Medtronic forecasts annual profit below estimates (updated)

EOFlow

25/05/2023 12:00

(Adds forecast and other details in paragraphs 3,4,5)
       May 25 (Reuters) - Medtronic Plc  MDT.N  on Thursday
forecast annual profit below Wall Street estimates, as the
medical device maker expects stronger dollar to continue
dragging its sales down in international markets.   
    Medtronic has warned of a delayed improvement in earnings
this year as its costs continue to remain high despite
restructuring efforts.  
    It expects profit to be in the range of $5 per share to
$5.10 per share for the fiscal year 2024, lower than analysts'
estimates of $5.20 per share, according to Refinitiv IBES data.
    However, Medtronic reported a better-than-expected profit
for the fourth quarter, helped by a recovery in non-urgent
surgical procedures that were delayed during the pandemic as
well as strong demand for its heart and diabetes devices. 
    Excluding items, the Dublin-based company reported a profit
of $1.57 per share for the quarter, slightly above analysts'
average estimate of $1.56 per share.
    Separately, Medtronic said it will buy Korea-based insulin
patch maker EOFlow  294090.KQ  for a total consideration of
about $738 million.

 (Reporting by Bhanvi Satija and Raghav Mahobe in Bengaluru;
Editing by Shweta Agarwal)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))