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Medtronic : 2Q Profit, Revenue Fall Amid Decline in Medical Procedures

11/24/2020 | 07:19am

By Dave Sebastian

Medtronic PLC said its profit fell for the second quarter as revenue slid due to continued declines in medical procedures amid the Covid-19 pandemic.

The medical-technology company on Tuesday posted a profit of $489 million, or 36 cents a share, compared with a profit of $1.36 billion, or $1.01 a share, in the same three-month period a year earlier.

Adjusted earnings were $1.02 a share. Analysts polled by FactSet were expecting adjusted earnings of 80 cents a share.

Revenue was $7.65 billion, down 0.8% from the year-ago period. Analysts were looking for $7.1 billion. Adjusting for the $59 million benefit of foreign-currency translation, revenue fell 1.5%. U.S. revenue, which makes up 53% of total revenue, fell 2% to $4.05 billion. Non-U.S. developed market revenue, which makes up 32% of total revenue, rose 6% to $2.45 billion. Emerging markets revenue fell 9% to $1.15 billion.

Revenue in the company's cardiac and vascular group fell 4.6% to $2.73 billion, and restorative therapies group revenue fell 2.3% to $2.06 billion. Minimally invasive therapies group revenue rose 6.7% to $2.29 billion, while diabetes group revenue fell 3.7% to $574 million.

"We're seeing a faster-than-expected recovery and approaching year-over-year growth. Our revenue growth is improving, our pipeline is advancing, and we're gaining share in an increasing number of businesses," Chief Executive Geoff Martha said.

The company said it isn't providing annual or quarterly guidance due to Covid-19 uncertainty.

Write to Dave Sebastian at

Corrections and Amplifications

This article was corrected at 8;29 a.m. ET because it misstated that Medtronic PLC provides contracting services. The company doesn't provide contracting services.

(END) Dow Jones Newswires

11-24-20 0718ET

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