MEDTRONIC PLC Reports First Quarter Earnings for FY2024 Ending July 31, 2023
August 25, 2023
🌥️Earnings Overview
On August 22 2023, MEDTRONIC PLC ($NYSE:MDT) reported their financial results for the quarter ending July 31 2023. The company earned a total revenue of USD 7702.0 million, a 4.5% increase year-on-year. However, net income declined 14.9% to USD 791.0 million, when compared to the same period in the prior year.
Share Price
On Tuesday, MEDTRONIC PLC reported its first quarter earnings for the fiscal year 2024 ending on July 31, 2023. The company’s stock opened the day at $82.6 and closed at $83.7, which is an increase of 2.6% from the previous closing price of $81.6. The report retained a positive outlook on the company’s future performance as well as their ability to remain competitive in the global market. MEDTRONIC PLC is the world’s largest medical technology company and is dedicated to transforming healthcare by providing advanced medical and surgical products, services, solutions, and therapies to meet the needs of healthcare professionals and patients around the world. The company provides innovative products and services to improve patient outcomes and reduce healthcare costs. The company is well-known for providing life-saving devices such as pacemakers, heart valves, implantable defibrillators, artificial joints, and orthopedic devices.
The company also offers benefits such as free product education and support programs, remote monitoring services, and online resources for healthcare providers and patients. Through its innovative products, services, and programs, MEDTRONIC PLC is well-positioned to continue to deliver value and improve patient outcomes in its markets. The strong first quarter earnings report from MEDTRONIC PLC demonstrates its commitment to providing healthcare providers and patients with the best possible products, services, and therapies. The company’s growing presence in the medical technology industry is evidence of its continued drive to improve patient outcomes and reduce healthcare costs across the globe. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Medtronic Plc. More…
| Total Revenues | Net Income | Net Margin |
| 31.56k | 3.62k | 12.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Medtronic Plc. More…
| Operations | Investing | Financing |
| 5.83k | -2.45k | -4.51k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Medtronic Plc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 90.78k | 39.41k | 38.47 |
Key Ratios Snapshot
Some of the financial key ratios for Medtronic Plc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.2% | 12.3% | 19.4% |
| FCF Margin | ROE | ROA |
| 14.1% | 7.5% | 4.2% |
Analysis
At GoodWhale, we have conducted an analysis of MEDTRONIC PLC‘s financials and have determined that it is a medium risk investment. This assessment is based on our Risk Rating, which looks at various financial and business aspects. Upon closer inspection, we have detected one risk warning in their balance sheet. If you would like to find out more about this risk factor, please register on goodwhale.com for an in-depth analysis of MEDTRONIC PLC’s financials. More…
Peers
With more than 85,000 employees worldwide, Medtronic offers a broad portfolio of products and services that are available in more than 155 countries. Medtronic’s competitors include Boston Scientific Corp, Apollo Endosurgery Inc, and Ion Beam Applications SA.
– Boston Scientific Corp ($NYSE:BSX)
Boston Scientific Corp is a leading medical device company with a market cap of 58.64B as of 2022. The company has a strong focus on innovation and has a return on equity of 5.95%. Boston Scientific Corp is a global leader in the development and manufacturing of medical devices for a range of conditions, including cardiovascular disease, cancer, and neurological disorders. The company’s products are used by physicians and patients around the world.
– Apollo Endosurgery Inc ($NASDAQ:APEN)
Apollo Endosurgery Inc is a medical device company that focuses on developing less invasive treatments for obesity, metabolic, and gastrointestinal disorders. The company has a market cap of 238.83M as of 2022 and a Return on Equity of -32.07%. Apollo’s products include the ORBERA Intragastric Balloon System, the LAP-BAND Adjustable Gastric Banding System, and the OverStitch Endoscopic Suturing System.
– Ion Beam Applications SA ($LTS:0GZK)
Ion Beam Applications (IBA) is a world leader in proton therapy, a type of cancer treatment that uses high-energy proton beams to kill cancer cells. IBA’s proton therapy solutions are used in over 80 hospitals worldwide, making it the largest provider of proton therapy systems in the world. IBA’s market cap is $413.64M as of 2022, and its ROE is 6.68%. The company’s proton therapy solutions are used to treat a wide range of cancers, including brain, breast, lung, and prostate cancer.
Summary
Investors in MEDTRONIC PLC were disappointed to see its first quarter FY2024 earnings results, as total revenue increased 4.5% y-o-y to USD 7702.0 million but net income decreased 14.9% y-o-y to USD 791.0 million. The decrease in net income was mostly attributed to higher operating costs and lower gross margins. Despite the short-term impacts of these weaker earnings, investors should remain cautiously optimistic as MEDTRONIC PLC continues its strong growth trajectory in the long-term, with an expansive product lineup and a well-established market presence.
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