Clearside Biomedical, Inc. (CLSD) Reports Q3 Loss, Tops Revenue Estimates

Shares of Intuitive Surgical ISRG have risen 9.9% in the past month against the Zacks Medical - Instruments industry’s decline of 1% and the broader Zacks Medical sector’s fall of 3.2%. The S&P 500 Index has returned 2.6% in the same period. ISRG stock has risen 58.8% year to date, primarily due to strong demand for its robotic surgery procedures.

In the third quarter of 2024, ISRG reported a 17% year-over-year revenue growth, reaching $2 billion. This growth was driven by higher procedure volumes, expansion of the Da Vinci installed base and increased utilization across its product portfolio. System placements surged to 379 from 312 a year ago. A significant portion of these placements was leased, especially in the United States, reflecting the popularity of ISRG's leasing model among hospitals seeking access to robotic surgical systems with reduced upfront costs.

The company's global footprint remains robust, with procedure growth rates in Europe and Asia reaching 21% and 25%, respectively, over the past five years. However, domestic headwinds, including softened demand for bariatric procedures and capital market pressures in Europe and China, present obstacles to continued momentum. Despite these challenges, ISRG’s recent investments in manufacturing capabilities, such as the new East Coast facility in Peachtree Corners, GA, demonstrate a strategic commitment to scaling production and meeting future demand.

Meanwhile, ISRG’s shares are trading above the 50-day and the 200-day moving average, indicating a bullish trend.

ISRG Stock Trades Above 50-Day Average

For Immediate Releases

Chicago, IL – November 11, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include including Oracle Corp. ORCL, Micron Technology, Inc. MU, Medtronic plc MDT and The Cato Corp. CATO.

Here are highlights from Monday’s Analyst Blog:

Top Analyst Reports for Oracle, Micron and Medtronic

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Oracle Corp., Micron Technology, Inc. and Medtronic plc, as well as a micro-cap stock The Cato Corp. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Oracle’s shares have outperformed the Zacks Computer - Software industry over the year-to-date period (+78.9% vs. +18.8%). The company’s stock hit record high of $160.52 a share following strong fiscal Q1 2025 results, driven by solid adoption of strategic cloud applications, autonomous database offerings and Oracle Cloud Infrastructure and recovery in cloud revenue growth.

ORCL’s continued investment in cloud infrastructure positions it well for sustained growth in the dynamic software industry. The recent partnership with Amazon for Oracle Database@AWS and general availability of Oracle Database@Google bodes well. Oracle’s Gen 2 Cloud is driving AI clientele. Its share buybacks and dividend policy are noteworthy.

The Zacks analyst expect fiscal 2025 net sales to grow 8.7% from fiscal 2024. However, higher spending on product enhancements, especially toward the cloud platform amid increasing competition in the cloud domain. is likely to limit margin expansion.

(You can read the full research report on Oracle here >>>)

Shares of Micron Technology have outperformed the Zacks Computer - Integrated Systems industry over the year-to-date period (+33.3% vs. +18.1%). The company is gaining from improved market conditions, strong sales executions and robust growth across multiple business units. The positive impact of inventory improvement in the data center and stabilization in other end markets, such as automotive, industrial and others, is adding to top-line growth.

Micron expects the pricing of DRAM and NAND chips to surge next year, which will boost its revenues. The pricing benefits should mainly be driven by the high demand for AI servers, which are causing a scarcity in the availability of DRAM and NAND supply.

Also, 5G adoption in the Internet of Things devices and wireless infrastructure is expected to spur demand for memory and storage. However, the United States and China’s tit-for-tat trade war is a major threat to the company.

(You can read the full research report on Micron Technology here >>>)

Medtronic’s shares have gained +9.7% over the year-to-date period against the Zacks Medical - Products industry’s gain of +15.0%. The company is strategically expanding its global presence to address the unmet demand for advanced medical devices. Within Cardiovascular, Medtronic is gaining market share, banking on product launches in CRM and Structural Heart.

