(Reuters) -Medtronic Plc reported a 16.5% rise in quarterly profit on Tuesday, as strong demand for its heart devices cushioned weakness in some other businesses during the Omicron-led surge in COVID-19 infections.
Demand for Medtronic’s pacemakers and other devices for heart failure has not been significantly impacted by the pandemic as procedures that involve these devices cannot be postponed in most cases.
Revenue at the company’s heart devices unit rose 1% to $2.75 billion in the quarter. However, sales of some devices, such as its pelvic health products were affected by deferred procedures.
The company’s net income rose to $1.48 billion, or $1.10 per share, in the third quarter ended Jan. 28, from $1.27 billion, or 94 cents per share, a year earlier.
The company said it expects fourth-quarter adjusted earnings per share between $1.56 and $1.58.
(Reporting by Amruta Khandekar and Bhanvi Satija in Bengaluru;Editing by Vinay Dwivedi)
