Shares of the world's No. 1 standalone medical device maker fell about 9 percent to $73.14 on Tuesday, and Chief Executive Omar Ishrak emphasized that the "disappointing" quarter was largely affected by temporary factors.
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Medtronic cut its adjusted earnings forecast to a range of $4.55-$4.60 per share from $4.60-$4.70 for the fiscal year ending April 28, 2017.
United States medical device maker Medtronic fell around 6% in pre-market trading on Wall Street after reporting its quarterly results on Tuesday before the bell. Analysts polled by Thomson Reuters expected earnings of $1.11 a share. "But we have some new products that we expect to be catalysts" for sales, he said, including the new Micra pacemaker, which attaches to the heart without the use of the wire leads that can sometimes cause complications. Revenue from the cardiac and vascular unit, which includes implantable heart devices and valves, rose 4 percent to $2.58 billion. The company posted revenues of $7.345 billion, compared to estimates of $7.46 billion. "We faced issues that affected our growth, including slower than expected revenue as we await new product introductions, particularly in CVG and Diabetes", Ishrak said.
On a per-share basis, the Dublin-based company said it had profit of 80 cents.
The acquisitive company, which completed its near $50-billion Covidien deal a year ago, has been focusing on the minimally invasive surgical market. The company's restorative therapies unit saw revenue rise 4 percent to $1.83 billion, while the diabetes care unit saw revenue rise 3 percent to $462 million.
Medtronic now expects constant-currency revenue growth to be in the "mid-single digit" percentage-point increase range during the fiscal period, compared to the previously announced range of 5 to 6 percent. As a result, the company cut its full fiscal year adj. EPS outlook to $4.55 to $4.60 from $4.60 to $4.70. The stock has risen slightly more than 6 percent in the last 12 months.
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