Hypertension has brought up multibillion-dollar opportunities for MDT. In MedSurg, Medtronic is scaling the production of Hugo RAS. The Surgical and Neuroscience portfolios continues to contribute positively. Further, the company’s Pacing business continued to drive strong growth banking on strong global growth of its Micra leadless pacemaker.

Innovations and market expansion efforts are helping it offset the impact of the inflation and supply disruptions. Medtronic’s strong liquidity position should allow it to meet its near-term debt obligations. All these factors support our bullish stance on the stock.

(You can read the full research report on Medtronic here >>>)

Shares of Cato have gained +2.5% over the past year period against the Zacks Retail - Apparel and Shoes industry’s gain of +26.6%. This microcap company with market capitalization of $129.79 million have strong financial position, with $30.8 million in cash and $69.9 million in working capital, enhances its operational stability and ability to invest in future growth.

Improved cost control, with a 7% reduction in SG&A expenses, has bolstered profitability, and net income nearly doubled to $11.1 million for the first half of 2024. The company's disciplined inventory management minimizes markdown risk, preserving margins. Cato’s consistent dividend payments underscore its financial health. Additionally, it is well-positioned to benefit from expected growth in the global apparel market.

However, challenges persist with an 8% sales decline due to store closures, weak e-commerce performance (less than 5% of total sales) and inflationary pressures affecting consumer spending. Cato’s reliance on physical stores and exposure to economic cycles further heighten risks.

(You can read the full research report on Cato here >>>)

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Zacks Investment Research

The latest trading session saw Medtronic (MDT) ending at $87.72, denoting a -0.45% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 0.38%. Meanwhile, the Dow experienced a rise of 0.59%, and the technology-dominated Nasdaq saw an increase of 0.09%.

The medical device company's shares have seen a decrease of 0.82% over the last month, surpassing the Medical sector's loss of 1.71% and falling behind the S&P 500's gain of 4.9%.

The upcoming earnings release of Medtronic will be of great interest to investors. The company's earnings report is expected on November 19, 2024. The company is forecasted to report an EPS of $1.24, showcasing a 0.8% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $8.26 billion, reflecting a 3.47% rise from the equivalent quarter last year.

MDT's full-year Zacks Consensus Estimates are calling for earnings of $5.44 per share and revenue of $33.6 billion. These results would represent year-over-year changes of +4.62% and +3.81%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Medtronic. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Medtronic is holding a Zacks Rank of #3 (Hold) right now.

In terms of valuation, Medtronic is presently being traded at a Forward P/E ratio of 16.21. This denotes a discount relative to the industry's average Forward P/E of 24.68.

We can additionally observe that MDT currently boasts a PEG ratio of 2.52. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Medical - Products industry held an average PEG ratio of 2.

The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 79, putting it in the top 32% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Zacks Investment Research

Friday, November 8, 2024

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Oracle Corp. (ORCL), Micron Technology, Inc. (MU) and Medtronic plc (MDT), as well as a micro-cap stock The Cato Corp. (CATO). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Oracle’s shares have outperformed the Zacks Computer - Software industry over the year-to-date period (+78.9% vs. +18.8%). The company’s stock hit record high of $160.52 a share following strong fiscal Q1 2025 results, driven by solid adoption of strategic cloud applications, autonomous database offerings and Oracle Cloud Infrastructure and recovery in cloud revenue growth.

ORCL’s continued investment in cloud infrastructure positions it well for sustained growth in the dynamic software industry. The recent partnership with Amazon for Oracle Database@AWS and general availability of Oracle Database@Google bodes well. Oracle’s Gen 2 Cloud is driving AI clientele. Its share buybacks and dividend policy are noteworthy.

The Zacks analyst expect fiscal 2025 net sales to grow 8.7% from fiscal 2024. However, higher spending on product enhancements, especially toward the cloud platform amid increasing competition in the cloud domain. is likely to limit margin expansion.

(You can read the full research report on Oracle here >>>)

Shares of Micron Technology have outperformed the Zacks Computer - Integrated Systems industry over the year-to-date period (+33.3% vs. +18.1%). The company is gaining from improved market conditions, strong sales executions and robust growth across multiple business units. The positive impact of inventory improvement in the data center and stabilization in other end markets, such as automotive, industrial and others, is adding to top-line growth.

