Medtronic (MDT) Stock Rises 9% on Earnings Beat and $700M Robot Surgery Deal
TLDR
- Medtronic stock rose over 9% in premarket trading after beating Q1 earnings and revenue estimates
- Adjusted EPS came in at $1.45 vs. the $1.39 Wall Street estimate; revenue hit $9.76B vs. $9.55B expected
- The company invested $700M for rights to distribute Cornerstone Roboticsโ Sentire surgical system outside the U.S.
- Medtronic raised its fiscal 2027 organic revenue growth outlook to 7.25%-7.75%, up from 6.75%-7.25%
- Cardiovascular segment revenue jumped 19.5% to $3.93B, with pulsed field ablation products up 88%
Medtronic stock jumped over 9% in premarket trading on Tuesday, hitting $95.20, after the medical device maker posted stronger-than-expected results for its fiscal first quarter ended July 31.
Adjusted earnings came in at $1.45 per share, up from $1.26 a year ago and ahead of the Wall Street estimate of $1.39. Revenue grew 14% to $9.76 billion, topping the analyst consensus of $9.55 billion.
Every segment in the business beat expectations. The company was also joined by peers Abbott and Boston Scientific in clearing analyst estimates for the quarter.
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