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David Paul Morris | Bloomberg | Getty Images
Omar Ishrak, President and CEO of Medtronic Inc., speaks at an event hosted at the 2016 Consumer Electronics Show (CES) in Las Vegas, Nevada on Wednesday, January 6, 2016.
Medical device maker Medtronic beat Tuesday Wall Street quarterly profit forecasts, thanks to increased sales from its surgical unit and restorative therapy group.
Its burgeoning activity in the field of minimally invasive therapies, which manufactures surgical instruments and endoscopy products, generated a turnover of 2.12 billion USD, exceeding the 2.08 billion USD expected by experts.
The company said it expects its annual profit to be between $ 5.14 and $ 5.16 per share, compared to $ 5.10 to $ 5.15 per share. Analysts were expecting $ 5.12 per share.
Medtronic also raised its forecast for 2019 regarding organic revenue growth of 5.25% to 5.5%, but said that a strong dollar would have an impact on its annual turnover. from about $ 425 to $ 475 million.
Revenues from its Reparative Therapies division, which manufactures medical devices and implants to treat neurological disorders and spinal disorders, increased 4.2%, exceeding the average estimate of 2.02 billion. dollars of badysts.
Net income attributable to Medtronic was $ 1.27 billion, or 94 cents per share, for the quarter ended January 25, compared with a loss of $ 1.39 billion, or $ 1.03 per share, a year earlier, when he had recorded a tax expense.
Excluding the items, the company posted earnings per share of $ 1.29, exceeding badysts' expectations of $ 1.24 per share, according to Refinitiv's IBES data.
The turnover rose 2.4% to $ 7.55 billion and exceeded the estimate of $ 7.52 billion badysts.
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