MedTech Dive is rounding up coverage of medical device and diagnostics companies' first-quarter financial reports as earnings season unfolds, updating this collection weekly. Please note that some companies follow their own fiscal calendars.
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Roundup: Medtech earnings show early signs of electives return, lingering testing uncertainty
The industry is reporting an elective care rebound after volumes dropped in the winter, while COVID-19 test demand appears to be softening as vaccination numbers grow.
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iRhythm again meets with Medicare rate setter after cardiac monitoring pay cut by nearly $200
By Ricky Zipp • May 7, 2021CEO Michael Coyle said during a Thursday earnings call the company has met with Novitas Solutions to discuss a different pricing methodology. Investors seemed encouraged as shares were up nearly 8% Friday morning. Read the full article ➔
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Quidel says COVID-19 testing 'not forecastable' as it targets alternative, at-home markets
By Greg Slabodkin • May 7, 2021CEO Doug Bryant on Thursday's first-quarter earnings call said the company sees increasing revenue opportunities tied to at-home, back-to-school and back-to-work tests but "it's impossible for us to model at this stage." Read the full article ➔
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BD grows Q2 revenue despite COVID-19 test dip, spins off diabetes business
By Greg Slabodkin • May 6, 2021The spin off for the separate publicly traded company is expected to be completed in the first half of calendar year 2022. The move will not impact BD's ability to fulfill orders related to COVID-19 vaccinations, execs said. Read the full article ➔
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Nevro raises outlook as neuromodulation market recovers from COVID-19 crisis
By Nick Paul Taylor • May 6, 2021Improvements during the quarter, which culminated in Nevro's best March ever, emboldened the company to target at least 22% growth in 2021. Still, the company's stock price dropped by about 6% Thursday morning. Read the full article ➔
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Zimmer sees Q1 sales growth after CEO warned of down quarter
By Ricky Zipp • May 4, 2021Bryan Hanson cautioned in February the quarter would be more challenging than the fourth due to COVID-19 pressures. The turnaround led the company to issue full-year 2021 guidance, but investors weren't impressed. Read the full article ➔
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Qiagen braces for COVID-19 testing volatility as sales hold steady in Q1
By Nick Paul Taylor • May 4, 2021Coronavirus-related revenues were flat sequentially, helping the company to grow above its outlook. However, the consistency masks changes in where tests are in demand with region-to-region variability expected to continue. Read the full article ➔
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Siemens raises outlook as COVID-19 antigen tests blast past original sales target
By Nick Paul Taylor • May 3, 2021The company's bullish prospect for its rapid antigen test business comes as rivals like Abbott Laboratories and Quidel, which are more exposed to the U.S. market, fell short of expectations in the first quarter. Read the full article ➔
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Smith & Nephew returns to growth as US hip sales surge
By Nick Paul Taylor • April 29, 2021First quarter orthopaedic results saw divergent performance in the knees and hip franchises. CEO Roland Diggelmann noted hip injuries are typically more acute but acknowledged a gap in its U.S. knee portfolio. Read the full article ➔
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Hologic, Thermo Fisher cautious on COVID-19 test demand as vaccines roll out
By Greg Slabodkin • April 29, 2021Hologic CEO Stephen MacMillan told investors late Wednesday demand has fallen significantly since January amid vaccinations. Both companies expect recent M&A to be a crucial part of post-pandemic strategies. Read the full article ➔
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Stryker's Wright costs spur Q1 miss, but robotics orders pick up
By Susan Kelly • April 28, 2021The medtech also raised its full-year earnings outlook, which CFO Glenn Boehnlein said is based on an assumption that the second quarter "has a return to normalcy by the time we get to the end." Read the full article ➔
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Boston Scientific sees Q1 electives rebound, hints at further 2021 M&A
By Ricky Zipp • April 28, 2021With two acquisitions already in 2021, CFO Daniel Brennan said, "We have the appetite, and we have the balance sheet in place to continue to" spend later this year. Read the full article ➔
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GE Healthcare grows sales as routine screening, elective procedures return
By Nick Paul Taylor • April 27, 2021The results provide further evidence that the resumption of elective procedures has driven up demand for imaging and other healthcare products and services. GE saw volumes return for cardiac, oncology and neurology screening. Read the full article ➔
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Philips raises guidance as elective procedures exceed pre-pandemic levels
By Nick Paul Taylor • April 26, 2021The Dutch conglomerate's results follow encouraging rebounds in non-emergency care from Edwards, Intuitive Surgical and J&J. Still, Philips posted a loss from continuing operations. Read the full article ➔
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Quidel shakes Wall Street with bearish COVID-19 test forecast
By Greg Slabodkin • April 23, 2021The company late Thursday pre-announced first-quarter revenue nearly $100 million below analyst expectations, with Craig-Hallum's Alex Nowak now calling the business unforecastable. Read the full article ➔
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Quest Q1 revenue jumps 49% even as COVID-19 test demand wanes
By Greg Slabodkin • April 22, 2021CEO Steve Rusckowski told investors Thursday the lab giant's routine business continued its recovery to near pre-pandemic levels, helping offset coronavirus diagnostics coming in below estimates. Read the full article ➔
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Intuitive sees Q1 robot rebound in turnabout from start of year
By Susan Kelly • April 21, 2021CEO Gary Guthart called the quarter a "step in the right direction," but execs also cautioned variants and supply chain constraints could throw a wrench into the recovery. Read the full article ➔
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Edwards withstands winter lows, grows Q1 sales on electives recovery
By Ricky Zipp • April 21, 2021CEO Michael Mussallem said volumes grew gradually through March after a significant drop, continuing the early trend of procedure-dependent medtechs reporting a return of non-emergency procedures. Read the full article ➔
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Roche sees strong Q1 sales in COVID-19 tests, routine diagnostics
By Greg Slabodkin • April 21, 2021Roche Diagnostics CEO Thomas Schinecker predicted second-quarter coronavirus sales would also be healthy, continuing into the third quarter. Read the full article ➔
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Abbott misses Wall Street as COVID-19 test sales softer than expected
By Greg Slabodkin • April 20, 2021CEO Robert Ford told investors on Tuesday that $1.8 billion in sales were from its rapid coronavirus testing platforms as he sees a shift to surveillance. But he acknowledged testing is "difficult to forecast right now." Read the full article ➔
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J&J returns to growth in Q1 as elective care rebounds in US, Asia-Pacific
By Ricky Zipp • April 20, 2021The recovery was mixed among procedure types, with hips improving, while knees and spine fell. Still, CEO Alex Gorsky forecast volumes to keep rebounding throughout 2021. Read the full article ➔
