August 20, 2019 / 11:12 AM / 2 months ago

UPDATE 1-Medtronic quarterly sales beat estimates, raises profit forecast

(Adds analyst estimates, details on results)

Aug 20 (Reuters) - Medical device maker Medtronic Plc reported a quarterly revenue above analysts’ expectations on Tuesday, boosted by demand for its minimally invasive therapies, and the company raised its full year adjusted profit forecast.

The Dublin-based company’s shares rose 2.7% to $107 in premarket trading.

The minimally invasive therapies business, which makes surgical instruments used to treat hernias and kidney disease, brought in revenue of $2.1 billion in the first quarter, above estimates of $2.07 billion, according to IBES data from Refinitiv.

The company now expects full-year adjusted earnings forecast in the range of $5.54 to $5.60 per share, from a prior range of $5.44 to $5.50. Analysts had expected $5.48 per share.

Medtronic’s cardiac and vascular unit, which makes defibrillators, pace-makers, heart valves and stents, brought in revenue of $2.79 billion. Analysts were expecting revenue of $2.75 billion.

Net income attributable to the company fell to $864 million, or 64 cents per share, in the first quarter ended July 26, from $1.08 billion, or 79 cents per share, a year earlier.

Net sales rose to $7.49 billion from $7.38 billion, beating estimates of $7.40 billion. (Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Shounak Dasgupta)

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