Micron expects the pricing of DRAM and NAND chips to surge next year, which will boost its revenues. The pricing benefits should mainly be driven by the high demand for AI servers, which are causing a scarcity in the availability of DRAM and NAND supply.

Also, 5G adoption in the Internet of Things devices and wireless infrastructure is expected to spur demand for memory and storage. However, the United States and China’s tit-for-tat trade war is a major threat to the company.

(You can read the full research report on Micron Technology here >>>)

Medtronic’s shares have gained +9.7% over the year-to-date period against the Zacks Medical - Products industry’s gain of +15.0%. The company is strategically expanding its global presence to address the unmet demand for advanced medical devices. Within Cardiovascular, Medtronic is gaining market share, banking on product launches in CRM and Structural Heart.

Hypertension has brought up multibillion-dollar opportunities for MDT. In MedSurg, Medtronic is scaling the production of Hugo RAS. The Surgical and Neuroscience portfolios continues to contribute positively. Further, the company’s Pacing business continued to drive strong growth banking on strong global growth of its Micra leadless pacemaker.

Innovations and market expansion efforts are helping it offset the impact of the inflation and supply disruptions. Medtronic’s strong liquidity position should allow it to meet its near-term debt obligations. All these factors support our bullish stance on the stock.

(You can read the full research report on Medtronic here >>>)

Shares of Cato have gained +2.5% over the past year period against the Zacks Retail - Apparel and Shoes industry’s gain of +26.6%. This microcap company with market capitalization of $129.79 million have strong financial position, with $30.8 million in cash and $69.9 million in working capital, enhances its operational stability and ability to invest in future growth.

Improved cost control, with a 7% reduction in SG&A expenses, has bolstered profitability, and net income nearly doubled to $11.1 million for the first half of 2024. The company's disciplined inventory management minimizes markdown risk, preserving margins. Cato’s consistent dividend payments underscore its financial health. Additionally, it is well-positioned to benefit from expected growth in the global apparel market.

However, challenges persist with an 8% sales decline due to store closures, weak e-commerce performance (less than 5% of total sales) and inflationary pressures affecting consumer spending. Cato’s reliance on physical stores and exposure to economic cycles further heighten risks.

(You can read the full research report on Cato here >>>)

Other noteworthy reports we are featuring today include Canadian National Railway Co. (CNI), Arthur J. Gallagher & Co. (AJG) and Coinbase Global, Inc. (COIN).

Mark Vickery

Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Oracle (ORCL) Gains from Cloud Suite Adoption & Partnerships

Supply Stabilization, Higher AI Spending Aids Micron (MU)

Medtronic (MDT) Banks on Neuromodulation, New Growth Areas

Featured Reports

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The Zacks analyst likes the shareholder-friendly measures adopted by Canadian National. However, rising operating expenses are concerning as they are likely to keep the bottom line under pressure.

Improving Fees and Commissions Aid Arthur J. Gallagher (AJG)

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Coinbase (COIN) Banks on Improving Top Line, Expenses Hurt

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Investments Aid Sempra Energy (SRE), Poor Financials Woe

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ANSYS' (ANSS) Performance Driven by Robust Product Portfolio

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Service Center Unit Aids Applied Industrial (AIT), Costs Ail

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New Upgrades

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Cheniere (LNG) to Gain from Sustained Gas Export Strength

The Zacks analyst believes that being one of the few liquefied natural gas exporters of the U.S., Cheniere Energy is set to capitalize on the sustained strength in shipments to Europe and Asia.

Zillow Group (ZG) Rides on Healthy Demand, Portfolio Strength

Per the Zacks analyst, solid traction in the Premier Agent business and strong multi-family listings will likely drive Zillow Group's top line. Focus on AI integration is a tailwind.

New Downgrades

CSX's Prospects Hurt by High Debt Load & Soft Coal Market

The Zacks analyst is concerned about the weak coal market, which has resulted in below-par coal revenues. CSX's high debt levels are also worrisome.

