Medtronic (MDT) Beats on Q3 Earnings & Revenues Estimates

Are you a medical practitioner? Yes, then you must be aware of Minnesota-based one of the world's leading medical technology giant - Medtronic plcMDT which has a global reach that extends to more than 140 countries. Last year, more than 10 million people benefited from Medtronic's medical therapies, which treat cardiac and vascular diseases, diabetes, and neurological and musculoskeletal conditions.

Currently, Medtronic has a Zacks Rank #4 (Sell) but that could change following its positive third-quarter fiscal 2017 earnings report which has just released. (You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here ). We have highlighted some of the key details from the just-released announcement below:

Earnings: The current Zacks Consensus Estimate stands at $1.11 per share. Medtronic's adjusted earnings per share of $1.12 exceeded this estimate by 0.9%.

Medtronic PLC Price and EPS Surprise

Medtronic PLC Price and EPS Surprise | Medtronic PLC Quote

Revenues: Medtronic posted revenues of $7.28 billion, exceeding the Zacks Consensus Estimate for revenues of $7.23 billion.

Key Stats : Revenues from Medtronic's Cardiac and Vascular Group rose 6% at Constant exchange Rate (CER) to $2.54 billion, while revenues from Minimally Invasive Therapies Group increased 6% at CER to $2.41 billion. On the other hand, revenues from Restorative Therapies Group rose 4% at CER to $1.81 billion, while revenues from Diabetes Group grew 7% at CER to $501 million.

Major Factors : Medtronic reported impressive third quarter fiscal 2017 results with both top-line and bottom-line exceeding the Zacks Consensus Estimate. The company's year over year top line performance was also impressive across all business groups. The company however reiterated its FY17 guidance citing revenue, free cash flow and EPS outlook.

Stock Price : Following the earnings release, share prices rose almost 0.28% in the pre-market trading session.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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