Medtronic PLC

Latest Results (14.08.2024):

Q4 Financial Results

Medtronic PLC reported Q4 worldwide revenue of $8.589 billion, an increase of 0.5% as reported and 5.4% on an organic basis. The company's organic revenue results reflect broad-based growth across the company, with mid-single digit or higher organic revenue growth in all four segments. As reported, Q4 GAAP net income and diluted EPS were $654 million and $0.49, respectively, decreases of 45% and 44%, respectively. Q4 non-GAAP net income and non-GAAP diluted EPS were $1.929 billion and $1.46, respectively, decreases of 8% and 7%, respectively.

FY24 Financial Results

Medtronic PLC reported FY24 worldwide revenue of $32.364 billion, an increase of 3.6% as reported and 5.2% on an organic basis. FY24 GAAP net income and diluted earnings per share (EPS) were $3.676 billion and $2.76, respectively, both representing decreases of 2%. FY24 non-GAAP net income and non-GAAP diluted EPS were $6.918 billion and $5.20, respectively, both representing decreases of 2%. FY24 cash from operations of $6.787 billion increased 12%, and FY24 free cash flow of $5.200 billion increased 14%, driven by improvements in working capital.

Cardiovascular Portfolio

The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. FY24 revenue of $11.831 billion increased 2.7% as reported and 5.0% organic. Q4 revenue of $3.130 billion decreased 5.2% as reported and increased 4.0% organic. CRHF Q4 results included low-single digit growth in Cardiac Rhythm Management, driven by high-single digit growth in Cardiac Pacing Therapies. SHA Q4 results were driven by high-single digit growth in Structural Heart and Cardiac Surgery.

Neuroscience Portfolio

The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. FY24 revenue of $9.406 billion increased 5.0% as reported and 5.2% organic. Q4 revenue of $2.545 billion increased 5.6% as reported and 6.5% organic. CST Q4 performance was driven by continued adoption of the AiBLE™ ecosystem, with mid-teens growth in Neurosurgery and high-single digit growth in Biologics. Neuromodulation in Q4 delivered low-double digit growth in Brain Modulation on the launch of the Percept™ RC neurostimulator with BrainSense™ technology.

Medical Surgical Portfolio

The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. FY24 revenue of $8.417 billion increased 5.4% as reported and 4.7% organic. Q4 revenue of $2.198 billion increased 3.5% as reported and 4.5% organic. SE Q4 results included mid-single digit organic growth, driven by strong performance in advanced stapling and energy products. ACM Q4 results included low-single digit organic growth, supported by strength in patient monitoring and respiratory interventions.