Le Lézard
Classified in: Health, Business, Covid-19 virus
Subjects: ERN, ERP, BFA

Medtronic reports first quarter fiscal 2023 financial results


Revenue exceeds guidance, with known supply chain challenges impacting results; notable strength in Pacing, Cardiac Surgery, Core Spine in the U.S., and Diabetes in Europe

DUBLIN, Aug. 23, 2022 /CNW/ -- Medtronic plc (NYSE:MDT) today announced financial results for its first quarter of fiscal year 2023, which ended July 29, 2022.

Key Highlights

"We're executing in a challenging environment with several pipeline catalysts approaching." Chairman & CEO Geoff Martha

The company reported worldwide revenue of $7.371 billion, a decrease of 8% as reported and 4% on an organic basis. The organic comparison excludes a $351 million negative impact from foreign currency translation and a $20 million contribution from the company's recent acquisition of Intersect ENT, which is reported in the Specialty Therapies division in the Neuroscience Portfolio. Unless otherwise stated, all revenue growth rates in this press release are on an organic basis, which excludes the impact of foreign currency translation and revenue from the Intersect ENT acquisition. The company's first quarter organic revenue results reflect the impact of known supply chain shortages, as well as unfavorable comparisons to the prior year given last year's strong ventilator sales and market procedure recovery following the third COVID-19 wave.

As reported, first quarter GAAP net income and diluted earnings per share (EPS) were $929 million and $0.70, respectively, increases of 22% and 25%, respectively. As detailed in the financial schedules included at the end of this release, first quarter non-GAAP net income and non-GAAP diluted EPS were $1.502 billion and $1.13, respectively, decreases of 18% and 17%, respectively. The company's earnings reflect the continued impact to certain procedure volumes and the macroeconomic impacts of inflation and foreign currency translation.

First quarter U.S. revenue of $3.766 billion represented 51% of company revenue and decreased 8% as reported and 9% organic. Non-U.S. developed market revenue of $2.328 billion represented 32% of company revenue and decreased 10% as reported and increased 2% organic. Emerging Markets revenue of $1.276 billion represented 17% of company revenue and decreased 1% as reported and increased 2% organic.

"The company continues to execute in a challenging environment, delivering organic revenue above our guidance," said Geoff Martha, Medtronic chairman and chief executive officer. "As we look ahead, our supply chain is improving, we have several near-term pipeline catalysts approaching, and we are confident in our ability to accelerate growth." 

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Cardiovascular revenue of $2.713 billion decreased 6% as reported and 1% organic, with low-single digit declines in CRHF and CPV and flat year-over-year results in SHA, all on an organic basis.

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical Innovations (SI) and the Respiratory, Gastrointestinal & Renal (RGR) divisions. Medical Surgical revenue of $2.001 billion decreased 14% as reported and 9% organic, with high-single digit declines in both SI and RGR. Excluding the impact of ventilator sales given the increased COVID-19 related demand in the prior year, Medical Surgical revenue decreased 7% organic.

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Neuroscience revenue of $2.115 billion decreased 4% as reported and 2% organic, with mid-single digit declines in CST and Neuromodulation, partially offset by mid-single digit increases in Specialty Therapies, all on an organic basis.

Diabetes
Diabetes revenue of $541 million decreased 5% as reported and was flat year-over-year organic. U.S. revenue declined mid-teens, given the absence of new product approvals. This was offset by low-double digit organic growth in non-U.S. developed markets and mid-teens organic growth in emerging markets. International sales were driven by mid-twenties growth in sales of continuous glucose monitoring (CGM) products and low-double digit growth in consumable sales, offset by low-single digit declines in sales of durable insulin pumps.

Guidance
The company today reiterated its revenue growth and EPS guidance ranges for fiscal year 2023.

The company continues to expect organic revenue growth in its fiscal year 2023 in the range of 4% to 5%. If recent foreign currency exchange rates hold, fiscal year 2023 revenue growth would be negatively affected by approximately $1.4 billion to $1.5 billion versus the previously stated $1.0 to $1.1 billion impact.

The company continues to expect fiscal year 2023 diluted non-GAAP EPS in the range of $5.53 to $5.65, including an estimated 17 to 22 cent negative impact from foreign currency.

"While our markets are facing macroeconomic challenges, we're focused on identifying ways to offset their impact to our financials," said Karen Parkhill, Medtronic chief financial officer. "Looking ahead, we expect organic revenue growth to improve each quarter, with the second half of the fiscal year much stronger than the first. We are optimistic about our future, as we create markets and realize new opportunities."

