Categories Earnings, Health Care

Medtronic tops expectations on Q4 results

Medtronic plc (NYSE: MDT) reported revenue and earnings for the fourth quarter of 2019 that topped market expectations. Shares rose 2.4% in premarket hours on Thursday.

Worldwide revenue amounted to $8.1 billion, which was flat on a reported basis and up 3.6% on an organic basis, compared to the prior-year period.

Medtronic reports fourth quarter 2019 earnings results

On a reported basis, net income attributable to Medtronic was $1.17 billion, or $0.87 per share, compared to $1.46 billion, or $1.07 per share. Adjusted net income was $2.07 billion, or $1.54 per share.

Revenue in the US grew 2.3% year-over-year to $4.2 billion. Non-US developed market revenue totaled $2.5 billion, down 5.3% on a reported basis and up 1.7% on a constant currency basis. Revenue from emerging markets amounted to $1.28 billion, reflecting a growth of 3.9% on a reported basis and 12% on a constant currency basis.

In the Cardiac and Vascular Group division, revenues fell 2.7% on a reported basis and rose 1.1% in constant currency. In the Minimally Invasive Therapies Group, revenue increased 0.8% on a reported basis and 5.1% on a constant currency basis.

In the Restorative Therapies Group, revenues increased 4.1% as reported and 6.5% in constant currency. In the Diabetes Group, revenue fell 2.9% as reported but grew 0.6% in constant currency.

For fiscal year 2020, organic revenue is expected to grow 4%. Adjusted EPS is expected to be $5.44 to $5.50.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment

Viewing Highlight