MW Medtronic credits heart-surgery-device growth as profit tops analyst estimates
By Steve Gelsi
Medtronic's adjusted third-quarter profit tops analyst estimates
Medtronic PLC said its revenue grew nearly 3% on strength in its cutting-edge heart-surgery devices as the medical-technology company's adjusted profit topped analyst estimates.
Medtronic $(MDT)$ said its devices for a heart treatment called pulsed-field ablation helped drive growth as it reported adjusted third-quarter earnings of $1.39 a share, ahead of the FactSet consensus estimate of $1.36 a share.
Revenue rose 2.5% to $8.29 billion, slightly below the analyst expectation of $8.33 billion.
The company said its pulsed-field-ablation product revenue increased by more than 20%.
"We are starting to see the results from our long term investments in groundbreaking innovation, such as pulsed field ablation," Chief Executive Geoff Martha said in a prepared statement.
Medtronic still expects to report adjusted earnings of $5.44 a share to $5.50 a share for 2025, compared with the analyst estimate of $5.45 a share.
Medtronic's stock fell 2.4% in premarket trading on Tuesday.
The stock has risen 16.2% so far in 2025, while the S&P 500 SPX has risen 4%.
-Steve Gelsi
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(END) Dow Jones Newswires
February 18, 2025 07:19 ET (12:19 GMT)
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