Webcast Information
Medtronic will host a webcast today, August 23, at 8:00 a.m. EDT (7:00 a.m. CDT) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com and this earnings release will be archived at news.medtronic.com. Medtronic will be live tweeting during the webcast on its Newsroom Twitter account, @Medtronic. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com.

Medtronic plans to report its fiscal year 2023 second, third, and fourth quarter results on November 22, 2022, February 21, 2023, and Thursday, May 25, 2023, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules
The first quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the first quarter and fiscal year 2023 earnings presentation, click here.

 

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)



FIRST QUARTER


REPORTED




CONSTANT CURRENCY

(in millions)

FY23


FY22


Growth


Currency
Impact(2)


FY23


Growth(3)

Cardiovascular

$            2,713


$            2,890


(6.1) %


$             (138)


$            2,851


(1.3) %

Cardiac Rhythm & Heart Failure

1,393


1,483


(6.1)


(71)


1,464


(1.3)

Structural Heart & Aortic

741


787


(5.8)


(43)


784


(0.4)

Coronary & Peripheral Vascular

579


620


(6.6)


(25)


604


(2.6)

Medical Surgical

2,001


2,322


(13.8)


(115)


2,116


(8.9)

Surgical Innovations

1,338


1,554


(13.9)


(82)


1,420


(8.6)

Respiratory, Gastrointestinal, & Renal

664


768


(13.5)


(34)


698


(9.1)

Neuroscience

2,115


2,204


(4.0)


(64)


2,179


(1.1)

Cranial & Spinal Technologies

1,043


1,123


(7.1)


(28)


1,071


(4.6)

Specialty Therapies

667


641


4.1


(22)


689


7.5

Neuromodulation

405


440


(8.0)


(15)


420


(4.5)

Diabetes

541


572


(5.4)


(33)


574


0.3

TOTAL

$            7,371


$            7,987


(7.7) %


$             (351)


$            7,722


(3.3) %


(1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(2) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(3) The first quarter of 2023 includes $20 million of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue, first quarter 2023 revenue declined approximately 3.6 percent organic.

 

MEDTRONIC PLC

U.S.(1)(2) REVENUE



FIRST QUARTER


REPORTED

(in millions)

FY23


FY22


Growth(3)

Cardiovascular

$                1,298


$                1,420


(8.6) %

Cardiac Rhythm & Heart Failure

717


770


(6.9)

Structural Heart & Aortic

312


347


(10.1)

Coronary & Peripheral Vascular

269


303


(11.2)

Medical Surgical

843


990


(14.8)

Surgical Innovations

509


620


(17.9)

Respiratory, Gastrointestinal, & Renal

334


370


(9.7)

Neuroscience

1,419


1,446


(1.9)

Cranial & Spinal Technologies

762


795


(4.2)

Specialty Therapies

380


360


5.6

Neuromodulation

276


291


(5.2)

Diabetes

206


245


(15.9)

TOTAL

$                3,766


$                4,101


(8.2) %


(1) U.S. includes the United States and U.S. territories.

(2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3) The first quarter of 2023 includes $20 million of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue, first quarter 2023 revenue declined approximately 8.7 percent organic.

 

MEDTRONIC PLC

WORLD WIDE REVENUE: GEOGRAPHIC (1)(2)

(Unaudited)



FIRST QUARTER


REPORTED




CONSTANT CURRENCY

(in millions)

FY23


FY22


Growth


Currency
Impact(3)


FY23


Growth(4)

U.S.

$            1,298


$            1,420


(8.6) %


$                ?


$            1,298


(8.6) %

Non-U.S. Developed

892


1,003


(11.1)


(122)


1,014


1.1

Emerging Markets

523


467


12.0


(16)


539


15.4

Cardiovascular

2,713


2,890


(6.1)


(138)


2,851


(1.3)

U.S.

843


990


(14.8)


?


843


(14.8)

Non-U.S. Developed

767


869


(11.7)


(104)


871


0.2

Emerging Markets

392


463


(15.3)


(11)


403


(13.0)

Medical Surgical

2,001


2,322


(13.8)


(115)


2,116


(8.9)

U.S.

1,419


1,446


(1.9)


?


