The figure, which excludes a $75m negative impact of foreign currency translation, represents a 5% increase on a reported and organic basis.
The company’s 2022 GAAP net income totalled $5.039bn, up 40% from the $3.61bn reported in the previous fiscal year. Diluted earnings per share (EPS) was $3.73 for FY22.
Operating profit increased from $4.48bn in FY21 to $5.75bn in FY22. Cash flow from operations for the fiscal year also rose by 18% to $7.35bn.
Medtronic’s fourth-quarter worldwide revenue declined by 1% on a reported basis to $8.09bn.
The fall was primarily attributed to supply chain constraints due to Covid-19 related lockdowns in China.
Despite the fall in sales, the company’s Q4 GAAP net income and diluted EPS increased by 9% and 10%, to $1.48bn and $1.10, respectively.
Medtronic’s US revenue totalled $4.097bn in the fourth quarter of FY22, accounting for nearly 51% of the company’s total revenue.
Medtronic chairman and CEO Geoff Martha said: “Global supply chain and Covid-19 controls in China created acute impacts to our results in the fourth quarter. We understand the root causes, we’re addressing them, and we expect them to resolve over the near term.
“We remain keenly focused on delivering innovation-driven growth, with a robust pipeline of technologies in fast-growing markets, and we’re committed to creating strong shareholder value through strategic capital allocation and active portfolio management.”
The company also announced an increase in dividend payments. The increase will provide the shareholders with an annual amount of $2.72 per ordinary share, compared to $2.52 previously.
It also issued its fiscal year 2023 guidance. Medtronic now expects organic revenue growth of 4% to 5% in the fiscal year 2023.
Medtronic announced plans to establish a new, independent, kidney care-focused medical device company in collaboration with DaVita .
The new company will be led by an independent management team. Medtronic and DaVita will own equal stakes in this venture.
Earlier this month, Medtronic completed the acquisition of health care equipment company Intersect ENT.