Where did the budget cuts really stem from? Did Ethicon US overpromise and under deliver? Was leadership unable to predict the staffing and covid-related drop in procedure volume? If so that seems like a huge miss as I could have told you that a long time ago. Are all of the operating companies currently dealing with budget restrictions? Pharma, joint recon, trauma, vision, BWI? I’m curious to hear what you have heard if you talk to other JJ employees.
they stemmed from two main things: 1) operations based production costs and 2) Chinas lockdown crush foreign sales. Also a strong dollar hammered our bank roll as we hold a lot accounts receivable in foreign currency.
