- The stock price of Medtronic (MDT) fell by over 6% intraday today. This is why.
The stock price of Medtronic (MDT) fell by over 6% intraday today.
Why: Q2 results
Results: Medtronic reported a Q2 EPS of $1.30, which was $0.02 higher than analyst estimates of $1.28. And the revenue for the quarter was $7.6 billion compared to the consensus estimate of $7.7 billion.
Guidance: Medtronic estimates FY 2023 EPS of $5.25 to $5.30, compared to the consensus of $5.53. And the company expects the fiscal year 2023 second-half revenue growth of 3.5% to 4% on an organic basis, which is an acceleration over the first half. And if foreign currency exchange rates as of the beginning of November hold, then the revenue growth in fiscal year 2023 would be negatively affected by approximately $1.74 billion to $1.84 billion compared to the previously stated $1.4 billion to $1.5 billion impact.