Medtronic profit jumps 14 percent, Ishrak declares ‘outstanding’ performance
Medtronic PLC boosted its earnings 14 percent during the quarter that ended last month, and beat sales expectations with strong growth in structural heart devices, minimally invasive therapies and diabetes care products.
The Minnesota-run company this morning reported $1.7 billion in adjusted net income on nearly $7.5 billion in revenue during its fiscal second quarter, which ended Oct. 26. The revenue figure, which beat Wall Street analysts expectations for the three-month period, was up 7 percent over the same quarter last year on a constant currency basis.
Medtronic recorded $1.22 in adjusted diluted earnings per share, up 14 percent from last year, beating analysts expectations for the current quarter by 7 cents per share.
This was an outstanding quarter for Medtronic. We are executing on multiple fronts, Omar Ishrak, Medtronics chief executive, said in a statement. More exciting than our results this quarter is the progress we are making on our new product pipeline, which is stronger than at any time in our companys history.
The companys performance during the first half of its fiscal year will allow it to absorb incremental expenses throughout the remainder of the year, including an increased impact from international currency fluctuations, expected impacts from China tariffs, and the pending Mazor Robotics acquisition.
Medtronic is maintaining its fiscal-year adjusted EPS guidance in a range of $5.10 to $5.15, implying 9 percent to 10 percent growth on a constant currency basis if recent exchange rates hold for the remainder of the fiscal year.
Medtronic executives raised their guidance for organic revenue growth to a range of 5 to 5.5 percent, including a negative international currency impact of between $420 million and $520 million.
Over the remainder of this fiscal year and into fiscal 2020, we expect to develop and bring to market a number of innovative new technologies, which will improve the lives of millions of people around the world, help health care systems become more efficient, and generate significant value for our shareholders, Ishrak said in the announcement.
Joe Carlson 612-673-4779