1,419


(1.9)

Non-U.S. Developed

407


465


(12.5)


(56)


463


(0.4)

Emerging Markets

290


293


(1.0)


(9)


299


2.0

Neuroscience

2,115


2,204


(4.0)


(64)


2,179


(1.1)

U.S.

206


245


(15.9)


?


206


(15.9)

Non-U.S. Developed

264


263


0.4


(33)


297


12.9

Emerging Markets

72


63


14.3


?


72


14.3

Diabetes

541


572


(5.4)


(33)


574


0.3

U.S.

3,766


4,101


(8.2)


?


3,766


(8.2)

Non-U.S. Developed

2,328


2,601


(10.5)


(315)


2,643


1.6

Emerging Markets

1,276


1,286


(0.8)


(35)


1,311


1.9

TOTAL

$            7,371


$            7,987


(7.7) %


$             (351)


$            7,722


(3.3) %


(1) U.S. includes the United States and U.S. territories. Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries of Western Europe. Emerging Markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as previously defined.

(2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4) The first quarter of 2023 includes $20 million of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue, first quarter 2023 revenue declined approximately 3.6 percent organic.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) 



Three months ended

(in millions, except per share data)

July 29, 2022


July 30, 2021

Net sales

$             7,371


$             7,987

Costs and expenses:




Cost of products sold, excluding amortization of intangible assets

2,516


2,598

Research and development expense

692


750

Selling, general, and administrative expense

2,567


2,547

Amortization of intangible assets

423


436

Restructuring charges, net

14


11

Certain litigation charges, net

?


26

Other operating expense, net

35


760

Operating profit

1,125


859

Other non-operating income, net

(83)


(111)

Interest expense

164


137

Income before income taxes

1,044


833

Income tax provision

112


64

Net income

931


769

Net income attributable to noncontrolling interests

(2)


(6)

Net income attributable to Medtronic

$                929


$                763

Basic earnings per share

$               0.70


$               0.57

Diluted earnings per share

$               0.70


$               0.56

Basic weighted average shares outstanding

1,329.4


1,344.5

Diluted weighted average shares outstanding

1,334.5


1,356.4


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Three months ended July 29, 2022

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
Attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$  7,371


$   2,516


65.9 %


$     1,125


15.3 %


$      1,044


$          929


$   0.70


10.7 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)

?


(20)


0.3


76


1.0


76


60


0.04


21.1

Acquisition-related items (3)

?


(11)


0.1


35


0.5


35


29


0.02


17.1

(Gain)/loss on minority investments (4)

?


?


?


?


?


(4)


(4)


?


?

Medical device regulations (5)

?


(18)


0.2


32


0.4


32


26


0.02


18.8

Amortization of intangible assets

?


?


?


423


5.7


423


359


0.27


15.4

RCS impairments / costs (6)

?


?


?


74


1.0


74


73


0.05


1.4

Debt redemption premium and other charges (7)

?


?


?


?


?


53


42


0.03


20.8

Certain tax adjustments, net (8)

?


?


?


?


?


?


(13)


(0.01)


?

Non-GAAP

$  7,371


$   2,467


66.5 %


$     1,765


23.9 %


$      1,734


$       1,502


$   1.13


13.3 %

Currency impact

351


82


0.5


50


(0.4)






0.03



Currency Adjusted

$  7,722


$   2,549


67.0 %


$     1,815


23.5 %






$   1.16






















Three months ended July 30, 2021

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
Attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$  7,987


$   2,598


67.5 %


$       859


10.8 %


$         833


$          763


$   0.56


7.7 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)

?


(33)


0.4


81


1.0


81


65


0.05


21.0

Acquisition-related items (1) (3)

?


(5)


0.1


19


0.2


19


17


0.01


5.3

Certain litigation charges

?


?


?


26


0.3


26


21


0.02


19.2

(Gain)/loss on minority investments (4)

?


?


?


?


?


(31)


(29)


(0.02)


?

Medical device regulations (5)

?


(11)


0.1


21


0.3


21


17


0.01


19.0

Amortization of intangible assets

?


?


?


436


5.5


436


366


0.27


15.8

MCS impairments / costs (9)

?


(58)


0.7


726


9.1


726


564


0.42


22.3

Certain tax adjustments, net (10)

?


?


?


?


?


?


53


0.04


?

Non-GAAP (1)

$  7,987


$   2,491


68.8 %


$     2,168


27.1 %


$      2,111


$       1,838


$   1.36


12.7 %


See description of non-GAAP financial measures contained in the press release dated August 23, 2022.



