5 Notable Earnings Reports You Don’t Want to Miss

2. Medtronic plc (NYSE: MDT)

Number of Hedge Fund Holders: 68

Shares of Medtronic plc (NYSE: MDT) recently hit a new 52-week high of $135.20 after announcing solid results for its fiscal first quarter. The medical device company reported adjusted earnings of $1.41 per share, up 127 percent from the year-ago quarter.

Revenue for the quarter climbed 22.7 percent on a year-over-year basis to $7.99 billion, mainly driven by strong demand across its cardiovascular and medical-surgical segments. The results topped the consensus forecast of $1.32 per share for earnings and $7.87 billion for revenue.

Medtronic also raised its profit guidance for its FY 2022. It now expects adjusted earnings in the range of $5.65 per share to $5.75 per share for the full year, compared to its previous forecast between $5.60 per share to $5.75 per share.

Praising the quarterly performance, CEO Geoff Martha said:

“Fiscal 2022 is off to a strong start with our first quarter results coming in ahead of our expectations, reflecting solid execution and continued procedure volume recovery, with most of our businesses at or above pre-COVID levels.”