Medtronic Ends Fiscal Year With Strong Performance; No Change to Our FVE
Medtronic posted strong fiscal fourth-quarter results that slightly exceeded our expectations, but we continue to hold a tempered view of incremental margin improvement over the explicit forecast period. After making minor adjustments to our assumptions, we’re standing behind our fair value estimate. As we’ve seen in previous quarters, wide-moat Medtronic saw solid growth from key new products, including Intellis for spinal cord stimulation, Resolute Onyx drug-eluting coronary stent, and CoreVal...
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