Medtronic elevates profit forecast as surgeries return to pre pandemic levels
The Dublin based medical device maker now expects profit to be between USD 5.08 per share and USD 5.16 per share for the fiscal year 2024.;
Dublin: Medtronic on Tuesday raised its annual profit forecast as the return of non-urgent surgery volumes to pre-pandemic levels boosted demand for its medical devices, sending its shares up 3%.
Medtronic, which makes pacemakers, catheters and other tools used in heart and gastrointestinal surgeries, joins rivals, including Abbott Laboratories, Stryker and Boston Scientific, on benefiting from a rise in non-urgent surgeries.
CEO Geoff Martha said trends pointed to a recovery in surgical volumes as some procedures returned to stronger than pre-pandemic levels.
"It's been a steady flow versus like a pent-up demand. So I think that's good news for the industry," Martha said.
The Dublin-based medical device maker now expects profit to be between $5.08 per share and $5.16 per share for the fiscal year 2024, compared with the range of $5 to $5.10 per share previously expected.
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