Medtronic slightly lifted the lower end of its annual profit forecast on Tuesday, banking on sustained demand for its medical devices and growth from its new launches, sending its shares up 1.6%.
Investor expectations from medical device makers remain high as they have been benefiting from elevated demand for non-urgent surgeries over the last few quarters.
The company said it was expecting steady growth as it introduces new products and continues to make investments to support those launches.
Earlier this month, the company won the U.S. health regulator's nod for its disposable, all-in-one continuous glucose monitor (CGM), Simplera.
It also announced a partnership under which Abbott's CGM system will connect to Medtronic's automated insulin delivery systems.
The Ireland-based company also eyes growth across segments such as diabetes and devices for heart disease-focused surgeries