How GLP-1s tanked and reshaped the medtech stock market in 2023

Analysts weigh in on how the GLP-1 craze caused one of the biggest swings in the medtech stock market in recent years.

[Image courtesy of Nick Chong on Unsplash]In a tumultuous year for the medtech industry, promising clinical trial results on glucagon-like peptide 1 agonists (GLP-1s) created a seismic shift in the medtech stock market, triggering one of the largest dips in market value that analysts have seen in years.

While analysts said the medtech stock market performed well in 2023 – driven by strong market growth from the backlog of procedures that built up during the pandemic and more innovation and new product launches from companies – the fear of GLP-1s prevailed among investors, sending medtech stocks down significantly in the second half of the year, even as top executives sought to allay concerns.

The specter of GLP-1s such as Novo Nordisk’s Wegovy and Ozempic loomed large, casting doubt on medtech’s future trajectory at the end of the year. However, the stocks have almost fully recovered since then. Analysts predict a rebound in 2024, with diminishing head…

Read more
  • 0

10 surgical robotics companies you need to know

The surgical robotics space saw a major shakeup last year. The da Vinci SP surgical robotics system [Image courtesy of Intuitive Surgical]“Robotics is hard. Robotics in healthcare is hard.”

Hani Abouhalka, Johnson & Johnson’s company group chair for Robotics & Digital, said those words at our DeviceTalks West event in California in October.

It pretty much sums up the situation for medtech companies large and small that sought to compete against Intuitive in the soft-tissue surgical robotics space. Despite the increased competition, Intuitive remains the undisputed leader. It’s even moving forward on a next-gen da Vinci robot.

For its part, Johnson & Johnson is sticking with plans to develop its Ottava surgical robot. J&J now plans to submit Ottava for FDA investigational device exemption (IDE) in the second half of 2024 in order to start clinical trials.

Even though it is sticking with robotic surgery, J&J laid off employees in th…

Read more
  • 0

Intuitive wins CE mark for da Vinci SP surgical robot

The da Vinci SP surgical robot system. [Image courtesy of Intuitive Surgical]Intuitive Surgical (Nasdaq: ISRG) + announced today that it received CE mark approval for its da Vinci SP surgical robot platform.

da Vinci SP, the company’s single-port system, joins the existing X and Xi surgical ecosystem in Europe. Beginning in urology and transoral procedures, European clinicians can grow into additional applications over time. This follows last night’s news  — within Intuitive’s fourth-quarter earnings — that the company submitted its next-generation da Vinci 5 multiport surgical robot to the FDA for clearance.

Intuitive said da Vinci SP gives surgeons the ability to deliver robotic-assisted surgery through a single port. It potentially opens the door to “the next era of surgical innovation.”

da Vinci SP features three multi-jointed, wristed instruments and a fully wristed 3D high-defini…

Read more
  • 0

Intuitive seeks FDA clearance for its next-gen da Vinci 5

Intuitive Surgical (NYSE: ISRG) + stock is up after hours on news that it has submitted for FDA 510(k) clearance of its next-generation da Vinci 5 multiport surgical robot.

The da Vinci 5 will join Intuitive’s existing da Vinci robotic surgical system portfolio alongside the multiport X and Xi systems and the single-port SP. There is also Ion, Intuitive’s robotic-assisted platform for minimally invasive biopsy in the lung.

“We are submitted and in the back-and-forth with the FDA. It is our hope for a 2024 launch, but they are ultimately the arbiters of when we get clearance,” CEO Gary Guthart said during an evening earnings call with analysts.

ISGR shares were up more than 6% to $395 apiece on the news.

News of Intuitive moving forward with a next-generation da Vinci system has been much anticipated. Intuitive officials had previously stayed quiet on the timing, especially after th…

Read more
  • 0

Inspire Medical adds Intuitive CMO Dr. Myriam Curet to its board

Intuitive Surgical Chief Medical Officer Dr. Myriam Curet [Photo courtesy of Intuitive Surgical]Inspire Medical Systems (NYSE:INSP) announced today that it appointed Dr. Myriam J. Curet as an independent board director.

Curet’s appointment went into effect on Dec. 21, 2023. She currently serves as EVP and chief medical officer at surgical robotics pioneer Intuitive Surgical. Curet spoke to Medical Design & Outsourcing this year to explain the secret behind Intuitive’s surgical robotics success.

“We are excited to add Dr. Curet, a practicing, board-certified minimally invasive general surgeon with extensive business and executive leadership experience in the medical device industry to our board of directors,” said Tim Herbert, president and CEO of Inspire Medical Systems. “Dr. Curet brings significant experience in developing and commercializing scalable solutions for minimally invasive surgery and we look forward to her guidance, expertise and cont…

Read more
  • 0

Intuitive Ventures brings in $150M to support minimally invasive care startups

Intuitive Ventures announced today that it closed a $150 million funding round to support early-stage minimally invasive care companies.

Surgical robotics pioneer Intuitive Surgical launched Intuitive Ventures with $100 million in funding more than three years ago. The early-stage fund earmarked its latest round of funding, labeled “Fund II,” for three areas of investment focus. It wants to support improved access and coordination, precision diagnostics and interventions and secure, enriched digital ecosystems.

