Each week, Medical Device Network’s journalists pick out insights from company filings that highlight sentiments in our sector. These filings signals are based on GlobalData’s analysis of earnings statements, call transcripts, investor presentations and sustainability reports. They tell us about key topics on the minds of business leaders and investors, and the themes driving a company’s activities.
This new, thematic filings coverage is powered by our underlying Disruptor data which tracks all major deals, patents, company filings, hiring patterns and social media buzz across our sectors.
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Recent company filings in the medical technology sector suggest that companies are feeling more positive than they were two months ago, despite many reporting losses in their quarterly earnings.
GlobalData’s proprietary sentiment insights determine confidence through analysis of company filings and transcripts, with a score of one being completely positive. The average filings sentiment in the industry is projected to rise from 0.6 to 0.63, or around 5%, in quarter three of 2023. This reflects growing confidence in the market and perhaps a return to pre-pandemic norms, where the average sentiment was 0.62 before a sharp drop to 0.57 in quarter two of 2020.
However, many of the companies with the highest sentiment scores are still not turning a profit. This is largely due to their being quite young, with most less than 15 years old. This trend is especially positive as it suggests that these companies are finding funding possible to secure, which is a further sign of market buoyancy.
Beyond Air, for instance, has a sentiment of 0.97 in its latest transcript, up considerably from its third quarter 0.81. The New York-based nitric oxide therapy company, which also owns Beyond Cancer, made a net loss of $55.8m in the 2022-23 financial year, but was able to secure up to $40mil in debt financing.
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By GlobalDataChinese biotechnology company Burning Rock Biotech is similarly positive despite losses of ¥980.4m ($144m) in the year ending 2022 (Chinese business years run from 1st Jan to 31st Dec). In its quarter-one report of 2023, it announced a 27% year-on-year increase in contact value and a reduction in losses.
