Medical Technology: JNJ Q2 read through

研报英文原文证据摘录

Medical Technology: JNJ Q2 read through

Accessible version

Medical Technology

JNJ Q2 read through

Industry Overview

Medtech growth 4% JNJ specific, not broader procedures 15 July 2026

JNJ reported 2Q26 earnings this morning. JNJ medtech in Q2 grew 3.7% (4.1% in US and Equity

3.2% OUS) vs Street’s 4.7%. Cardiovascular was the weak spot in medtech (Abiomed United States

and EP) while ortho, surgery, and vision were in line/beat. Medtech growth is not Medical Technology

attributed to a systemic slowdown in procedures, more JNJ specific dynamics in CV. Travis Steed

Medtech grew 4% in 1H and JNJ expects growth to accelerate in 2H driven by continued Research Analyst

performance in vision, ortho and surgery and improvements in cardiovascular in 2H. BofAS+1 404 607 3251

travis.steed@bofa.com

Not seeing slowdown in procedure volume or demand Stephanie Elghazi

Procedure volumes continue to be stable and JNJ is not seeing a broad-based slowdown ResearchBofAS Analyst

in demand. US hospital operators have called out pressure on certain procedure volumes, +1 646 855 4568

stephanie.elghazi@bofa.com

particularly in more elective areas, but JNJ is not seeing that today. Ortho procedures are

Gracia Mahoney

more elective, but JNJ saw ortho growth improve not step back. JNJ has also not seen a Research Analyst

meaningful impact on procedure volume related to the ACA subsidy removals and while BofAS

+1 646 855 1136

it may create affordability pressures for a small cohort of patients, that is not expected gracia.mahoney@bofa.com

to translate into a material impact on demand for medtech and procedures. Enjia Cao

Research Analyst

JNJ WW/US hips/knees decelerate BofAS+1 646 743 9861

JNJ says US knees continue to see some softness in revision market in Q2. In Q2, JNJ enjia.cao@bofa.com