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Medtronic reports financial results for the Q1 of FY2023

23 August 2022
3039
1 min.
2
Medtronic reports financial results for the Q1 of  FY2023

Medtronic's financial results

Medtronic (MDT) on Tuesday reported first-quarter results that beat analysts' estimates. The earnings figure exceeded forecasts.

It is worth noting that Medtronic (MDT) shares closed the first day of trading this week down 0.31% at $92.80 per share.

Report 1st quarter

The company reported earnings per share of $1.13 and revenue of $7.37 billion. However, some analysts had projected EPS of $1.12 and total revenue of $7.22 billion.

Medtronic's share price, down 10% this year, has performed better than the S&P 500 Index overall, dropping 13% YTD.

As reported, GAAP (Generally Accepted Accounting Principles) net income for Q1st and diluted EPS were $929m and $0.70 respectively, up 22% and 25% respectively.

In the financial charts attached to the report, non-GAAP net profit for Q1st and non-GAAP diluted earnings per share were $1.502bn and $1.13 respectively, down 18% and 17% respectively. The company's earnings reflect the continuing impact on certain procedural volumes and the macroeconomic impact of inflation and foreign currency translation.

Chairman and CEO Geoff Martha at Medtronic said: "Medtronic is not slowing down in a challenging environment and continues to perform while delivering organic revenue above our forecast." Also, he added that the company is moving forward and that the company's supply chain is improving.

Persons1 and Companies1 in the news

Chief Executive Officer of Medtronic
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Medtronic
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