Aug 23, 2022

Three things to know about Q1 earnings

The Medtronic pipeline is strong and poised to accelerate growth

Earlier today, Medtronic announced earnings for the first quarter of fiscal year 2023. Here are three things to know:

A strong pipeline poised to accelerate growth

Over the past 12 months, Medtronic received over 200 regulatory approvals for new technologies. These are meaningful therapies that could benefit patients living with conditions ranging from chronic pain to heart disease.

Taking on supply chain challenges

As expected, Medtronic faced acute supply chain challenges, but its teams are working hard to reduce disruptions. The company expects to see continued improvement over the coming months.

By the numbers

Medtronic reported revenue ahead of its guidance, and earnings per share were in line with guidance. Revenue declined due to known supply chain challenges and because comparisons to the previous year were difficult. Last year’s results included strong ventilator sales and came at a time when medical procedures had gone up following the third wave of COVID-19. Find the full results here.