(Reuters) – Medtronic lifted the lower end of its annual profit forecast for a second time, banking on sustained demand for its medical devices in the U.S. and sending its shares up nearly 2% in premarket trading on Tuesday.
The Ireland-based company expects profit in the range of $5.44 to $5.50 per share for fiscal year 2025, compared with its earlier forecast of $5.42 to $5.50. The new midpoint of $5.47 is slightly higher than analysts’ estimates of $5.45, according to data compiled by LSEG.
Investors had set a high bar for results from medical device makers as the companies continue to benefit from healthy demand for non-urgent surgeries, especially among older Americans, over the last few quarters.
Peers Boston Scientific and Abbott had also raised their annual profit forecasts last month.
Medtronic’s total revenue for the quarter rose 5.3% to $8.40 billion, compared with estimates of $8.27 billion.
(Reporting by Sriparna Roy and Mariam Sunny in Bengaluru; Editing by Devika Syamnath)
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