Medtronic Plc, a medical device maker, reported better-than-expected profit for the fourth quarter of fiscal year 2024. The company was helped by a recovery in non-urgent surgical procedures that were delayed during the pandemic as well as strong demand for its heart and diabetes devices. Excluding items, the Dublin-based company reported a profit of $1.57 per share for the quarter, slightly above analysts’ average estimate of $1.56 per share.
However, Medtronic forecast annual profit below Wall Street estimates, as the company expects stronger dollar to continue dragging its sales down in international markets. It also announced the acquisition of Korea-based insulin patch maker EOFlow for a total consideration of about $738 million.
Overall, Medtronic is optimistic about its future prospects and is confident that its restructuring efforts will help it to improve its earnings in the coming year.