Medtronic (NYSE: MDT) reported Q2 EPS of $1.32, $0.03 better than the analyst estimate of $1.29. Revenue for the quarter came in at $7.8 billion versus the consensus estimate of $7.96 billion.

GUIDANCE:

Medtronic sees FY2022 EPS of $5.65-$5.75, versus the consensus of $5.71.

• The company today updated its revenue growth guidance and reiterated its EPS guidance range for fiscal year 2022.
• Given the greater-than-expected market impact of the pandemic and healthcare system staffing challenges in the fiscal second quarter, which is expected to continue into the second half of the fiscal year, the company now expects fiscal year 2022 revenue growth of 7-8% on an organic basis versus the prior expectation of approximately 9%. If recent foreign currency exchange rates hold, revenue growth in fiscal year 2022 would be positively affected by approximately $0 to $50 million versus the $100 to $200 million positive impact previously.
• The company reiterated its fiscal year 2022 diluted non-GAAP EPS guidance range of $5.65 to $5.75, including an estimated 5 to 10 cent positive impact from foreign currency exchange based on recent rates.
• "We delivered strong margin improvement, earnings growth, and free cash flow in a tough environment this quarter," said Karen Parkhill, Medtronic chief financial officer. "While we expect our markets to continue to be affected by the pandemic in the second half of our fiscal year, we remain focused on delivering solid revenue growth and strong earnings growth while investing in our robust pipeline."

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