Medtronic has reported a GAAP net income of $791m for the first quarter (Q1) of fiscal year 2024 (FY24), a decrease of 15% compared to $929m in the year-ago period.
The company has posted a non-GAAP net income of $1.59bn, representing a 6% rise compared to the same period last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
For the quarter that ended on July 28 2023, the company recorded revenues of $7.7bn, representing a 4.5% increase as reported.
The company reported an operating profit of $1.26bn for the quarter, as compared to $1.12bn reported in the year-ago period.
A GAAP diluted earnings per share (EPS) of $0.59 was reported in the quarter, a decrease of 16% compared to $0.70 during the same period last year. Its non-GAAP diluted EPS stood at $1.20 for the quarter.
Medtronic has raised its organic revenue growth for FY24 to 4.5%, up from the previous 4% to 4.5% range.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company also raised its diluted non-GAAP EPS guidance for the FY. The previous range was between $5.00 and $5.10 and it has been adjusted to a new range of $5.08 to $5.16, reflecting a $0.07 increase at the midpoint.
Medtronic chairman and CEO Geoff Martha said: “We are pleased with the strong start to our FY. We executed and delivered another quarter of mid-single-digit revenue growth.
“Our solid results were broad-based, with each of our four segments delivering 6% organic revenue growth.”
