Medtronic Stock Slumps as Sales Miss Estimates

The Key Takeaways

• Medtronic’s shares fell Tuesday, after it missed its sales targets.
• Its sales of stapling, blood oxygen monitoring products and blood management systems slowed.
• Despite Tuesday's losses, the stock has gained more than 7% since the start of the year.

Shares of Medtronic fell on Tuesday, after the maker of medical devices missed its sales projections.

The company reported fiscal third-quarter revenue rose 2.5% year-over-year to $8.29 billion, below analysts' estimates compiled by Visible Alpha. Earnings per share adjusted (EPS) were $1.39, which was slightly better than expected.

The revenue miss came as sales at Medtronic's Medical Surgical division declined 1.9% to $2.07 billion. It attributed the revenue miss to segment pressures as well as lower purchases of blood oxygen monitoring products due to reduced respiratory hospitalizations.

Shares of Medtronic fell more than 7% in intraday trading Tuesday following the release, though even with Tuesday's losses, they've gained more than 7% since the start of the year.

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