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๐Ÿฉบ Medical Devices Up 27%. $150M for Clinical Documentation.

Impact Capital Markets #36 looks at our Medical Devices stock index, major impact deals, M&A, and upcoming economic releases.

Ahoj ๐Ÿบ

๐Ÿ“‰ Today's Global Economic Update: Germany's Ifo Business Climate data indicated an increase to 85.5 in February 2024, from 85.2 in January. The reading for manufacturing hit a three-year low, while services and construction sectors improved. Business expectations remain pessimistic, but sentiment improved compared to January.

๐Ÿ’‰ Deal of the Day: Abridge, a startup building AI-powered clinical documentation tools, raised $150M in Series C funding to support the expansion of its operations.

What's New?

  • ๐Ÿฉบ Medical Devices. Medical devices up 27%
  • ๐Ÿ’ฐ Funding. Clinical Documentation, electric mobility, fertility care & more
  • ๐Ÿ’ผ M&A. Dairy products, clinical trials & farming
  • ๐Ÿ“… Economics. Major inflation data, US GDP growth data, balance of trade + more

For unlimited access to more deals and economic updates, request a demo

๐Ÿฉบ Medical Devices Up 27%

HolonIQโ€™s Medical Devices Index rose by 27% over the past 12 months, driven by notable gains in major stocks. Abbott Laboratories (MCap: US$ 207B) climbed 20%, Intuitive Surgical, Inc. (MCap: US$ 137B) by 68%, and Stryker Corp. (MCap: US$ 135B) by 35%. This performance reflects the increase in demand for innovative devices, such as wearables, driven by the increasing prevalence of lifestyle diseases and awareness of preventive healthcare measures. Recent developments, such as the Medicines and Healthcare Products Regulatory Agency (MHRA) roadmap for medical device regulations in the UK and the MHRA-FDA collaboration to streamline the UK's medical product development process, are expected to facilitate industry growth. China's increasing prominence as a top contender in the industry, coupled with India's efforts to enhance product capabilities, will also bring fresh opportunities.

However, a challenge lies in the mounting pressure to lower prices as governments strive to reduce healthcare expenses. With healthcare budgets being cut, companies within the medical devices sector face the risk of fewer orders and lower margins. Innovation and the effective integration of technology will likely become pivotal factors determining the success of medical companies in the years ahead.

๐Ÿ’ฐ Funding

๐Ÿ’‰ Abridge, a Pennsylvania-based startup building AI-powered tools to document clinical conversations, raised a $150M Series C from Redpoint Ventures China and Lightspeed Venture Partners. The funding will be used to expand the team and develop AI models.

๐Ÿ›ด Yulu, an Indian startup providing shared two-wheeler electric vehicle services, raised $19.25M from Magna International & Bajaj Auto Finance to strengthen its market leadership.

๐Ÿš˜ Monumo, a UK-based deep tech engineering company that is redesigning the electric motor, raised a $13.28M Seed from  LQD VC to expand operations and development efforts.

๐Ÿ’ง USA Water Holdings, a Texas-based company that provides operations and maintenance services for water and wastewater systems, raised $10M from CNL Strategic Capital to improve its services.

๐Ÿ’ผ M&A

๐Ÿฅ› Harwood Private Equity, a leading investor in the UK lower mid-market, acquired Crest Foods, an Oklahoma-based company that develops stabilizer formulations and recipes for dairy products.

๐Ÿฅ PCM Trials, a Colorado-based independent mobile research provider for decentralized clinical trials, acquired Emvenio Research, a North Carolina-based provider of community-based clinical trial sites served with mobile research units.

๐Ÿ“ Driscoll's, a California-based global provider of fresh strawberries and other berries, acquired Costa Group, Australiaโ€™s largest producer of fresh fruit and vegetables.

๐Ÿ“… Economic Calendar

Major Inflation Data, US GDP Growth Data, Balance of Trade + More

Tuesday, February 27th 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Inflation Data, January
๐Ÿ‡ฉ๐Ÿ‡ช Germany GfK Consumer Confidence, March
๐Ÿ‡บ๐Ÿ‡ธ US Durable Goods Orders Data, January

Wednesday, February 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Data, Q4

Thursday, February 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡ณ India GDP Data, Q4
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), February
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP Data, Q4
๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index Data, January
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending Data, January

Friday, March 01st 2024

๐Ÿ‡จ๐Ÿ‡ณ China NBS & Caixin Manufacturing PMI (Preliminary), February
๐Ÿ‡ฏ๐Ÿ‡ต Japan Consumer Confidence, February
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data (Flash), February
๐Ÿ‡ฎ๐Ÿ‡น Italy GDP Data, 2024
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), February
๐Ÿ‡ฎ๐Ÿ‡น Italy Government Budget, 2023
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI (Preliminary), February

Tuesday, March 5th 2024

๐Ÿ‡บ๐Ÿ‡ธ US ISM Services PMI, February

Wednesday, March 6th 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia GDP Growth Data, Q4
๐Ÿ‡ฉ๐Ÿ‡ช Germany Balance of Trade, January
๐Ÿ‡จ๐Ÿ‡ฆ Canada BoC Interest Rate Decision
๐Ÿ‡จ๐Ÿ‡ฆ Canada Ivey PMI, February
๐Ÿ‡บ๐Ÿ‡ธ US JOLTs Job Openings, January

Thursday, March 7th 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia Balance of Trade, January
๐Ÿ‡จ๐Ÿ‡ณ China Balance of Trade, Jan-Feb
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Deposit Facility Data
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area ECB Interest Rate Decision
๐Ÿ‡จ๐Ÿ‡ฆ Canada Balance of Trade, January
๐Ÿ‡ช๐Ÿ‡ฆ Euro Area ECB Press Conference

Friday, March 8th 2024

๐Ÿ‡จ๐Ÿ‡ฆ Canada Unemployment Data, February
๐Ÿ‡บ๐Ÿ‡ธ US Non-Farm Payrolls, February
US Unemployment Data, February

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