MDT Medtronic PLC

By Kimberly Chin

Medtronic PLC (MDT) said it expects the current foreign exchange environment to drag on sales in the fiscal year 2020.

The medical device company projects full-year revenue growth of about 4% on an organic basis. It expects currency exchange rates to have a 1% to 1.5% negative effect on sales.

"We expect our revenue growth to accelerate over the course of fiscal year 2020 and into fiscal year 2021, driven by the anniversary of recent headwinds, combined with a series of major product launches over the next 12 months," Omar Ishrak, Medtronic's chief executive, said in a news release.

Shares of Medtronic rose 2.2% in premarket trading.

For 2020, the Dublin-based company said it expects adjusted earnings between $5.44 to $5.50 a share. This includes an estimated 10 cent negative impact from foreign exchange rates, the company said.

The stronger U.S. dollar makes it less profitable for multinational companies to convert foreign profits into U.S. currency.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

May 23, 2019 08:09 ET (12:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.