Summary
Medtronic plc filed an 8-K on May 15, 2018, to furnish comparable financial metrics for the first fiscal quarter of 2018 (Q1 FY18). This filing is primarily for disclosure purposes under Regulation FD, providing investors with adjusted revenue figures that exclude the impact of the July 2017 divestiture of a portion of its Patient Monitoring & Recovery business to Cardinal Health. The company also adjusted for a reporting structure update within its Minimally Invasive Therapies Group. The goal is to ensure year-over-year financial comparisons are more meaningful by presenting 'as if' figures that reflect the absence of the divested business and the updated reporting structure. These comparable financial metrics are presented to aid in understanding the underlying performance of Medtronic's continuing operations. Investors should note that these figures are estimates based on management's assumptions and are not necessarily indicative of what actual results would have been had the divestiture occurred at an earlier date or what future results will be. The filing explicitly states that this information is furnished and not deemed 'filed' under Section 18 of the Exchange Act, meaning it doesn't carry the same legal liabilities as a standard filing.
Key Highlights
- 1Medtronic is providing adjusted Q1 FY18 financial metrics to enable better historical comparison.
- 2The adjustments exclude the impact of the divestiture of a portion of the Patient Monitoring & Recovery business to Cardinal Health, completed in July 2017.
- 3Revenue figures are also recast to reflect a reporting structure update within the Minimally Invasive Therapies Group.
- 4The furnished data aims to present a clearer view of the ongoing business performance.
- 5These metrics are estimates and based on assumptions management deems reasonable.
- 6The information is furnished under Regulation FD and is not considered 'filed' for legal liability purposes.
- 7Exhibit 99.1 contains the detailed Q1 FY18 comparative financial information.