Sam Boughedda

Investing.com — Medtronic PLC (NYSE 🙂 reported its fourth-quarter and full-year results, which saw the company fall short of estimates after being impacted by global supply chain issues. 

After the announcement, medical device company Medtronic fell by 5% 

Although revenue decreased by 1% over the last quarter, it still fell short of forecasts at $8.44 billion. The reported price per share was $1.52, which fell below the $1.57 forecast. 

Full-year revenues increased by 5% to $31.69 trillion, while earnings per share for this year were $3.73 

Geoff Martha is the chairman of Medtronic and chief executive officers. “We know the root cause, we are addressing them and expect them to be resolved in the short-term.”

For the first quarter, the company increased its cash dividend from $0.68 to $0.68 per shares.

Medtronic’s outlook was also bleak due to supply chain disruptions and strict lockdowns. 

Company expects to see 2023 revenues grow at 4% to 5 percent. If foreign currencies rate hold, then 2023 revenue will be affected by $1 billion to $1.1 million.