Medtronic’s mid-single digit revenue growth continues

Medtronic (NYSE: MDT) + today reported second-quarter results that beat the Wall Street analysts’ consensus, with the world’s largest medtech company reporting strength across businesses and geographies.

Along with a raised full-year guidance, the news sent MDT shares up more than 4% to $78.74 apiece by afternoon trading today. MassDevice‘s MedTech 100 Index was up slightly.

The positive earnings came on the heels of some important regulatory approvals for Medtronic. Right before the weekend, the FDA approved the company’s Symplicity Spyral renal denervation system for treating hypertension — which company officials think could open up a multibillion-dollar market. Yesterday, the company received a CE mark for its PulseSelect pulsed field ablation system — another technology generating excitement.

In addition, the turnaround of Medtronic’s diabetes business continues seven months after it…

Read more
  • 0

Stryker beats The Street in Q3, CEO Lobo allays GLP-1 fears

Stryker (NYSE: SYK) + shares fell slightly this morning on third-quarter results that topped the consensus forecast.

Shares of SYK dipped 1.8% at $273.22 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 1.4%.

The Kalamazoo, Michigan-based company posted profits of $692 million, equaling $1.80 per share. It recorded sales of $4.91 billion for the three months ended Sept. 30, 2023.

Stryker reported a 15.2% bottom-line slide despite sales growth of 9.6%.

Adjusted to exclude one-time items, earnings per share totaled $2.46. That landed 3¢ ahead of expectations on Wall Street, where analysts projected sales of $4.86 billion.

The orthopedic giant reported MedSurg and Neurotechnology sales of $2.9 billion, rising 10.5% year-over-year. Stryker attributed some of that growth to increased unit volu…

Read more
  • 0

Intuitive leaders weigh in on GLP-1 drugs and surgical robotics procedures

Intuitive Surgical Chief Medical Officer Dr. Myriam Curet [Photo courtesy of Intuitive Surgical]Intuitive Surgical (Nasdaq: ISRG) + executives say they see benefits to their business from GLP-1 weight loss drugs, even if investors aren’t quite so sure.

Intuitive’s stock slid in after-hours trading today after the company posted Q3 results that exceeded analysts’ expectations on profits but fell short on sales. Even if they had beat The Street on both counts, it’s not clear investors would have reacted any differently — just look at what happened to Intuitive’s stock price under that exact scenario after Q2.

In Q2, the company said bariatric procedure growth slowed due to patient interest in weight loss drugs.

Related: Analysts expect minor GLP-1 impact on insulin pumps, but a boost for CGMs

“Bariatric procedures represent between four and 5% of total global procedures,R…

Read more
  • 0

Analysts: GLP-1 drugs should have minor impact on insulin pump market — but will boost CGMs

From left: the Insulet Omnipod 5, Medtronic MiniMed 780G and the Senseonics Eversense E3. These technologies could be among those affected by the rise of the GLP-1 drug class. [Images courtesy of Insulet, Medtronic and Senseonics]Based on conversations with diabetes experts, analysts are playing down the potentially negative impact of GLP-1 receptor agonists on the diabetes technology industry.

The GLP-1 drug class, which includes Ozempic and Wegovy, has cast a shadow of doubt over diabetes technology of late. This therapeutic class, a glucagon-like peptide 1, has proven to lead to improved blood sugar control and weight loss.

In addition to the popular therapeutics, some companies — like i20 Therapeutics and Vivani Medical — are developing long-term implants that elute GLP-1s.

Positive clinical results from these drugs led to some negative market movement for a few of the biggest names in diabetes technology. Analysts even recently trimmed some forecasts o…

Read more
  • 0