EMERGINGTECHRESEARCHMedtechPublicCompSheetandValuationGuideQ42023PitchBookData,Inc.KeytakeawaysJohnGabbertFounder,CEO•Medtechstocksrebound:AfterchallengingstockperformancethroughQ3,duringwhichmedicaltechnology(medtech)stocksNizarTarhuniVicePresident,InstitutionalResearchunderperformed,improvedmarketconditionsandrobustindexperformanceliftedthesectorinQ4astherisingtideappearedtoliftandEditorialnearlyallboats.TheS&P500andNASDAQbothreturnedlow-double-digitperformanceinQ4,andmostmedtechcategoriesendedPaulCondraHeadofEmergingTechnologyResearchupwithsimilarstrongperformanceinthequarter—apartfromlifesciences,whichwashelddownbyIllumina’s-8%returninQ4,thuscontinuingthestock’stoughstretch.Onathree-yearbasis,medtechstockperformancestillsignificantlytrailstheindexesasoverhalfInstitutionalResearchGroupthestockstrackedinourpubliccompsheethavenegativeperformanceonathree-yearbasis.Analysis•Weightlossimpactsubsides:AmajordifferencebetweenmedtechsharepriceperformanceinQ3versusQ4wastheperceivedimpactofGLP-1weightlossdrugsonexistingbusinessmodels.WhileQ3sawglucosemonitoringmakersandsurgicaldeviceAaronDeGagne,CFAincumbentsexperiencesignificantstockdeclines,themarkethasnowrecognizedthattheimpactwillnotbeespeciallysevereintheSeniorAnalyst,Healthcarenearterm.Diabetesstocksrebounded,withInsuletandDexcomreturning36.0%and33.0%inQ4,...
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