J&J Q3 results positive for orthopedic, cardio device makers - brokerages

Enovis

17/10/2023 15:14

** Johnson & Johnson  JNJ.N  raised 2023 profit forecast in
its first earnings report as a standalone pharmaceutical and
medical devices company since spinning off its consumer health
business
    ** Elective procedure volumes remain healthy, indicating
that JNJ's global knee and hip businesses are largely similar to
Q2, says brokerage Citi
    ** Brokerage Evercore says JNJ's Q3 trends bode well for
orthopedic med-techs Stryker  SYK.N , Zimmer Biomet  ZBH.N  and
Enovis  ENOV.N  
    ** Shares of ZBH and Medtronic  MDT.N  up about 1% each,
while SYK and Abbott Laboratories  ABT.N  up marginally
    ** Stable demand for elective procedures favors heart
diseases-focused medical device players such as Boston
Scientific  BSX.N , ABT and MDT - Evercore
    ** Citi says JNJ's decelerating momentum in contact lenses
likely reflects share losses, a positive for Swiss-based eyecare
company Alcon AG  ALCC.S  and Cooper Companies  COO.O  
    ** JNJ's elective surgeries growth positive for British
medical products maker Smith & Nephew  SN.L  - Citi

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))