Medical device maker Medtronic plc (NYSE: MDT) has reported an increase in profit for the fourth quarter of 2022, despite a modest decline in revenues.
The company said revenues declined 1% year-over-year to $8.1 billion in the final three months of fiscal 2022. The top line was hurt by weakness in the Medical-Surgical and Neurosciences divisions, which more than offset positive performance by the Cardiovascular segment.
Meanwhile, adjusted earnings increased 2% to $1.52 per share. Reported net income, including special items, was $1.49 billion or $1.10 per share, compared to $1.36 billion or $1.00 per share in the fourth quarter of 2021.
Read management/analysts’ comments on quarterly reports
“We remain keenly focused on delivering innovation-driven growth with a robust pipeline of technologies in fast-growing markets, and we’re committed to creating strong shareholder value through strategic capital allocation and active portfolio management,” said Geoff Martha, chief executive officer of Medtronics.