Medtronic Q1 FY22 revenue $7.99B (+23% reported), non-GAAP EPS $1.41, beats expectations; raises FY22 EPS guidance

Medtronic plc

2022-Q1 EPS reported $0.56 revenue$7,987,000,000

Revenue $7.987B, up 23% reported and 19% organic; GAAP EPS $0.56, non-GAAP EPS $1.41.
Cardiovascular revenue $2.89B (+15% organic); Medical Surgical $2.32B (+25% organic); Neuroscience $2.20B (+26% organic).
Diabetes revenue $572M declined 3% organic; U.S. consumables and CGM sales fell mid-teens.
FY22 organic revenue growth reiterated at ~9%; non-GAAP EPS guidance raised to $5.65-$5.75 from $5.60-$5.75.
CEO Geoff Martha cites procedure recovery and share gains; company repurchasing shares and increasing R&D spend.

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