The Fridley, Minn.-based company said it expects to bring in an $225-250 million through Covidien synergies, in line with previous estimates for $850 million by fiscal year 2018.
Medtronic expects to see EPS growth in the double digits for the full year, and between 8 and 10% during the 2nd half of 2017.
Non-GAAP earnings per share for the 2nd half are expected to be between $4.55 and $4.60, the company said, with actual free cash flow of between $5 and $6 billion, according to a presentation from the company.
Shares rose 1.8% today to trade at $75.15 as of 2:53 p.m. EST.
In November, Medtronic saw shares drop after the it missed Wall Street’s expectations with its fiscal 2nd-quarter sales and lowered its outlook for the rest of the year.
Medtronic posted profits of $1.12 billion, or 80¢ per share, on sales of $7.35 billion for the 3 months ended Oct. 28, for bottom-line growth of 114.4% on sales growth of 4.1% compared with Q2 2015.
Adjusted to exclude 1-time items, earnings per share were $1.18, 6¢ ahead of the forecast on The Street. But analysts there were looking for sales of $7.46 billion.