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Jul 28, 2023
Medtronic Q1 2024 Earnings Report
Medtronic's Q1 2024 financial results were reported, showing broad strength across businesses and geographies, resulting in mid-single digit revenue growth.
Key Takeaways
Medtronic reported a solid start to fiscal year 2024, with revenue of $7.7 billion, a 4.5% increase as reported and 6.0% organic. GAAP EPS was $0.59, a 16% decrease, while non-GAAP EPS was $1.20, a 6% increase. The company has raised its FY24 organic revenue growth and EPS guidance.
Revenue of $7.7 billion increased 4.5% as reported and 6.0% organic.
GAAP diluted earnings per share (EPS) of $0.59 decreased 16%; non-GAAP diluted EPS of $1.20 increased 6%.
Company increases FY24 organic revenue growth and EPS guidance.
Commenced U.S. launches of the MiniMed™ 780G system with Guardian™ 4 sensor in Diabetes and the Micra™ AV2 and Micra™ VR2 leadless pacemakers in Cardiovascular.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company raised its FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5%. The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.00 to $5.10 to the new range of $5.08 to $5.16.
Positive Outlook
- Revenue outperformance
- Focus on expense management
- Operating margin expansion
- Mid-single digit adjusted earnings growth
- Improved fundamentals
Challenges Ahead
- Impact of foreign currency
- Revenue related to certain businesses reported as Other
- Uncertainty of potential charges or gains
- Difficult to predict the timing of recognition of potential charges or gains
- Such items could have a substantial impact on GAAP measures of financial performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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