Medtronic PLC beat earnings as well as revenue estimates for the fiscal third quarter.
The healthcare device company’s earnings of $1.29 per cents per share for the quarter was higher five cents compared to than analysts’ estimates. Revenue of $2.12 billion edged past analysts’ expectations of $2.08 billion. Its minimally invasive therapies business, which makes surgical instruments and endoscopy products, was a major contributor to the sales performance.
Medtronic projects its full-year earnings to be in the range of $5.14 and $5.16 per share – that’s higher compared to its previous predicted range of $5.10 to $5.15 per share. Analysts are expecting earnings of $5.12 per share.
The company also revised its 2019 organic revenue growth forecast range upwards to 5.25% - 5.5 %, albeit with a caveat that a strong dollar would affect its full-year revenue by about $425 million to $475 million.
Omar Ishrak, Medtronic chairman and chief executive officer indicated that the company’s business diversification was an advantage in generating the strong sales figures. "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", Ishrak said.