Johnson & Johnson: Cordis Corp. is our only medical device dog

Johnson & Johnson (NYSE:JNJ) provided investors and analysts with a glimpse into its medical device operation, which it called the world’s largest.

Over the past two years, according to the presentation, the division posted $1.8 billion in operational sales growth (excluding special items such as acquisitions or legal expenses). The segment’s total sales during the first quarter were $6.2 billion.

The New Brunswick, N.J.-based firm said it spent $3.6 billion on research and development during the last two years and closed $2.7 billion worth of acquisitions. The medical device division accounted for 38 percent of JNJ’s total sales last year and 43 percent of total operating profit (again excluding special items).

It’s DePuy subsidiary, which has operations in Raynham, Mass., posted sales of 1.5 billion during the first quarter, up 8 percent. Cordis Corp., its stents operation, posted $700 million in Q1 sales, down 3 percent. Johnson & Johnson’s Ethicon Endo-Surgery subsidiary posted sales of $1.2 billion during the quarter, a 10 percent hike.

The company said it expects better things ahead for its sole under-performer, as Cordis readies for the launch of its next-generation Nevo sirolimus-eluting stent. The device uses a bioabsorbable polymer for drug delivery, meaning it converts to a bare-metal stent in about three months. JNJ said it filed for CE Mark approval during the first quarter and plans to seek pre-market approval from the Food & Drug Administration in 2012.

Here’s a breakdown of how the company’s seven medical device and diagnostics divisions fared during the first quarter and from 2004 to 2009:

More details on the presentation are available on JNJ’s website.