Medtronic Plc (NYSE:MDT) reported fourth-quarter 2024 sales of $8.59 billion, beating the consensus of $8.44 billion.
Revenue increased 0.5%, as reported, and 5.4% organic.
The company's organic revenue results reflect broad-based growth across the company, with mid-single-digit or higher organic revenue growth in all four segments.
The medical device maker reported adjusted EPS of $1.46, beating the consensus of $1.45.
Related: Medtronic's Latest Generation Of Transcatheter Aortic Valve Replacement Implant Passes FDA's Muster, Shares Gain.
Dividend: The company increased its quarterly dividend to $0.70 per share from $0.69.
"Our momentum is building into the new fiscal year. We're beginning new product cycles in some of MedTech's most attractive markets, which is further enhanced as we apply AI across our portfolio. We are very optimistic about what we can achieve in fiscal '25 and beyond," said Geoff Martha, chairman and CEO.
Cardiovascular segment revenue reached $3.13 billion, down 5.2% Y/Y as reported and increased 4.0% organically. There were mid-single-digit organic increases in Structural Heart, aortic, coronary, and peripheral vascular and a low-single-digit organic increase in Cardiac Rhythm and heart Failure portfolio.
Neuroscience revenues of $2.545 billion increased 5.6% as reported and 6.5% organically, with a high-single-digit increase in Cranial & Spinal Technologies, a mid-single-digit increase in Neuromodulation, and a low-single-digit increase in Specialty Therapies, all on an organic basis.
Medical Surgical revenue of $2.19 billion increased by 3.5% as reported and 4.5% organically, with mid-single-digit organic growth in Surgical & Endoscopy and low-single-digit organic growth in Acute Care & Monitoring.
Diabetes revenue of $660 million increased by 10.9%, as reported, and by 11.1% organic.
Guidance: Medtronic forecasts fiscal year 2025 adjusted EPS of $5.40-$5.50 versus consensus of $5.45 and $5.20 in fiscal year 2024.
The company sees fiscal year 2025 organic revenue growth of 4%-5%.
Price Action: MDT shares are down 2.64% at $83.57 at the last check on Thursday.
Photo by Tony Webster via Wikimedia Commons