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Medtronic (MDT) 3Q Profit Tops Street, Reiterates Forecast

 February 19, 2013 07:43 AM

(By Balachander) Medtronic Inc. (NYSE: MDT) reported a rise quarterly earnings, beating Wall Street expectations, helped by growth in emerging markets and product launches.

On a non-GAAP basis, earnings per share (EPS) increased 11 percent to 93 cents, beating analysts' expectations of 91 cents. Reported earnings grew 6 percent to $988 million.

Revenue rose 4 percent to $4.03 billion on a constant currency basis, coming in in line with consensus estimate for the third quarter ended Jan. 25.

Medtronic said several businesses and regions contributed to the company's steady growth in the quarter.

[Related -Medtronic, Inc. (MDT): Turning The Beat Around?]

Emerging market revenue jumped 21 percent, while international revenue advanced 7 percent on a constant currency basis.

Segment wise, sales from the company's Cardiac and Vascular group and the Restorative Therapies group rose 5 percent and 3 percent, respectively.

Sales from implantable cardioverter defibrillators (ICDs) fell 2 percent while Pacing sales were flat. Spine revenue declined 3 percent.

Drug-eluting stent revenue surged 42 percent because of "significant" share gains of the Resolute Integrity drug-eluting stent in Japan and strong performances in the U.S. and other markets, the company said.

Looking ahead for fiscal 2013, the company still expects EPS in the range of $3.66 to $3.70, on revenue growth between 3 percent and 4 percent.

Analysts expect EPS of $3.68 on revenue growth of 2 percent.

MDT ended Friday's regular trading at $47.12. The stock has been trading in the 52-week range of $35.67 to $47.40.

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