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Medtronic (MDT) Tops on Q4 Earnings, Revenue Estimates
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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 - Free Report) 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 #4 (Sell) but that could change following its strong fourth-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 current Zacks Consensus Estimate stands at $1.26 per share. Medtronic’s adjusted earnings per share of $1.27 exceeded this estimate by a penny.
Revenues:Medtronic posted revenues of $7.567 billion, comfortably surpassing the Zacks Consensus Estimate for revenues of $7.482 billion.
Key Stats: Revenues from Medtronic’s Cardiac and Vascular Group jumped 8% at CER to reach $2.736 billion, while revenues from Minimally Invasive Therapies Group increased 6% at CER to $2.460 billion. On the other hand, revenues from Restorative Therapies Group improved 3% to $1.875 billion, while revenues from Diabetes Group rose 10% to $496 million.
Major Factors: Medtronic ended fiscal 2016 on a strong note by delivering above market and better-than-expected, balanced revenue growth across its groups and geographic regions during the fourth quarter. Moreover this quarter marked the end of a transformative year for Medtronic, the first full year after closing the largest ever MedTech acquisition of Covidien.
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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Medtronic (MDT) Tops on Q4 Earnings, Revenue Estimates
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 - Free Report) 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 #4 (Sell) but that could change following its strong fourth-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 current Zacks Consensus Estimate stands at $1.26 per share. Medtronic’s adjusted earnings per share of $1.27 exceeded this estimate by a penny.
Revenues:Medtronic posted revenues of $7.567 billion, comfortably surpassing the Zacks Consensus Estimate for revenues of $7.482 billion.
Key Stats: Revenues from Medtronic’s Cardiac and Vascular Group jumped 8% at CER to reach $2.736 billion, while revenues from Minimally Invasive Therapies Group increased 6% at CER to $2.460 billion. On the other hand, revenues from Restorative Therapies Group improved 3% to $1.875 billion, while revenues from Diabetes Group rose 10% to $496 million.
Major Factors: Medtronic ended fiscal 2016 on a strong note by delivering above market and better-than-expected, balanced revenue growth across its groups and geographic regions during the fourth quarter. Moreover this quarter marked the end of a transformative year for Medtronic, the first full year after closing the largest ever MedTech acquisition of Covidien.
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!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>