Medtronic beats quarterly profit estimates on medical devices strength


(Reuters) -Health tech firm Medtronic beat Wall Street estimates for quarterly profit and revenue on Thursday, as a post-pandemic pickup in surgical volumes at hospitals boosted demand for its medical devices.

Medtronic joins medical device makers such as Abbott Laboratories and Boston Scientific that have also benefited from soaring demand for non-urgent surgeries.

The company’s revenue for the quarter rose 0.5% to $8.59 billion, beating analysts’ average estimate of $8.44 billion, according to LSEG data.

It posted adjusted profit of $1.46 per share for the fourth quarter, compared with analysts’ estimate of $1.45 per share.

(Reporting by Christy Santhosh and Pratik Jain in Bengaluru; Editing by Shilpi Majumdar)

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