The medical device industry experienced increased demand during the COVID-19 pandemic as governments, businesses and consumers loaded up on testing equipment. With the worst of the pandemic (hopefully) behind us, medical device manufacturers can no longer rely on COVID-19-induced demand. Our latest addition to the Best Health Care Dividend Stocks List saw its sales decline in Q4 due to falling demand for testing equipment. However, it remains well-positioned across several key segments, including nutrition, established pharmaceuticals and medical devices, and issued a positive guidance for fiscal 2023. Investors have until Thursday, April 13, to capitalize on the strategy to collect their $0.51 per share regular quarterly payable dividend.
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When we exclude COVID-19 testing sales, our pick reported better-than-expected revenue and EPS results in the fourth quarter. Its medical device business remains a global leader, and it continues to report strong growth in its diabetes segment. These factors make our pick an attractive value play for income investors looking to add a health care stalwart to their portfolios.
We’ve cut losses and sold off our holdings in a biopharmaceutical company to make room for our medical device pick.
