Medtronic Raises FY25 Organic Revenue Growth, EPS Guidance - Update

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Medtronic plc (MDT) raised fiscal 2025 non-GAAP EPS guidance to the new range of $5.44 to $5.50 versus the prior guidance range of $5.42 to $5.50. The guidance represents non-GAAP EPS growth in the range of 4.6% to 5.8%. The company also raised organic revenue growth guidance to 4.75% to 5% versus the prior range of 4.5% to 5%. Including other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, revenue growth on an adjusted basis would be in the range of 3.4% to 3.9%.

Gary Corona, interim CFO, said: "And now, as the impact from foreign currency abates, we expect to report high-single digit adjusted EPS growth in the back half of our fiscal year, in line with our long-term commitment to deliver durable, mid-single digit organic revenue growth with EPS leverage."

Q2 Results:

Second quarter GAAP net income and earnings per share were $1.270 billion and $0.99, respectively, increases of 40% and 46%, respectively. Non-GAAP net income and non-GAAP EPS were $1.620 billion and $1.26, respectively, a decrease of 3% and an increase of 1%, respectively. Non-GAAP adjusted EPS grew 8% on a constant currency basis. Analysts on average had expected the company to earn $1.25 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Second quarter worldwide revenue was $8.403 billion, an increase of 5.3% as reported and 5.0% on an organic basis. Analysts on average had estimated $8.27 billion in revenue.

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