Medtronic (NYSE:MDT) shares ticked up when the market opened today on third-quarter results that topped the consensus forecast.
The Fridley, Minn.-based medtech giant posted profits of $1.3 billion, or 94¢ per share, on sales of $7.8 billion for the three months ended Jan. 29, 2021, for a -33.4% bottom-line slide on sales growth of 0.8%.
Adjusted to exclude one-time items, earnings per share were $1.29, 14¢ ahead of Wall Street, where analysts were looking for sales of $7.8 billion.
Medtronic saw a 4% revenue decrease in its cardiac and vascular group as a result of the resurgence of COVID-19 and the dip in procedure volumes, with the largest sub-segment decline for that group coming in the coronary and structural heart business (-7.9%).
However, the company’s other businesses all saw improvements in revenues, with minimally invasive therapies growing by 6.3% thanks to COVID-19-related diagnostics and therapeutics. The diabetes business rose 3.3% and the restorative therapies group at Medtronic ticked up 0.7%.
Medtronic said the near-term uncertainties caused by the COVID-19 pandemic mean it won’t be providing quarterly or full-year guidance at this time.
MDT shares were up 2.4% at $118.35 per share at market open today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.6%.