Earnings Winners & Losers: The Large Diversified Firms, ABT, BAX, CAH, JNJ
Most of the large, diversified medtech companies have now reported their sales and earnings for the second quarter and first half of 2017. All of the companies in this category reported revenue growth and promised investment in new technologies across all their businesses, but a Baxter and Cardinal Health stand out as having especially successful quarters. Abbott is still trying to overcome major challenges, and J&J is turning around its medical device businesses under new leadership.
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Cardinal said it remains “committed to its medical distribution and global medical products businesses” despite the divesture of Cordis.
Abbott is giving up on selling its first-generation biosorbable coronary stent, which failed to match the performance of contemporary metallic drug-eluting stents in clinical trials. The company says it will continue working on the next-generation biosorbable stents and continue the ongoing trials of Absorb GT1 BVS.
The third of three Winners and Losers features covering the companies that announced sales and earnings results in late July and early August looks at major companies that only market medical devices aside from the orthopedics device makers that were covered in an earlier Winners and Losers feature.