Shares of healthcare equipment provider Medtronic (NYSE:MDT) are trending lower today after the company announced fourth-quarter numbers.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Revenue rose 5.6% year-over-year to $8.5 billion, outperforming estimates by $250 million. EPS at $1.57 too surpassed expectations by $0.02.
The rise in the topline was aided by recovery in procedure volumes, supply improvements as well as new product introductions. Further, the company is also seeing green shoots of growth across non-U.S. developed markets as well as emerging markets.
Looking ahead, for the full-year 2024, Medtronic expects organic revenue growth in the range of 4% and 4.5%. EPS for the year is seen landing between $5 and $5.10.
Separately, Medtronic has also announced the acquisition of South Korea-based EOFlow at a consideration of $738 million. The latter provides fully disposable insulin delivery devices and the move is expected to help Medtronic expand its continuous glucose monitoring offerings.
The transaction is anticipated to close in the second half of this year subject to certain closing conditions.
Overall, the Street has a $113 consensus price target on Medtronic alongside a Moderate Buy consensus rating.
Read full Disclosure
