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These medtech stocks performed the best in 2020

(From Ishant Mishra on Unsplash)

While 2020 did not go as planned for anyone, with the twists and turns came opportunities for medtech companies to power forward.

Innovations came both as a result of the COVID-19 pandemic and perhaps in spite of the challenges brought on by the virus, highlighted by the increased efforts to produce vaccines and testing while pivoting to artificial-intelligence-based and remote care.

Companies like Moderna arose from nowhere, climbing from a share price of $19.52 to $104.47 over the course of the year as it established itself as a frontronner in the race to get a COVID-19 vaccine to the public, eventually becoming the second vaccine authorized in the U.S.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — has hit new heights over the course of 2020, indicating the upward trajectory of the industry. Over the course of the year, the index grew from a total of $86.8…

MedTech 100 roundup: Industry reaches new heights again

The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase from the 89.6-point total at the same time a week prior (Aug. 21).

While 90.78 points is already the highest total on which the index has ended a week during the COVID-19 pandemic, just the day before, the index hit 91 points even, marking the highest point total since the pandemic took its toll.

The most recent high mark represents just a -1.4% dip from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -1.7% decrease from that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a 3.3% increase from Aug. 14 to Aug. 21, having steadily climbed since reaching record highs on Aug. 18. Meanwhile, the …

DTW Podcast: Truist’s Kaila Krum says Medtronic prepping for growth

In an interview with DeviceTalks Weekly Podcast, Truist Securities managing director Kaila Krum says Medtronic executives are retooling the company to keep pace with smaller, more focused competitors.

Breaking down the company’s Q1 call, Krum says Medtronic is seen as a company that’s too big to grow market share quickly. On the call, new CEO Geoff Martha emphasized gaining market share at one point telling investors the company would “go big or go home.”

Krum says Medtronic will pour resources into several critical areas to drive growth including soft tissue robotics, diabetes, and renal denervation.

“At a time when a lot of companies right now are forced to pull back on spending, Medtronic has been in a position where it can flex its balance sheet,” Krum said. “So they’ve been talking about investing in the pipeline, investing in structural, operational and cultural changes. I think all of that combined should support their growth goals over the …

The top 5 MassDevice stories of the week — August 28, 2020

As earnings season concludes and the COVID-19 pandemic roars on, medtech companies continue to find new ways to make waves.

This week’s top five MassDevice stories showcase how companies are operating in the “new normal,” as they look toward the post-pandemic future, whenever that may arrive. Strong quarterly earnings, big funding rounds and new innovations in COVID-19 treatment comprise some of this week’s list.

Want to hear more about the week’s top news? Executive editor Chris Newmarker and Tom Salemi will discuss during our DeviceTalks Weekly podcast. Without further ado, here’s this week’s MassDevice Top Five:

5. Medtronic’s recovery ‘faster than expected’ during Q1

Medtronic (NYSE:MDT) shares ticked up after the medtech giant came in well ahead of Wall Street projections for both earnings and revenues while posting profits of $491 million. Read the full story.

4. FDA clears Pelvital pelvic floor device

Pelvital announ…

iRhythm closes $220M offering

iRhythm Technologies (NSDQ:IRTC) announced that it closed its underwritten public offering worth proceeds of approximately $220 million.

San Francisco-based iRhythm offered nearly 1.3 million shares of its common stock priced at $175 per share, including the exercise in full of the underwriters’ option to purchase 163,975 additional shares under the same terms and conditions, according to a news release.

The cardiac care technology developer initially expected the gross proceeds to total $191.3 million when it announced the pricing last week, but the proceeds totaled the $220 million tally before deducting discounts, commissions and other offering expenses.

iRhythm said last week that it intends to use the proceeds to fund growth initiatives and for working capital and other general corporate purposes. A portion of the proceeds may be used to expand the company’s sales force and operations, increase R&D activities, conduct or sponsor clinical s…

iRhythm prices $191.3M public offering

iRhythm Technologies (NSDQ:IRTC) announced that it priced an underwritten public offering of common stock expected to bring in $191.3 million.

San Francisco-based iRhythm is offering nearly 1.1 million shares of its common stock, priced at $175 per share. Additionally, the underwriters were granted a 30-day option to purchase up to 163,975 more shares, bringing the expected gross proceeds to $191.3 million.

The cardiac care technology developer expects the offering to close on Aug. 21, subject to closing conditions. J.P. Morgan and Morgan Stanley are serving as joint lead book-running managers for the proposed offering. Citigroup, Truist Securities and William Blair are acting as co-managers.

iRhythm said in a news release that it intends to use the proceeds to fund growth initiatives and for working capital and other general corporate purposes. A portion of the proceeds may be used to expand the company’s sales force and operations, increase R&…

iRhythm Technologies dips on Street-beating Q2 results

iRhythm Technologies (NSDQ:IRTC) posted second-quarter results this week that beat the consensus on Wall Street.

The San Francisco-based company reported losses of $20.4 million, or -75¢ per share, on sales of $50.9 million for the three months ended June 30, for a sales loss of -3% compared with Q2 2019.

Earnings per share were -75¢, 7¢ ahead of The Street, where analysts were looking for sales of $42.2 million.

“Despite the challenges presented by the pandemic, we have continued to deliver our Zio service without interruption to the physicians and patients that rely on it. Our team recognized the need for high-quality care has never been greater and I could not be prouder of the commitment we have demonstrated,” CEO Kevin King said in a news release.

“Second quarter results were encouraging, despite the COVID-19 impact felt early in the quarter. We saw a steady pace of recovery in registration rates throughout the quarter that exceeded our…

iRhythm Technologies names new chief financial officer

iRhythm Technologies (NSDQ:IRTC) this week said it appointed Douglas Devine as chief financial officer, effective June 22.

Devine succeeds Matthew Garrett who announced his intention to step down. Garrett will assist in the transition of CFO responsibilities and will remain at the company under an advisory role for up to a year.

“On behalf of everyone at iRhythm and our Board of Directors, I want to thank Matt for his many contributions during his tenure with the company, including his strong leadership through iRhythm’s IPO and follow-on offering, as well as numerous other transactions that enabled our growth and positioned us well for future financial stability,” CEO Kevin King said in a news release. “We appreciate his dedication and wish him all the best beyond iRhythm.”

Devine has more than 25 years of financial leadership experience. He most recently served as chief financial officer at GlobalFoundries.

“I am delighted to welcome Doug …