Intuitive Ventures said in a news release that it aims to lower the barriers to care with efficient, cost-effective, accessible care. By leveraging the intersection of medtech, life sciences and therapeutics, it believes it can support diagnostics and interventions, too. The fund also hopes to utilize the potential of novel healthcare data to enhance minimally invasive care.

“We are proud of the strides achieved by the Ventures team ov…

Read more
  • 0

Intuitive appoints Align Technology exec to its board

New Intuitive board member Sreelakshmi Kolli. [Image from Zimmer Biomet]Intuitive (Nasdaq: ISRG) + announced that it appointed Align Technology executive Sreelakshmi Kolli to its board of directors.

Kolli currently serves as EVP and chief digital officer at Align, the maker of Invisalign clear aligners and other dental tech. Her appointment to Intuitive’s board of directors went into effect on Oct. 27, 2023.

“Sree has deep expertise in applying technology to transform industries, enable business growth and drive strategy,” said Intuitive CEO Gary Guthart. “We look forward to her insights, particularly with respect to digital capabilities and meaningful customer experiences, as we continue to advance what’s possible in minimally invasive care.”

Kolli’s current role at Align holds responsibility for leading software, data, enterprise, cloud and infrastructure engineering. Her focus centers around the desi…

Read more
  • 0

Intuitive leaders weigh in on GLP-1 drugs and surgical robotics procedures

Intuitive Surgical Chief Medical Officer Dr. Myriam Curet [Photo courtesy of Intuitive Surgical]Intuitive Surgical (Nasdaq: ISRG) + executives say they see benefits to their business from GLP-1 weight loss drugs, even if investors aren’t quite so sure.

Intuitive’s stock slid in after-hours trading today after the company posted Q3 results that exceeded analysts’ expectations on profits but fell short on sales. Even if they had beat The Street on both counts, it’s not clear investors would have reacted any differently — just look at what happened to Intuitive’s stock price under that exact scenario after Q2.

In Q2, the company said bariatric procedure growth slowed due to patient interest in weight loss drugs.

Related: Analysts expect minor GLP-1 impact on insulin pumps, but a boost for CGMs

“Bariatric procedures represent between four and 5% of total global procedures,R…

Read more
  • 0

Intuitive stock drops on mixed Q3 financial results

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq: ISRG) + stock declined after the surgical robotics developer missed on revenue for the third quarter but beat analysts’ expectations on profit.

Shares of ISRG dropped 8% to $251 in after-hours trading today when Intuitive released the results. (Update: The stock was down about 3% Friday morning, trading around $264.)

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly on the day.

The Sunnyvale, California-based surgical robotics leader posted profits of $416 million, or $1.16 per share for the three months ended Sept. 30, 2023. That was a 28% bottom-line gain compared to Q3 2022.

The company reported sales of $1.74 billion, up 12% from the same quarter last year. Intuitive attributed…

Read more
  • 0

How Intuitive plans to continue its surgical robotics leadership

Companies large and small have sought to take on Intuitive in soft-tissue surgical robotics, but it has maintained its dominance.

Intuitive President Dave Rosa will explain how Intuitive plans to continue maintaining distance from its competitors — and much more, during DeviceTalks West next week. Register here for the event, which is Oct. 18–19 in Santa Clara, California. 

Rosa has been at Intuitive for nearly 30 years; the company promoted him to the president role in May. Working with CEO Gary Guthart, Rosa’s responsibilities include overseeing core business, driving product, digital and commercial excellence, and delivering on strategies and goals.

Rosa has said that he’s especially excited about two technological opportunities that are going to advance surgical robotics and minimally invasive surgery in a major way: improved visualization for surgeons and focal therapy.

“How can we help surgeons see more about what they’re doing? …

Read more
  • 0

Intuitive stock dips after hours despite Street-beating Q2, increased da Vinci volumes

The Da Vinci Xi robotic surgery system. Intuitive continues to dominate the space. [Image courtesy of Intuitive]Intuitive Surgical (Nasdaq: ISRG) + shares took a hit after the market closed today on second-quarter results that topped the consensus forecast.

Shares of ISRG fell 5.8% to $327.50 after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed up 0.2%.

The Sunnyvale, California-based surgical robotics leader posted profits of $420.8 million. That equals $1.18 per share on sales of $1.76 billion for the three months ended June 30, 2023.

Intuitive recorded a 36.7% bottom-line gain on sales growth of 15.4%.

Adjusted to exclude one-time items, earnings per share totaled $1.42. That landed 9¢ ahead of expectations on Wall Street where analysts projected $1.74 billion in revenue.

Worldwide da Vinci surgical robot procedures…

Read more
  • 0

Titan Medical licenses out all of its IP to Intuitive, CEO steps down

Titan Medical recently announced it entered into a licensing agreement with Intuitive Surgical and that the company’s CEO is resigning.

Under the agreement, robotic-assisted surgery company Titan Medical has granted Intuitive a non-exclusive license to all of Titan’s IP, with the exception of the IP that is exclusively licensed to another party under a June 2020 license agreement.

The agreement includes an upfront payment of $7.5 million for certain intellectual property of Titan Medical.

Titan will retain ownership of the licensed IP, along with the associated rights, including the right to continue to develop and commercialize the technologies covered by the licensed IP and the right to license the IP to other third parties, according to a news release.

Corporate leadership and strategic update

Also this week, Titan Medical announced that its board of directors had approved a strategic transition in the company’s business from …

Read more
  • 0