Medtronic Surges on Q1 Beat and $700M Robot Surgery Deal

Medtronic's stock surged more than 9% in premarket trading after the medical device maker reported stronger-than-expected results for its fiscal first quarter. The company posted adjusted earnings of $1.45 per share, up from $1.26 a year ago and ahead of the Wall Street estimate of $1.39.

Revenue grew 14% to $9.76 billion, topping the analyst consensus of $9.55 billion. Every segment in the business beat expectations, with the cardiovascular segment revenue jumping 19.5% to $3.93 billion, fueled by 88% growth in its pulsed field ablation portfolio.

MEDtronic also made a significant investment in the robotic surgery space, announcing a $700 million deal giving it the rights to distribute Cornerstone Robotics' Sentire surgical system outside the U.S. The company plans to offer the Sentire system alongside its existing Hugo robotic-assisted surgery platform.