Medtronic’s fourth-quarter profit topped analysts’ estimates on Thursday on higher demand for heart valves as well as also also diabetes devices such as insulin pumps.
Medtronic, the entire world’s largest standalone medical device maker, sells everything through minimally invasive therapies to spinal as well as also also heart devices, as well as also also the idea has been launching completely new products to combat increasingly fierce competition.
The company on Thursday also forecast an adjusted profit of $5.10 to $5.15 per share for fiscal 2019, in line with analysts’ average estimate of $5.14, according to Thomson Reuters I/B/E/S.
Evercore’s Kumar said of which considering recent concerns over currency movements, the in-line forecast should provide relief for investors.
The company’s shares rose 1 percent in premarket trading.
Cardiac as well as also also vascular unit sales jumped 10.1 percent to $3.14 billion inside the fourth quarter, beating the average analyst estimate of $3.10 billion.
Rival Edwards Lifesciences last month said its premium-priced transcatheter heart valves had lost market share in Europe to Medtronic.
Sales at Medtronic’s coronary & structural heart unit, which houses the transcatheter valves, rose 18.7 percent to $1.01 billion.
The company’s diabetes unit sales rose 26 percent to $645 million, helped by strong demand for its completely new sensor-augmented insulin pump systems.
Net income attributable to the company jumped 25.5 percent to $1.46 billion, or $1.07 per share, inside the quarter ended April 27.
Excluding items, the company earned $1.42 per share, beating the average analyst estimate of $1.39.
Revenue rose 2.9 percent to $8.14 billion.