Medtronic (MDT) - Get Medtronic Plc (MDT) Report climbed Tuesday after the medical device maker beat Wall Street's first-quarter earnings expectations and raised its full-year guidance, driven by a recovery in elective procedures following the COVID-19 shutdown.
Shares of the Dublin company were up nearly 2% to $131 in premarket trading.
Medtronic reported net income of $763 million, or 56 cents a share, up from $487 million, or 36 cents a share, a year ago. Adjusted earnings came to $1.41 a share, beating the FactSet consensus of $1.32.
Revenue totaled $7.99 billion, up 22.7% from a year ago and coming in ahead of the FactSet consensus of $7.87 billion.
The company said that its first-quarter results "reflect a strong recovery from the impact of the COVID-19 pandemic on elective procedures that the company experienced in 2020."
During the height of the pandemic, hospitals stopped elective procedures to respond to the flood of COVID-19 patients.
Looking ahead, the company lifted its adjusted guidance range for fiscal 2022 to $5.65 to $5.75 a share from $5.60 to $5.75. Analysts are calling for earnings of $5.69 a share.
"Fiscal 2022 is off to a strong start with our first quarter results coming in ahead of our expectations, reflecting solid execution and continued procedure volume recovery, with most of our businesses at or above pre-COVID levels," said Geoff Martha, Medtronic chairman and CEO, in a statement.
In addition, Martha said, "we drove market share gains across a number of our businesses, including three of our largest: cardiac rhythm management, surgical innovations, and cranial & spinal technologies."