On Tuesday, shares of Medtronic (MDT, Financial), a leading medical technology company, experienced a decline of over 7%, trading at $86.37. This marks the largest drop since November 2022. The decline follows the release of its fiscal third-quarter results for the period ending January 24, 2025.
Medtronic reported a 2.5% year-over-year increase in revenue, reaching $8.29 billion. However, this figure fell short of analysts' expectations of $8.33 billion. On a positive note, the company's adjusted earnings per share (EPS) came in at $1.39, slightly above the anticipated $1.36.
The growth in Medtronic's cardiovascular and neuroscience segments helped offset the decline in its medical-surgical business. The company reaffirmed its full-year revenue growth forecast of 4.75% to 5% and projected EPS between $5.44 and $5.50, aligning closely with analyst expectations of $5.45.
