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

Enovis

17/10/2023 16:53

(Updates)
    ** Johnson & Johnson  JNJ.N  raises 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 SKY, ZBH and ENOV rise more than 2%, while
Medtronic  MDT.N  gains 1.5% and Abbott Laboratories  ABT.N  up
marginally
    ** Evercore adds that stable demand for elective procedures
favors heart diseases-focused medical device players such as
Boston Scientific  BSX.N , ABT and MDT 
    ** BSX stock up 1.2% 
    ** JNJ's elective surgeries growth positive for British
medical products maker Smith & Nephew  SN.L  - Citi
    ** However, adds 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  
    

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