Medtronic (MDT) Tops Q2 EPS by 22c, Revenues Beat

Medtronic (NYSE: MDT) reported Q2 EPS of $1.02, $0.22 better than the analyst estimate of $0.80. Revenue for the quarter came in at $7.65 billion versus the consensus estimate of $7.07 billion.

• Q2 Revenue of $7.6 Billion Decreased 0.8% Reported and 1.5% Organic
• Q2 GAAP Diluted EPS of $0.36; Q2 Non-GAAP Diluted EPS of $1.02

"We're seeing a faster-than-expected recovery and approaching year-over-year growth. Our revenue growth is improving, our pipeline is advancing, and we're gaining share in an increasing number of businesses. At the same time, we're in the process of implementing our new operating model and augmenting our culture with a focus on market share and being bold," said Geoff Martha, Medtronic chief executive officer. "Despite the challenges posed by the pandemic, we're well positioned to accelerate growth over the medium- and long-term as we continue investing in and progressing a number of opportunities, creating value for society and our shareholders."

Guidance

Given the uncertainty on near-term financial results caused by the COVID-19 pandemic, the company is not providing formal annual or quarterly financial guidance at this time.

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

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