Breaking News
Investing Pro 0
Final hours: unlock premium data with Claim 60% OFF

Medtronic reports revenue growth in Q2, raises FY24 outlook

Published Nov 21, 2023 07:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

Medtronic PLC (NYSE:MDT) reported a 5.3% increase in second-quarter fiscal year 2024 revenue, reaching $8 billion, driven by growth across its major business segments. Despite an unfavorable foreign currency impact that reduced non-GAAP earnings per share (EPS) by 4%, the company saw gains in its cardiovascular (+5.9%), neuroscience (+4.7%), medical surgical (+7%), and diabetes (+9.7%) units. The reported GAAP EPS was $0.68, while the non-GAAP EPS stood at $1.25.

The medical device company also announced regulatory milestones with the FDA approval of Aurora EV-ICD and Symplicity Spyral RDN, as well as the CE Mark for the Evolut FX TAVR system among other products. These approvals are expected to bolster Medtronic's market presence.

In light of these developments, Medtronic has revised its fiscal year 2024 guidance upwards. The company now anticipates organic revenue growth of 4.75%, an increase from the previously forecasted 4.5%. Additionally, the projection for non-GAAP EPS has been adjusted to a range of $5.13-$5.19, up from the initial estimate of $5.08-$5.16.

Chairman and CEO Geoff Martha attributed the company's stable progress to durable growth and innovative product launches, while Executive Vice President and CFO Karen Parkhill recognized that financial results exceeding expectations justified the updated full-year outlook.

InvestingPro Insights

Medtronic PLC's recent performance is further illuminated by real-time data and insights from InvestingPro. The company's market capitalization stands at a robust $100 billion, with a price-to-earnings (P/E) ratio of 27.79, signaling investor confidence in its earnings potential. Additionally, Medtronic's revenue growth over the last twelve months as of Q1 2024 has been positive, at 1.57%, reflecting steady business expansion.

InvestingPro Tips indicate that Medtronic has high earnings quality, with free cash flow surpassing net income, and it has a history of raising its dividend for 9 consecutive years, showcasing a commitment to returning value to shareholders. The company's stock is known for low price volatility, which may appeal to investors seeking stability in their portfolio.

For those interested in deeper analysis, InvestingPro offers additional tips that highlight Medtronic's position as a prominent player in the Healthcare Equipment & Supplies industry, with cash flows that can sufficiently cover interest payments. Currently, the InvestingPro subscription is on a special Black Friday sale, offering up to a 55% discount. With 8 additional tips available on InvestingPro, including predictions of profitability for this year and a track record of profitability over the last twelve months, subscribers can gain a more comprehensive understanding of the company's financial health and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Medtronic reports revenue growth in Q2, raises FY24 outlook

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email