- Medtronic Plc’s (NYSE:MDT) Q1 FY23 sales of $7.37 billion decreased 8% Y/Y on a reported basis and 4% organically, beating the consensus of $7.22 billion.
- Q1 adjusted EPS of $1.13 decreased 17%, beating the analyst consensus of $1.12 and aligning with the company expectations.
- Related: What To Expect From Medtronic Earnings Next Week? An Analyst Answers.
- Medtronic’s heart device unit sales decreased 6% Y/Y (1% organic) to $2.71 billion.
- Spine & neurosurgery product segment sales declined 4% Y/Y (-2%) to $2.12 billion.
- Diabetes revenue of $541 million decreased 5% as reported and was flat on an organic basis.
- The Medical Surgical Portfolio sales decreased 14% (-9% organic) to $2 billion.
- Guidance: Medtronic reaffirms FY23 organic revenue growth of 4% – 5%. If current foreign currency exchange rates hold, FY23 sales would be negatively affected by approximately $1.4-$1.5 billion versus $1-$1.1 billion stated previously.
- It continues to expect adjusted EPS of $5.53 – $5.65, compared to the consensus of $5.56.
- Price Action: MDT shares are up 0.48% at $93.54 during the premarket session on the last check Tuesday.
What’s Going On With T-Mobile US Stock Thursday?
T-Mobile US, Inc (NASDAQ: TMUS) disclosed plans to downsize its workforce by just under 7% or 5,000 positions.
