(Reuters) – Medtronic on Tuesday raised its annual profit forecast, banking on higher demand for its medical devices as surgical procedure volumes pick up pace.
Medtronic becomes the latest in line of medical device makers, including Abbott Laboratories, Stryker and Boston Scientific, that are benefitting from a flurry of demand for non-urgent surgeries, after reaching a trough during the pandemic.
It now expects profit to be between $5.08 per share and $5.16 per share for the fiscal year 2024, above the range of $5 to $5.10 per share previously expected.
Excluding items, the Dublin-based medical device maker reported a profit of $1.20 per share for the first quarter ended July 28, beating analysts’ average estimate of $1.11 per share, according to Refinitiv IBES data.
(Reporting by Bhanvi Satija and Christy Santhosh in Bengaluru; Editing by Shweta Agarwal)
