Medical device companies like Quest Diagnostics DGX, Thermo Fisher Scientific TMO, Edwards Lifesciences EW and Align Technology ALGN are likely to have been influenced by these abovementioned factors in the second quarter. Per the latest Earnings Preview, quarterly results so far have improved year over year despite the ongoing macroeconomic headwinds in the form of worldwide inflationary pressure and unfavorable foreign exchange headwind. Also, diagnostic testing companies might have shown a severe year-over-year decline in testing demand, compared to a strong comparison in the year-ago period on the rise in new cases in select geographies.