Ireland’s Medtronic Plc, one of the world’s largest medical device makers, increased net income and revenue in the second quarter of fiscal 2026, while adjusted earnings and revenue beat experts’ expectations.
The company said in a press release that its net income for the quarter ended 24 October was $1.37 billion, or $1.07 cents per share, compared to $1.27 billion, or $0.99 per share, for the comparable period of the previous year.
Earnings excluding one-time factors climbed to $1.36 from $1.26 per share.
Revenue rose 6.6% to $8.96 billion from $8.4 billion a year earlier.
Analysts surveyed by FactSet on average estimated the company’s adjusted earnings at $1.31 per paper on revenue of $8.87 billion.
Medtronic now expects adjusted earnings in the range of $5.62 to $5.66 per paper for the current fiscal year, compared with forecasts that had previously assumed $5.6 to $5.66. the company also now forecasts revenue growth of 5.5%, compared with the previous estimate of 5%.
Medtronic’s stock price is up 4.3 per cent in early trading on the New York Stock Exchange on Tuesday. The company’s market value has risen 20.5% (to $123.5 billion) since the beginning of the year, while the Standard & Poor’s 500 stock index has added 13.4%.