Medtech stocks generally ended last week at their highest point in more than a month — even as the COVID-19 pandemic continues to cause economic havoc.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 82.3 points at the end of last week (April 24). That total represents a minor rise from 82.28 a week prior, but signaled a strong 3.6% bounce-back after dipping as low as 79.45 on April 21.
About a month since the index sat at 62.13 on March 23 — its lowest point so far during the pandemic — the stocks of the industry’s largest companies responded with 32.5% growth.
Last week’s total is the index’s highest point since March 6 — but it is still down -11.2% since its pre-pandemic crash high point of 92.32 on Feb. 19.
The medtech industry’s slight growth over the past week tops the S&P 500 Index, which experienced a -1.3% decline from April 17 to April 24. Similarly, the Dow Jones Index dropped -1.9% over the same time frame.
Medical device companies are generally experiencing tough sales hits as elective and sometimes even necessary medical procedures take a hit as health provider customers focus on the COVID-19 pandemic. At the same time, countries around the world need the device industry to provide crucial supplies to fight the virus: tests, respirator masks, protective equipment, ventilators, infusion pumps, dialysis machines and more.
Over the past two weeks, several companies reported their first-quarter financial results and made other important financial projections and announcements. Here are the highlights:
- Abbott was one of the few who reported a strong quarter.
- Philips ticked up despite business impact from COVID-19.
- NeuroMetrix dipped on Q1 losses.
- Medtronic revealed a 60% U.S. revenue decrease
- Baxter said it’s hiring thousands to boost COVID-19 supply output.
Original Article: (https://www.massdevice.com/medtech-100-roundup-medtech-stocks-hit-highest-point-since-early-march/)