Hershey (HSY) Remains Troubled by Increasing Commodity Costs

Per the Zacks analyst, Hershey is seeing higher commodity costs. In Q3, adjusted gross margin contracted 460 basis points due to higher commodity costs and fixed cost deleverage among other reasons.

High Costs and Strict Regulation Hurt Franklin (BEN) Growth.

Per the Zacks analyst, Franklin's rising cost will hurt the bottom-line growth. Numerous regulations by U.S. and non-U.S. regulators add further complexity to ongoing operations.

Zacks Investment Research

Medtronic plc MDT is scheduled to report second-quarter fiscal 2025 results on Nov. 19, before the opening bell.

In the last reported quarter, the company’s adjusted earnings of $1.23 exceeded the Zacks Consensus Estimate by 2.5%. Medtronic beat estimates in each of the trailing four quarters, the average surprise being 3.07%.

The Zacks Consensus Estimate for fiscal second-quarter revenues is pegged at $8.26 billion, suggesting growth of 3.5% year over year. The consensus estimate for second-quarter earnings is pegged at $1.24 per share, indicating a 0.8% decline on a year-over-year basis.

Q2 Estimates for MDT Move South in 3 Months

Earnings estimates for Medtronic have dropped 11.1% to $1.24 per share for the fiscal second quarter over the past 90 days.

Despite the company registering earnings beat over the trailing four quarters, estimates have been southbound, reflecting the global geopolitical pressure through the months of the fiscal second quarter, primarily due to the tension around the Middle East, with a rise in oil prices during that time. This apart, the company’s recent voluntary recall, notifying Medtronic MiniMed 600 series or 700 series insulin pump users of potential risks of shortened pump battery life, added to investors’ concerns.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

Let’s look at how things have shaped up for Medtronic before the announcement.

Factors to Focus on Ahead of MDT's Q2 Earnings

Since the past several quarters, Medtronic’s earnings growth has been held back by headwinds like cost escalation and currency impacts. Although inflation stabilized a bit during the fiscal first quarter, it is still higher than the historical trend. The continued rise in raw material and labor costs, as well as oil price volatility, has been denting the company’s profit. Further, a rising interest rate leading to increasing borrowing costs is concerning. In the first quarter of fiscal 2025, the company-adjusted gross margin was down 50 basis points due to an 80-basis point adverse impact of currency. Company-adjusted operating margin also declined 40 basis points year over year due to supply issues and labor shortages.

Like its peers, the impact of the present geopolitical situation, including sanctions and other measures being imposed in response to the Russia-Ukraine conflict, as well as the battle around the Red Sea may have curbed fiscal second-quarter profits too.

Added to this, unfavorable currency movements are once again likely to have acted as a major dampener during the fiscal second quarter, as in the case of other important MedTech players too. Medtronic expects its fiscal 2025 second-quarter revenues to reflect an unfavorable impact of $10 million to $60 million from currency translation.

Further, the earlier-mentioned product recall within the Diabetes business too might have partly impacted sales in the fiscal second quarter.

Despite these challenges, Medtronic has consistently showcased the resilience of its underlying business fundamentals, delivering mid-single-digit organic revenue growth for several quarters in a row. While its recent product launches have been driving growth across multiple businesses, a swift pace of several compelling product approvals promises consistent growth in the years to come.

Particularly, the company’s AFib, Structural Heart, robotics, neuromodulation, hypertension and diabetes businesses are expected to have registered growth in the to-be-reported quarter, banking on several new product launches. Within the company’s Established Market Leaders category, the company might have witnessed growth in the Cranial & Spinal Technologies segment on the increasing adoption of AiBLE, Medtronic’s spine technology ecosystem. Further, Mazor Robotics, StealthStation navigation, O-arm Imaging and Midas Rex powered surgical instruments are expected to have witnessed growth.

In Cardiac Pacing Therapies, the Micra leadless pacemaker franchise is expected to have recorded strong growth, driven by the adoption of its latest generation, Micra AV2 and VR2. In Defibrillation Solutions, the Aurora EV-ICD’s adoption is expected to have remained strong in the fiscal second quarter.

