Medtronic has reported $7.727bn global revenue for the third quarter (Q3) of fiscal year 2023 (FY23), representing a 4.1% increase on an organic basis.
The organic comparison excludes $26m from the Intersect ENT acquisition as well as a $379m negative impact from foreign currency translation.
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, which ended on 27 January, the company’s GAAP net income was $1.222bn, representing a 17% decline, while diluted earnings per share (EPS) stood at $0.92, a 16% decline compared to the same quarter of the previous year.
The company’s non-GAAP net income stood at $1.727bn, a 6% decrease, and non-GAAP diluted EPS was $1.30, a 4% decline.
Its US revenue was $4.062bn, representing nearly 52% of the company revenue, which was a 3% increase on a reported basis and 2% increase on an organic basis.
Medtronic reported $2.294bn in non-US developed market revenue, representing a 6% decline on a reported basis and 6% increase on an organic basis.
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 GlobalDataIts emerging markets revenue stood at $1.371bn, a 1% decline as reported and 5% increase on an organic basis.
The company’s Cardiovascular revenue increased by 1% as reported and 7% on an organic basis, reaching $2.772bn.
The Medical Surgical revenue for the quarter was $2.137bn, representing a 7% decline as reported and 2% decline on an organic basis.
In the Neuroscience portfolio, the company’s revenue stood at $2.248bn, a 5% rise as reported and 7% rise on organic.
Revenue from Diabetes, which decreased by 2% as reported and increased by 3% on an organic basis, was $570m.
Medtronic chairman and CEO Geoff Martha said: “We returned to mid-single digit organic growth as we continue to execute our strategy with urgency.
“Our Cardiovascular and Neuroscience portfolios had strong, high-single-digit organic growth as we launched new products and demonstrated continued strength in our established, market-leading Cardiac Rhythm Management and Spine franchises.
“I’m very encouraged by the rebound in our revenue growth, despite procedure volumes remaining a little softer in a few markets and volume-based procurement in China.”
