On Tuesday, Johnson & Johnson (NYSE:JNJ) delivered a rather mixed first quarter report. Adjusted earnings surpassed estimates as sales in its medical devices business surged, while revenue was almost in line with estimates. First quarter results came shortly after JNJ's expansion in the cardiovascular space with the $13.1 billion acquisition of heart device firm Shockwave Medical Inc (NASDAQ:SWAV).

First Quarter Highlights

For the period ended in March, the healthcare company posted a revenue of $21.38 billion, almost in line with LSEG's estimate of $21.4 billion. During the first three months of the year, revenue rose more than 2% YoY. JNJ...