Medtronic (NYSE: MDT) reported Q2 EPS of $1.22, $0.07 better than the analyst estimate of $1.15. Revenue for the quarter came in at $7.5 billion versus the consensus estimate of $7.35 billion.

GUIDANCE:

Medtronic sees FY2019 EPS of $5.10-$5.15, versus the consensus of $5.12.

• The company today updated its fiscal year 2019 guidance.
• For fiscal year 2019, the company is increasing its organic revenue growth guidance from a range of 4.5 to 5.0 percent to a range of 5.0 to 5.5 percent. If recent exchange rates hold for the remainder of the fiscal year, the company's fiscal year 2019 revenue would be negatively affected by approximately $420 million to $520 million.
• Medtronic's operational outperformance in the first half of fiscal year 2019 is allowing the company to absorb incremental expenses, including an increased impact of foreign exchange since the beginning of the fiscal year and expected impacts of China tariffs and the pending Mazor acquisitionin the second half of the fiscal year, such that the company is maintaining its fiscal year 2019 diluted non-GAAP EPS guidance in the range of $5.10 to $5.15. If recent exchange rates hold for the remainder of the fiscal year, foreign exchange would have a neutral impact on the company's fiscal year 2019 EPS, implying a constant currency EPS growth forecast of 9 to 10 percent.
• "Our end markets are strong, and we are leading in most of the fastest growing markets in medical technology," said Ishrak. "Over the remainder of this fiscal year and into fiscal 2020, we expect to develop and bring to market a number of innovative new technologies, which will improve the lives of millions of people around the world, help healthcare systems become more efficient, and generate significant value for our shareholders."

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