Medtronic Plc's (NYSE:MDT) Q3 FY22 sales of $7.76 billion flat year-over-year as reported and an increase of 2% on an organic basis, missing the consensus of $7.90 billion.
- The Company's third-quarter revenue results reflect the unfavorable market impact of COVID-19 and health system labor shortages on medical device procedure volumes.
- Q3 adjusted EPS of $1.37 increased 6.2% from $1.29 a year ago, in line with the analyst consensus.
- Related: Medtronic Scores Expanded FDA Nod For Cardiac Cryoablation Catheters In Pediatric Patients With Heart Rhythm Condition.
- Sales at Medtronic's heart devices unit jumped 1% Y/Y (3% organic) to $2.74 billion.
- Spine & neurosurgery product segment sales increased 1% (2%) to $2.14 billion.
- Diabetes revenue of $584 million decreased 7% as reported and 5% organic.
- The Medical Surgical Portfolio sales decreased 1% (+1% organic) to $2.290 billion.
- Guidance: Medtronic expects Q4 FY21 organic revenue growth of approximately 5.5%, in line with current fourth-quarter organic revenue growth Street consensus.
- The Q4 revenue would be negatively affected by approximately $185 million.
- The Company expects Q4 adjusted EPS of $1.56 - $1.58, versus the consensus of $1.58.
- Price Action: MDT shares are down 0.06% at $100.50 during the premarket session on the last check Tuesday.
