Medtronic beats quarterly earnings estimates on medical device strength from Reuters

(Reuters) – Health technology company Medtronic (NYSE:) topped Wall Street estimates for quarterly earnings and revenue on Thursday as a post-pandemic surge in hospital surgeries boosted demand for the company’s medical products.

Medtronic joins medical device manufacturers such as Abbott Laboratories (NYSE:) and Boston Scientific (NYSE:) also benefited from rising demand for non-urgent surgeries.

The company’s revenue for the quarter rose 0.5% to $8.59 billion, topping analysts’ average estimate of $8.44 billion, LSEG data showed.

It reported adjusted earnings of $1.46 per share for the fourth quarter, compared with analyst estimates of $1.45 per share.