(Reuters) -Medtronic on Tuesday raised its annual profit forecast for the third time this fiscal, banking on higher demand for its medical devices, sending the company’s shares up 6% in premarket trading.
The company also said it has decided to exit its unprofitable ventilator product line but would continue to honor existing ventilator contracts.
Medtronic expects adjusted profit for the fiscal 2024 to be between $5.19 and $5.21 per share, compared with its previous forecast range of $5.13 and $5.19 per share.
The company posted an adjusted profit of $1.30 per share for the quarter, compared with analysts’ estimates of $1.26 per share, according to LSEG data.
(Reporting by Christy Santhosh and Vaibhav Sadhamta in Bengaluru; Editing by Shounak Dasgupta and Shilpi Majumdar)
Comments