Medtech companies such as Medtronic have also had to navigate their health provider customers’ operational challenges and healthcare cost reduction efforts in China. companies in general are finding it more expensive to operate amid inflation, a strong dollar that makes it tougher to export, supply chain challenges and more. Along with divestitures, boosted R&D spending and tuck-in acquisitions such as EOFlow, Medtronic seeks to refocus and drive growth. There were no new details about the layoffs taking place at Medtronic amid significant cost reductions. Parkhill later added: “We thought it was prudent to start the year with guidance that sets us up for success.” The Wall Street analyst consensus for the new year has been revenue of $32.28 billion and EPS of $5.20. Medtronic also forecast adjusted EPS in the $5.00–$5.10 range for the year. “Given it’s the start of the year, we think it’s prudent for you to model at the lower end of that range,” CFO Karen Parkhill told analysts during the company’s earnings call. Medtronic officials are trying to strike a balanceįor the fiscal year ending in April 2024, Medtronic expects 4–4.5% revenue growth, implying revenue in the $32.0 billion–$32.3 billion range. The result was a penny ahead of The Street, where analysts expected EPS of $1.56 and revenue of $8.25 billion. Revenue was up 5.6%.Īdjusted to exclude one-time items - including $300 million in revenue from an IP agreement with Edwards Lifesciences Medtronic earned $1.19 billion, or 88¢ per share, off of $8.54 billion in revenue for the quarter ended April 28, 2023. “We’re confident in delivering durable revenue growth in the year ahead as we drive execution across our businesses.” Our accelerating revenue growth was broad-based, driven by procedure volume recovery, supply improvements, and innovative product introductions,” CEO Geoff Martha said in a news release. “We had a strong finish to our fiscal year, with our fourth quarter top- and bottom-line results coming in ahead of expectations. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down more than 1%. By the afternoon, Medtronic stock was down more than 4% to $83.59 per share. Investors initially sent MDT shares down more than 5% this morning. However, its forecast for the new fiscal year came up short of The Street’s expectations.
Linkedin stock falls Patch#
The world’s largest medical device company also announced an acquisition, planning to pay roughly $738 million for South Korea–based EOFlow and its EOFlow insulin delivery patch that a user can control using their smartphone. Sinclair said the company expects to incur a number of one-time costs this year as it embarks on the new plan and assumes the economic environment will not worsen in any of the regions in which it operates.+ today reported fourth-quarter results that beat the consensus forecast on Wall Street amid accelerating revenue growth. “It’s a bit too soon to include any benefits in our fiscal ’24 outlook.” “We’re two months into our program and therefore, at this stage, we’re about setting ourselves up,” Sinclair said about the new strategy. On the earnings call, Sinclair said the company is making numerous investments in both digital and physical operations to bolster the business. The company is trying to reinvent itself as a lifestyle brand from being known as a trendy puffer jacket purveyor so it can reach more women and gen Z customers. both reported slipping consumer demand for various product categories. Macroeconomic factors, such as high inflation and interest rates, along with weakening consumer demand have weighed on the results of some retailers.
were down 4.5 per cent in the fourth quarter, to $67.5 million. “The market is going to be a little bit more challenging in the U.S. “We’re not being super ambitious for this year in the U.S.,” chief financial officer Jonathan Sinclair said on the call.
weighed on sales, but new store openings and a return to “experiential shopping” offset some of the decline. The company said a tougher macroeconomic environment in the U.S. Reuters reported that investors seemed to be reacting to Canada Goose’s assessment of demand in the United States, the world’s largest economy. Shares closed at $24.60 in Toronto on May 18, a drop of 10 per cent from the previous day’s close, and tumbled some more when markets opened on May 19. This advertisement has not loaded yet, but your article continues below.
0 kommentar(er)
