Smith & Nephew PLC (LSE:SN) shares reacted to reports from US medical technology companies that surgical procedure volumes are returning to pre-pandemic levels.
Johnson & Johnson (NYSE:JNJ) this week said sales of surgical devices and hip and knee implants, as London-listed S&N also makes, rose 7.7% in the third quarter of the year, while Abbott Laboratories (NYSE:ABT) said volumes of US cardiovascular procedures strengthened in August and September.
The J&J results revealed global sales were down 2.9%, however, which it attributed to a slow August in Europe for the holiday season.
US procedures ticked up in the latter part of the September quarter, said J&J’s MedTech chief on the earnings call, adding that patient demand is "yet to be met".
Elective surgical volumes declined sharply during the pandemic, but are bouncing back, with online searches for such procedures earlier this month 108% higher than pre-pandemic levels, according to equity analysts at Needham.
S&N shares, which fell to an eight-year low earlier this month, rose 1% this week to 1,007.5p.