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Medtronic (NYSE:MDT) has warned of a delayed improvement in earnings this year as its costs continue to remain high despite restructuring efforts.
It expects profit to be in the range of $5 per share to $5.10 per share for the fiscal year 2024, lower than analysts’ estimates of $5.20 per share, according to Refinitiv IBES data.
However, Medtronic reported a better-than-expected profit for the fourth quarter, helped by a recovery in non-urgent surgical procedures that were delayed during the pandemic as well as strong demand for its heart and diabetes devices.
Excluding items, the Dublin-based company reported a profit of $1.57 per share for the quarter, slightly above analysts’ average estimate of $1.56 per share.
Separately, Medtronic said it will buy Korea-based insulin patch maker EOFlow for a total consideration of about $738 million.
