Cynosure’s technology seems to have been better at destroying value than it was at destroying fat – Hologic has sold the business for a tenth of the purchase price.
Some medtech stocks did decline in 2018, but many more increased in value.
Big cap medtech disappoints – but still beats pharma.
The preponderance of large deals comes partly as a consequence of soaring market valuations; paradoxically, it is also a cause of them.
Either buyers are being pickier or the pool of targets is dwindling.