Medtronic said Tuesday it expects procedure volumes in most of its markets to be back to pre-COVID level by the end of the fourth quarter. The medical device maker said its third-quarter net income rose 17% to $1.48 billion, or $1.10 a share, from $1.27 billion, or 94 cents a share, in the year-ago quarter. Adjusted earnings in the latest quarter were $1.37 per share, up 6%. Third-quarter revenue dipped 0.2% to $7.76 billion. The company fell a penny short of the Wall Street consensus estimate of $1.38 a share, and missing the revenue target of $7.95 billion, according to FactSet data. Looking ahead, Medtronic expects fourth-quarter adjusted earnings of $1.56 to $1.58 share, which includes a neutral to slightly positive impact from foreign currency, against a Wall Street estimate of $1.57 a share. CEO Geoff Martha said Medtronic expects healthcare procedures to reaccelerate post-Omicron. Shares of Medtronic rose 0.5% in premarket trades.
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