(Reuters) – Medtronic Plc (MDT) on Thursday forecast annual profit that fell short of Wall Street estimates, as the medical device maker expects the strong dollar to continue to cut sales in international markets.
Medtronic warned of a delayed improvement in earnings this year as its costs continued to rise despite restructuring efforts.
It expects earnings to be in the range of $5 per share to $5.10 per share for fiscal 2024, which is lower than analyst estimates of $5.20 per share, according to Refinitiv IBES data.
However, Medtronic reported better-than-expected fourth-quarter earnings, helped by a recovery in non-urgent surgical procedures that were delayed during the pandemic as well as strong demand for heart and diabetes devices.
Excluding items, the Dublin-based company reported earnings of $1.57 per share for the quarter, just above analysts’ average estimate of $1.56 per share.
Separately, Medtronic said it would buy Korea-based insulin patch maker EOFlow for a total value of about $738 million.
(Reporting by Bhanvi Satja and Raghav Mahobey in Bengaluru; Editing by Shweta Agarwal)