Medical device maker Medtronic beat analysts’ estimates for quarterly profit on Tuesday, benefiting from a surge in demand for ventilators and as elective surgeries picked up pace following the easing of COVID-19 restrictions.
Shares of the company were up 3% at $103 in premarket trading as it joined several medical device makers, including Abbott Laboratories , in saying that demand for less urgent medical procedures had recovered from the lows experienced in April.
Medtronic, the world’s largest standalone medical device maker, posted a more than two-fold jump in sales of ventilators in the first quarter as production rose to address pandemic needs.
That helped offset a 14.2% fall in sales at the company’s minimally invasive therapies business, which makes surgical instruments to treat hernias and kidney diseases.
Net income attributable to the company nearly halved to $487 million in the first quarter ended July 31. Excluding items, it earned 62 cents per share, beating the average expectation of 18 cents per share, according to Refinitiv IBES data.
Revenue fell 13.2% to $6.51 billion, but was above estimates of $5.54 billion.
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