By Dean Seal
Medtronic said steady demand for its cardiovascular and neuroscience products boosted revenue in its fiscal third quarter, though the top line was below analyst forecasts.
The medical-technology company posted a profit of $1.29 billion, or $1.01 a share, for the quarter ended Jan. 24. That's down year over year from $1.32 billion, or 99 cents a share on a smaller base of outstanding shares.
Stripping out one-time items, adjusted earnings were $1.39 a share. Analysts surveyed by FactSet had expected $1.36 a share.
Revenue rose 2.5% from a year ago to $8.29 billion, behind analyst projections for $8.33 billion, according to FactSet.
The top line rose more than 4% on an organic basis, with gains from its cardiovascular portfolio and neuroscience division that offset a pullback in its medical surgery business.
Medtronic is sticking by its full-year guidance for revenue to rise 4.75% to 5% and earnings to be $5.44 to $5.50 a share.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 18, 2025 07:09 ET (12:09 GMT)
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