Johnson & Johnson's medtech business has seen volumes normalize, and orthopedic sales are seeing growth driven by enabling technologies, leaders said in a July 17 earnings call.
In the second quarter, Johnson and Johnson saw increases in its orthopedic revenue with $2.3 billion.
"We did mention that we expected to see … some tailwinds from the backlog within orthopedics in the first half of the year," CFO and Executive Vice President Jason Wolk said, as transcribed by Motley Fool. "And we've seen that, but we expect that to normalize in the back half. We remain consistent in our belief in the 5% to 7% growth for our end markets and that we will perform well within that."
The orthopedic segment saw key growth in its total joint revenue including hips and knees. Along with implants, enabling technologies like the Velys hip navigation and Kincise automated system have helped bolster orthopedic growth, Tim Schmid, executive vice president and worldwide medtech chair, said in the call.
Velys is in more than 20 markets and has been in used in more than 70,000 procedures in the last two-and-a-half years, he said.
"We are so proud of the resurgence of orthopedics, and I couldn't be more grateful for the incredible effort across the world to really return to high solid growth across the two platforms that you referenced," Mr. Schmid said. "Specifically, within hips … for the first time ever, we were able to declare a market leadership position here in the U.S."