Medtronic Reports Q4 Revenue Growth of 5.6% and Non-GAAP EPS of $1.57, Ahead of Expectations
Key Financial Results
Revenue:
* Q4 revenue of $8.0 billion, an increase of 5.3% as reported and 5.0% organically * FY24 revenue of $32.4 billion, an increase of 3.6% as reported and 5.2% organically
Earnings:
* GAAP diluted EPS of $0.70, an increase of 2.5% * Non-GAAP diluted EPS of $1.13, a decrease of 7.2%
Key Highlights
* Medtronic's strong Q4 performance was driven by growth in its Cardiac and Vascular Devices and Restorative Therapies Group segments. * The company's adjusted gross margin was 76.2%, a slight increase from the prior-year period. * Medtronic reiterated its fiscal 2024 non-GAAP EPS guidance of $5.25 to $5.35. * The company also announced a quarterly dividend of $0.63 per share, payable on April 14, 2023, to shareholders of record as of March 14, 2023.
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