Johnson & Johnson’s MedTech performance rallies industry
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MedTech stocks are trading sharply higher on Tuesday after the industry bellwether Johnson & Johnson (JNJ) reported better than expected Q1 2022 sales for its MedTech segment.

The iShares U.S. Medical Devices ETF (NYSEARCA:IHI) has recorded the best intraday gain since June 2020, driven by notable gainers such as Intuitive Surgical (NASDAQ:ISRG), Stryker (NYSE:SYK), Boston Scientific (BSX), Glaukos Corporation (GKOS) and Inari Medical (NARI).

Revenue from J&Jâs MedTech division, previously identified as Medical Devices, reached $7.0B for the quarter with a ~6% YoY growth, exceeding the Street forecasts of $6.7B, according to
Bloomberg.
In reaction, Needham analyst Mike Matson wrote: âWe believe JNJâs MedTech results are a positive indicator and expect most of our companies under coverage to beat consensus estimates in 1Q22.â
Citing J&Jâs (JNJ) MedTech sales, Wells Fargoâs Larry Biegelsen argued that orthopedic sales of Stryker (SYK) and Zimmer Biomet (NYSE:ZBH) could exceed estimates.
Since the COVID-driven slump in March 2020, both stocks have underperformed the broader market, as shown in this graph.