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
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.”
