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10-QPeriod: Q3 FY2024

Medtronic plc Quarterly Report for Q3 Ended Jan 26, 2024

Filed February 27, 2024For Securities:MDT

Summary

Medtronic plc reported robust financial performance for the nine months ended January 26, 2024, with net sales increasing by 5% to $23.78 billion and net income attributable to Medtronic rising by 17% to $3.02 billion. This growth was driven by strong performance across its key segments, including Cardiovascular, Neuroscience, Medical Surgical, and Diabetes. The company also demonstrated healthy operational cash flow, generating $4.01 billion for the nine-month period, a significant increase from the prior year. Looking ahead, Medtronic continues to focus on innovation and strategic growth initiatives, including new product launches and expanding its market presence globally. The company remains committed to returning value to shareholders through share repurchases and dividends, while maintaining a strong financial position to fund future investments and navigate market dynamics.

Financial Highlights

55 data points
Beta

Revenue

$8.09B

0.7% Gross Margin

Net Income

$1.32B

0.2% Net Margin

EPS (Diluted)

$0.99

Total Assets

$90.84B

Cash & Equivalents

$1.62B

Free Cash Flow

$2.13B

Financial Statements
Beta
Revenue$8.09B
Cost of Revenue$2.78B
Gross Profit$5.31B
SG&A Expenses$2.67B
Operating Income$1.48B
Interest Expense$188.00M
Net Income$1.32B
EPS (Basic)$0.99
EPS (Diluted)$0.99
Shares Outstanding (Basic)1.33B
Shares Outstanding (Diluted)1.33B

Key Highlights

  • 1Net sales increased by 5% to $23.78 billion for the nine months ended January 26, 2024, compared to $22.68 billion in the prior year.
  • 2Net income attributable to Medtronic grew by 17% to $3.02 billion for the nine months ended January 26, 2024, compared to $2.58 billion in the prior year.
  • 3Diluted earnings per share increased to $2.27 for the nine months ended January 26, 2024, up from $1.94 in the prior year.
  • 4Operating cash flow improved significantly, reaching $4.01 billion for the nine months ended January 26, 2024, up from $3.58 billion in the prior year.
  • 5The Cardiovascular segment showed strong growth with net sales up 6% to $8.70 billion for the nine months, driven by Micra, TAVR, and Perfusion.
  • 6The Diabetes segment experienced robust growth, with net sales up 10% to $1.83 billion for the nine months, driven by international expansion of the MiniMed 780G insulin pump system.
  • 7Medtronic announced a subsequent event to exit its ventilator product line, expecting to record a pre-tax charge of $350 million to $425 million.

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