Medtronic Q2 FY2022 revenue $7.85B (+2% organic), non-GAAP EPS $1.32; lowers FY revenue growth view

Medtronic plc

2022-Q2 EPS reported $1.53 revenue$15,835,000,000

Revenue $7.847B (+3% reported, +2% organic); GAAP EPS $0.97, non-GAAP EPS $1.32.
Organic growth: Cardiovascular +3%, Medical Surgical flat (ex-ventilators +6%), Neuroscience +3%, Diabetes +1%.
Lowers FY22 organic revenue growth guidance to 7-8% from ~9% due to COVID-19 and labor shortages.
Reiterates FY22 non-GAAP EPS guidance $5.65-$5.75; FX revenue benefit reduced to $0-50M from $100-200M.
Diabetes pump sales grew high-teens US, low-twenties international; CGM sales low-single digits.

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