Medtronic Stock In Focus After Q2 Earnings Beat, Upgraded Guidance: Retail Chatter Hits One-Year High

Published : Nov 19, 2024, 09:22 PM IST
Medtronic Stock In Focus After Q2 Earnings Beat, Upgraded Guidance: Retail Chatter Hits One-Year High

Synopsis

Revenue rose 5.3% year-over-year to $8.4 billion compared to an analyst estimate of $8.27 billion.

Shares of American-Irish medical devices company Medtronic PLC ($MDT) were in focus on Tuesday after the firm’s second-quarter earnings surpassed Wall Street’s expectations.

The stock opened nearly 2% lower on Tuesday.

Revenue rose 5.3% year-over-year (YoY) to $8.4 billion compared to an analyst estimate of $8.27 billion. Earnings per share (EPS) came in at $1.26 versus an estimate of $1.25. Net income rose 40% YoY to $1.27 billion during the quarter.

CEO Geoff Martha expressed confidence that the diversified growth will keep going, especially given the strength of the firm's pipeline in high-impact markets.

Segment-wise, Medtronic’s cardiovascular portfolio saw a revenue growth of 6.1% to $3.102 billion while neuroscience portfolio witnessed a 7.1% growth in revenue to $2.451 billion.

Revenue for the medical surgical portfolio rose 1.2% to $2.128 billion while diabetes portfolio revenue increased 12.4% to $686 million.

For the full year 2025, the firm raised its organic revenue growth guidance to 4.75% to 5% versus the prior range of 4.5% to 5%. It also raised its diluted non-GAAP EPS guidance to the new range of $5.44 to $5.50 versus the prior $5.42 to $5.50.  

Following the earnings report, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (93/100) from ‘neutral’ a day ago. The move was accompanied by ‘extremely high’ retail chatter (96/100) that hit a one-year high.

Most Stocktwits followers of the ticker expressed optimism on the stock’s potential.

Shares of Medtronic have gained nearly 4% on a year-to-date basis.

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