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Medtronic (MDT) Tops Q1 EPS by 4c

August 22, 2017 6:46 AM EDT

Medtronic (NYSE: MDT) reported Q1 EPS of $1.12, $0.04 better than the analyst estimate of $1.08. Revenue for the quarter came in at $7.39 billion versus the consensus estimate of $7.45 billion.

  • Reiterates Full Year Revenue and EPS Guidance

The company's guidance is given on a comparable, constant currency basis, which accounts for the divestiture of certain businesses in its Patient Monitoring & Recovery division by removing the financial impact of these businesses from the second, third, and fourth quarters of fiscal year 2017, as well as removing the impact of foreign currency. In fiscal year 2018, the company expects comparable, constant currency revenue growth to be in the range of 4 to 5 percent. While the impact of foreign currency remains fluid, if current exchange rates remain similar for the remainder of the fiscal year, the company's revenue would be positively affected by approximately $380 million to $480 million for the fiscal year, including an approximate $25 to $75 million positive impact in the second fiscal quarter.

In fiscal year 2018, the company expects diluted non-GAAP EPS growth to be in the range of 9 to 10 percent on a comparable, constant currency basis. Assuming current exchange rates remain similar for the rest of the year, the company's non-GAAP EPS would be affected by an approximate negative $0.03 to positive $0.01, including an approximate $0.00 to positive $0.02 impact in the second fiscal quarter.

"Looking ahead, we have now entered a period of clear acceleration in our innovation cycle, and we expect to see increasing momentum coming from several new product launches over the balance of the fiscal year," said Ishrak. "Delivering innovative medical technology, such as our Micra Transcatheter Pacing System and MiniMed 670G Insulin Pump System, expanding in markets and geographies around the world, leading the shift to value-based healthcare, and purposefully deploying our capital are the foundations of our sustainable and diversified growth platform, positioning us to create value for patients, healthcare systems, and our shareholders."

For earnings history and earnings-related data on Medtronic (MDT) click here.



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