Medtronic faced challenges during the second quarter, but there are areas of the company where our strategy and execution are driving results.
Last week, Medtronic announced earnings for the second quarter of fiscal year 2023. Here are three things to know:
Medtronic faced challenges during the quarter, but there are areas where the company's strategy and execution are driving results. The company’s U.S. Core Spine business grew 15%, the Micra™ leadless pacemaker posted 18% growth, the TAVR product line grew 15% globally, and the Diabetes business increased 15% in international markets, all on an organic* basis.
Looking to the future
Medtronic is focused on long-term growth and is freeing up resources to invest more in research and development. The company will feed its fast-growing businesses and put resources into promising areas.
By the numbers
Medtronic reported global revenue of $7.6 billion. The company’s non-GAAP net income was $1.7 billion and non-GAAP diluted earnings per share was $1.30. Medtronic expects organic* revenue to grow between 3.5% and 4% during the second half of fiscal year 2023, lower than previously expected, but still an acceleration from the first half. See the company’s full earnings announcement, including GAAP to non-GAAP reconciliations, here.
*References to organic revenue growth exclude the impact of significant acquisitions or divestitures and currency.