MINNEAPOLIS - Medtronic PLC (NYSE:MDT), a global leader in medical technology, services, and solutions, reported fourth-quarter earnings that slightly surpassed analyst expectations, with revenue also exceeding forecasts.
The company announced a Q4 EPS of $1.46, marginally higher than the analyst estimate of $1.45. Revenue for the quarter reached $8.59 billion, outpacing the consensus estimate of $8.44 billion and marking a 0.5% increase from the same period last year.
The company's stock saw a modest increase of 1% following the earnings release, indicating a positive, albeit restrained, market reaction to the results. Medtronic's performance was bolstered by broad-based growth across all four business segments, contributing to an organic revenue growth of 5.4% for the quarter.
For the full fiscal year 2024, Medtronic reported worldwide revenue of $32.364 billion, a 3.6% increase on a reported basis and a 5.2% rise on an organic basis, excluding certain one-time impacts and currency fluctuations. Adjusted EPS for FY24 came in at $5.20, a 2% decrease from the previous year, with foreign currency translation unfavorably impacting the figure by 33 cents.
Looking ahead, Medtronic provided guidance for FY25, projecting organic revenue growth in the range of 4% to 5%. Adjusting for foreign currency exchange and other revenues, reported revenue growth is expected to be between 2.4% and 3.7%. The company anticipates an adjusted EPS for FY2025 between $5.40 and $5.50, which brackets the consensus estimate of $5.45.
Geoff Martha, Medtronic's chairman and CEO, expressed optimism about the company's trajectory, citing "a strong finish to the fiscal year" and momentum building into FY25. "We're beginning new product cycles in some of MedTech's most attractive markets, which is further enhanced as we apply AI across our portfolio," Martha stated.
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