MedTech Dive is rounding up coverage of medical device and diagnostics companies' second-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: Medtechs mirror pre-pandemic results in Q2 fueled by procedure volume recovery
After elective procedures began gradually rebounding in the first quarter of 2021, companies are reporting second-quarter results that are close to or beating 2019 levels.
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iRhythm doesn't expect 2022 CMS pricing. 'It may take some time.'
By Ricky Zipp • Aug. 6, 2021Amid a challenging 2021, the cardiac monitoring player beat Wall Street revenue expectations. However, Medicare pricing uncertainty is still hanging over its future. Read the full article ➔
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ResMed reaffirms Philips recall is up to $350M boost but held back by supply chain struggles
By Nick Paul Taylor • Aug. 6, 2021"Supply bottlenecks continue to restrict our access to critical electronic components, especially semiconductor chips, that ultimately limit our net production output,” CEO Mick Farrell told investors late Thursday. Read the full article ➔
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BD results called mixed amid bullish COVID-19 testing outlook
By Greg Slabodkin • Aug. 5, 2021The medtech assumes no major system-wide hospital restrictions on electives, despite the rapid spread of the delta variant, raising eyebrows from one analyst group. BD also announced CFO Chris Reidy will retire. Read the full article ➔
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Nevro shares plunge 25% after sluggish Q2, execs brace for worse to come
By Nick Paul Taylor • Aug. 5, 2021Struggles in the second quarter led analysts to question whether the company is losing share to rivals such as Abbott Laboratories, Boston Scientific and Medtronic. Nevro refuted the idea that it's losing market share. Read the full article ➔
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Zimmer beats Q2 expectations, pandemic still a drag on large joint procedures
By Susan Kelly • Aug. 3, 2021As the delta variant causes COVID-19 surges across the globe, CEO Bryan Hanson said on a Tuesday earnings call "it doesn't seem to be translating into the same revenue disruptions we've seen in the past." Read the full article ➔
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Hillrom reverses course, will finalize $375M BardyDx acquisition
By Ricky Zipp • Aug. 2, 2021The decision ends a months-long fight by Hillrom to back out of the buy due to substantially reduced Medicare rate cuts for long-term cardiac monitoring. Hillrom expects the deal to close in the coming weeks. Read the full article ➔
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Siemens Healthineers' diagnostic sales soar on EU demand for COVID-19 tests
By Nick Paul Taylor • July 30, 2021Antigen test revenue grew more than 200% but is now expected to drop significantly. Unlike rivals Abbott and Quidel, which have seen fast-falling sales, the German medtech primarily serves Europe. Read the full article ➔
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Pent-up demand drives Edwards' TAVR sales past forecasts, but slowdown predicted
By Nick Paul Taylor • July 30, 2021While the delta variant was not directly discussed on the call, CFO Scott Ullem acknowledged "flare-ups of COVID in various regions" but downplayed any impact on the company's business. Read the full article ➔
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Talk of Baxter-Hillrom tie-up grows as both companies focus on connected care
By Nick Paul Taylor • July 29, 2021Hillrom CEO John Groetelaars in a Friday earnings call highlighted the growing importance of connected care, the focus area of Baxter's current M&A strategy. A Baird analyst said it sounded like a non-specific defense of a deal. Read the full article ➔
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Supply constraints stymie Smith & Nephew's ortho recovery
By Nick Paul Taylor • July 29, 2021Sales of knees and hips by the U.K. medtech underperformed rivals like Stryker and J&J, sending shares down in London. Read the full article ➔
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Thermo Fisher slashes COVID-19 testing guidance by $900M
By Greg Slabodkin • July 28, 2021Following peers like Abbott and Quidel, execs expect test demand to slow for the rest of the year. CFO Stephen Williamson called it "prudent" to "de-risk the outlook" for testing. Read the full article ➔
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As Stryker boosted by electives comeback, CEO downplays delta variant risk to procedures
By Susan Kelly • July 28, 2021Kevin Lobo said the uncertainty is "baked in" to the company's forecast, though some analysts noted coronavirus variants cloud the outlook for the rest of the year. Read the full article ➔
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Boston Scientific tops pre-pandemic results in Q2, expects similar trends in H2
By Ricky Zipp • July 27, 2021The company joins a handful of other medtechs seeming to move past the crisis, fueled by the return of elective care. CEO Michael Mahoney expects a "manageable level of COVID impact in the second half of the year." Read the full article ➔
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GE Healthcare's COVID-19 recovery continues with double-digit growth in imaging, ultrasound
By Greg Slabodkin • July 27, 2021Second-quarter results reflect the return of elective procedures to pre-pandemic levels. A standout was its pharmaceutical diagnostics business which saw orders grow nearly 50% organically year over year. Read the full article ➔
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Philips Q2 hit from sleep apnea, ventilator recall overshadows pandemic recovery
By Nick Paul Taylor • July 26, 2021CEO Frans van Houten downplayed the potential of a significant impact on Philips' business. But, Baird analysts contend the company could lose about $800 million in the 12-month repair/replace cycle, with ResMed benefiting. Read the full article ➔
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Abbott latest to report pandemic recovery in Q2 as procedures return, COVID-19 tests drag diagnostics
By Greg Slabodkin • July 22, 2021While growth was positive across the four major businesses, coronavirus test sales came in at $1.3 billion, far below the $2.2 billion reported in the previous quarter, though ahead of lowered expectations. Read the full article ➔
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J&J medical device sales return to pre-pandemic levels in Q2 as COVID-19 impact wanes
By Ricky Zipp • July 21, 2021The company's return to growth, fueled by the recovery of elective volumes, could signal where procedure-dependent medtechs stand as the industry recovers from the effects of the coronavirus. Read the full article ➔
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Intuitive's Q2 robot placements accelerate amid procedure recovery
By Susan Kelly • July 21, 2021While the robotic surgery leader is eyeing the delta variant for potential to curb demand, the company raised its forecast for procedure growth this year. However, the outlook does not reflect significant disruptions. Read the full article ➔
