Medtronic (MDT) Tops Q3 EPS by 5c, Updates FY Guidance

Medtronic (NYSE: MDT) reported Q3 EPS of $1.29, $0.05 better than the analyst estimate of $1.24. Revenue for the quarter came in at $7.55 million versus the consensus estimate of $7.52 million.

GUIDANCE:

Medtronic sees FY2019 EPS of $5.14-$5.16, versus the consensus of $5.12.

• For fiscal year 2019, the company updated its organic revenue growth guidance from a range of 5.0 to 5.5 percent to a range of 5.25 to 5.5 percent. If recent exchange rates hold for the remainder of the fiscal year, the company's fiscal year 2019 revenue would be negatively affected by approximately $425 million to $475 million.
• The company increased its fiscal year 2019 diluted non-GAAP EPS guidance from the prior range of $5.10 to $5.15 to the new range of $5.14 to $5.16. If recent exchange rates hold for the remainder of the fiscal year, foreign exchange would have a modest positive impact on the company's fiscal year 2019 EPS.
• The company also increased its fiscal year 2019 free cash flow guidance from the prior range of $4.7 billion to $5.1 billion to the new range of $5.0 billion to $5.2 billion.
• "We continue to make progress on our robust and exciting pipeline, which contains more opportunities for growth than at any time in our company's history," said Ishrak. "We expect this forthcoming innovation to disrupt existing markets and invent new markets, all with the goal of creating significant value - for patients, physicians, healthcare systems, and for our shareholders."

For earnings history and earnings-related data on Medtronic (MDT) click here.

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