Medtronic (MDT) Tops Q2 EPS by 3c, Updates FY Guidance

Medtronic (NYSE: MDT) reported Q2 EPS of $1.31, $0.03 better than the analyst estimate of $1.28. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.66 billion.

GUIDANCE:

Medtronic sees FY2020 EPS of $5.57-$5.63, versus the consensus of $5.56.

• The company continues to expect revenue growth in its fiscal year 2020 to approximate 4.0 percent on an organic basis and for revenue growth to accelerate in the second half relative to the first. If current exchange rates hold, revenue growth in fiscal year 2020 would be negatively affected by 0.8 to 1.2 percent.
• The company increased its fiscal year 2020 diluted non-GAAP EPS guidance from the prior range of $5.54 to $5.60 to a new range of $5.57 to $5.63, including an estimated 9 cent negative impact from foreign exchange based on current rates.
• “The first half of this fiscal year has gone well, as we’ve executed to our commitments and delivered better-than-expected results,” said Ishrak. “As we look forward, we’re even more excited about what lies ahead, as the investments we’ve made in our pipeline begin to pay off by accelerating our revenue growth and creating value for our shareholders.”

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

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