The Fridley, Minn.-based company posted profits of approximately $1.27 billion, or 94¢ per share, on sales of approximately $7.55 billion for the three months ended January 25, seeing a swing from red ink on the bottom line while sales grew 2.4% compared with the same period during the previous fiscal year.
After adjusting to exclude one-time items, earnings per share were $1.27, just ahead of the $1.24 consensus on Wall Street where analysts expected to see sales of $7.52 billion, which the company also topped.
“Our organization executed on multiple fronts to deliver a strong quarter for Medtronic. Revenue outperformance in our minimally invasive Therapies and restorative therapies groups, as well as broad strength across emerging markets, helped to offset certain market-specific headwinds we faced during the quarter, reflecting the full benefits of our diversification,” CEO Omar Ishrak said in a press release.
Medtronic updated its guidance for its coming fourth quarter and full fiscal year 2019, saying it now expects to see revenue growth of between 5.25% and 5.5%, narrowed from previous guidance of between 5.0% and 5.5%.
The company increased its fiscal year 2019 diluted non-GAAP EPS guidance to between $5.14 and $5.16, up from earlier guidance of between $5.10 and $5.15. Medtronic also lifted its free cash flow guidance to between $5.0 billion and $5.2 billion from between $4.7 billion and $5.1 billion.
“We continue to make progress on our robust and exciting pipeline, which contains more opportunities for growth than at any time in our company’s history. We expect this forthcoming innovation to disrupt existing markets and invent new markets, all with the goal of creating significant value – for patients, physicians, healthcare systems, and for our shareholders,” CEO Ishrak said in a prepared statement.
Shares in Medtronic are up approximately 2% so far today, at $94.09 as of 10:10 a.m. EST.