(Reuters) – Medtronic beat Wall Street estimates for quarterly profit on Tuesday, on strong demand for its heart and diabetes devices.
Investors have high expectations of medical device makers as they continue to benefit from healthy demand for non-urgent surgeries, especially among older Americans, over the last few quarters.
The company, however, kept its annual profit forecast unchanged in the range of $5.44 to $5.50 per share. Analysts, on average, estimate the company’s annual profit at $5.45, according to data compiled by LSEG.
Shares of the company fell 1.4% to $91.49 in premarket trading.
For the quarter, sales in its cardiovascular segment rose 3.7% to $3.04 billion, meeting estimates.
Its diabetes segment grew 8.4% to $694 million, above estimates of $681.8 million.
On an adjusted basis, the medical device maker reported third-quarter profit per share of $1.39, compared to analysts’ estimate of a profit of $1.36 per share.
(Reporting by Puyaan Singh and Sriparna Roy in Bengaluru; Editing by Pooja Desai and Leroy Leo)
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