BUZZ-Medtronic falls on weak sales in surgical unit despite Q3 profit beat

Reuters
02-18
BUZZ-Medtronic falls on weak sales in surgical unit despite Q3 profit beat

** Medical devices maker Medtronic's shares MDT.N fall 5.7% to $87.49, set to snap a five-day winning streak

** Co posts Q3 sales of $2.07 bln for its surgical devices unit, missing analyst est of $2.13 bln, as per data compiled by LSEG

** Co says a change in buying patterns by its distributors in the U.S. hurt the unit, along with competitive pressures in the surgical staplers market

** MDT reports Q3 adj profit of $1.39/share, higher than analysts' estimates of $1.36/share

** Sales in co's diabetes unit rose 8.4% to $694 million in Q3, beating estimates of $681.8 million

** Co maintains 2025 forecast of $5.44 per share to $5.50 per share

** Stock has risen ~11% in the past 12 months

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com;))

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