Medtronic raises annual profit forecast on strong demand for heart devices By Reuters

(Reuters) -Medtronic on Tuesday raised its annual profit forecast for the third time this fiscal, banking on higher demand for its medical devices, sending the company’s shares up 6% in premarket trading.

The company also said it has decided to exit its unprofitable ventilator product line but would continue to honor existing ventilator contracts.

Medtronic (NYSE:) expects adjusted profit for the fiscal 2024 to be between $5.19 and $5.21 per share, compared with its previous forecast range of $5.13 and $5.19 per share.

The company posted an adjusted profit of $1.30 per share for the quarter, compared with analysts’ estimates of $1.26 per share, according to LSEG data.