Medtronic Sees Strong Performance in 3Q; Our FVE Is Unchanged
Following Medtronic’s strong fiscal third-quarter results, our small adjustments were immaterial to our fair value estimate. Comparable quarterly top-line growth of 7% in constant currency was generally broad-based, thanks to adoption of new products in coronary and structural heart, advanced energy and stapling, and diabetes. Manufacturing costs were slightly lower than expected, but were offset by slightly higher selling and administrative expense. Medtronic’s impressive execution and its ongo...
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