The biggest surprise is that there were a handful of risers despite the widespread market turmoil.
Orthopaedics and cardiology groups start to improve in terms of sales per employee, but Covid test makers do better still.
A simpler diabetes tech is in the offing, but some patients are yet to be convinced that a device knows best.
The worst half-year period for a decade leaves the biggest medical device companies half a trillion dollars poorer.
New devices are coming, but the real advances will involve combinations.
The sellside expects the world’s leading medtech to be outpaced by its rivals. Divestments might allow the group to defy this destiny.
Staffing levels changed little across 2020 as M&A slowed – but sales are another story.