Medtronic posts mixed results

Medtronic posts mixed results

Medtronic Plc (NYSE: MDT) reported latest financial results for its second quarter of fiscal year 2023, which ended October 28, 2022 on Tuesday.

The medical technology company posted mixed results for the quarter.

Revenue reported at $7.585 billion (down 3% year-over-year) vs. $7.698 billion expected.

Earnings per share reported at $1.30 per share (down by 2% year-over-year) vs. $1.277 per share estimate.

“Slower than predicted procedure and supply recovery drove revenue below our expectations this quarter. We continue to take decisive actions to improve the overall performance of the company, including streamlining our organizational structure, strengthening our supply chain, driving a performance culture, and strategically allocating capital to support our best growth opportunities with the investments they deserve,” Geoff Martha, CEO of the company said in press release.

“We’re seeing the benefit of these changes – along with new incentives and strong execution – in certain businesses, and we’re focused on ensuring these efforts translate into improved performance across the company. Looking ahead, we’re confident we have a clear path to delivering durable growth and increased shareholder value,” Martha concluded.

The stock was down by around 5% on Tuesday at $77.74 a share.

Stock performance

• 1 month: -2.62%
• 3 month: -8.79%
• Year-to-date: -20.45%
• 1 year: -27.42%

Medtronic price targets

• Barclays: $90
• Truist Securities: $89
• Mizuho: $100
• Jefferies: $87
• Morgan Stanley: $97
• RBC Capital: $110
• Wells Fargo: $96
• Stifel: $105

Medtronic is the 114^th largest company in the world with a market cap of $109.37 billion.

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Sources: Medtronic Plc, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap