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May 28, 2021

Medtronic reports 37% increase in Q4 FY21 revenue

Medtronic issues fiscal year 2022 guidance, which reflects revenue growth of nearly 9% on an organic basis.

Medtronic has reported global revenue of $8.188bn in the fourth quarter (Q4) of the fiscal year 2021 (FY21), a surge of 37% on reported and 32% on an organic basis from $5.998bn in the same quarter last year.

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The company said that these results, for the quarter ended 30 April, indicate a recovery from the Covid-19 pandemic’s impact on its elective procedures seen in April 2020.

The company’s GAAP net income and diluted earnings per share (EPS) in this quarter were $1.36bn and $1, respectively, an increase from $646m and $0.48 in the year-ago quarter.

The non-GAAP net income and non-GAAP diluted EPS also rose 162% and 159%, respectively, from  $777m to $2.04bn and $0.58 to $1.50.

In the US, the company recorded a 47% year-on-year increase in revenue to $4.182bn, representing 51% of the total revenue this quarter. The revenue in the non-US developed market rose 20% to $2.672bn while emerging markets revenue stood at $1.334bn with a 44% surge.

A 4% as reported basis increase in revenue to $30.12bn was seen in the FY21 ended 30 April, while net earnings for the period were $3.60bn or $2.66 per diluted share.

A 3% fall in non-GAAP earnings, as well as diluted EPS, were reported in the FY21 with figures standing at $6bn and $4.44, respectively.

In the FY21, cash flow from operations stood at $6.240bn while free cash flow was $4.86bn, indicating 81% free cash flow conversion from non-GAAP net earnings.

Medtronic chairman and CEO Geoff Martha said: “We reported a strong end to our fiscal year, with our fourth-quarter results demonstrating continued momentum.

“Our recovery improved throughout the quarter, with most of our markets returning to near normal, pre-Covid growth rates.”

The cardiovascular portfolio revenue rose by 2.9% from $10.46bn in FY2020 to $10.77bn in the FY21 while medical surgical portfolio revenue was $8.74bn this year, an increase of 4.6% from $8.35bn last year.

For this fiscal year, neuroscience and diabetic portfolio revenues were $8.2bn and $2.4bn, an increase of 6.1% from $7.7bn and 1.9% from $2.36bn, respectively.

The company issued the FY2022 guidance predicting revenue growth of nearly 9% on an organic basis and diluted non-GAAP EPS between $5.60 to $5.75.

Furthermore, Medtronic’s board of directors has approved an increase in its cash dividend for the first quarter of FY2022, taking the quarterly amount to $0.63 for an ordinary share.

Earlier, Medtronic obtained CE mark for prolonged use of its InPen smart insulin pen for multiple daily injections (MDI) and its Guardian 4 sensor for better diabetes management.

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How do your competitors set prices in different markets? Will reducing your prices win market share from your main competitors? Do you need to position products differently for different markets? To find out, use our Global Brand Pricing tool to achieve optimal pricing for your devices. Detect price changes, understand competitor market positioning, and plan new product launches, by accessing this tool today. It features:
  • A proprietary algorithm that leverages numerous pricing sources, with an emphasis on real-world data
  • Estimates of the likely spread of selling prices per brand and manufacturer, as well as 3-year forecasts for prices
  • Medical device pricing data that can be tracked by market, company, and brand
  • Additional categories that can be built on a custom basis
Use our tool to access competitor pricing strategies across multiple geographies, and various dynamic case studies from the likes of Germany and China, to benchmark yourself against your competitors and future proof your pricing strategies.
by GlobalData
Enter your details here to receive your free Report.

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