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.

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.

GlobalData Strategic Intelligence

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 GlobalData

The 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.”

Medical Device Network Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Medical Device Network Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now