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 – Analyst 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 improve following its first-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 $1.01 per share. Medtronic’s adjusted earnings per share of $1.02 beat this estimate by a penny.
Revenues : Medtronic posted revenues of $7.274 billion, comfortably beating the Zacks Consensus Estimate for revenues of $7.036 billion.
Key Stats : Revenues from Medtronic’s Cardiac and Vascular Group jumped 15% at CER to reach $2.567 billion, while revenues from Minimally Invasive Therapies Group increased 11% at CER to $2.456 billion. On the other hand, revenues from Restorative Therapies Group improved 10% to $1.806 billion, while revenues from Diabetes Group rose 15% to $445 million.
Major Factors : Medtronic kickstarted fiscal 2016 on a healthy note, with all four of its business groups delivering positive growth and contributing significantly to total revenue growth in the first quarter. The company witnessed solid growth in the U.S. and experienced broader acceptance of its innovative therapies in the world market. Management currently focuses on strengthening and geographically diversifying Medtronic’s businesses and is confident of the company’s long-term competitive position in a changing healthcare environment.
Stock Price : Following the earnings release, share prices did not show any movement in the pre-market trading session.
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