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.