Medtronic beats Q3 profit estimates on strong demand for ventilators

Medtronic Plc beat estimates for third-quarter profit on Tuesday, boosted by strong demand for its ventilators and robots used in surgeries.
 

The world's largest standalone medical device maker said it would not provide a forecast for 2021 due to uncertainties surrounding the Covid-19 pandemic.
 

As vaccination rollouts take place across the United States, sales of medical device makers are expected to bounce back to normal. Medtronic in November had said the vaccines would help the company reach pre-pandemic growth levels by the fourth quarter.
 

Medtronic's minimally invasive therapies business, which makes surgical instruments to treat hernias, kidney diseases and ventilators, brought in revenue of $2.31 billion in the quarter, beating analysts' estimates of $2.24 billion.
 

The company has been ramping up the production of ventilators due to a surge in demand for the devices used to help severely ill Covid-19 patients breathe.
 

Excluding items, Medtronic earned $1.29 per share, beating analysts' expectations of $1.15 per share.
 

Net income attributable to the company fell to $1.27 billion, or 94 cents per share, in the quarter ended Jan. 29, from $1.92 billion, or $1.42 per share, a year earlier.
 

Revenue rose to $7.78 billion from $7.72 billion.