8 medical device companies that beat the COVID-19 pandemic and prospered

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Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was overall revenue slightly down for the 20 during 2020, but it was actually up for eight of them.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics, imaging and personal protective equipment needed to fight against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery for the rest of the year, according to Newitter. “It plateaued and actually started to go the other direction into January. Then into January, February and now March, we in the U.S. have hit a stable to improving mode from that slight retracement in December/January.”

Here are 8 large medical businesses that saw revenues grow in 2020.