Medtronic (MDT) - Get Report shares were falling Thursday after the medical device manufacturer reported fourth quarter results that missed estimates as revenue fell 26% year over year in the quarter.
The Dublin-based company reported fourth quarter earnings of 58 cents per share on revenue of $6 billion. Analysts were expecting the company to report earnings of 68 cents per share on revenue of $6.17 billion.
Medtronic shares fell more than 2% to $96.10 in trading on Thursday.
Medical device makers are facing tough times during the coronavirus pandemic as patients around the world put off medical procedures so doctors can focus on treating patients afflicted by the coronavirus.
“This pandemic presented the world with an unprecedented challenge, which required an unprecedented response, including by our team at Medtronic," said CEO Geoff Martha.
The company declined to provide annual or quarterly guidance due to the lack of visibility surrounding COVID-19.
"Medtronic's results were also consistent with the impact felt across the MedTech industry from deferred procedures as a result of the pandemic," Martha said.
However, the company's board of directors did approve an increase in Medtronic's cash dividend for the first quarter to 58 cents per share from 54 cents per share.
Medtronic is raising its dividend for the 43rd consecutive year.
“Our financial position remains strong, and we’re differentially using our balance sheet during the pandemic. Today, we announced a significant increase in our dividend, and we are purposely investing to drive not only a strong recovery, but also consistent, long-term growth,” said Martha.