NYSE$MDT
Medtronic PLC · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Medtronic's Q1 2024 financial results were reported, showing broad strength across businesses and geographies, resulting in mid-single digit revenue growth.
Medtronic reported a solid start to fiscal year 2024, with revenue of $7.7 billion, a 4.5% increase as reported and 6.0% organic. GAAP EPS was $0.59, a 16% decrease, while non-GAAP EPS was $1.20, a 6% increase. The company has raised its FY24 organic revenue growth and EPS guidance.
- Revenue of $7.7 billion increased 4.5% as reported and 6.0% organic.
- GAAP diluted earnings per share (EPS) of $0.59 decreased 16%; non-GAAP diluted EPS of $1.20 increased 6%.
- Company increases FY24 organic revenue growth and EPS guidance.
- Commenced U.S. launches of the MiniMed™ 780G system with Guardian™ 4 sensor in Diabetes and the Micra™ AV2 and Micra™ VR2 leadless pacemakers in Cardiovascular.
Headline financials
Revenue & EPS history
Medtronic · Revenue · Quarterly
$7.7B
Revenue by segment
Medtronic · $7.7B total across 10 segments · Q1 2024
- Surgical & Endoscopy$1.55B+15.5%20.1%
- Cardiac Rhythm & Heart Failure$1.45B+3.8%18.8%
- Cranial & Spinal Technologies$1.1B+5.8%14.3%
- Structural Heart & Aortic$814M+9.9%10.6%
- Specialty Therapies$695M+4.2%9.0%
- Coronary & Peripheral Vascular$589M+1.7%7.6%
- Diabetes$578M+6.8%7.5%
- Acute Care & Monitoring$493M—6.4%
- Neuromodulation$420M+3.7%5.5%
- Other$16M-97.6%0.2%
Forward guidance
The company raised its FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5%. The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.00 to $5.10 to the new range of $5.08 to $5.16.
Tailwinds
- Revenue outperformance
- Focus on expense management
- Operating margin expansion
- Mid-single digit adjusted earnings growth
- Improved fundamentals
Headwinds
- Impact of foreign currency
- Revenue related to certain businesses reported as Other
- Uncertainty of potential charges or gains
- Difficult to predict the timing of recognition of potential charges or gains
- Such items could have a substantial impact on GAAP measures of financial performance.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
-0.2%
Avg return
Earnings day
-0.0%
Avg return
5 days after
-1.4%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+6.2%
Q1 2019
Best reaction
-7.3%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -2.8% | -2.6% | -12.7% | |
| Q2 2026 | +3.9% | +5.1% | +2.3% | |
| Q1 2026 | -3.1% | -0.1% | +3.0% | |
| Q4 2025 | -2.2% | -6.6% | -0.0% | |
| Q3 2025 | -7.3% | -3.1% | -1.7% | |
| Q2 2025 | -4.0% | -1.6% | -8.7% | |
| Q1 2025 | +3.2% | +4.2% | +5.5% | |
| Q4 2024 | -4.0% | -4.4% | -4.8% | |
| Q3 2024 | +1.8% | +1.5% | -1.2% | |
| Q2 2024 | +4.3% | +5.1% | +9.0% | |
| Q1 2024 | +2.5% | +0.7% | -1.4% | |
| Q4 2023 | -6.9% | -5.7% | -0.0% | |
| Q3 2023 | +0.4% | -1.5% | -8.5% | |
| Q2 2023 | -4.0% | -3.9% | -6.3% | |
| Q1 2023 | -4.1% | -3.9% | -10.2% | |
| Q4 2022 | -6.1% | -5.1% | -14.5% | |
| Q3 2022 | +2.4% | +5.2% | +5.7% | |
| Q2 2022 | -2.1% | -5.0% | -12.0% | |
| Q1 2022 | +4.7% | +4.1% | +1.7% | |
| Q4 2021 | +0.3% | -0.8% | +2.8% | |
| Q3 2021 | +2.6% | +1.1% | +0.7% | |
| Q2 2021 | +2.1% | +3.3% | +2.8% | |
| Q1 2021 | +3.9% | +7.7% | +1.1% | |
| Q4 2020 | -3.4% | -0.9% | -4.3% | |
| Q3 2020 | -3.0% | -3.5% | -32.5% | |
| Q2 2020 | +0.5% | -0.4% | +2.0% | |
| Q1 2020 | +3.5% | +1.8% | +6.6% | |
| Q4 2019 | +4.8% | +2.9% | +12.0% | |
| Q3 2019 | +0.6% | +1.6% | -0.2% | |
| Q2 2019 | +2.9% | +1.8% | -0.5% | |
| Q1 2019 | +6.2% | +6.1% | +8.3% | |
| Q4 2018 | +1.2% | +0.2% | +1.8% | |
| Q3 2018 | -3.1% | -3.5% | -6.2% | |
| Q2 2018 | +4.4% | +5.5% | +3.3% | |
| Q1 2018 | -4.5% | -5.3% | -4.8% | |
| Q4 2017 | +0.5% | +0.2% | +5.3% | |
| Q3 2017 | +0.9% | +2.7% | +2.5% | |
| Q2 2017 | -6.0% | -6.3% | -11.0% | |
| Q1 2017 | -0.1% | +0.2% | +1.2% | |
| Q4 2016 | -1.4% | +1.5% | +6.2% | |
| Q3 2016 | -3.6% | — | — | |
| Q2 2016 | +2.7% | — | — | |
| Q1 2016 | -3.6% | — | — | |
| Q4 2015 | +0.2% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | +3.7% | — | — | |
| Q1 2015 | +1.1% | — | — | |
| Q4 2014 | -1.0% | — | — | |
| Q3 2014 | -1.2% | — | — | |
| Q2 2014 | -2.4% | — | — | |
| Q1 2014 | -2.6% | — | — | |
| Q4 2013 | +3.3% | — | — | |
| Q3 2013 | -5.0% | — | — | |
| Q2 2013 | +1.6% | — | — | |
| Q1 2013 | +1.2% | — | — | |
| Q4 2012 | +2.1% | — | — | |
| Q3 2012 | +2.0% | — | — | |
| Q2 2012 | -6.5% | — | — | |
| Q1 2012 | -3.2% | — | — | |
| Q4 2011 | +1.5% | — | — | |
| Q3 2011 | +1.4% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q1 2010 | +1.5% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q3 2009 | +0.6% | — | — |
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