Medtronic nudges profit forecast on medical devices demand, new launches
Adds shares in paragraph 1, company comments from conference call in paragraphs 7,8, 10 and 13, analyst comment in paragraph 11, graphic
By Sriparna Roy and Puyaan Singh
Aug 20 (Reuters) -Medtronic MDT.N slightly lifted the lower end of its annual profit forecast on Tuesday, banking on sustained demand for its medical devices and growth from its newlaunches, sending its shares up 1.6%.
Investor expectations from medical device makers remain high as they have beenbenefiting from elevated demand for non-urgent surgeries over the last few quarters.
The company said it was expecting steady growth as it introduces new products and continues to make investments to support those launches.
Earlier this month, the company won the U.S. health regulator's nod for its disposable, all-in-one continuous glucose monitor (CGM), Simplera.
It also announced a partnership under which Abbott's ABT.N CGM system will connect to Medtronic's automated insulin delivery systems.
The Ireland-based company also eyes growth across segments such as diabetes and devices for heart disease-focused surgeries.
Medtronic also remains "on the hunt" for the right tuck-in deals. "I don't want to point out specific areas other than the high growth areas - whether they be a product, tuck into an existing business ... That's where we're focused," said CEO Geoff Martha on a conference call.
The company raised the lower end of its 2025 adjusted profit forecast to$5.42 per share from $5.40 apiece earlier, keeping the upper end at $5.50. Analysts, on average, were expecting profit of $5.44 for 2025, according to LSEG data.
It expects profit growth to accelerate in the back half of the year as the impact from foreign currency lessens.
The delivery, particularly pockets of strength, and the raised outlook was a nice surprise, said Citi analyst Joanne Wuensch.
The company posted a revenue beat across segments except for its medical surgical unit, which was affected by a slowdown in the Korean market due to theongoing physician strikes.
Medtronic posted adjusted profit of $1.23 per share for the first quarter, beating estimates of $1.20.
Medtronic's revenue by segment https://reut.rs/4csdg8Q
Reporting by Sriparna Roy and Puyaan Singh in Bengaluru; Editing by Sriraj Kalluvila, Devika Syamnath and Alan Barona
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