Medical-devices company Medtronic's (MDT 0.62%) stock was in good health on Tuesday. Following the company's release of its latest set of quarterly figures, investors traded it up by nearly 5%. That was far more than good enough to top the S&P 500 index's performance -- the bellwether index sank by 0.2% on the day.
Medtronic notched a double beat in its second quarter
For its second quarter of fiscal 2024, Medtronic managed to grow its revenue by more than 5% year over year to $8 billion. Profitability went in the opposite direction, but the decline wasn't severe. Non-GAAP (adjusted) net income dipped by 3% to just under $1.67 billion, or $1.25 per share.
Nevertheless, both headline figures beat analyst projections. On average, prognosticators tracking the medical-device company's stock were anticipating $7.93 billion on the top line and $1.18 per share for adjusted net income.
In its earnings release, Medtronic attributed its growth to what it termed "continued broad strength across businesses and geographies benefiting from durable fundamentals." One standout was the company's line of diabetes products, which saw revenue growth of nearly 10% during the second quarter of fiscal 2023.
Full-year fiscal 2024 guidance was raised
Medtronic strongly signaled confidence in its future with a raise in its guidance. For the entirety of this fiscal year, the company believes its revenue will rise by 4.75% over the fiscal 2023 figure. (It was previously guiding for 4.5%.)
It also boosted its estimate for per-share, adjusted net income. This now stands at $5.13 to $5.19, up from the previous $5.08 to $5.16.
