Medtronic 4Q Sales Top Forecasts, Issues FY25 Guidance

By Denny Jacob

Medtronic posted better-than-expected sales in its latest quarter on growth across its four segments and issued its guidance for the current fiscal year.

The medical technology company recorded net income of $654 million, or 49 cents a share, for the fourth-quarter ended April 26, down from $1.18 billion, or 88 cents a share, a year earlier. Adjusted earnings were $1.46 a share, above analysts' estimates of $1.45 a share.

Sales edged up 0.5% to $8.59 billion from $8.54 billion. Analysts polled by FactSet expected $8.44 billion.

Chief Executive Geoff Martha said Medtronic saw broad strength across its businesses with each of its four segments posting mid-single digit or higher organic revenue growth.

Medtronic forecast organic revenue growth in the range of 4% and 5% in fiscal 2025, as well as adjusted earnings per-share between $5.40 and $5.50. Analysts polled by FactSet expected $5.45 a share for the fiscal year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 23, 2024 07:21 ET (11:21 GMT)

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