The Fridley, Minn.-based company posted profits of $491 million, or 36¢ per share, on sales of $6.5 billion for the three months ended July 31, 2020, for a -44% bottom-line slide on a sales decline of -13.2%.
Adjusted to exclude one-time items, earnings per share were 62¢, 44¢ ahead of Wall Street, where analysts were looking for sales of $5.4 billion.
As a result of the COVID-19 pandemic and subsequent delays in elective procedures, Medtronic saw a -14% sales decrease in its minimally invasive therapies segment, a -13% sales drop in its cardiac and vascular group, a -15% dip in restorative therapies and a 5% skid in diabetes.
“We reported solid improvement from last quarter, and our results reflect a faster than expected recovery from the depths of the pandemic we saw back in April,” Medtronic CEO Geoff Martha said in a news release. “Procedure volumes began to recover around the world, and we’re leveraging our pipeline of innovative products to drive share gains in a number of key businesses.”
Medtronic said it is not providing quarterly or full-year financial guidance at this time because of the uncertainties brought on by the pandemic.
MDT shares had ticked up 2.5% at $103 per share before hours and, just after the market opened, they were trading up 3.1% at $103.21 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.12%.