Medtronic (NYSE: MDT) is a top medical device company that generates billions in profits. Its operations span the globe, with the business having a presence in 150 countries while serving 72 million patients. Its devices have an important role in the medical industry.
However, the healthcare stock itself isn't doing too well lately. In just the past year, it has declined 33% (the S&P 500 has fallen just 11%), and today it trades near its 52-week low. Is this simply a bad stock to own, or could it be an underrated buy for long-term investors?
On Aug. 23, Medtronic reported its first-quarter results of fiscal 2023. For the period ended July 29, the company's net sales of $7.4 billion declined 7.7% from Q1 of last year. Even when factoring out the impact of foreign exchange, each of the company's major business units was down from a year ago. Medical surgical sales fell by 8.9% followed by a 1.3% drop in cardiovascular and a 1.1% dip in neuroscience products. The only segment that generated growth was diabetes, but even that was barely positive, rising just 0.3%.
Source Fool.com