🩺 $1B Biotech Funding. Medical Devices Declines 1%.
Impact Capital Markets #78 looks at our Medical Devices stock index, major impact deals, M&A, and upcoming economic releases.
Sawubona 🦁
📉 Today's Global Economic Update: Australia's inflation rate in Q1 of 2024 was 3.6% yoy, slightly lower than the previous period but exceeded market expectations. Goods inflation eased for the sixth consecutive quarter, while services inflation slowed for the third straight quarter.
💊 Deal of the Day: Xaira Therapeutics, a biotechnology company launched with $1B to enhance drug R&D efforts using AI.
What's New?
🩺 Medical Devices. Medical devices declines 1%
💰 Funding. Biotechnology, community college, pediatric care + more
💼 M&A. Recycling, biotechnology, EdTech + more
📅 Economics. US & Euro area GDP, Japan inflation, balance of trade + more
🩺 Medical Devices Declines 1%
HolonIQ’s Medical Devices index has declined to 1% reflecting challenges in the MedTech sector. For instance, Boston Scientific's ($101B MCap) earnings were likely impacted by industry-wide issues including supply chain disruptions and global uncertainties. Despite recent challenges, the medical device industry has shown strong performance, as evidenced by the index reaching a high of 6.4% in March. Companies like Intuitive Surgical, Inc. ($133B MCap), Stryker Corp.($125B MCap), and Abbott Laboratories ($187B MCap) experienced growth of 21%, 21%, and 3%, respectively, over the past 3 months. Factors including increasing demand for surgical devices and advancements in healthcare technology drove the increases.
Positive earning results also pushed up the prices of stocks within the index. Abbott Laboratories beat quarterly profit forecast with strong sales of its medical devices. Intuitive Surgical Inc. exceeded Q1 profit & revenue forecasts, driven by higher demand for its da Vinci surgical robots. Overall, with trends like surgical robotics, wearables, and AI adoption, the outlook for medical devices is promising. However, recent product recalls, such as the recent Medtronic recall, would impact the index performance in the coming weeks.
💰 Funding
💊 Xaira Therapeutics, a biotechnology company launched with $1B in funding to enhance drug R&D efforts using AI.
🎓 Campus, a New York-based online community college, raised a $23M Series A from Founders Fund to accelerate its growth.
🧬 CN Bio, a UK-based micro-physiological systems provider, raised a $21M Series B from Bayland Capital to expand its product portfolio.
💊 Brise Pharmaceuticals, a Chinese pain therapeutics company, raised a $20M Series A from Shunxi Fund to drive product development.
👶 Summer Health, a New York-based pediatric telehealth provider, raised a $11.7M Series A from 7wire Ventures to strengthen its distribution channels.
💼 M&A
🔄 Sibelco, a Belgian material solutions company, acquired Strategic Materials, a Texas-based recycling company.
🧪 Incyte, a Delaware-based drug discovery company, acquired Escient Pharmaceuticals, a California-based biotechnology company.
📚 95 Percent Group LLC, an Illinois-based education management company, acquired Sortegories, an EdTech platform.
🩺 Kohlberg Kravis Roberts, a New York-based investment firm, acquired Immedica Pharma, a Swedish pharmaceutical company.
🔬 Adir Ventures, a New York-based financing firm, acquired Healthy Labs, a California-based digital health insurance company.
📅 Economic Calendar
US & Euro Area GDP, Japan Interest Rate, Balance of Trade + More
Wednesday, April 24th 2024
🇩🇪 Germany Ifo Business Climate Index, April
🇺🇸 US Durable Goods Orders Data, March
Thursday, April 25th 2024
🇩🇪 Germany GfK Consumer Confidence Index, May
🇺🇸 US GDP Data, Q1
🇯🇵 Japan BoJ Interest Rate Decision
Friday, April 26th 2024
🇺🇸 US Core PCE Price Index, March
🇺🇸 US Personal Income & Spending, March
Monday, April 29th 2024
🇩🇪 Germany Inflation Data (Preliminary), April
🇨🇳 China NBS Manufacturing PMI, April
🇨🇳 China Caixin Manufacturing PMI, April
Tuesday, April 30th 2024
🇫🇷 France GDP Data (Preliminary), Q1
🇫🇷 France Inflation Data (Preliminary), April
🇩🇪 Germany GDP Data Flash, Q1
🇮🇹 Italy GDP Data, Q1
🇪🇦 Euro Area GDP Data Flash, Q1
🇪🇦 Euro Area Inflation Data Flash, April
🇮🇹 Italy Inflation Data (Preliminary), April
Wednesday, May 1st 2024
🇯🇵 Japan Consumer Confidence Index, April
🇺🇸 US ISM Manufacturing PMI, April
🇺🇸 US Job Openings, March
🇺🇸 US Fed Interest Decision
🇦🇺 Australia Balance of Trade Data, March
Thursday, May 2nd 2024
🇨🇦 Canada Balance of Trade Data, March
Thursday, May 3rd 2024
🇺🇸 US Non-Farm Payrolls Data, April
🇺🇸 US Employment Data, April
🇺🇸 US ISM Services PMI, April
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