Medtronic Plc stock MDT rose in premarket trade Tuesday, after the medical device maker beat fiscal third-quarter consensus estimates. The Dublin-based medical device maker posted net income of $1.222 billion, or 92 cents a share, for the quarter to Jan. 27, down from $1.480 billion, or $1.10 a share, in the year-earlier period. Adjusted per-share earnings came to $1.30, ahead of the $1.27 FactSet consensus. Sales rose to $7.727 billion from $7.763 billion, also ahead of the $7.539 billion FactSet consensus. Chief Executive Geoff Martha said revenue was boosted by a strong performance in the cardiovascular and neuroscience portfolios, in the diabetes markets outside the U.S. and by improved product availability in certain businesses. “This was partially offset by unfavorable impacts from ventilator sales, given the increased COVID-19 related demand in the prior year, and sales in China, given volume-based procurement (VBP) tenders and the impact of COVID-19 resurgence on procedure volumes,” he said in a statement. Medtronic is now expecting fourth-quarter EPS of $5.28 to $5.30, compared with prior guidance of $5.25 to $5.30. The stock has fallen 16% in the last 12 months, while the S&P 500 SPX has fallen 6%.
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