Medical device makers fall after J&J's medtech unit misses sales estimates

Bausch + Lomb

16/04/2024 16:25

** Shares of medical device makers fall between 1% and 3%
after Johnson & Johnson's  JNJ.N  medical devices unit reports
Q1 sales of $7.82 bln, missing Wall Street estimates of $7.88
bln, per LSEG data
    ** Stryker  SYK.N  down 1%, Zimmer Biomet  ZBH.N  down 1.2%,
Medtronic  MDT.N  down 1.4%, Agilent  A.N  down 2.4%, Becton
Dickinson  BDX.N  down 0.9% and Bausch + Lomb  BLCO.TO   BLCO.N 
down 1.7%
    ** At least two analysts pointed to weakness in JNJ's vision
care products and surgical devices
    ** "China-related issues seemed to play a restraining role
in both divisions' underperformance" - Brokerage Stifel
    ** Decline in sales for surgical devices likely reflects
share losses to Intuitive Surgical  ISRG.O  for JNJ - Brokerage
Evercore ISI
    ** Decline in sales for JNJ's contact lenses reads negative
to BLCO - Evercore
    ** YTD, SYK up 12.3%, ZBH up 0.7%, MDT down 3.8%, A flat,
BDX down 4.8%, BLCO flat

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))