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Jul 30, 2021
Medtronic Q1 2022 Earnings Report
Reported strong financial performance in Q1 2022, driven by continued procedure volume recovery and share gains from new product launches.
Key Takeaways
Medtronic reported a strong start to fiscal year 2022, with Q1 revenue of $8.0 billion, a 23% increase as reported and 19% on an organic basis. GAAP diluted EPS was $0.56, while non-GAAP diluted EPS was $1.41. The company reiterated its FY22 revenue guidance and raised the lower end of its EPS guidance.
Revenue of $8.0 Billion Increased 23% Reported and 19% Organic
GAAP Diluted EPS of $0.56
Non-GAAP Diluted EPS of $1.41
Company Reiterates FY22 Revenue Guidance; Raises Lower End of FY22 EPS Guidance by 5 cents
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reiterated its revenue growth guidance and raised the lower end of its EPS guidance range for fiscal year 2022. The company continues to expect revenue growth in its fiscal year 2022 to approximate 9% on an organic basis. The company increased its fiscal year 2022 diluted non-GAAP EPS guidance from the prior range of $5.60 to $5.75 to the new range of $5.65 to $5.75.
Positive Outlook
- Revenue growth in fiscal year 2022 to approximate 9% on an organic basis.
- If current exchange rates hold, revenue growth in fiscal year 2022 would be positively affected by approximately $100 to $200 million.
- Increased fiscal year 2022 diluted non-GAAP EPS guidance from the prior range of $5.60 to $5.75 to the new range of $5.65 to $5.75.
- Positive impact from foreign currency exchange versus a 10 to 15 cent positive impact previously.
- Focused on accelerating long-term revenue growth and generating strong returns for shareholders.
Challenges Ahead
- No specific negatives were mentioned in the provided text, only reiterating and increasing guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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