Medtronic falls as annual profit forecast misses expectations

EOFlow

25/05/2023 15:07

(Updates)
    ** Shares of medical device maker Medtronic Plc  MDT.N  down
~6% at $82.44
        ** Stock among top losers on S&P 500 index  .SPX 
  
    ** Co forecasts fiscal 2024 adjusted EPS of $5 to $5.10,
below Refinitiv IBES estimates of $5.20, as a stronger dollar
weighs
    ** BTIG analyst Ryan Zimmerman says the co's revenue
forecast is also below its long-term guidance 
    ** Co, however, reported Q4 adjusted profit of $1.57/shr,
edging past estimates of $1.56/shr, helped by a recovery in
non-urgent surgical procedures
    ** Separately, Medtronic said it will buy South Korea-based
insulin patch maker EOFlow  294090.KQ  for a total consideration
of 971 billion won ($738 million)
    ** MDT shares are up ~6% this year

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))