Medtronic (MDT) Tops Q4 EPS by 2c, Beats on Revenue; Offers FY23 Guidance

Medtronic (NYSE: MDT) reported Q4 EPS of $1.57, $0.02 better than the analyst estimate of $1.55. Revenue for the quarter came in at $8.5 billion versus the consensus estimate of $8.25 billion.

GUIDANCE:

Medtronic sees FY2024 EPS of $5.00-$5.10, versus the consensus of $5.28.

The company is guiding to fiscal year 2024 organic revenue growth in the range of 4.0% to 4.5%, which excludes the impact of foreign currency and revenue related to certain businesses that will be reported as Other going forward. If foreign currency exchange rates as of the beginning of May hold, fiscal year 2024 revenue would be positively affected by approximately $110 million to $210 million from foreign currency.

The company is guiding to fiscal year 2024 non-GAAP EPS in the range of $5.00 to $5.10, including an estimated 6% unfavorable impact from foreign currency exchange rates at the beginning of May.For earnings history and earnings-related data on Medtronic (MDT) click here.

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