Core Viewpoint - Johnson & Johnson's MedTech segment, which constitutes approximately 36% of total revenues, is experiencing growth driven by newly acquired cardiovascular businesses and new product uptake, but faces challenges in the Asia Pacific region, particularly in China due to government procurement programs and competitive pressures [1][2][4]. Group 1: MedTech Segment Performance - The MedTech segment's growth in Q2 is attributed to the acquisition of Abiomed and Shockwave, alongside the continued uptake of new products [2]. - Sales in China are negatively impacted by the volume-based procurement (VBP) program and an anticorruption campaign, with no expected improvement in 2025 [2]. - Competitive pressures are affecting growth in specific MedTech areas, such as PFA ablation catheters in U.S. electrophysiology [3]. Group 2: Future Outlook - Sales are anticipated to be higher in the second half of 2025 compared to the first half as the business overcomes challenging first-quarter comparisons and new products gain traction [4]. - Tariff-related costs are expected to negatively impact profits in the MedTech segment [4]. Group 3: Competitive Landscape - J&J's MedTech unit faces significant competition from major players like Medtronic, Abbott, Stryker, and Boston Scientific, each specializing in various medical technologies [4][5]. Group 4: Financial Performance and Valuation - J&J's shares have outperformed the industry with a year-to-date increase of 9.7%, compared to a 0.6% rise in the industry [6]. - The company's shares are reasonably priced, trading at a price/earnings ratio of 14.43, lower than the industry average of 14.99 and below its five-year mean of 15.73 [8]. - The Zacks Consensus Estimate for 2025 earnings has increased slightly from $10.60 to $10.62 per share over the past 30 days [10].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 29 June 2025 | 3:25PM HKT China Resources Pharmaceuticals (3320.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Soft growth in 1H amid Presenter: Yulin Chen - Head of Investor Relations Bottom line: Management noted soft growth in 1H due to challenging industry environment and toned down previous guidance of double-digit y/y sales growth for 2025 pending recovery situation in 2H. Cash collection remained under pressure. Key Takeaways Soft growth in 1H: management to ...

Key Takeaways JNJ's MedTech sales rose 4.1% in Q1 2025, driven by new products and recent acquisitions. Headwinds in China from VBP and anticorruption efforts are expected to persist through 2025. Stronger second-half 2025 sales expected as comps ease and product momentum builds up across segments.Johnson & Johnson (JNJ) is one of the few large drug and medical device companies with a presence in both the pharmaceuticals as well as medical devices segments. J&J’s medical devices segment, called MedTech, o ...

We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

China Healthcare | Asia Pacific 11th Round of National Drug VBP Around the Corner Key Takeaways Drug selection criteria aims to balance pricing against clinical practice considerations: Among the 75 drugs proposed, 14 drugs will be further evaluated ( Exhibit 1 ), including: 1) five whose generic products have narrower indications approved than the originators' drugs. The reported volume for these drugs may be limited to the scope of commonly-approved indications; 2) nine generics are considered to have rel ...

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 参会需付费，价格：1200元/人。 名额有限，请尽早报名～ # 报名方法 请复制以下链接至IE浏览器 或 点击文末 " 阅读原文 "报名（会有工作人员联系） https://docs.qq.com/form/page/DUFpkTmZiSHVad0JJ 或者 扫描下方二维码报名 | 主持人:刘 贞 中国医学装备协会应用评价分会秘书长 | | --- | | 09:00-09:20 领导致辞 | | 嘉宾:蔡 葵 中国医学装备协会应用评价分会会长 | | 09:20-09:50《医院新产品准入流程》 | | 嘉宾:郑蕴欣 上海市第六人民医院临港院区副院长 | | 09:50-10:20 《高质量发展下创新医疗器械在医疗机构中的准入与评估》 | | 嘉宾:张璐璐 首都医科大学附属北京友谊医院医学工程处 | | 10:20-10:50《医院物价提单流程要求》 | | 嘉宾:赖雪蕾 北京市海淀医院、北京大学海淀区医学装备科主任 | | 10:50-11:00 茶歇 | | 11:00-11:30《VBP政策介 ...

