Medtronic Q1 FY2023 revenue $7.37B (-4% organic) beats guidance; non-GAAP EPS $1.13 in line

Medtronic plc

2023-Q1 EPS reported $0.70 revenue$7,371,000,000

GAAP diluted EPS $0.70 (+25% YoY); non-GAAP diluted EPS $1.13 (-17% YoY), in line with expectations.
Revenue $7.371B, down 8% as reported (-4% organic), ahead of guidance; organic excludes $351M FX and $20M Intersect ENT.
Cardiovascular -1% organic, Medical Surgical -9% organic, Neuroscience -2% organic, Diabetes flat organic.
FY2023 guidance reiterated: organic revenue growth 4-5%, non-GAAP EPS $5.53-$5.65; FX headwind raised to $1.4-$1.5B.
Strength in Pacing (mid-teens Micra), Core Spine in US, CGM in Europe; ventilators declined low-fifties.

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