Johnson & Johnson tops quarterly profit estimates as medical device sales jump

Johnson & Johnson exceeded first-quarter earnings expectations as its medical devices business saw a surge in sales. The company benefited from a rebound in demand for nonurgent surgeries among older adults, who had postponed these procedures during the pandemic. J&J’s total revenue for the period was in line with estimates. The company’s medtech division supplies devices for surgeries, orthopedics, and vision. Health insurers like Humana, UnitedHealth Group, and Elevance Health have also observed this increased demand. J&J will hold an earnings call with investors on Tuesday.