Medtronic plc MDT reported third-quarter fiscal 2021 adjusted earnings per share (EPS) of $1.29, beating the Zacks Consensus Estimate by 12.2%. Adjusted earnings however plunged 10.4% year over year. Currency-adjusted EPS came in at $1.35 for the quarter.Without certain one-time adjustments — including restructuring, acquisition, amortization expenses and certain litigation charges — GAAP EPS was 94 cents, reflecting a 33.8% decline from the year-ago reported figure.Total RevenuesWorldwide revenues in the reported quarter grossed $7.78 billion, down 1% on an organic basis (excluding the impacts of currency) but up 0.8% on a reported basis. The top line matched the Zacks Consensus Estimate.In the quarter under review, U.S. sales (51% of total revenues) declined 2% year over year on a reported basis (same on an organic basis) to $3.94 billion. Non-U.S. developed market revenues totaled $2.52 billion (32% of total revenues), depicting a 6.1% improvement on a reported basis (down 0.2% on an organic basis).Emerging market revenues (17% of total revenues) amounted to $1.31 billion, up 0.3% on a reported basis (up 0.8% organically).Segment DetailsThe company currently generates revenues from four major segments, namely Cardiac and Vascular Group (“CVG”), Minimally Invasive TherapiesGroup (“MITG”), Restorative Therapies Group (“RTG”), and Diabetes Group.CVG comprises Cardiac Rhythm & Heart Failure (“CRHF”), Coronary & Structural Heart (“CSH”), and Aortic & Peripheral Vascular divisions (“APV”). MITG includes Surgical Innovations (“SI”), and Respiratory, Gastrointestinal & Renal (“RGR”) divisions. RTG consists of Spine, Brain Therapies, Specialty Therapies and Pain Therapies segments, while Diabetes Group incorporates Intensive Insulin Management (“IIM”), Non-Intensive Diabetes Therapies (“NDT”) and Diabetes Service & Solutions (“DSS”) divisions.Medtronic PLC Price, Consensus and EPS Surprise Medtronic PLC price-consensus-eps-surprise-chart | Medtronic PLC QuoteIn the fiscal third quarter, CVG revenues declined 5.9% at CER to $2.71 billion, reflecting the impact of the COVID-19 resurgence on procedure volumes in late December and January. CRHF sales totaled $1.37 billion, down 3.7% year over year at CER. Revenues from CSH were down 9.5% at CER to $873 million. APV revenues were down 5% at CER to $463 million.In MITG, worldwide sales totaled $2.31 billion, marking a 4.6% year-over-year improvement at CER. Increased demand for COVID-19 related diagnostics and therapies was offset by the impact of the COVID-19 resurgence on procedure volumes in late December and January. Surgical Innovations declined 5.3% while RGR registered an improvement of 25.4% both at CER.In RTG, worldwide revenues of $2.13 billion were down 0.8% year over year at CER, impacted by pandemic-led decline in procedure volumes. Cranial and Spinal Technologies reported 4.5% drop at CER. Sales in Specialty Therapies improved 3.2% while Neuromodulation were up 3.4% year over year at CER.Revenues at the Diabetes group increased 0.8% at CER to $630 million.MarginsGross margin in the reported quarter contracted 261 basis points (bps) to 66.3% on a 3.1% decline in gross profit to $5.15 billion. Adjusted operating margin contracted 202 bps year over year to 25.9%. Selling, general and administrative expenses fell 1.9% to $2.54 billion, while research and development expenses increased 4.9% to $601 million.GuidanceDue to the uncertainty spurred by the COVID-19 pandemic, this time too, Medtronic has decided not to provide any annual or quarterly financial guidance.Our TakeWhile Medtronic’s third-quarter fiscal 2021 earnings were ahead of the Zacks Consensus Estimate, revenues came in line with the same. The company registered year-over-year decline in both the figures. Respiratory, Gastrointestinal, & Renal as well as Specialty Therapies, Neuromodulation and Diabetes Group registered year-over-year growth on an organic basis. However, performance of the rest of the business segments deteriorated.The company’s performance was primarily impacted by deferred procedures due to the pandemic during December and January. Escalating costs and expenses put pressure on its margins.However, the company reported sequential improvement in both revenues and earnings.Zacks Rank & Recent ReleasesMedtronic currently has a Zacks Rank #3 (Hold).Companies in the broader medical space that have already announced quarterly results include Hologic, Inc. HOLX, Abbott Laboratories ABT and AngioDynamics, Inc. ANGO, each presently carrying a Zacks Rank#2 (Buy).You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, which surpassed the Zacks Consensus Estimate by 33.6%.Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which surpassed the Zacks Consensus Estimate by 6.6%. Further, fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%.AngioDynamics reported second-quarter fiscal 2021 adjusted EPS of a penny. The Zacks Consensus Estimate was loss of 2 cents per share. 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(HOLX): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research