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.

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.

Its 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.”