Medtronic raises annual profit forecast on strong demand for heart devices
Demand for medical devices has picked up pace as non-urgent procedures, which were deferred during the pandemic, recovered in the past year with easing hospital staff shortages and people becoming regular with check-ups. Medtronic expects adjusted profit for the fiscal 2024 to be between $5.19 and $5.21 per share, compared with its previous forecast range of $5.13 and $5.19 per share. Sales at the company's heart devices unit, its biggest revenue driver, increased 6.1% to $2.93 billion, versus analysts' estimate of $2.89 billion.