Medtronic Exceeds Expectations with Strong Quarterly Revenue
Medtronic surpassed Wall Street projections for quarterly earnings driven by robust demand for cardiovascular and diabetes devices. The industry continues to thrive amid increasing demand for non-urgent surgeries, particularly among the aging population.
While the company maintained its annual profit forecast between $5.44 and $5.50 per share, analysts anticipate annual profits of $5.45. This forecast is based on data compiled by LSEG.
Premarket trading saw a 1.4% decline in Medtronic shares, which reached $91.49. The cardiovascular segment witnessed a 3.7% increase in sales to $3.04 billion, aligning with expectations. The diabetes segment exceeded estimates, growing by 8.4% to $694 million, against a projection of $681.8 million.
Medtronic reported adjusted third-quarter earnings per share of $1.39, surpassing analysts' estimates of $1.36 per share.