- Medtronic press release (NYSE:MDT): Q1 Non-GAAP EPS of $1.13 beats by $0.01.
- Revenue of $7.37B (-7.8% Y/Y) beats by $160M.
- "The company continues to execute in a challenging environment, delivering organic revenue above our guidance," said Geoff Martha, Medtronic chairman and chief executive officer. "As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth."
- The company continues to expect organic revenue growth in its fiscal year 2023 in the range of 4% to 5%. If recent foreign currency exchange rates hold, fiscal year 2023 revenue growth would be negatively affected by approximately $1.4B to $1.5B versus the previously stated $1.0 to $1.1B impact.
The company continues to expect FY2023 diluted non-GAAP EPS in the range of $5.53 to $5.65, including an estimated 17 to 22 cent negative impact from foreign currency vs. consensus of $5.57.