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Medtronic Earnings Jump on Sales Recovery

By Matt Grossman

 

Medtronic PLC Thursday posted 37% sales growth in its fiscal fourth quarter as its end markets recovered from the effects of the pandemic, driving a doubling in the company's per-share earnings.

The Ireland-based medical-technology company posted earnings of $1 a share, an improvement from 48 cents a share in the same three-month period a year earlier. Net income attributed to the company rose to $1.36 billion, from $646 million in the year-ago quarter.

Adjusted for one-time items and currency factors, Medtronic's profit was $1.50 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.42 a share.

Sales were $8.19 billion, a rise from $6 billion in the year-ago period. Analysts were estimating sales of $8.14 billion.

Revenue rose by double-percentages across the company's portfolio, including a 45% improvement in cardiovascular sales, a 21% increase in medical-surgical sales and a 54% rise in neuroscience sales. Diabetes sales were up by 14%.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

May 27, 2021 07:19 ET (11:19 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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