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Medtronic slumps as annual outlook hurt by forex, slow recovery

Wednesday, November 23, 2022
Medtronic slumps as annual outlook hurt by forex, slow recovery
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By Khushi Mandowara and Bhanvi Satija

(Reuters) -Medtronic Plc on Tuesday lowered its full-year outlook for profit and revenue growth, blaming a stronger dollar and a slower-than-anticipated recovery in supply chain disruptions, sending the medical device maker's shares down nearly 6%.

Rivals including Boston Scientific Corp (NYSE:BSX) and Stryker (NYSE:SYK) have also recently lowered their full-year profit forecast and cautioned about the persistence of supply chain constraints and the stronger dollar in the near term.

Medtronic (NYSE:MDT) lowered its fiscal 2023 adjusted profit forecast range to between $5.25 and $5.30 per share, from $5.53 to $5.65, as it continues to implement expense reductions under an ongoing restructuring plan.

The company expects a 36 cent currency-related headwind to its bottom line for the fiscal year 2024, finance chief Karen Parkhill said.

Investors will continue to take a more cautious stance, given slower growth into year-end in an already challenged macro-environment, J.P. Morgan analyst Robbie Marcus said.

Medtronic cut its revenue growth expectations for fiscal 2023 to 3.5% to 4%, from 4% to 5%. The company said cost-cutting measures will likely offset lower revenue and inflationary pressures in the second half of the year.

Analysts said that Medtronic's second-quarter performance was a reminder of the challenges that continue to pressure the medical-technology sector.

A slower-than-anticipated recovery in supply chain disruptions impacted Medtronic's medical surgical business the most, with the unit's revenue falling 10% to $2.07 billion.

Total revenue for the second quarter ended Oct. 28 came in below analysts' expectations at $7.59 billion, which was also hurt by a sluggish recovery in non-urgent procedures.

However, Medtronic posted an adjusted profit above estimates at $1.30 per share.

Shares of the Dublin-based company fell to $76.69, hitting their lowest levels since March 2020.

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    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
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