Medtronic reports net profit above analysts’ estimates
Medtronic has reported a quarterly net profit slightly above analysts’ estimates, helped by higher sales in its cardiac and vascular unit.
Sales in the cardiac and vascular unit rose 5.4 per cent to $2.74 billion, accounting for about 36 per cent of its total sales. The world’s largest standalone medical device maker said it sees full-year 2017 adjusted earnings of $4.60 to $4.70 per share, compared to analysts’ average estimate of $4.70, according to Thomson Reuters I/B/E/S. The company earned $1.10 billion, or 78 cents per share, in the fourth quarter ended April 29, compared with a loss of $1 million, a year earlier. On an adjusted basis,
Medtronic earned $1.27 per share beating the average analysts’ estimate of $1.26 per share. Sales rose to $7.57 billion from $7.30 billion. The company said a strong dollar reduced fourth quarter revenue by $179 million.