Medtronic earned $1.3 billion, or 99¢ per share, off of $8.1 billion in sales for the quarter ended on Jan. 26, 2024. The bottom line was up 8.8% and the top line was up 4.7% compared with Q3 2023.
Adjusted to exclude one-time items, Medtronic’s EPS was $1.30. The result was 4¢ ahead of the consensus of Wall Street analysts, who expected EPS of $1.26 and revenue of $7.95 billion.
“We’re building momentum, with another quarter of solid execution on our commitments. We continue to deliver durable revenue growth, with particular strength in multiple businesses, as well as in international markets as we expand access to our innovative healthcare technologies around the globe,” Martha said in a news release. “Our recent major product approvals — including transformative products in the diabetes, cardiac rhythm management, neuromodulation, hypertension, and pulsed field ablation spaces — increase our confidence in driving reliable growth over the coming quarters and years.”
The company boosted its full-year organic revenue growth guidance from the prior 4.75% to the new range of 4.75% to 5%. It also increased full-year non-GAAP EPS guidance from the prior range of $5.13 to $5.19 to the new range of $5.19 to $5.20.