Medtronic Q3 FY2024: Revenue $8.1B, GAAP EPS $0.99, raises FY24 guidance; exits ventilator business

Medtronic plc

2024-Q3 EPS reported $2.27 revenue$23,775,000,000

Q3 revenue $8.089B, up 4.7% reported and 4.6% organic; GAAP EPS $0.99, non-GAAP EPS $1.30.
Raises FY24 organic revenue growth guidance to 4.75%-5% and non-GAAP EPS to $5.19-$5.21.
Exiting ventilator product line; combining PMRI into Acute Care & Monitoring unit.
EVP Robert J. White to leave April 26, 2024 due to organizational changes.
Diabetes revenue $640M, up 12.3%, U.S. returns to growth; CE Mark for MiniMed 780G with Simplera Sync.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Robert J. White

Executive Vice President and President of Medtronic’s Medical Surgical Portfolio

MDT · Medtronic plc

Effective: 2024-04-26
Filed: February 20, 2024, 6:59 PM ET

Mr. White will leave the Company effective April 26, 2024, and because Mr. White’s separation from Medtronic constitutes a termination without cause, Mr. White will receive severance payments and benefits consistent with Medtronic’s severance practices for executive officers, as described in Medtronic’s 2023 Proxy Statement filed with the Securities and Exchange Commission on August 11, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Medtronic plc reported third quarter (Q3) of fiscal year 2024 (FY24), which ended January 26, 2024 results: revenue $8.1 billion, net income $1.322 billion, EPS $0.99. Guidance raised.

Period: third quarter (Q3) of fiscal year 2024 (FY24), which ended January 26, 2024
Revenue: $8.1 billion
Net income: $1.322 billion
EPS: $0.99
Guidance: raised
Result: reported results

Exact text from the filing

Revenue of $8.1 billion increased 4.7% as reported and 4.6% organic • GAAP diluted earnings per share (EPS) of $0.99; non-GAAP diluted EPS of $1.30 • Raises FY24 organic revenue growth and EPS guidance

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Robert J. White departed as Executive Vice President and President of Medtronic’s Medical Surgical Portfolio at Medtronic plc.

Action: leave
Role: Executive Vice President and President of Medtronic’s Medical Surgical Portfolio

Exact text from the filing

Mr. White will leave the Company effective April 26, 2024, and because Mr. White’s separation from Medtronic constitutes a termination without cause, Mr. White will receive severance payments and benefits consistent with Medtronic’s severance practices for executive officers, as described in Medtronic’s 2023 Proxy Statement filed with the Securities and Exchange Commission on August 11, 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0001613103-24-000006

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