As per the last share price movement, the stock has dropped 12.1% compared with the industry’s 6.2% dip. On the flip side, over the past year, Medtronic has underperformed the industry. The quarter’s gross and operating margins showed improvements on a year-over-year basis. Sales of continuous glucose monitoring (CGM) products increased in low-single digits. In Diabetes, durable insulin pumps grew in the low-20s, including high-teens growth in the United States and low-20s growth in international markets on the continued launch of the MiniMed 770G and MiniMed 780G systems, respectively. Within Neurosurgery the company registered sales growth in StealthStation navigation systems, O-arm imaging systems, and Midas Rex. Neuromodulation registered strong growth on mid-20s growth in Brain Modulation. Within Neuroscience, Specialty Therapies grew with high-teens growth in Hemorrhagic Stroke products. Medtronic PLC price | Medtronic PLC Quote Renal Care Solutions increased in mid-single digits with low-40s growth in acute therapies driven by increased demand for adult and pediatric continuous renal replacement therapy. Gastrointestinal revenues increased in the mid-single digits, with low double-digit growth in Chronic & Colorectal on the strength of PillCam system sales. Further, excluding the impact of ventilator sales declines, RGR revenues increased 4% organically, banking on low-double-digit growth in Patient Monitoring with mid-teens growth in the company's Nellcor pulse oximetry products, driven in part by increased monitoring of COVID hospitalized patients. Hernia & Wound Management increased in the high-single digits, with strength in sutures. In Medical Surgical, the Surgical Innovations (SI) business witnessed mid-single-digit growth in Advanced Surgical Instruments, driven by the continued adoption of the company's LigaSure, Sonicision, and Tri-Staple technologies. Within Cardiovascular, Cardiac Rhythm & Heart Failure (CRHF), Coronary & Peripheral Vascular (CPV) and Structural Heart & Aortic (SHA) each registered organic growth. In the quarter, the company registered organic growth in the Cardiovascular, Neuroscience and Diabetes segments.
Emerging market growth was up 9% from the pre-pandemic levels in the second quarter of fiscal 2020.ĭespite a challenging market backdrop, the overall results reflected solid execution around new product launches and strong underlying bottom-line growth. Medtronic delivered 6% revenue growth outside the United States, including mid-teens growth in emerging markets. While the company faced the COVID-19 resurgence headwind in the United States, the performance of its international markets was robust. Medtronic’s second-quarter fiscal 2022 earnings were ahead of the Zacks Consensus Estimate. The stock currently carries a Zacks Rank #3 (Hold).
However, unfavorable currency movement and global economic uncertainties continue to affect Medtronic.
The increase in the adoption of Medtronic plc's ( MDT Quick Quote MDT - Free Report) globally-accepted advanced therapies is encouraging.