Medtronic Cuts Annual Profit Forecast on Forex Hit

Reuters2022-11-22

Nov 22 (Reuters) - Medtronic Plc on Tuesday lowered its full-year profit outlook, blaming a stronger dollar and a slower-than-anticipated recovery from supply chain disruptions.

Shares of the Dublin-based company fell nearly 2.5% before the bell.

The medical device maker now sees its adjusted profit in the range of $5.25 to $5.30 per share for fiscal 2023, compared with $5.53 to $5.65 previously expected.

During the year, the ongoing shortage of semiconductor chips and a stronger dollar have heavily impacted Medtronic's medical surgical unit - which sells stapling and dissection devices - as well as its spinal unit.

Other medical device makers such as Boston Scientific Corp and Stryker(SYK.N)have also cautioned about the persistence of supply chain constraints and the stronger dollar in the near term.

Medtronic's net income fell to $427 million, or 32 cents per share, in its second quarter ended Oct. 28, from $1.31 billion, or 97 cents per share, a year earlier.

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Bel8680
2022-11-23
Bel8680
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2022-11-22
Bodoh
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