
Medtronic (NYSE:MDT) just barely missed Wall Street’s expectations for the medical device company during the 1st quarter.
The company reported net income of $864 million or adjusted earnings per share of 83¢ on $4.01 billion in sales, a 5% increase from the $821 million or adjusted earnings per share of 77¢ on $821 million, during the same period last year.
Analysts on The Street expected Medtronic to post adjusted earnings per share of 85¢, and sent the company to a year-long high yesterday as shares in the world’s largest pure-play med-tech firm hit $41.57 – a 52-week high – on their way to a $41.45 close on Wall Street yesterday afternoon, ending the trading day up 1.5%. Since August 22, 2011, MDT shares have gained 32.5%.
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Sales in Medtronic’s cardiac rhythm disease management unit declined 4.7% to $1.19 billion, a further sign that the global slowdown in the CRM market continues to affect the industry’s largest makers of pacemakers and implantable cardioverter defibrillators.
“We delivered another quarter of improving revenue growth in a dynamic healthcare environment,” said Omar Ishrak, Medtronic chairman and chief executive officer. “Once again, our growth was broad-based across businesses and geographies and reflects the positive impact of well-executed product launches and stabilizing end-markets.”