Medtronic plc (MDT) shares were down more than 5% in pre-market trading on Tuesday after the healthcare technology company reported lower third-quarter profit, primarily due to higher expenses.
Net income fell to $1.143 billion, or $0.89 per share, from $1.294 billion, or $1.01 per share a year earlier. Adjusted earnings, which exclude one-time items, came in at $1.750 billion, or $1.36 per share.
Operating profit decreased to $1.464 billion from $1.646 billion last year.
The company's revenue for the period rose 8.7% to $9.017 billion from $8.292 billion a year earlier. On an organic basis, revenue grew 6%.
For full-year 2026, the company reaffirmed its guidance for organic revenue growth of about 5.5% and adjusted EPS of $5.62 to $5.66. This forecast accounts for a potential tariff impact of approximately $185 million; excluding this, it implies adjusted EPS growth of roughly 4.5%.
On Friday, Medtronic shares closed at $99.49, down 1.38%.
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