Medtronic Shares Climb Following Q3 Beat

Medtronic Shares Climb Following Q3 Beat Feb. 20, 2024, 9:59 a.m., readers: 12

Shares of Medtronic (NYSE:MDT) climbed more than 3% pre-market today following the announcement of third-quarter results that exceeded analyst expectations, prompting the company to uplift its financial outlook for the 2024 fiscal year. Medtronic reported an adjusted earnings per share (EPS) of $1.30, which was $0.04 above the analyst consensus of $1.26. Moreover, the company's quarterly revenue reached $8.1 billion, outperforming the anticipated $7.95 billion by analysts. Medtronic updated its forecast for organic revenue growth in fiscal 2024, increasing it from the initially projected 4.75% to a range of 4.75% to 5%. Furthermore, the adjusted EPS outlook for 2024 was adjusted upwards from the previous range of $5.13 to $5.19 to a new range of $5.19 to $5.21, attributed to the strong performance in the third quarter.

About NYSE: MDT

M edtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems;

Price: 79.25
Market cap: 105.2 billion USD
Eps: 3.15
P/e ratio: 25.16
Focus Analysis On: MDT