(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. Starting with the quarter ended April 29, 2022, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators due to recent industry guidance from the U.S. Securities and Exchange Commission. Historical non-GAAP financial measures presented in our earnings release have been recast for comparability.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)

The charges primarily include business combination costs and changes in fair value of contingent consideration.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The charges predominantly include non-cash pre-tax impairments, primarily related to goodwill, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc.

(7)

The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within interest expense within the consolidated statements of income.

(8)

The net benefit is due to a valuation allowance release associated with certain carryover attributes as a result of the anticipated RCS transaction listed above in (6) partially offset by the amortization of previously established deferred tax assets from intercompany intellectual property transactions.

(9)

The charges relate to the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System within the Mechanical Circulatory Support Operating Unit (MCS). The charges included $515 million of non-cash impairments, primarily related to $409 million of intangible asset impairments, as well as $211 million for commitments and obligations in connection with the decision, including customer support obligations, restructuring, and other associated costs. Medtronic is committed to serving the needs of the approximately 3,200 patients currently implanted with the HVAD System.

(10)

The charges are associated with a change in the company's permanently reinvestment assertion on certain historical earnings and the amortization on previously established deferred tax assets from intercompany intellectual property transactions.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Three months ended July 29, 2022

(in millions)

Net Sales


SG&A
Expense


SG&A
Expense as
a % of Net
Sales


R&D
Expense


R&D
Expense
as a % of
Net Sales


Other
Operating
Expense
(Income),
net


Other
Operating
Expense, net
as a % of
Net Sales


Other Non-
Operating
(Income)
Expense, net

GAAP

$      7,371


$     2,567


34.8 %


$       692


9.4 %


$           35


0.5 %


$            (83)

Non-GAAP Adjustments:
















Restructuring and associated costs (2)

?


(41)


(0.6)


?


?


?


?


?

Acquisition-related items (3)

?


?


?


?


?


(24)


(0.3)


?

Medical device regulations (4)

?


?


?


(14)


(0.2)


?


?


?

RCS impairments / costs (5)

?


(7)


(0.1)


?


?


(68)


(0.9)


?

Gain/(loss) on minority investments (6)

?


?


?


?


?


?


?


4

Non-GAAP

$      7,371


$     2,518


34.2 %


$       678


9.2 %


$          (57)


(0.8) %


$            (79)

Currency impact

351


95


(0.4)


9


(0.3)


114


1.5


(2)

Currency Adjusted

$      7,722


$     2,613


33.8 %


$       687


8.9 %


$           57


0.7 %


$            (81)


See description of non-GAAP financial measures contained in the press release dated August 23, 2022.



(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)

The charges primarily include business combination costs and changes in fair value of contingent consideration.

(4)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(5)

The charges predominantly include non-cash pre-tax impairments, primarily related to goodwill, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc.

(6)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.



 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Three months ended


Three months ended

(in millions)

July 29, 2022


July 30, 2021

Net cash provided by operating activities

$                     1,083


$                     1,292

Additions to property, plant, and equipment

(426)


(378)

Free Cash Flow (2)

$                       657


$                        914


See description of non-GAAP financial measures contained in the press release dated August 23, 2022.



(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

 

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in millions)


July 29, 2022


April 29, 2022

ASSETS





Current assets:





Cash and cash equivalents


$                2,140


$                3,714

Investments


6,733


6,859

Accounts receivable, less allowances and credit losses of $219 and $230, respectively


5,308


5,551

Inventories, net


4,809


4,616

Other current assets


3,145


2,318

Total current assets


22,135


23,059

Property, plant, and equipment


13,323


13,365

Accumulated depreciation


(8,043)


(7,952)

Property, plant, and equipment, net


5,281


5,413

Goodwill


40,324


40,502

Other intangible assets, net


15,775


15,595

Tax assets


3,311


3,403

Other assets


3,088


3,008

Total assets


$             89,914


$             90,981

LIABILITIES AND EQUITY





Current liabilities:





Current debt obligations


$                5,729


$                3,742

Accounts payable


2,180


2,276

Accrued compensation


1,773


2,121

Accrued income taxes


549


704

Other accrued expenses


3,816


3,551

Total current liabilities


14,049


12,394

Long-term debt


17,481


20,372

Accrued compensation and retirement benefits


1,102


1,113

Accrued income taxes


2,102


2,087

Deferred tax liabilities


899


884

Other liabilities


1,440


1,410

Total liabilities


37,071


38,260

Commitments and contingencies





Shareholders' equity:





Ordinary shares? par value  $0.0001, 2.6 billion shares authorized, 1,329,276,973 and
1,330,743,395 shares issued and outstanding, respectively


?


