Shares of the medical device maker Medtronic (NYSE: MDT) were down by 5% on heavy volume as of 10:53 a.m. ET Thursday. The big loss came after the company reported its 2023 fourth-quarter results ahead of the opening bell today.

Although Medtronic topped Wall Street's consensus forecasts for the three-month period, investors appear to be reacting negatively to the company's financial guidance. Management announced its 2024 outlook as part of today's fourth-quarter report.

Turning to the specifics, management said that it expects fiscal-year 2024 organic revenue growth between 4% and 4.5%. Wall Street's midpoint estimate, by contrast, stood at a modestly higher 4.88% prior to today's guidance.

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Source Fool.com