Evaluation of the financial performances of the medical device companies among Fortune 500 companies before, during and after the COVID-19 pandemic

Abstract

The purpose of this study was to evaluate the financial performances of the six medical device companies among Fortune 500 companies before, during and after the COVID-19 pandemic. For this purpose, we first conducted ratio analysis by using liquidity, turnover, leverage and profitability ratios; then we conducted Wilcoxon signed-rank tests by using the calculated values of the financial ratios. We obtained the required data from the annual financial statements of the medical device companies among Fortune 500 companies. In the analyses, we took 2019 as the year before the COVID-19 pandemic, 2020 and 2021 as the year of the COVID-19 pandemic and 2022 as the year after the COVID-19 pandemic. The findings of the study showed that the medical device companies among Fortune 500 companies were able to keep their financial performances strong when the COVID-19 pandemic began; they were able to increase their profits in the second year of the COVID-19 pandemic; and they were able to start using their assets more efficiently after the COVID-19 pandemic. This suggests that the overall financial performances of the medical device companies among Fortune 500 companies were strong before, during and after the COVID-19 pandemic. The evaluation of the financial performances of the medical device companies among Fortune 500 companies before, during and after the COVID-19 pandemic may be beneficial for managers and policy makers in the medical device industry to determine the areas that requires to be strengthened in order to be better prepared for possible future pandemics and crisis periods.