Medtronic’s revenue in the third quarter is missing as COVID-19 delays procedures
Medtronic’s revenue in the third quarter is missing as COVID-19 delays procedures

Medtronic’s revenue in the third quarter is missing as COVID-19 delays procedures

MedtronicMedtronic (NYSE: MDT) stocks rose this morning on third-quarter results that were mixed relative to the consensus forecast.

The Fridley, Minnesota-based medical technology giant had a profit of $ 1.5 billion, or $ 1.10 per share. %.

Adjusted to exclude non-recurring items, earnings per share were $ 1.37, 1 ยข ahead of Wall Street, with analysts looking for sales of $ 7.9 billion.

Medtronic experienced revenue growth in its cardiovascular segment (3.4%), the medical surgical segment (1.2%) and the neuroscience segment (0.8). However, the company’s diabetes business fell 7.3% year-on-year in revenue.

“We continue to transform Medtronic, advance our pipeline, launch new products and win share,” said Medtronic’s Chairman and CEO Geoff Martha in a press release. “The impact of the COVID-19 resurgence on the volume of health procedures, in particular in The United States, peaked in the last weeks of our quarter in January, causing our revenue to fall below our expectations. We expect healthcare procedures to accelerate following Omicron’s, and our commitment to lasting and higher growth remains stable. “

Medtronic said it now expects to log an adjusted EPS of between $ 1.56 and $ 1.58 for the fourth quarter, including an expected increase thanks to a recent positive effect from foreign exchange. The company expects growth to come in at around 5.5%, which is in line with Wall Street’s forecasts. If the latest exchange rates hold, Medtronic said revenue in the fourth quarter will be negatively impacted by approximately $ 185 million.

MDT shares rose 1.8% to $ 102.43 per share. stock early in the morning. MassDevices MedTech 100 Index – which includes shares in the world’s largest companies in the field of medical devices – was relatively equal.

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