?

Additional paid-in capital


24,335


24,566

Retained earnings


30,276


30,250

Accumulated other comprehensive loss


(1,939)


(2,265)

Total shareholders' equity


52,672


52,551

Noncontrolling interests


170


171

Total equity


52,843


52,722

Total liabilities and equity


$             89,914


$             90,981


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Three months ended

(in millions)


July 29, 2022


July 30, 2021

Operating Activities:





Net income


$                     931


$                     769

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


668


671

Provision for credit losses


15


15

Deferred income taxes


(18)


(11)

Stock-based compensation


62


69

Loss on debt extinguishment


53


?

MCS asset impairment and inventory write-down


?


515

Other, net


121


116

Change in operating assets and liabilities, net of acquisitions and divestitures:





Accounts receivable, net


89


(40)

Inventories, net


(380)


(75)

Accounts payable and accrued liabilities


(147)


(416)

Other operating assets and liabilities


(311)


(321)

Net cash provided by operating activities


1,083


1,292

Investing Activities:





Acquisitions, net of cash acquired


(1,191)


?

Additions to property, plant, and equipment


(426)


(378)

Purchases of investments


(1,884)


(2,654)

Sales and maturities of investments


1,886


2,324

Other investing activities, net


30


(76)

Net cash used in investing activities


(1,585)


(784)

Financing Activities:





Proceeds from short-term borrowings (maturities greater than 90 days)


2,284


?

Payments on long-term debt


(2,311)


(1)

Dividends to shareholders


(903)


(846)

Issuance of ordinary shares


43


111

Repurchase of ordinary shares


(336)


(315)

Other financing activities


273


(4)

Net cash used in financing activities


(950)


(1,055)

Effect of exchange rate changes on cash and cash equivalents


(122)


(42)

Net change in cash and cash equivalents


(1,574)


(589)

Cash and cash equivalents at beginning of period


3,714


3,593

Cash and cash equivalents at end of period


$                  2,140


$                  3,004






Supplemental Cash Flow Information





Cash paid for:





Income taxes


$                     260


$                     249

Interest


68


63


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission ? to alleviate pain, restore health, and extend life ? unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly figures increasing, decreasing or remaining flat are in comparison to fiscal year 2022.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Starting with the quarter ended April 29, 2022, the Company no longer adjusts non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators. Historical non-GAAP financial measures have been recast for comparability. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Contacts:




Erika Winkels           

Ryan Weispfenning

Public Relations         

Investor Relations

+1-763-526-8478       

+1-763-505-4626

SOURCE Medtronic plc


These press releases may also interest you

at 08:51
The National Pressure Injury Advisory Panel (NPIAP) is pleased to be celebrating our 35th Anniversary. The organization was formed when a multidisciplinary group of 15 concerned healthcare professionals, led by Dr. Thomas P. Stewart, held their first...

at 08:44
Medical Technology Associates, LLC (MTA) is pleased to announce the acquisition of Energy Plus, Inc and its family of companies headquartered in Harrisburg, PA. Energy Plus is a recognized leader in Controlled Environments with an extensive portfolio...

at 08:43
Board-certified celebrity plastic surgeon Dr. Alexis Parcells, MD was recently featured as a labiaplasty expert on POOSH, a digital lifestyle and wellness platform founded by Kourtney Kardashian. Labiaplasty, once considered taboo, has exploded in...

at 08:40
The "Focused Ion Beam Market by Ion Source (Ga+ Liquid Metal, Plasma, Gas Field), Application (Failure Analysis, Nanofabrication, Device Modification, Circuit Edit, Counterfeit Detection), Vertical and Region - Global Forecast to 2028" report has...

at 08:39
The Joint Corp. , the nation's largest provider of chiropractic care through The Joint Chiropractic® network, has been named to Entrepreneur magazine's Franchise 500® ranking for 2023. After achieving a No. 57 ranking in 2022, The Joint moves up five...

at 08:39
Black Rock Nutraceuticals today announced its expanded lineup of Nápreva for people and Nápreva K9 for dogs.  Nápreva is a dietary supplement comprised of concentrated sage, West African black pepper, Japanese cypress and avocado terpenes formulated...



News published on 23 august 2022 at 06:45 and distributed by: