourth-quarter results reflect the continued focus on disciplined execution and the gradual recovery in global dental markets,” Dentsply Sirona CEO Don Casey said in a news release. “Our team delivered strong operational performance, exceeding our expectations across most metrics including operating margin expansion, healthy EPS growth and cash flow generation. We cap…

Dentsply acquires Byte clear aligners for $1.04B

Dentsply Sirona (NSDQ:XRAY) announced that it acquired clear dental aligner maker Byte in an all-cash deal worth $1.04 billion.

According to a news release, Byte possesses a leadership position in the direct-to-consumer clear aligner market, which Dentsply can now add to its SureSmile clear aligner business while strengthening its connection with dental professionals to drive growth.

Byte’s business model is designed on doctor-directed care for patients with mild to moderate orthodontic needs in an effort to improve access and affordability to this type of care. Offerings include treatment planning and the easy-to-use clear aligner being delivered directly to a consumer’s home.

Neeraj Gunsagar, the CEO of Byte, and the current management team at the company will continue to operate the business following the transaction.

“We’ve been impressed with the passion that Dentsply Sirona has for innovation in dentistry,” Gunsagar said in…

Dentsply Sirona names chief accounting officer

Dentsply Sirona recently announced that it appointed Ranjit Chadha as chief accounting officer, effective August 31.

Chadha will be responsible for the company’s filings with the Securities and Exchange Commission. He replaces Jorge Gomez, who will become the company’s executive VP and chief financial officer.

Chadha most recently served as senior VP of corporate financial planning and analysis at Leidos. He has also held a number of leadership roles at Computer Sciences Corporation and PwC.

Moody’s lowers its medical device industry earnings forecast

Medical device industry earnings will remain flat over the next 12 to 18 months as people hold off on medical procedures amid the COVID-19 pandemic and resulting recession, according to a new report from Moody’s.

Moody’s had previously projected of 2–4% annual growth.

“While underlying positive trends remain, including ongoing innovation and favorable longterm demographics, we expect some consumers will be slow to return to the healthcare system,” the Moody’s analysts said in the report, out June 11.

“While many procedures are already being rescheduled in certain regions, some consumers will be unable to pay for their procedures due to the economic downturn, as well as their unwillingness to engage with the healthcare system while the coronavirus outbreak persists.”

The predictions from Moody’s come at the same time that medtech industry stocks are taking a hit, along with the overall markets, amid i…