Medtronic plc MDT posted better-than-expected earnings for the first quarter and announced key board appointments on Tuesday, naming John Groetelaars and Bill Jellison as independent directors, effective immediately.
Medtronic reported strong first-quarter 2026 results, with sales hitting $8.58 billion, surpassing the consensus estimate of $8.38 billion. This marks an 8.4% increase year-over-year, with organic growth of 4.8%. Adjusted earnings of $1.26 per share also beat expectations of $1.23.
Medtronic reiterated its fiscal year 2026 organic revenue growth guidance of 5%. The company revised its fiscal 2026 revenue growth on a reported basis from 4.8%-5.1% to 6.5%-6.8%. It raised sales guidance from $35.15 billion-$35.25 billion to $35.72 billion-$35.82 billion versus the consensus of $35.32 billion.
"We're confident and well-positioned to accelerate our revenue growth in the second half of our fiscal year, as we make meaningful progress on our major growth drivers," said Geoff Martha, Medtronic chairman and CEO.
Medtronic shares gained 4.4% to trade at $93.84 on Wednesday.
These analysts made changes to their price targets on Medtronic following earnings announcement.
- Bernstein analyst Lee Hambright maintained Medtronic with an Outperform rating and raised the price target from $97 to $98.
- Baird analyst David Rescott maintained the stock with a Neutral and raised the price target from $94 to $96.
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