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In the medtech realm, impossible is not an option anymore. Digital health, medical devices and diagnostics have a whole new meaning in the contemporary era driven by innovation, sustainability and prosperity. Several brands entrenched within the sphere of medical technology have established their global presence, such as B Braun, Siemens, Abbott Laboratories and Johnson & Johnson.

One corporation which leads the medtech game and is the 3rd most valuable medical devices company in the world, would be Medtronic. The Dublin-based company provides industry-leading products which tackle prominent health issues, including heart valves, pacemakers and insulin pumps. Its offerings achieved immense success that the 1949-founded corporation is now the world’s 101st most valuable company, worth $120 billion in market capitalization.

 

Recent Performance

The current year was remorseless for most, amid red-hot inflation and macroeconomic instability, and the medical technology sector is no exception. Medtronic released their results for the first fiscal quarter of 2022:

·      Revenue: $7.4 billion – down 8% year-over-year

·      Net income: $929 million – up 22% year-over-year

According to CEO Geoff Martha, supply chains are improving despite generating less revenue. “This quarter was a big quarter for us. We made quite a bit of progress on some of the supply chain concerns that we had, in some cases specific issues we had to resolve, and building our manufacturing capacity as well,” Martha said in a statement.

Technical View

bcm medtronic

Performance of Medtronic plc., stock over 5 years. Source: tradingview.com

The Medtronic stock (NYSE: MDT) is not looking too incentivizing. Priced at $90.22 apiece, the stock is exhibiting a clear negative trend, but the short-term trajectory seems neutral. The current stock price is trading between a support level by $88 and the two resistance levels resting near $96 and $113.

The world’s pioneering financial institutions don’t see much growth for Medtronic in the near future, but the opposite. While the average consensus analyst estimate for the stock equates to $116.7, which is a near 30% upside from today’s price tag, banks including Piper Sandler & Morgan Stanley have lowered their expectations for Medtronic in July.[1]

 

Medtronic will Heal

Despite dwindling revenue generated from its cardiovascular, diabetes, medical surgical, and neuroscience segments, Medtronic has sticked to its optimistic full-year guidance. In such unprecedented times, achieving the self-set standards may be a challenge. Global economic growth depends on the persistence of inflation and the measures taken by major economies in retaliation against economic downturns, and turning downturns into resurgence. [2]

 

Tomas Kolomaznik, Financial analyst of BCM

 

[1,2] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing of future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.

 

 

 

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The content of this material constitutes marketing communication and should not be considered as any type of investment advice and/or investment research and/or a solicitation for any transactions. This material was prepared for informational/educational purposes only and does not imply an obligation to perform investment transactions nor does it guarantee or predict future performance. BCM Begin Capital Markets Cy Ltd and its relevant persons including affiliates, agents, directors, or employees do not guarantee the accuracy, validity, timeliness, or completeness of any information/data provided by third parties and assume no liability for any loss arising from any investment made based on the said information/data. Past performance is no guarantee of future results.

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