Medtronic beat analysts’ estimates in its third quarter, but continued to lag its 2020 results because of the impact of the coronavirus pandemic. The surge of COVID-19 cases at the end of the year continued to impact elective procedures.
The company, based in Dublin, Ireland, but run out of Fridley, reported revenue of $7.8 billion. Net income of $1.8 billion, or $1.29 per share, was down 10% from the same period last year.
U.S. revenue for the world’s largest medical device maker was down 2%. Revenue was flat in the company’s other sectors, according to a news release.
The company offered no future guidance because of the uncertainty caused by the pandemic, which has now killed more than 500,000 people in the U.S.
Medtronic CEO Geoff Martha cited “sequential improvements in both revenue and earnings, despite the impact of the COVID resurgence on procedure volumes in late December and January.”
Martha said that the company was on track to “returning to growth.”
Jim Spencer • 202-662-7432