Medtronic stock (NYSE: MDT) is down 9% in a week, underperforming the broader markets, with the S&P500 up 0.4%. Although the company posted upbeat Q1 results last week, the stock has declined due to lower-than-expected guidance for fiscal 2024. After its recent fall, MDT stock appears to have room for growth, as discussed below.
Medtronic’s revenue was up 6% to $8.5 billion in Q4’23, compared to our forecast of $8.2 billion, driven by continued recovery in procedure volume. Looking at segments, Cardiovascular sales were up 12% and Neuroscience up 5%, while Medical Surgical, and Diabetes saw a 0.3% decline. The company held its operating margin above 29%, reflecting a modest 30 bps decline y-o-y. On a reported basis, the operating margin declined 230 bps to 18.3%. Our Medtronic Operating Income Comparison dashboard has more details (Note that LTM figures in this dashboard don’t take into account the Q4 numbers released last week). Medtronic
MDT
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.