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Medical devices firm Medtronic expects inflation to weigh on earnings next fiscal

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-02-22T14:30:07+05:30  |  Updated On 22 Feb 2023 2:30 PM IST
Medtronic gets USFDA nod for OmniaSecure defibrillation lead for placement within right ventricle
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Stifel analyst Rick Wise expects Medtronic to get past pricing pressure in China in "the not too distant future".

Dublin: Medtronic Plc said on Tuesday it expects inflation in various markets to hit its profit in the next fiscal year after the medical device maker beat earnings estimate for the third quarter on strong demand for its heart and diabetes devices.

While inflation in many countries has eased in recent months, the management expects a delayed improvement in its earnings as its costs remain high.

The company also expects 80% of its portfolio to come under the Chinese government's volume-based procurement (VBP) by the end of fiscal 2024, under which the country will buy medical devices in bulk at a sharp discount.

About half of its portfolio has already been impacted by bulk buying at sharp discounts in China, executives said on an investor conference call.

"VBP has affected us more than many of our competitors, given the size and breadth of our business in China. However, we do expect that we are now through the majority of the impact," Chief Financial Officer Karen Parkhill said.

Stifel analyst Rick Wise expects Medtronic to get past pricing pressure in China in "the not too distant future".

Shares of the company were up 1% in choppy trade after growth in cardiovascular, neuroscience and diabetes devices helped soften a blow to sales in China in the third quarter from a resurgence in COVID-19 cases.

A surge in cases in China had also hit rivals such as Abbott Laboratories and Johnson & Johnson.

Excluding items, the Dublin-based company reported a profit of $1.30 per share, above the average analyst estimate of $1.27 per share, according to Refinitiv data.

Following the beat, the company, whose financial year ends in April, also raised the low end of its 2023 profit outlook to $5.28 per share, from $5.25 it forecast in November. The top end of its forecast remains at $5.30.

Read also: Medtronic gets CE Mark for Extravascular Defibrillator System for abnormal heart rhythms

MedtronicMedtronic newsheart devicesKaren ParkhillRick Wise
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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