Medtronic said on Tuesday demand for medical devices was improving as elective surgeries picked up pace following the easing of COVID-19 restrictions, while posting a 44% decline in first-quarter profit due to the pandemic.
Several medical device makers, including Abbott Laboratories , have said demand for less urgent medical procedures has recovered from the lows experienced in April as coronavirus-induced restrictions eased across the United States.
Medtronic said sales of ventilators more than doubled as production rose to address pandemic needs.
The company’s chief executive officer, Geoff Martha, said the medical device maker’s results reflect a “faster than expected recovery” from the depths of the pandemic seen back in April.
Net income attributable to the company fell to $487 million, or 36 cents per share, in the first quarter ended July 31, from $864 million, or 64 cents per share, a year earlier.
Excluding items, Medtronic earned 62 cents per share, while revenue fell 13.2% to $6.51 billion.
Shares of the Dublin-based company were up 1.3% at $101.5 before the bell.
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