10 June 2025 | 6:06PM CST China Healthcare: May 2025 China hospital equipment bidding: YoY growth continued, while VBP hits ultrasound price We continue to track the procurement value of main medical devices in China. As we expected, the May data showed continued strong YoY growth (+91%), but a MoM decline (-13%). Taking into account that May 2024 was a low base caused by delays in trade-in program, comparing the May 2025 data to May 2023 still reveals a 33% increase. In our view, this indicates that hospit ...

Envista (NVST) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Company Participants Jim Gustafson - VP - IRPaul Keel - CEOEric Hammes - Chief Financial OfficerJonathan Block - Managing Director Conference Call Participants Jason Bednar - Senior Research AnalystElizabeth Anderson - Senior Managing Director & Research AnalystJeffrey Johnson - Managing Director, Senior Research AnalystAllen Lutz - Senior Equity Research AnalystSteven Valiquette - MD & Senior Equity Research Analyst - Covering Health Care Techno ...

Financial Data and Key Metrics Changes - In Q1 2025, the company reported sales of $617 million, with core sales increasing by 20 basis points year over year despite a negative impact from currency exchange rates of approximately 140 basis points [12][13] - Adjusted EBITDA margin was around 12.8%, a decrease of 120 basis points compared to the previous year, primarily due to foreign exchange impacts [14][20] - Adjusted EPS for the quarter was $0.24, slightly above expectations but down $0.02 year over year [14][23] Business Line Data and Key Metrics Changes - The Specialty Products and Technologies segment saw a core revenue decline of 70 basis points year over year, while the Equipment and Consumables segment experienced a core sales increase of 170 basis points [20][22] - Consumables showed strong growth across most categories and geographies, particularly in North America [12][13] - The orthodontics business, excluding China, saw positive growth in both Spark and Brackets and Wires [20][21] Market Data and Key Metrics Changes - The global dental market remained stable in Q1 2025, with underlying demand similar to the second half of 2024 [9][35] - Positive growth was noted in North America, Japan, and emerging markets, while Europe remained flat [26] - Consumer confidence indices in the U.S. have deteriorated, but this has not yet affected the company's results [10][35] Company Strategy and Development Direction - The company is focused on a value creation plan that includes growth in consumables, Nobel Biocare, and orthodontics, as well as price capture across most of its portfolio [25][26] - A tariff task force has been established to manage the impacts of tariffs and optimize supply chain flexibility [31][32] - The company maintains its 2025 guidance of 1% to 3% core growth and adjusted EBITDA margins of approximately 14% [11][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the dental market's long-term stability despite current macroeconomic uncertainties [27][35] - The company is navigating geopolitical uncertainties and has implemented cost controls to enhance operational productivity [10][28] - Future performance is expected to benefit from the unwinding of revenue deferrals in the second half of the year [16][39] Other Important Information - The company has made progress on its $250 million share repurchase program, purchasing $19 million worth of stock in Q1 [23] - Free cash flow was an outflow of $5 million in Q1, typical for the first quarter due to timing of incentive compensation [15][22] Q&A Session Summary Question: Can you provide specifics on your current tariff exposure and mitigation strategies? - The company has significant tariff exposure from U.S. goods imported into China and vice versa, with mitigation strategies including shifting supply sources and working with suppliers to manage costs [42][44] Question: What are the trends in April and how do they relate to higher ASP procedures? - April has started positively, with no major shifts in procedure types observed, indicating stability in the market [50][52] Question: Can you quantify the gross impact of tariffs and customer responses? - The company is a net exporter to China, with premium implants being the largest exposure. Mitigation plans are in place, and customer sentiment varies by market segment [56][62] Question: What are the expectations for ortho VBP this year? - The ortho VBP process is progressing as expected, with anticipated benefits in the second half of the year [69][71] Question: How is the company managing pricing power in a tariff environment? - Pricing power varies by market and product category, with higher-end clinicians willing to pay for innovation, while commodity products face more price sensitivity [78][81] Question: What are the expectations for the Challenger and Premium implant businesses? - The Challenger business experienced a dip in Q1 but is expected to maintain a steady growth trajectory throughout the year [94][96]