Are you a medical practitioner? Yes, then you must be aware of Minnesota-based one of the world’s leading medical technology giant – Medtronic plc MDT which has a global reach that extends to more than 140 countries. Last year, more than 10 million people benefited from Medtronic’s medical therapies, which treat cardiac and vascular diseases, diabetes, and neurological and musculoskeletal conditions.
Currently, Medtronic has a Zacks Rank #3 (Hold) but that could change following its mixed second-quarter fiscal 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings:The Zacks Consensus Estimate currently stands at $1.00 per share. Medtronic’s adjusted earnings per share of $1.03 beat this estimate by 3%.
Revenues:Medtronic posted revenues of $7.058 billion, almost in line with the Zacks Consensus Estimate for revenues of $7.075 billion.
Key Stats: Revenues from Medtronic’s Cardiac and Vascular Group jumped 8% at CER to reach $2.482 billion, while revenues from Minimally Invasive Therapies Group increased 3% at CER to $2.356 billion. On the other hand, revenues from Restorative Therapies Group improved 5% to $1.770 billion, while revenues from Diabetes Group rose 11% to $450 million.
Major Factors: During the second quarter, Medtronic delivered above-market revenue growth which according to management was a robust and consistent one, and was also sustainable across the company’s groups and regions. Management remained upbeat about the integration of Covidien into Medtronic. Management further believes that combination of solid constant currency revenue growth, strong leverage, and increased access to cash has positioned Medtronic to create long-term, dependable value in healthcare.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this Medtronic’s earnings report later!
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