The Zacks Consensus Estimate for MDT’s overall Cardiovascular business revenues in the second quarter of fiscal 2025 indicates a 4.1% year-over-year improvement.

Among the company’s Synergistic businesses, Medtronic is expected to report strong growth within Neuromodulation segment. Pelvic Health, Coronary and Peripheral Vascular too are expected to have registered growth in the second quarter.

Among Medtronic’s Highest Growth Markets businesses, the company is likely to have gained traction within the Cardiac Ablation Solutions arm, driven by the strong sales of Pulse Field ablation products, which are more than offsetting declines in the cryo product line.

Medtronic’s Diabetes unit recorded strong growth in the United States in the fiscal first quarter, with the global adoption of the MiniMed 780G AID system driving performance. Despite issues related to battery life of MiniMed 600 and 700 series, the company might have witnessed a positive top-line contribution in the fiscal second quarter from this business.

The Zacks Consensus Estimate for MDT’s Diabetes arm revenues indicates an improvement of 7.5% year over year in the second quarter of fiscal 2025.

What Does Our Model Say?

Our proven model does not conclusively predict an earnings beat for Medtronic this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.

MDT has an Earnings ESP of 0.00% and carries a Zacks Rank of 3 currently. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Bigger Picture

In recent years, the company has made some foundational changes to the organization, including streamlining the operating model, improving global operations, supply chain and quality, and bringing in expertise from outside the industry. It is actively allocating capital to fast-growth MedTech markets and fueling innovative technologies in areas like robotics, AI and closed-loop systems that ensure its growth over the next decade.

Medtronic’s revenues have improved and become more durable from implementing a performance-driven culture and changing incentives underlying the new product approvals in major markets. With top priority placed on restoring the company’s earnings power, these actions are expected to eventually result in better-leveraged earnings growth through margin stabilization and improvement.

Medtronic’s highest growth opportunities, comprising 20% of its revenues, are in markets that are large and growing faster than the overall company. For example, in Cardiac Ablation, it has significantly invested in the Electrophysiology arm to expand its share in the attractive $8 billion-plus market.

MDT's Impressive Liquidity and Solvency Position

Medtronic’s strong liquidity position should allow it to meet its near-term debt obligations. Medtronic apparently looks quite burdened by debt, with total debt (including the current portion) of $27.87 billion as of July 26, 2024. The company’s cash and cash equivalents were $7.8 billion at the end of the first quarter of fiscal 2025.

Although the quarter’s total debt was much higher than the corresponding cash and cash equivalent level, the short-term payable debt of $1.55 billion remains lower than the short-term cash level. The company’s times interest earned ratio is also at an impressive level of 7.7, indicating that Medtronic is well capable of paying the interest on its business debts on time.

Medtronic Shares Outperform Industry and S&P

In the fiscal second quarter, Medtronic stock gained 15.2% compared with the industry’s 8.9% growth and the S&P 500’s rise of 6.2%. The company also outperformed its direct peers like Abbott’s ABT 8.5% rise and Boston Scientific’s BSX 13% rise during this time span.

Fiscal Q2 Price Comparison

Medtronic Trading Cheaper Than Industry, S&P

If we look at the value components, MDT has a Value Score of B at present.

This is evident from the Price/Earnings ratio. MDT shares currently trade at 15.97X forward earnings, well off its five-year high of 30.08X and below the median of 17.11X. The stock is also trading significantly below the industry’s 21.82X and S&P 500’s 21.85X.

The company is also trading at a significant discount to other industry players like Boston Scientific, with its current P/E being 32.25, and Abbott, whose current P/E is 23.04X. This suggests that investors may be paying a lower price relative to the company's expected earnings growth.

To Conclude

While Medtronic holds immense potential for long-term growth, given its momentum, ongoing comprehensive transformation, breakthrough innovations and exposure to strong secular growth markets, the company battles significant headwinds from macroeconomic issues and rising expenses, which can significantly dent its bottom-line growth. For now, it might be prudent for investors to avoid buying the stock and monitor MDT’s upcoming results for a better entry point.

You can see the complete list of today’s Zacks Rank #1 stocks here.

Zacks Investment Research