Medtronic PLC (NYSE:MDT) stock fell 1.38% (As on November 20, 11:47:33 AM UTC-4, Source: Google Finance) though the company lifted the lower end of its annual profit forecast for a second time, banking on sustained demand for its medical devices in the United States. Medtronic reported Q2 worldwide revenue of $8.403 billion, an increase of 5.3% as reported and 5.0% on an organic basis. The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions revenue of $3.102 billion increased 6.1% as reported and 5.6% organic, with a high-single digit increase in SHA and mid-single digit increases in CRHF and CPV, all on an organic basis. The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions revenue of $2.451 billion increased 7.1% as reported and 6.7% organic, with a low-double digits increase in Neuromodulation and mid-single digit increases in both CST and Specialty Therapies, all on an organic basis. The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions revenue of $2.128 billion increased 1.2% as reported and increased 0.7% organic, with low-single digit organic increase in ACM and flat organic result in SE. SE year-over-year results were affected by a difficult comparison from prior year supply recovery in Surgical and increased high-single digits sequentially. Diabetes revenue was of $686 million increased 12.4% as reported and 11.0% organic.

MDT in the third quarter of FY 24 has reported the adjusted earnings per share of $1.26, beating the analysts’ estimates for the adjusted earnings per share of $1.25. The company had reported the adjusted revenue growth of 5.3 percent to $8.40 billion in the third quarter of FY 24, beating the analysts’ estimates for revenue of $8.27 billion.

Medtronic expects to report high-single-digit growth in adjusted profit in the back half of the fiscal year, as the negative impact from foreign-currency fluctuations abates. The Ireland-based company raised the lower end of its 2025 adjusted profit forecast to $5.44 per share from $5.42 earlier, keeping the upper end at $5.50. The new midpoint of $5.47 is slightly higher than analysts’ estimates of $5.45, according to data compiled by LSEG.

Medtronic expects its medical surgical unit, which was affected by a slowdown in some Asian markets, to return to more normalized growth in the third quarter.