Medical device manufacturer Medtronic PLC (MDT.US) reported first-quarter fiscal 2026 results for the period ended July 25 during Tuesday's premarket session. The company delivered Q1 revenue of $8.6 billion, surpassing market expectations of $8.4 billion, driven primarily by growth in its cardiovascular products division, where cardiac ablation product revenue surged nearly 50%. Adjusted earnings per share increased 2% to $1.26, beating market expectations of $1.23.

Medtronic also lowered its tariff cost forecast and raised full-year profit guidance. Similar to peers including Stryker Corporation (SYK.US), Boston Scientific Corporation (BSX.US), and GE HealthCare Technologies (GEHC.US), Medtronic reduced its tariff cost projections. According to Tuesday's statement, Medtronic now expects tariffs to result in a $185 million impact, down from the previous forecast of $200 million to $350 million.

The company now anticipates fiscal 2026 adjusted earnings per share of $5.60 to $5.66, up from its previous guidance of $5.50 to $5.60. Stryker, Boston Scientific, and GE HealthCare Technologies have also raised their profit guidance. Medtronic maintains its expectation for 5% organic revenue growth in fiscal 2026.

Following activist investment firm Elliott Investment Management's stake in the company, Medtronic will expand its board of directors. To enhance company valuation, Medtronic will appoint healthcare technology veterans John Groetelaars and Bill Jellison as independent directors. The company also plans to establish special committees focused on growth and operations. These committees will include Groetelaars and Jellison as members and will be led by Chief Executive Officer Geoffrey Martha.

"We are confident and capable of achieving accelerated revenue growth in the second half of the year," Martha stated.

As of publication, Medtronic shares were down more than 3% in premarket trading.