Feb. 21, 2023 – Medtronic plc (NYSE:MDT) today announced financial results for its third quarter of fiscal year 2023, which ended January 27, 2023.
Q3 revenue of $7.7 billion was essentially flat year-over-year and exceeded market expectations of $7.53 billion.
Non-GAAP earnings per share were $1.3, beating market expectations of $1.27.
Medtronic reported third quarter worldwide revenue of $7.727 billion, a flat result as reported and an increase of 4.1% on an organic basis.
GAAP diluted EPS of $0.92 decreased 16%; non-GAAP diluted EPS of $1.30 decreased 4%, ahead of expectations.
Third quarter U.S. revenue of $4.062 billion represented approximately 52% of company revenue and increased 3% as reported and 2% organic. Non-U.S. developed market revenue of $2.294 billion represented 30% of company revenue and decreased 6% as reported and increased 6% organic. Emerging Markets revenue of $1.371 billion represented 18% of company revenue and decreased 1% as reported and increased 5% organic.
The company expects fourth quarter organic revenue growth of 4.5% to 5.0%, which brackets current Street consensus and raises the company’s full fiscal year organic growth outlook.
The company increased the lower end of its fiscal year 2023 diluted non-GAAP EPS guidance from the prior range of $5.25 to $5.30 to the new range of $5.28 to $5.30.
MEDTRONIC PLC CONSOLIDATED STATEMENTS OF INCOME
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.