Medtronic (MDT, Financial) traded lower in pre-market hours Tuesday, down 4.54% to $88.60 as of 08:20 AM ET, despite reaffirming its full-year guidance alongside its Q3 FY25 results.

The MedTech giant maintained its FY25 organic revenue growth forecast of 4.75% - 5% and projected diluted non-GAAP EPS between $5.44 - $5.50, aligning with the $5.45 consensus estimate.

However, the company missed Street expectations on revenue, largely due to a decline in its Medical-Surgical Portfolio, which reported $2.072 billion, down ~2% YoY and below the $2.14 billion consensus. Meanwhile, its Cardiovascular Portfolio grew ~4% YoY to $3.037 billion, in line with estimates, while the Neuroscience Portfolio exceeded forecasts with $2.458 billion in revenue, also up ~4% YoY.

Medtronic's Diabetes segment outperformed expectations, bringing in $694 million, an ~8% YoY increase. The company's total revenue rose ~3% YoY to $8.3 billion for the quarter.

On the profitability front, adjusted gross margin improved by 50 basis points to 66.6%, while operating margin rose 100 basis points to 26.2%, surpassing analyst forecasts. Adjusted EPS climbed ~7% YoY to $1.39.

Despite a market opportunity in pulse field ablation systems following Johnson & Johnson's (JNJ) temporary halt of its Varipulse rollout, Medtronic's stock remains under pressure in early trading.