(Reuters) -Medtronic Plc on Thursday reported a 9% rise in quarterly profit, helped by strength in its heart devices unit.
Steady demand for Medtronic’s pacemakers and other critical heart implants has softened the blow from lower elective procedures owed to COVID-19.
Cardiovascular device sales rose nearly 2% during the quarter while its other segments either reported a decline or largely flat growth.
The company said it faced a hit from supply challenges and the recent COVID-19 lockdowns in China.
The medical device maker’s net income rose to $1.49 billion, or $1.10 per share, in the fourth quarter ended April 29, from $1.36 bln, or $1 per share, a year earlier.
The company said it expects adjusted earnings for financial year 2023 between $5.53 per share and $5.65 per share.
Medtronic also said on Thursday it intends to form a new, independent kidney care-focused medical device company along with DaVita Inc.
(Reporting by Amruta Khandekar and Leroy Leo in Bengaluru; Editing by Vinay Dwivedi)
