-
ALSO READ
Will explore more investments if incentivised by the govt: Medtronic
Apollo partners with Medtronic to integrate AI for stroke management
Telangana CM announces reopening film theatres amid ongoing Unlock process
Telangana to get priority in Bharat Biotech's Covid-19 vaccine supply: KCR
Automobile Q3 results preview: Strong volume recovery to drive earnings
-
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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU