Surgical products drive Medtronic’s growth

February 19, 2019

Published by Harvest ETFs

Medical device maker Medtronic plc saw its latest quarterly profit rise on higher sales of its surgical products and strong growth in its restorative therapies group.

Medtronic is the world’s largest medical device company. It operates in 140 countries and employs over 86,000 people, but generates most of its sales and profits in the U.S. Medtronic is a top holding of the Harvest Healthcare Leaders Income ETF.

Demand for surgical instruments and endoscopy products was higher as lighter materials and less invasive surgical techniques make the implants less costly and shorten recovery time. As well, its restorative therapies division which makes medical devices and implants to treat neurological disorders and conditions affecting the spine also saw higher sales.

The Harvest Healthcare Leaders Income ETF (TSX: HHL, HHL.U)  had 20 stocks as of Jan. 31, 2019, all global healthcare leaders with a minimum market capitalization of US$5 billion. The fund has $326.5 million in assets under management and a management fee of 0.85%. – AM

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