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Medtronic beats Q3 profit estimates on strong demand for ventilators

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

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Medtronic | Q3 results | corporate earnings

Reuters 

Medtronic beats Q3 profit estimates on strong demand for ventilators
Excluding items, Medtronic earned $1.29 per share, beating analysts' expectations of $1.15 per share

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 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 makers are expected to bounce back to normal. 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, 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.

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First Published: Tue, February 23 2021. 21:05 IST
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