Medtronic Plc stock MDT, +0.41% rose 0.9% in premarket trades after the medical device company’s fourth-quarter adjusted profit and revenue beat analyst expectations.
Medtronic said its fourth-quarter profit fell to $1.18 billion, or 88 cents a share, from $1.49 billion, or $1.10 a share, in the year-ago quarter. Adjusted fourth-quarter profit of $1.57 cents a share exceeded the analyst forecast of $1.55 a share, according to estimates compiled by FactSet. Medtronic’s fourth-quarter revenue rose by 5.6% to $8.54 billion from $8.09 billion and beat the analyst expectation of $8.25 billion. Looking ahead, Medtronic said it expects fiscal 2024 adjusted earnings of $5 to $5.10 a share including the unfavorable impact of foreign currency exchange, compared to the analyst estimate of $5.19 a share. Separately, Medtronic said it’s acquiring South Korean insulin delivery medical device company EOFlow Co. Ltd. 294090, -5.29% in a deal valued at about $738 million.