INMD - Barclays sees renaissance in medical device industry

The medtech industry could be in the early stages "of another multi-year period out outperformance," according to a new analysis from Barclays.The firm has outlined 8 reasons why it is bullish on the industry: 1) robust innovation; last year's cancelled procedures are likely to return; 3) new technology could increase diagnoses; 4) direct-to-consumer advertising; 5) a more normal world later this year; 6) hospital survey indicates return of elective surgeries; 7) healthy balance sheets; and 8) aging population as a tailwind.Barclays' medical devices and supply team is overweight on the following names: Abbott (ABT); Boston Scientific (BSX); Edwards Lifesciences (EW); Zimmer Biomet (ZBH); DexCom (DXCM); Insulet (PODD); CONMED (CNMD); and InMode (INMD).Potential risks to the industry, according to Barclays, are if elective surgeries don't return to normal in a post-COVID world, hospitals may push back on price, and tax reform could hurt earnings.

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Barclays sees "renaissance" in medical device industry