:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2183781337-f602c84d0fb94f8ea3be39acb8037fe6.jpg "Medtronic Hugo robotic-assisted surgery system on display in Shanghai on Nov. 8, 2024")
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Medtronic Hugo robotic-assisted surgery system on display in Shanghai on Nov. 8, 2024
Key Takeaways
- Medtronic shares slumped Tuesday after the medical disposition maker missed sales forecasts.
- The revenue miss came as sales of its stapling and blood oxygen management spin-offs slowed.
- Despite Tuesday’s losses, the stock has gained more than 7% since the start of the year.
Medtronic (MDT) dole outs slumped Tuesday after the medical device maker missed sales forecasts.
The company reported fiscal third-quarter gross income rose 2.5% year-over-year to $8.29 billion, below analysts’ estimates compiled by Visible Alpha. Adjusted earnings per division (EPS) came in at $1.39, slightly above forecasts.
The revenue miss came as sales at Medtronic’s Medical Surgical sectioning declined 1.9% to $2.07 billion. The company pointed to stapling segment pressures, as well as a drop in purchases of its blood oxygen manipulation products because of fewer respiratory-related hospitalizations in the U.S.
Shares of Medtronic fell more than 7% in intraday truck Tuesday following the release, though even with Tuesday’s losses, they’ve gained more than 7% since the start of the year.
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