Medtronic PLC (MDT) shares surged 5.50% in Tuesday's trading session following the release of its second-quarter fiscal 2026 financial results, which surpassed analysts' expectations. The medical device maker reported robust growth across key segments and raised its full-year guidance, instilling confidence in investors.
The company reported adjusted earnings per share of $1.36, exceeding the consensus estimate of $1.31. Revenue for the quarter reached $8.96 billion, outperforming the expected $8.87 billion. Medtronic's Cardiovascular Portfolio was a standout performer, with sales jumping 10.8% to $3.44 billion, driven by strong demand for its heart disease devices, particularly in the Cardiac Rhythm & Heart Failure segment.
In light of the strong performance, Medtronic raised its fiscal 2026 organic revenue growth forecast to approximately 5.5%, up from the previous projection of around 5%. The company also increased its adjusted earnings per share guidance to a range of $5.62 to $5.66, compared to the prior $5.60 to $5.66. CEO Geoff Martha expressed confidence in the company's positioning for "even greater acceleration of revenue growth in the back half of the year and beyond," citing robust procedure volumes and strong end markets. The positive outlook is supported by several enterprise growth drivers, including Medtronic's pulsed field ablation franchise for atrial fibrillation, the Symplicity procedure for hypertension, and the Hugo robotic-assisted surgery system.
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