Medtronic Earns 91 Cents per Share

Medtronic’s ($MDT) second-quarter earnings are out and the company earned 91 cents per share. That’s one penny better than estimates. This was a solid quarter for MDT; quarterly revenue was up 2.4% to $4.19 billion. Medtronic’s CEO Omar Ishrak said, “Our second quarter revenue growth was in-line with our outlook for the year, and we are performing at or better than the market in almost every one of our business lines.” That’s something nice to hear from your CEO.

The WSJ:

Sales in the cardiac rhythm disease management segment, which includes defibrillators, pacemakers and tools for treating a common rhythm disorder rose to $1.27 billion, up 5% excluding currency fluctuations. Overall defibrillators revenue increased 4% while pacemaker sales grew 2%, excluding currency impacts.

Medtronic’s spinal-products business posted a sales decline of 3% excluding currency impacts.

Most importantly, Medtronic reaffirmed their full-year guidance of $3.80 to $3.85 per share. They see revenue rising by 3% to 4%. Note that MDT’s fiscal year ends in April. The shares are close to the 52-week high from last week, which was the highest price in nearly eight years. The all-time high was $62 per share from December 2000.

Posted by on November 19th, 2013 at 9:16 am

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