Medtronic PLC (NYSE: MDT)
Medtronic PLC announced its full-year and fourth quarter results for fiscal year 2018 which came to an end on April 27.
The results of the medical device manufacturer topped analysts’ expectations and helped it set its guidance for the upcoming financial year.
The company said it expects to post adjusted per-share earnings of $5.10 to $5.15 for fiscal 2019.
MDT Earnings & Outlook
The company reported a revenue of $8.144 billion with its U.S. market accounting for $5.187 billion, or 52% of the total. Analysts expected it to post a revenue of $7.999 billion. Net income was $1.460 billion, or $1.07 per share.
In the same quarter last year, the company had a net income of $1.163 billion, or $0.84 per share. Adjusted earnings per share stood at $1.42, surpassing analysts’ estimate of $1.39.
Medtronic now expects to post adjusted earnings per share of between $5.10 and $5.15 for 2019 fiscal year.
Medtronic isn’t typically a good day trading stock but with a move like this we should see plenty of opportunity to trade throughout the day.
Medtronic CEO Comments
In a statement issued by the company, Chairman & Chief Executive Officer Omar Ishrak had the following to offer: “Looking at our fourth-quarter results, we delivered another strong quarter, as we continue to execute on our sustainable growth strategy, driving therapy innovation and global market penetration, while delivering enterprise synergies to expand margins. We overcame several challenges in the first half of our fiscal year to deliver a strong second half, led by 6.5% organic revenue growth. We came in at the high end of both the revenue and EPS guidance we established at the start of the year.”
“Looking ahead, we feel good about the growth opportunities in our markets and our competitive position in these markets. We expect continued revenue growth and margin expansion. We are also focused on improving free cash flow conversion and making the right investments to drive shareholder value. We look forward to discussing our long-term strategies and providing our long-range outlook at our biennial institutional investor and analyst meeting on June 5th,” Ishrak added.
Medtronic PLC Company Profile
Medtronic creates and markets technology-based medical solutions to patients, physicians, hospitals, and clinicians worldwide. The company operates through the following segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
Through the Cardiac and Vascular Group segment, the company provides cardioverter defibrillators, implantable cardiac pacemakers, AF and TYRX products, cardiac resynchronization therapy devices; patient-centered and remote monitoring software, and mechanical circulatory support.
The segment also offers surgical valve repair and replacement products, transcatheter heart valves, endovascular stent grafts, products to treat deep venous and superficial diseases, percutaneous coronary intervention stents, and peripheral vascular products.
The Restorative Therapies Group segment makes drug delivery products for treatment of obsessive-compulsive disorder, urinary retention, gastroparesis, overactive bladder, movement disorders, and fecal incontinence.
This segment also offers bone graft substitutes, implantable neurostimulation therapies, products for spine, products to treat conditions of the throat, nose and ear. Further, it provides intra-operative imaging systems and image-guided surgery; as well as brain vasculature therapies.
Through the Minimally Invasive Therapies Group segment, Medtronic provides electrosurgical, mesh implant, surgical care, ablation, wound closure, hernia mechanical devices, vessel sealing, renal care inhalation therapy, and temperature management.
The Diabetes Group division offers glucose monitoring systems, internet-based therapy management application, and insulin consumables and pumps. Medtronic was founded in 1949 and is based in Dublin, Ireland. –Reuters
