Medtronic beats quarterly earnings estimates on medical device strength

(Reuters) – Health technology company Medtronic topped Wall Street estimates for quarterly earnings and revenue on Thursday, as a post-pandemic surge in hospital surgeries boosted demand for its medical devices.

Medtronic joins medical device makers such as Abbott Laboratories and Boston Scientific that have 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.

(Reporting by Christy Santhosh and Pratik Jain in Bengaluru; Editing by Shilpi Majumdar)