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Nov. 23, 2021, 6:59 a.m. EST

Medtronic stock drops toward 8-month low after revenue miss and lowered full-year growth outlook

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By Tomi Kilgore

Shares of Medtronic PLC /zigman2/quotes/206816578/composite MDT -0.48% dropped 1.2% toward an eight-month low in premarket trading Tuesday, after the medical technology company beat fiscal second-quarter profit expectations but missed on revenue, citing the negative impact of the COVID-19 pandemic resurgence and healthcare staffing challenges on medical procedure volumes. Net income for the quarter to Oct. 29 nearly tripled to $1.31 billion, or 97 cents a share, from $489 million, or 36 cents a share, in the year-ago period. Revenue rose 2.6% to $7.85 billion but was below the FactSet consensus of $7.97 billion, while cost of sales fell 7.7%. Cardiovascular revenue rose 3.7% to $2.83 billion, medical surgical revenue increased 0.6% to $2.30 billion, neuroscience revenue fell 0.4% to $1.07 billion and diabetes revenue grew 1.9% to $585 million. For fiscal 2022, the company affirmed its adjusted EPS guidance range of $5.65 to $5.75, but cut its revenue growth outlook to 7% to 8% from 9%. The stock has shed 9.0% over the past three months through Monday, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV -1.01% has slipped 2.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has gained 4.5%.

/zigman2/quotes/206816578/composite
US : U.S.: NYSE
$ 105.60
-0.51 -0.48%
Volume: 6.41M
Jan. 21, 2022 4:00p
P/E Ratio
30.45
Dividend Yield
2.39%
Market Cap
$141.99 billion
Rev. per Employee
$353,300
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 129.47
-1.32 -1.01%
Volume: 25.80M
Jan. 21, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,397.94
-84.79 -1.89%
Volume: 3.20B
Jan. 21, 2022 4:52p
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