Watching Medtronic (NYSE: MDT) over the past decade has been an interesting case study. Medtronic used to be one of the great growth stories of the med-tech world and the valuation reflected it, even well past the point where growth could no longer keep up. Since then, Wall Street has over-corrected and Medtronic now seems underestimated and underappreciated. True, Medtronic will never return to its go-go growth days and there is something of a lumbering titan about this company, but what titans may lack in dexterity, they can often make up in staying power.
Fiscal Q2 - Little Expected and That's What Was Delivered
Medtronic's fiscal second quarter wasn't great, but nobody expected that it would be. Revenue rose 6% as reported, with constant currency growth of 3% and organic growth in the vicinity of 1%. That's not impressive; more like Johnson & Johnson (NYSE: JNJ), than Covidien (NYSE: COV) or St. Jude (NYSE: STJ).
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