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Jan 26, 2024
Medtronic Q3 2024 Earnings Report
Medtronic's Q3 2024 financial results were reported, demonstrating strong growth in Core Spine, Cardiac Surgery, Structural Heart, and Cardiac Pacing, with Diabetes showing double-digit growth and U.S. business returning to growth. Full-year guidance was raised.
Key Takeaways
Medtronic reported a 4.7% increase in revenue to $8.1 billion, with organic revenue growth of 4.6%. GAAP EPS was $0.99, and non-GAAP EPS was $1.30. The company raised its full-year organic revenue growth and EPS guidance.
Revenue increased by 4.7% as reported and 4.6% organically, reaching $8.1 billion.
GAAP diluted EPS was $0.99, while non-GAAP diluted EPS was $1.30.
The company raised its FY24 organic revenue growth guidance to a range of 4.75% to 5%.
FDA approval was received for PulseSelect™ pulsed field ablation (PFA) system and Percept™ RC neurostimulator with BrainSense™ technology.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Medtronic raised its FY24 revenue growth and EPS guidance. The company increased its FY24 organic revenue growth guidance from the prior 4.75% to the new range of 4.75% to 5%. The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.13 to $5.19 to the new range of $5.19 to $5.21.
Positive Outlook
- Increased FY24 organic revenue growth guidance to 4.75% - 5%.
- Increased FY24 diluted non-GAAP EPS guidance to $5.19 - $5.21.
- Cost efficiency programs helped offset the impact of inflation, tax, and currency.
- Focused on restoring earnings power and creating value for shareholders.
- Building momentum with solid execution on commitments.
Challenges Ahead
- Foreign currency translation had an unfavorable impact on non-GAAP diluted EPS.
- Ventilator sales declined mid-twenties.
- Other revenue decreased (79.0)%.
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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