Medtronic, a leading medical-device maker, has surpassed analyst forecasts in the fiscal third quarter, prompting an increase in its annual earnings and revenue guidance.
Impressive Third Quarter Results
In the third quarter, Medtronic reported a profit of $1.32 billion or 99 cents per share, showing significant growth from $1.22 billion or 92 cents per share in the same quarter last year. Adjusted earnings, excluding one-time items, stood at $1.30 per share, surpassing the expected $1.26 per share predicted by analysts.
Revenue Growth
The company’s revenue also saw a notable increase, rising by 4.7% to $8.09 billion. This exceeded analyst projections of $7.95 billion. Medtronic attributed this growth to strong performances in various portfolios, including diabetes, core spine, cardiac surgery, structural heart, and cardiac pacing products.
Upward Guidance
Following the successful quarter, Medtronic has raised its organic revenue growth outlook to a range of 4.75% to 5%, up from its previous projection of just 4.75%. Additionally, adjusted earnings are now expected to reach $5.19 to $5.21 per share, compared to the earlier guidance of $5.13 to $5.19 per share.
The company’s performance indicates a positive trajectory for Medtronic in the coming quarters.
