Medtronic PLC, a leading medical technology company, has announced its financial results for the second quarter of fiscal year 2024. The company reported a year-over-year revenue increase of 5.3% to $8.0 billion, demonstrating solid growth and business fundamentals. This growth was driven by the company’s diversified portfolio and strong performance across multiple businesses and geographies.
The Cardiovascular Portfolio, Neuroscience Portfolio, and Medical Surgical Portfolio experienced revenue increases of 5.9%, 4.7%, and 7.0% respectively. The Diabetes segment also saw robust growth with a 9.7% increase in revenue. These positive results highlight Medtronic’s commitment to delivering dependable and consistent growth.
During the quarter, Medtronic achieved significant regulatory approvals, including U.S. FDA approval for the Aurora EV-ICD system and Symplicity Spyral renal denervation (RDN) system, and CE Mark for the Evolut FX TAVR system, Simplera standalone CGM, and PulseSelect pulsed field ablation (PFA) system. These approvals pave the way for future growth and reinforce Medtronic’s position as a leader in medical technology innovation.
In light of its strong performance, Medtronic has raised its guidance for FY24 organic revenue growth to 4.75% from the previous estimate of 4.5%. The company has also increased its diluted non-GAAP EPS guidance for FY24, reflecting its confidence in continued growth.
Geoff Martha, Chairman and CEO of Medtronic, expressed his optimism about the company’s growth trajectory and its ability to deliver consistent results. He highlighted the strong underlying fundamentals and the game-changing innovation brought to the market through recent regulatory approvals and product launches.
Investors and potential GuruFocus.com members may find Medtronic PLC’s consistent performance, innovative product pipeline, and raised guidance compelling reasons to consider the company as part of their investment portfolio. Medtronic will host a video webcast to discuss the results in more detail, and its third and fourth quarter results for FY24 will be reported in February 2024 and May 2024, respectively.
Q: What were Medtronic PLC’s revenue and EPS in Q2 FY24?
A: Medtronic PLC reported a revenue increase of 5.3% to $8.0 billion, with GAAP diluted EPS at $0.68 and non-GAAP diluted EPS at $1.25.
Q: What contributed to Medtronic’s revenue growth?
A: Medtronic’s revenue growth was driven by strong performance across multiple businesses and geographies, particularly in the Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes segment.
Q: What regulatory approvals did Medtronic receive during Q2 FY24?
A: Medtronic received key regulatory approvals for the Aurora EV-ICD system, Symplicity Spyral renal denervation (RDN) system, Evolut FX TAVR system, Simplera standalone CGM, and PulseSelect pulsed field ablation (PFA) system.
Q: How has Medtronic adjusted its guidance for FY24?
A: Medtronic has raised its guidance for FY24 organic revenue growth to 4.75% and increased its diluted non-GAAP EPS guidance for the fiscal year.