Medtronic (NYSE: MDT), the medical devices company reported Q3 revenues of $7.6 billion, a decline of 3% year-over-year and missing Street estimates by $110 million.
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Adjusted earnings came in at $1.30 per diluted share, down by 2% year-over-year and just ahead of analysts’ forecasts of $1.28.
Analysts are cautiously optimistic about MDT stock with a consensus rating of Moderate Buy based on five Buys and 13 Holds, as indicated by the above graphic.
Geoff Martha, Medtronic Chairman, and CEO commented, “Slower than predicted procedure and supply recovery drove revenue below our expectations this quarter. We continue to take decisive actions to improve the overall performance of the company, including streamlining our organizational structure, strengthening our supply chain, driving a performance culture, and strategically allocating capital to support our best growth opportunities with the investments they deserve.”