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MedTech 100 roundup: Stocks were practically unchanged last week

Despite plenty of ups and downs coming in the stock market for the medtech industry, there was hardly any movement from week to week.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.6 points at the end of last week (Aug. 21). Overall, medtech stocks saw a -0.2% decrease from the 89.77-point total at the same time a week prior (Aug. 14).

Once again, the index nearly reached a high point during the COVID-19 pandemic, as on Aug. 18, it hit 90.4 points for the second time in as many weeks, a total that nearly poked past the previous mid-pandemic high (90.45), which came on Aug. 5.

The most recent high mark represents just a -2.1% dip from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -2.9% decrease from that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a 0.72% increase from Aug. 14 to Aug. 21, having reached record highs on Aug. 18. Meanwhil…

The top 5 medtech CEO quotes about COVID-19

The latest earnings season not only provided insights from top medtech CEOs about how the COVID-19 pandemic is changing the industry, but also lessons learned going forward.

Here are five top quotes about lessons learned.

Next>>

DeviceTalks editorial director Tom Salemi contributed to this report.

The top 5 medtech CEO quotes about COVID-19

The latest earnings season not only provided insights from top medtech CEOs about how the COVID-19 pandemic is changing the industry, but also lessons learned going forward.

Here are five top quotes about lessons learned.

Next>>

DeviceTalks editorial director Tom Salemi contributed to this report.

Conformis reaches second milestone in Stryker deal

Conformis (NSDQ:CFMS) announced today that it completed the second of three milestones in its license and development agreement with Stryker (NYSE:SYK).

Under the agreement, Conformis is set to receive an additional $3 million from Stryker after achieving the milestone as it develops patient-specific instrumentation (PSI) for use in connection with Stryker’s knee implant offerings.

“We are pleased to announce the achievement of the second project milestone,” Conformis president & CEO Mark Augusti said in a news release. “We believe that this project, as well as the long-term distribution agreement under which Conformis will manufacture and supply PSI to Stryker, will create value for our shareholders as we successfully support the increasing demand for efficient outpatient joint replacement.”

Billerica, Mass.-based Conformis initially announced the agreement, worth up to $30 million, in October 2019. The deal called for Stryker to pay $14 milli…

Medtech and COVID-19: 7 things you need to know

[Photo by Sasha • Stories on Unsplash]

When COVID-19 set upon the U.S. in March, medtech executives only had a month at most to explain to analysts in quarterly calls how the pandemic was hitting their companies — not nearly enough time to understand the long-term impact.

Three more months have passed since those quarterly calls, and we’re now wrapping up a new earnings season. While no one can be 100% sure what the future will hold, medtech executives’ comments — and their companies’ actions — are shedding some light on changes coming to the medtech industry.

Here are seven insights we’ve gleaned at Medical Design & Outsourcing and MassDevice from the latest medtech earnings season.

Next>> Listen to us discuss all 10 points during our latest DeviceTalks Weekly podcast>>

Executive editor Chris Newmarker contributed to this report.

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.

Don’t miss an episode! Subscribe to DeviceTalks Weekly on your podcast players. It’s available on Apple Podcasts, Spotify and other podcast channels.

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

Stryker brain aneurysm stent wins expanded indication for posterior use

Stryker (NYSE:SYK) recently announced its Neuroform Atlas Stent System received expanded indication from the FDA.

The Neuroform Atlas Stent System is now approved for use in the posterior circulation. With the approval, the company said long term treatment is more feasible with the device.

Prior to the new indication, the stent system was approved for use in the anterior circulation of the brain. Expanded indication was granted based on clinical trial evidence proving the safety and efficacy of the device.

“The Atlas Posterior PMA trial data shows a compelling advancement in the treatment of wide-neck posterior aneurysms,” Sam Zaidat, an investigator on the U.S. Neuroform Atlas investigational trial, said in a news release. “Posterior stent-assisted coiling with Neuroform Atlas achieved an impressively high rate of complete occlusion in this very challenging location at 76.7%. Equally impressive was the 4.3% primary safety rate.”<…

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 …

Hospital traffic continues to moderately decline, Jeffries reports

[Image from Unsplash]

Market researcher Jefferies reports that hospital traffic in the U.S. remains on a moderate decline over the past four weeks through July 26.

Seeking to inform the recovery in medical procedures after the COVID-19 pandemic caused the delay or deferral of them over the past five months or so, Jefferies is observing 3,300 U.S. hospitals on a weekly basis, according to its analysis.

As of July 26, the analysts had the hospital traffic index at 58.7, slightly down from the previous week’s total of 59.1. Currently, hospital traffic is down 15.2% from late June.

The index had hit its most recent high of 69.2 on June 28, but that further illustrates a decline from the beginning of the pandemic in March, when the index sat around 90 points. In the months prior to that, the index remained around the 100-point mark.

In recent earnings reports, various …

Stryker dips despite Street-beating Q2

Stryker (NYSE:SYK) shares dipped slightly today despite second-quarter results that came in ahead of the consensus forecast.

The Kalamazoo, Mich.-based company posted losses of -$83 million, or -22¢ per share, on sales of $2.8 billion for the three months ended June 30, 2020, for a bottom-line slide from profits of $480 million last year into the red on a sales decline of 24.3%.

Adjusted to exclude one-time items, earnings per share were 64¢, 9¢ ahead of Wall Street, where the company’s revenue numbers beat analysts’ estimates by 5.3%.

The orthopedic device maker posted noteworthy sales decreases across all three of its segments in large part due to the delays in elective procedures as a result of the COVID-19 pandemic. Stryker posted a a -29.9% drop in orthopedics, a -29.6% decrease in neurotechnology/spine and a -17.3% decline in medical/surgical.

“Our second quarter results were negatively impacted by COVID-19, but I am please…

Stryker lands government contract for endoscopy business

Stryker (NYSE:SYK) has been awarded a Defense Logistics Agency contract for up to 10 years and $225 million for patient monitoring and capital equipment systems and accessories.

Stryker’s San Jose, Calif.-based endoscopy business beat 51 other applicants for the contract, according to a U.S. Department of Defense announcement. The 5-year base contract has a 5-year option period.

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

MedTech 100 roundup: Stocks tick back up to open July

After a solid start to July, the medtech industry continues to experience a stock market roller coaster amid the COVID-19 pandemic.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 84.25 points at the end of last week (July 3). That total represents a 2.9% increase from the 81.88-point total at the same time a week prior (June 26), resulting in another significant direction change, following a -3.7% dip just one week before.

Meanwhile, the S&P 500 Index saw a 4% bump from June 26 to July 2 (market close before a holiday), and the Dow Jones Index fared similarly well, posting a 3.2% increase over the same period of time. Both indexes mirrored the medtech industry’s changes, having each posted decreases the week prior.

Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 35.6% growth in total. Stocks in the indu…