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Medical-Device Stocks Surge Most Since 2020 After J&J Report
Shares of Intuitive Surgical Inc., Abiomed Inc. and other medical-device makers rallied Tuesday after $Johnson & Johnson (JNJ.US)$ reported stronger-than-expected sales from that division of the company.
The $Spdr S&P Health Care Equipment (XHE.US)$ rose 3.5%, marking its biggest gain since April 2020 and offsetting some of the underperformance this year that followed the slowdown of the pandemic. The $Ishares Trust U.S. Medical Devices Etf (IHI.US)$ also gained the most since April 2020.
The $Spdr S&P Health Care Equipment (XHE.US)$ rose 3.5%, marking its biggest gain since April 2020 and offsetting some of the underperformance this year that followed the slowdown of the pandemic. The $Ishares Trust U.S. Medical Devices Etf (IHI.US)$ also gained the most since April 2020.
The gains were set off by the quarterly report from pharmaceutical giant Johnson & Johnson, which is one of the earlier companies to release during the slew of coming results. As a result, the company’s better-than-expected device sales are seen as a good sign for others in the industry. Johnson & Johnson’s worldwide medical-devices sales were $6.97 billion, up 6% from a year earlier and above the consensus analyst estimate of $6.66 billion.
“We believe JNJ’s MedTech results are a positive indicator and expect most of our companies under coverage to beat consensus estimates in 1Q22,” Needham & Co. analyst Mike Matson wrote in a note.
“We believe JNJ’s MedTech results are a positive indicator and expect most of our companies under coverage to beat consensus estimates in 1Q22,” Needham & Co. analyst Mike Matson wrote in a note.
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