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MedTech 100 roundup: Another peak for the industry

Medtech has been on the rise in 2021 and the past week saw that trend continue, as the industry hit yet another all-time best mark.

MassDevice‘s MedTech 100 index reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.

Here are some of the best-performing medtech stocks from 2020.

The high point could not be sustained, but the industry stayed strong, finishing at 106.4 to end the week on Jan. 22. Medtech’s finish to last week was enough to top the previous seven days, coming in 0.6% ahead of the 105.8-point mark set on Jan. 15.

While medtech saw slight growth from the previous week, one of the overall markets saw a larger jump, with the S&P 500 Index rising 1.9%. The Dow Jones Industrial Average fared identically to medtech, rising 0.6%.

GE Healthcare reportedly lays off 140 in Wisconsin

GE Healthcare (NYSE:GE) has reportedly laid off 140 employees at its Madison, Wis. facility due to decreased demand for certain products.

The Wisconsin State Journal reported that union representatives confirmed that layoffs came after the need for new ventilators and anesthesia machines has decreased. Demand for such devices had been high over the past year as a result of the COVID-19 pandemic.

According to the report, the company had hired about 250 employees at the Madison facility amid the increased demand for the machines as the pandemic gained steam. However, production has lessened as the need for such devices decreases.

GE Healthcare laid off about 50 employees in September before adding another 90 layoffs last Friday, the International Association of Machinists and Aerospace Workers Local 1406 told The Wisconsin State Journal.

A company spokesperson told the news outlet that GE Healthcare plans to work with employees included in the layof…

Report: Ventilators are piling up in government stockpiles

(Image courtesy of Ventec)

As the COVID-19 pandemic roars on, the government stockpile of once-in-demand ventilators has reportedly turned into a collection of unused devices.

The Washington Post reports that, following the panic caused by an anticipated ventilator shortage and subsequent rush to add to the stockpile after President Trump invoked the Defense Production Act, the approach to treating COVID-19 changed and continued efforts to produce ventilators may come too late.

According to the report, the U.S. Dept. of Health and Human Services (HHS) said it distributed 15,057 ventilators as of last Friday, with 95,713 ventilators remaining in the stockpile, among which 94,352 had come from contracts signed since the pandemic began.

When the pandemic began, ventilators were highly sought after, but, more than five months in, The Washington Post said medical experts claim intubation for COVID-1…

Osprey Medical jumps 8% on news of CE Mark

Osprey Medical (ASX:OSP) announced that it received CE Mark approval in Europe for its DyeVert Power XT second-generation device.

Upon yesterday’s announcement of the regulatory milestone, shares of OSP jumped up nearly 8.6%. However, today, they are trading down -5.3% at 4¢ per share in mid-afternoon trading.

Approval allows Osprey to market and sell its DyeVert Power XT device, which is designed to reduce contrast while maintaining image quality in a self-adjusting, easy-to-use design that monitors dye usage, according to a news release.

Last month, GE Healthcare (NYSE:GE) announced that it will exclusively distribute the DyeVert portfolio, which aligns with GE’s iodinated X-ray contrast media to offer a technology platform to address acute kidney injury (AKI) following interventional coronary angiograms in patients with chronic kidney disease (CKD).

“We are delighted to have received CE Mark approval for our Power XT device,” …

MedTech 100 roundup: Industry hits another mid-pandemic high

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 …

GE to distribute Osprey Medical DyeVert contrast minimization devices

GE Healthcare (NYSE:GE) announced that it will exclusively distribute the DyeVert portfolio for imaging technology developer Osprey Medical (ASX:OSP).

Osprey’s DyeVert contrast minimization devices align with GE’s iodinated X-ray contrast media to offer a technology platform to address acute kidney injury (AKI) following interventional coronary angiograms in patients with chronic kidney disease (CKD), according to a news release.

Under a four-year agreement, GE Healthcare will commercialize Osprey’s DyeVert portfolio of FDA-cleared devices for reducing contrast exposure and monitoring cumulative dye dose specific to each patient’s kidney function.

The exclusive distribution agreement allows GE Healthcare to commercialize Osprey’s products within Europe, Russia, Middle East, Africa, Central Asia and Turkey. As Osprey develops new products, GE Healthcare will have the right of first refusal to distribute and promote those prod…

GE drops on mixed bag Q2

General Electric (NYSE:GE) shares closed the day on the downturn after posting mixed second-quarter results compared to the consensus forecast.

The Boston-based company posted losses of -$2.1 billion, or -27¢ per share, on sales of $17.8 billion for the three months ended June 30, 2020, for a bottom-line slide into the red on a sales decline of -24.2%.

Adjusted to exclude one-time items, losses per share were -15¢, 5¢ behind Wall Street, where analysts were looking for sales of $17.1 billion.

GE’s healthcare segment posted sales of $3.9 billion, coming in -21% down from the same time last year when the company reported revenues of nearly $5 billion. Additionally, profits were down -43%, dropping from $958 million to $550 million in the segment.

The company attributed the segment’s downturn to the COVID-19 pandemic and the deferral of elective procedures, as well as a lower volume in pharmaceutical diagnostics. However, some losses were…

GE Healthcare launches chest X-ray AI to better spot COVID-19

Officials at GE Healthcare (NYSE:GE) think the company’s new Thoracic Care Suite — a collection of eight AI algorithms from Lunit Insight CXR — could help clinicians in the fight against COVID-19.

The AI suite, launched today, quickly analyzes chest X-ray findings and flags abnormalities for radiologist review, according to GE. It can spot potential pneumonia — a symptom of COVID-19. It can also highlight tuberculosis, lung nodules, and other radiological findings.

Get the full story on our sister site Medical Design & Outsourcing.