Medical technology company Medtronic (MDT) will be reporting financial results for the third quarter Tuesday before the market opens. Analysts’ consensus earnings estimate for the quarter is $1.23 per share – after a couple of downward revisions – which represents a year-on-year growth. Revenues are seen rising by 2.5% to $7.55 billion.
A post-earnings rally is in the cards, considering the stock’s tendency to make sharp moves after quarterly reports and the strong probability of a beat this time. That is in line with the positive recommendations on the stock, ranging from outperform to strong buy. Meanwhile, the price targets set by market watchers, representing a double-digit increase from the current levels, indicate solid long-term gains.
The upbeat outlook for the Dublin, Ireland-based firm can also be attributed to the effective implementation of strategies. In the to-be-reported quarter, the key growth drivers will be innovations in therapy and the company’s growing global footprint. These factors, combined with the economic value and the aging population, could help Medtronic sustain the momentum in the long term.
The price targets set by market watchers, representing a double-digit increase from the current levels, indicate solid long-term gains
Technological innovation in the Cardiac and Vascular Group has brought technically advanced products in the market, such as ventricular assist devices, insertable diagnostics and new-generation pacemakers, which are currently in high demand. It is a similar scenario in the diabetes department, with Medtronic’s revamped hybrid closed-loop insulin delivery system gaining popularity across all markets.
Riding on the stellar performance by its key business segments, Medtronic reported a 14% growth in second-quarter earnings to $1.22 per share. Reflecting the strong organic sales performance, revenues jumped 6% to $7.48 billion. The results exceeded the estimates.
Earlier this week, the company entered into a healthcare partnership with the Medical University of South Carolina, one of the prominent medical schools in the US, to offer better care to patients in South Carolina. The five-year value-based partnership will also focus on reducing medical care costs.
After reaching a peak in September last year, Medtronic shares pulled back in the following months. Having started 2019 on a positive note, the stock has gained more than 4% so far this year.
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus
Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000