Medtronic Exceeds Expectations


Shares of Medtronic saw a significant increase following the impressive performance of the medical device manufacturer in surpassing quarterly estimates and revising its financial outlook.

Strong Quarter Results

In the fiscal third quarter closing on Jan. 26, Medtronic revealed adjusted earnings per share of $1.30, outperforming the projected $1.26 as reported by FactSet. Furthermore, the company’s revenue stood at $8.1 billion, exceeding the estimated $7.95 billion.

Bullish Outlook

Geoff Martha, the company’s Chief Executive Officer, expressed confidence in their growth trajectory by stating, “We continue to deliver durable revenue growth, with particular strength in multiple businesses, as well as in international markets as we expand access to our innovative healthcare technologies around the globe.”

Raised Financial Forecast

Looking ahead to fiscal 2024, Medtronic now anticipates revenue growth within a range of 4.75% to 5%, surpassing the previous forecast of 4.75%. Additionally, the adjusted earnings guidance has been raised to a range of $5.19 to $5.21 from the earlier outlook of $5.13 to $5.19. Analysts had initially predicted earnings of $5.16.

The optimistic results and outlook have bolstered investor confidence, reflected in the 4.7% rise in Medtronic stock to $88.38 during premarket trading on Monday.

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