Medtronic Q2 FY2023 revenue down 3%; lowers FY2023 EPS guidance to $5.25-$5.30

Medtronic plc

2023-Q2 EPS reported $1.02 revenue$14,955,000,000

Revenue $7.585B, organic growth +2%; GAAP EPS $0.32 (down 67%), non-GAAP EPS $1.30 (down 2%).
FY2023 non-GAAP EPS guidance cut to $5.25-$5.30; H2 organic revenue growth expected 3.5%-4.0%.
Tax reserve adjustment of $764M from U.S. Tax Court opinion weighed on GAAP earnings.
Segment organic growth: Cardiovascular +4%, Medical Surgical -3%, Neuroscience +5%, Diabetes +3%.
CEO cites slower procedure/supply recovery; executing cost reductions and supply chain improvements.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Medtronic plc reported second quarter of fiscal year 2023, which ended October 28, 2022 results: revenue $7.585 billion, net income $427 million, EPS $0.32.

Period: second quarter of fiscal year 2023, which ended October 28, 2022
Revenue: $7.585 billion
Net income: $427 million
EPS: $0.32
Result: reported results

Exact text from the filing

Medtronic plc (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2023, which ended October 28, 2022. Key Highlights • Revenue of $7.6 billion decreased 3% as reported and increased 2% organic • GAAP diluted EPS of $0.32 decreased 67%; non-GAAP diluted EPS of $1.30 decreased 2% • Company updates guidance; expects organic revenue to accelerate in second half

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Source: SEC EDGAR

accession 0001613103-22-000058

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