NYSE$MDT
Medtronic PLC · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Medtronic's Q3 2024 financial results were reported, demonstrating strong growth in Core Spine, Cardiac Surgery, Structural Heart, and Cardiac Pacing, with Diabetes showing double-digit growth and U.S. business returning to growth. Full-year guidance was raised.
Medtronic reported a 4.7% increase in revenue to $8.1 billion, with organic revenue growth of 4.6%. GAAP EPS was $0.99, and non-GAAP EPS was $1.30. The company raised its full-year organic revenue growth and EPS guidance.
- Revenue increased by 4.7% as reported and 4.6% organically, reaching $8.1 billion.
- GAAP diluted EPS was $0.99, while non-GAAP diluted EPS was $1.30.
- The company raised its FY24 organic revenue growth guidance to a range of 4.75% to 5%.
- FDA approval was received for PulseSelect™ pulsed field ablation (PFA) system and Percept™ RC neurostimulator with BrainSense™ technology.
Headline financials
Revenue & EPS history
Medtronic · Revenue · Quarterly
$8.09B
Revenue by segment
Medtronic · $8.97B total across 8 segments · Q4 2026
- Cardiac Rhythm & Heart Failure$2.11B+21.8%23.5%
- Surgical & Endoscopy$1.82B+6.5%20.3%
- Cranial & Spinal Technologies$1.4B+4.5%15.6%
- Structural Heart & Aortic$1B+6.1%11.2%
- Diabetes$837M+15.0%9.3%
- Coronary & Peripheral Vascular$685M+3.9%7.6%
- Acute Care & Monitoring$568M+12.9%6.3%
- Neuromodulation$542M+4.2%6.0%
Forward guidance
Medtronic raised its FY24 revenue growth and EPS guidance. The company increased its FY24 organic revenue growth guidance from the prior 4.75% to the new range of 4.75% to 5%. The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.13 to $5.19 to the new range of $5.19 to $5.21.
Tailwinds
- Increased FY24 organic revenue growth guidance to 4.75% - 5%.
- Increased FY24 diluted non-GAAP EPS guidance to $5.19 - $5.21.
- Cost efficiency programs helped offset the impact of inflation, tax, and currency.
- Focused on restoring earnings power and creating value for shareholders.
- Building momentum with solid execution on commitments.
Headwinds
- Foreign currency translation had an unfavorable impact on non-GAAP diluted EPS.
- Ventilator sales declined mid-twenties.
- Other revenue decreased (79.0)%.
- U.S. Diabetes revenue decreased (3.2)%.
- Uncertainty in the timing and impact of potential charges or gains on GAAP EPS.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
-0.1%
Avg return
Earnings day
+0.2%
Avg return
5 days after
-1.4%
Avg return
30 days after
58%
38 / 66 earnings
Positive
+6.2%
Q1 2019
Best reaction
-7.3%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +5.3% | +9.4% | — | |
| 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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro