Medtronic lifts annual profit view on strong demand for medical devices

(Reuters) –


Medtronic


(NYSE:

MDT

) 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 (NYSE:

BSX

) 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.