Medtronic Profit And Sales Top Estimates, Sticks With Outlook

Medtronic Plc. said Thursday it has net income of $820 million, or 47 cents a share, in its second fiscal quarter, with the EPS number down 34% from the year-earlier period. The Dublin, Ireland-based medical technology company said adjusted per-share earnings came to $1.02 a share, a penny ahead of the FactSet consensus of $1.01. Revenue rose 12% to $7.274 billion, also ahead of the FactSet consensus of $7.063 billion. Chief Executive Omar Ishrak said all four groups contributed to revenue growth. Those groups are cardiac and vascular, minimally invasive therapies, restorative therapies and diabetes. The company reiterated guidance for the full fiscal year of adjusted EPS of $4.30 to $4.40, and for revenue growth of 4% to 6% on a constant currency basis. Shares were not yet active in premarket trade, but are down about 1% in the year so far, while the S&P 500 has lost 5.4%.

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