Medtronic (NYSE:MDT) posted first-quarter results today that beat the overall consensus on Wall Street and updated its full-year guidance.
The Fridley, Minn.–based company reported profits of $769 million, or 56¢ per share, on sales of $7.98 billion for the three months ended July 30, for a bottom-line gain of 56.6% on sales growth of 22.74% compared with Q1 2021.
Adjusted to exclude one-time items, earnings per share were $1.41, 9¢ ahead of The Street, where analysts were looking for sales of $7.86 billion.
“Fiscal 2022 is off to a strong start with our first-quarter results coming in ahead of our expectations, reflecting solid execution and continued procedure volume recovery, with most of our businesses at or above pre-COVID levels,” CEO Geoff Martha said in a news release. “In addition, we drove market share gains across a number of our businesses, including three of our largest: cardiac rhythm management, surgical innovations, and cranial & spinal technologies. Looking ahead, we have some big opportunities in front of us, with near-term milestones in both our renal denervation and surgical robotics businesses. These opportunities, combined with the broader investments we’re making in our pipeline, set us up well to accelerate our top-line growth.”
Medtronic reiterated its revenue growth guidance and raised the lower end of its EPS guidance range for the fiscal year. It expects revenue growth for the full year to be approximately 9% on an organic basis.
Shares in MDT were up more than 3% to $133.21 apiece by afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was slightly up.
