Johnson & Johnson falls after medical device sales miss quarterly estimates
JNJ•Shares fall after medical device sales miss
** Shares of healthcare conglomerate Johnson & Johnson (JNJ.N) were down 1.9% at $248.91 premarket.
** Q2 sales at JNJ's medical technology unit came in at $8.93 billion, below analysts' average estimate of $8.97 billion — LSEG-compiled data.
** The company said the unit's sales were hurt by a drop in demand for its Impella heart pumps, following a U.K. study that raised questions about the use of the pumps during high-risk coronary procedures.
** JNJ reported Q2 adjusted profit of $2.90 per share versus analysts' average estimate of $2.85 per share.
** Q2 revenue of $25.31 billion beat analysts' average expectation of $25.05 billion.
** JNJ attributed revenue to strong growth from immunology drug Tremfya and cancer blockbuster Darzalex.
** Up to the last close, the stock was up 22.7% year to date.
