Medtronic (MDT) Ends Its Fiscal 2021 On A Positive Note

Medtronic PLC (NYSE:MDT) started operating as a small electrical repair shop focusing on medical devices back in 1949. A year later, it started selling medical equipment. Over the years, the company diversified and added several new products to its portfolio, like robotic surgery systems, cardiac devices, insulin pumps, and patient monitoring systems. Today, it is one of the world’s biggest medical device companies, operating in 150 countries.

The Irish medical device company finished its fiscal year on a positive note. Medtronic reported earnings of $1.36 billion, or $1 per share for the three months ended April 30, well above 48 cents per share in the comparable period of 2020. Excluding items, the company earned $1.50 per share on an adjusted basis, topping the consensus forecast of $1.42 per share.

Revenue for the quarter climbed 36.5 percent on a year-over-year basis to $8.19 billion, beating analysts’ average estimate of $8.14 billion. If we look at the performance of key segments, cardiovascular revenue jumped 45 percent to $2.908 billion, revenue from the medical surgical business rose 21 percent to $2.338 billion, while revenue from the neuroscience segment climbed 54 percent to $2.295 billion.

Speaking on the results, CEO Geoff Martha said, “We reported a strong end to our fiscal year, with our fourth quarter results demonstrating continued momentum. Our recovery improved throughout the quarter, with most of our markets returning to near normal, pre-COVID growth rates.”

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Medtronic also issued its earnings outlook for the fiscal year 2022. It expects to report adjusted earnings in the range of $5.60 per share to $5.75 per share for the full year, almost in line with the consensus forecast of $5.75 per share.