Medtronic PLC (NYSE:MDT) on Tuesday reported better-than-expected first-quarter financial results and raised its FY27 adjusted EPS guidance.

Medtronic reported quarterly earnings of $1.45 per share which beat the analyst consensus estimate of $1.39 per share. The company reported quarterly sales of $9.756 billion which beat the analyst consensus estimate of $9.545 billion.

Medtronic raised its fiscal 2027 adjusted earnings guidance from $5.90-$6 per share to $5.94-$6 per share. The new range compares with the $5.95 consensus estimate. The company also lifted its organic revenue growth forecast to 7.25% to 7.75%, up from its previous range of 6.75% to 7.25%.

For the second quarter, Medtronic expects adjusted earnings of $1.32 to $1.34 per share. The midpoint falls below the consensus estimate of $1.34.

Also, the company announced a $700 million strategic partnership with Cornerstone Robotics to expand global access to its Sentire Surgical System in select non-U.S. markets.

“We are off to a strong start in fiscal 2027. What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses and the increasing contributions from newer growth platforms,” said Geoff Martha, Medtronic chairman and chief executive officer. “Our execution, alongside our innovation engine, positions us to serve more patients and deliver durable growth. The strength of our portfolio and pipeline gives us confidence in the opportunities ahead.”

Medtronic shares fell 0.3% to $91.80 in pre-market trading.

These analysts made changes to their price targets on Medtronic following earnings announcement.

  • Baird analyst David Rescott maintained the stock with a Neutral and raised the price target from $91 to $100.
  • Stifel analyst Rick Wise maintained the stock with a Hold and raised the price target from $80 to $95.

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