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Home » Medtronic’s Q3 revenues miss as COVID-19 slows procedures

Medtronic’s Q3 revenues miss as COVID-19 slows procedures

February 22, 2022 By Sean Whooley

MedtronicMedtronic (NYSE:MDT) shares rose this morning on third-quarter results that were mixed compared to the consensus forecast — with the company predicting a Q4 uptick.

The Fridley, Minnesota-based medtech giant posted profits of $1.5 billion, or $1.10 per share, on sales of $7.8 billion for the three months ended Jan. 28, 2022, for a 16.5% bottom-line gain on a minor sales decline of 0.1%.

Adjusted to exclude one-time items, earnings per share were $1.37, 1¢ ahead of Wall Street, where analysts were looking for sales of $7.9 billion.

Medtronic saw revenue growth in its cardiovascular segment (3.4%), medical surgical segment (1.2%) and neuroscience segment (0.8). However, the company’s diabetes business dipped 7.3% year-over-year in sales.

“We continue to transform Medtronic, advancing our pipeline, launching new products, and winning share,” Medtronic Chairperson and CEO Geoff Martha said in a news release. “The impact of the COVID-19 resurgence on healthcare procedure volumes, particularly in the United States, peaked in the final weeks of our quarter in January, causing our revenue to fall short of our expectations. We expect healthcare procedures to reaccelerate post-omicron, and our commitment to durable and higher growth remains steadfast.”

Medtronic said it now expects to log adjusted EPS of between $1.56 and $1.58 for the fourth quarter, factoring in an expected uptick thanks to a recent positive impact from foreign currency. The company expects Q4 organic revenue growth to come in at approximately 5.5%, which falls in line with Wall Street projections. If recent foreign currency exchange rates hold, Medtronic said fourth-quarter revenues will be negatively affected by approximately $185 million.

MDT shares were up more than 3% at $104.23 per share in late-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1%.

Filed Under: Business/Financial News, Featured, MassDevice Earnings Roundup, News Well, Wall Street Beat Tagged With: Medtronic

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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