- Medtronic Plc's MDT Q4 earnings beat consensus, aided by a recovery in its core business as more people opted for elective procedures that suffered the impact of the COVID-19 pandemic.
- Q4 adjusted EPS of $1.50 beat the analyst consensus of $1.42, 160% higher than $0.58 from the same period last year.
- Sales of $8.19 billion (+37% Y/Y) beat the analyst consensus of $8.14 billion.
- Sales at Medtronic's heart devices unit jumped 45.1% Y/Y to $2.91 billion. Spine & neurosurgery product segment sales increased 54% to $2.3 billion.
- Sales from emerging markets increased 47.4% to $501 million.
- Ramped up COVID-19 vaccinations give people and prospective patients the confidence to go back into the healthcare system, CEO Geoff Martha said.
- Medtronic is fast approaching its pre-pandemic level, and most of its business has reached nearly 85%-100% recovery, CEO Martha told Reuters.
- The U.S. has seen an overall improvement in utilization volumes in the Medtech sector throughout the first quarter of this year, according to Credit Suisse.
- "The sequential improvement commentary gives us confidence in the recovery, starting with potentially strong Q2 earnings," said J.P. Morgan analyst Robbie Marcus.
- Guidance: For full-year 2022, Medtronic expects EPS between $5.60 - $5.75, in line with the consensus estimate of $5.72. For Q1, it sees EPS $1.31-$1.34 vs. the $1.30 estimate.
- MDT also increased the annual dividend by 9% to $2.52, raising the quarterly amount to $0.63 per share.
- Price Action: MDT shares are up 0.25% at $126.59 during the market session on the last check Thursday.
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MDTMedtronic PLC
$83.62-0.50%
Edge Rankings
Momentum
54.72
Growth
43.32
Quality
39.33
Value
22.44
Price Trend
Short
Medium
Long
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