Medtronic plc (NYSE: MDT) on Tuesday announced financial results for its third quarter of fiscal year 2019. The medical device maker brought in worldwide revenue of USD 7.55 Billion above analyst expectations of USD 7.52 Billion
Headquartered in Dublin Ireland Medtronic plc is among the world's largest medical technology, services, and solutions company. Strong growth in the third quarter is fueled by higher sales from its surgical products unit and restorative therapies group.
Medtronic’s minimally invasive therapies group reported revenue of USD 2.12 Billion, ahead of analyst expectations of USD 2.08 Billion. The restorative therapies division dedicated to creating medical instruments to treat neurological disorders and spinal conditions reported a revenue increase of 4.2% beating analyst expectations of USD 2.02 Billion. Earnings came in at USD 1.29 topping analyst estimates by 5 cents.
Looking forward the Company is now expecting full-year earnings to be in the range of USD 5.14 to USD 5.16 per share, up from previous predictions of USD 5.10 to USD 5.12 per share. While analysts were expecting USD 5.12 per share. Medtronic also updated its 2019 forecast for organic revenue growth to 5.25% up from prior predictions of 5.5%. The Company said a strong dollar would change full-year revenue by about USD 425 Million to USD 475 Million.
Medtronic’s net income came in at USD 1.27 Billion or 94 cents per share in the third quarter. In the same period a year prior net income was reported as USD 1.39 Billion or USD 1.03 per share.
Shares for Medtronic were up slightly on Tuesday after the Company released third-quarter earnings that beat analysts estimates.
"Our organization executed on multiple fronts to deliver a strong quarter for Medtronic," said Omar Ishrak, Medtronic chairman and chief executive officer. "Revenue outperformance in our Minimally Invasive Therapies and Restorative Therapies Groups, as well as broad strength across Emerging Markets, helped to offset certain market-specific headwinds we faced during the quarter, reflecting the full benefits of our diversification."