08:44 AM EDT, 05/23/2024 (MT Newswires) -- Medtronic ( MDT ) on Thursday logged better-than-expected fiscal fourth-quarter results aided by revenue gains across most of its segments, while the Irish medical device company forecasts annual growth for its ongoing full year.

Adjusted earnings came in at $1.46 per share for the quarter ended April 26, down from $1.57 the year before, but just ahead of the Capital IQ-polled consensus of $1.45. Revenue edged up 0.5% to $8.59 billion, despite a $72 million foreign-exchange headwind. That topped the Street's view for $8.44 billion.

"We delivered a strong finish to the fiscal year, with broad strength across our businesses and each of our four segments posting mid-single digit or higher organic revenue growth," Chief Executive Geoff Martha said in a statement. "We're beginning new product cycles in some of MedTech's most attractive markets, which is further enhanced as we apply (artificial intelligence) across our portfolio."

For fiscal 2025, Medtronic ( MDT ) sees adjusted EPS in a range of $5.40 to $5.50, with foreign currency to have a negative impact of 5% based on current rates. The Street is looking for $5.45. In the just-ended year, adjusted earnings decreased 2% to $5.20 a share.

Revenue is set to grow between 2.4% and 3.7% on a reported basis for the year, including foreign-exchange headwinds. The measure increased 3.6% in fiscal 2024, according to the company.

"Ultimately with investor expectations low around the EPS guide, we think an EPS growth range in-line with [revenue] growth (midpoint actually a touch higher) leaves the door open to [operational] leverage and may actually be considered a 'win' with shares at [approximately] $85," Truist Securities said in a client note. The brokerage has a hold rating on Medtronic's ( MDT ) stock with a price target of $90.

In the most recent quarter, revenue in the cardiovascular portfolio declined 5.2% to $3.13 billion. Medical surgical revenue rose 3.5% to nearly $2.2 billion, while the neuroscience division advanced to $2.55 billion from $2.41 billion in the prior-year quarter. The diabetes segment rose 11% to $660 million.

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