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 #3 (Hold) but that could change following its mixed first-quarter fiscal 2017 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 $1.01 per share. Medtronic’s adjusted earnings per share of $1.03 exceeded this estimate by 2%.
Revenues: Medtronic posted revenues of $7.166 billion, which is almost in line with the Zacks Consensus Estimate for revenues of $7.175 billion.
Key Stats: Revenues from Medtronic’s Cardiac and Vascular Group dropped 2% at CER to $2.518 billion, while revenues from Minimally Invasive Therapies Group dropped 1% at CER to $2.424 billion. On the other hand, revenues from Restorative Therapies Group dropped 2% to $1.772 billion, while revenues from Diabetes Group grew 2% to $452 million.
Major Factors: Medtronic started off fiscal 2017 on a mixed note. The company’s year over year top line performance was also disappointing, which declined both at a reported basis as well as at CER, across all business groups except Diabetes group. The company reiterated its FY17 guidance citing no major outperformance expected going ahead. Yet management remained impressed with the first quarter results and expects the company to generate significant free cash flow, going ahead.
Stock Price: Following the earnings release, share prices did not show any significant 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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