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Medtronic's shares were down 6.12 percent in premarket trading
on Tuesday.
The acquisitive company, which completed its near $50-billion
Covidien deal last year, has been focusing on the minimally
invasive surgical market.
Medtronic, which redomiciled to Ireland through the Covidien
deal, currently relies on its core business of developing and
selling heart devices, spinal implants, insulin pumps among
others.
Revenue at its diabetes group rose 3 percent to $462 million in
the second quarter ended Oct. 28.
The company said growth in its diabetes unit was slower in the
quarter, hurt by the timing between approval and shipments for
its MiniMed devices.
"We faced issues that affected our growth, including
slower-than-expected revenue as we await new product
introductions, particularly in cardiac and vascular group and
diabetes," CEO Omar Ishrak said.
The Dublin, Ireland-based company also cut its fiscal 2017
adjusted earnings to a range of $4.55-$4.60 per share from
$4.60-$4.70.
Revenue rose 4 percent to $7.35 billion, missing the average
analysts' estimate of $7.46 billion, according to Thomson
Reuters I/B/E/S.
The company's net income rose to $1.11 billion, or 80 cents per
share, in the quarter, from $520 million, or 36 cents per share,
a year earlier. (http://bit.ly/2gFRNT8)
Excluding items, Medtronic earned $1.12 per share, above
analysts' average estimate of $1.11 per share.
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by
Anil D'Silva and Martina D'Couto)
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