J&J Bullish On Procedure Recovery As Q2 Device Sales Beat Analyst Expectations
Johnson & Johnson management said they expect medical device sales to make a quick recovery in the third and fourth quarter of 2020 after seeing a faster-than-expected reuptake of procedures during the second quarter.
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Johnson & Johnson’s medical device sales were up nearly 60% year-over-year in the second quarter of 2021 while Abbott reported 51% growth in its device business, reflecting the recovery in procedure volumes since the worst days of the pandemic in mid-2020.
Johnson & Johnson’s worldwide medical device revenues grew about 50% sequentially in the third quarter to $6.2bn.
Hospitals’ budgets for capital equipment have been strained during the pandemic, but they will continue to invest in digital surgery and robotics because the technologies offer value to patients, according to executives at The Virtual MedTech Conference.