(Reuters) -Medtronic raised its annual profit forecast for the second time this year on Tuesday after beating second-quarter earnings estimates, as a post-pandemic pickup in surgical volumes boosted demand for its medical devices.
Medical device makers are seeing higher demand for their products due to a steady recovery in surgical procedures that were deferred during the pandemic, especially by older adults, as well as easing staff shortages at hospitals.
Medtronic joins medical device makers including Abbott Laboratories and Boston Scientific that have benefited from soaring demand for non-urgent surgeries.
It now expects profit to be between $5.13 per share and $5.19 per share for the fiscal year 2024, above the range of $5.08 per share to $5.16 per share expected previously.
On an adjusted basis, the Dublin-based company reported a profit of $1.25 per share for the second quarter, above analysts’ average estimate of $1.18 per share, according to LSEG data.
(Reporting by Khushi Mandowara and Christy Santhosh in Bengaluru; Editing by Pooja Desai)