(Reuters) – Medtronic Plc’s fourth-quarter profit more than doubled aided by a recovery in its base business as more people opted for non-urgent procedures, the medical device maker said on Thursday.
Medical device makers have been expecting a boost in deferred procedures to treat the purported backlog of patients who held off on treatment during the pandemic.
Sales at the company’s heart devices unit, its biggest revenue driver, jumped 45.1%, meeting analysts’ estimates of $2.91 billion, according to seven analysts polled by Refinitiv.
Medtronic said it expects 2022 profit between $5.60 per share and $5.75 per share, ahead of analysts’ expectations of $5.72 per share according to Refinitiv IBES data.
Net income attributable to the company rose to $1.36 billion, or $1 per share, in the quarter ended April 30, from $646 million, or 48 cents per share, a year earlier.
Excluding items, Medtronic earned $1.50 per share in the fourth-quarter.
Revenue for the quarter rose 36.5% to $8.19 billion.
(Reporting by Trisha Roy and Dania Nadeem in Bengaluru; Editing by Shailesh Kuber)
