Medtronic has reported a revenue of $31.23bn in fiscal year 2023 (FY23), down by 1.4% from $31.69bn in FY22.

The cardiovascular divisions posted a 1.3% rise in revenue to $11.57bn in FY23, compared to $11.42bn in the prior year.

The medical surgical divisions witnessed a 7.7% drop in revenue to $8.43bn during the year from $9.14bn in FY22.

Medtronic reported a 2% year-over-year revenue growth for its neuroscience business in FY23 to $8.96bn, while the revenue of its diabetes divisions fell by 3.3% from $2.33bn to $2.26bn.

During the fiscal year, the company’s net income declined by 25.2% year-over-year to $3.76bn.

The diluted earnings per share was $2.82, down by 24% from $3.73 in FY22.

The cash flow from operations for FY23 amounted to $6.039bn, marking an 18% decrease year-over-year, while the free cash flow during the same period fell by 23% year-over-year to $4.58bn.

Medtronic chairman and CEO Geoff Martha said: “We had a strong finish to our fiscal year, with our fourth quarter top and bottom-line results coming in ahead of expectations.

“Our accelerating revenue growth was broad-based, driven by procedure volume recovery, supply improvements and innovative product introductions.”

In the fourth quarter (Q4) of FY23, the company recorded a revenue of $8.54bn, reflecting a 5.6% increase compared to the same period a year ago.

Its Q4 organic revenue was driven by solid performances in its medical surgical, neuroscience and cardiovascular portfolios, as well as in diabetes markets outside the US.

During the quarter, the net income fell by 21% to $1.18bn, against $1.49bn in Q4 of FY22.

In its financial outlook for FY24, Medtronic projects its organic revenue growth to be between 4% and 4.5%.