Medtronic PLC (MDT) shares were up slightly Tuesday after the medical device maker reported third-quarter earnings and revenue ahead of analysts' expectations.
The company reported revenue of $2.12 billion, thanks in part to higher sales in its surgical products and restorative therapies divisions, topping analysts' expectations of $2.08 billion. Earnings of $1.29 per cents per share also came in ahead of analyst guidance by a nickel.
The company said that it expects full-year earnings to be in the range of $5.14 and $5.16 per share, up from its previous forecast between $5.10 and $5.15 per share. Analysts are expecting company to report earnings of $5.12 per share.
"Our organization executed on multiple fronts to deliver a strong quarter for Medtronic," said Omar Ishrak, Medtronic chairman and chief executive officer. "Revenue outperformance in our Minimally Invasive Therapies and Restorative Therapies Groups, as well as broad strength across Emerging Markets, helped to offset certain market-specific headwinds we faced during the quarter, reflecting the full benefits of our diversification."
Medtronic shares are up about 3.3% year to date and have risen more than 10% over the past 12 months.