Medtronic has reported $7.371bn global revenue for the first quarter (Q1) of the fiscal year 2023 (FY23), representing an 8% decrease as reported and 4% decrease on an organic basis.

This organic comparison excludes a $351m negative impact from foreign currency translation as well as $20m from the company’s recent acquisition of Intersect ENT.

For the quarter that ended on 29 July , the company’s GAAP net income was $929m, which grew by 22% from $763m reported in the same quarter of the previous fiscal year.

Diluted earnings per share (EPS) stood at $0.70, up by 25% from $0.56 the prior year.

Medtronic’s US revenue, representing 51% of total revenues, reported a decline of 8% on a reported basis and 9% on an organic basis, to $3.766bn.

Non-US developed market revenues totalled $2.33bn, a decline by 10% on a reported basis and increase of 2% on an organic basis.

In the fiscal first quarter of FY23, the company’s Cardiovascular portfolio revenue fell 6% as reported and 1% on organic basis, to $2.713bn.

This decline was due to a low-single-digit organic fall in Coronary & Peripheral Vascular (CPV) and Cardiac Rhythm & Heart Failure (CRHF), as well as flat year-over-year data in Structural Heart & Aortic (SHA).

The Medical Surgical portfolio reported $2bn revenue, down 14% as reported and 9% on an organic basis.

In the Neuroscience portfolio revenues were $2.115bn, down by 4% as reported and 2% organic.

This was due to mid-single-digit declines in Cranial & Spinal Technologies (CST) and Neuromodulation as well as mid-single-digit increases in Specialty Therapies.

Revenue in the Diabetes portfolio decreased by 5% as reported to $541m.

Medtronic chairman and CEO Geoff Martha said: “The company continues to execute in a challenging environment, delivering organic revenue above our guidance.

“As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth.”

In July, the company entered into a strategic partnership agreement with CathWorks.