Original from: Medical Device Network
Medtronic has reported $7.98bn in global revenue for the second quarter (Q2) of the fiscal year 2024 (FY2024), an increase of 5.3% against $7.58bn.
For the quarter, which ended on 27 October, the company¡¯s GAAP net income was $909m and diluted earnings per share (EPS) stood at $0.68, both representing a 113% increase compared to the same quarter of the previous year.
Non-GAAP net income stood at $1.66bn, a decrease of 3% and non-GAAP diluted EPS of $1.25 decreased by 4%.
Medtronic chairman and CEO Geoff Martha said: ¡°We¡¯re delivering a track record of durable, mid-single-digit revenue growth. The underlying fundamentals are strong and our solid results were broad-based across our businesses and geographies.
¡°We¡¯re bringing game-changing innovation to market with numerous recent regulatory approvals and major product launches, which give us confidence in our ability to continue delivering dependable growth.¡±
For the Q2 period, the company¡¯s US revenue was $4.17bn. This marks an increase of 2.6% on a year-on-year reported basis and 3% on a year-on-year organic basis.
Non-US developed market revenues stood at $2.36bn, an increase of 9.8% on a reported basis and 6.4% on an organic basis.
Medtronic¡¯s cardiovascular portfolio revenue increased by 5.9%, as reported and by 4.8% on an organic basis to $2.92bn.
The Medical Surgical portfolio revenue for the reported quarter stood at $2.14bn, representing an increase of 7% as reported and 5.6% on an organic basis.
In the Neuroscience portfolio, the company¡¯s revenue was $2.28bn, a 4.7% increase as reported and a 4.2% increase on an organic basis.
Revenue from the diabetes portfolio increased by 9.7% as reported and by 6.7% on an organic basis to $610m.
Medtronic EVP and chief financial officer Karen Parkhill said: ¡°Overall, it was another good quarter as we delivered revenue, margins and earnings ahead of expectations. Combining our second-quarter outperformance with our updated tax and foreign currency estimates, we¡¯re raising our full-year organic revenue growth and EPS guidance.
¡°Based on the changes we¡¯ve made to our operating model, incentives and capital allocation, among other drivers, we¡¯ve positioned the company to deliver consistent mid-single digit growth on the top line.¡±
Source: Medtronic posts 5.3% increase in Q2 FY2024 global revenue