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Medtronic shares dipped 1.48 percent Tuesday despite posting quarterly results that beat analyst expectations.
The firm reported fiscal fourth-quarter adjusted earnings per share $1.27 on revenue of $1.1 billion, topping estimates. However, Medtronic also issued full-year earnings guidance for fiscal 2017 in a range of $4.60-$4.70 a share, while analysts polled by Reuters expected a projection of $4.70.
"The company indicated this guidance would imply diluted EPS growth in the range of 12 to 16 percent, after adjusting for the estimated impact of foreign currency translation and the extra selling week in the company's first quarter of fiscal year 2016," Medtronic said in its quarterly report.
Medtronic shares are up just 4.63 percent year to date.
MDT in 2016Source: FactSet