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Medtronic tops expectations on Q4 results

Medtronic plc (NYSE: MDT) reported revenue and earnings for the fourth quarter of 2019 that topped market expectations. Shares rose 2.4% in premarket hours on Thursday.

Worldwide revenue amounted to $8.1 billion, which was flat on a reported basis and up 3.6% on an organic basis, compared to the prior-year period.

On a reported basis, net income attributable to Medtronic was $1.17 billion, or $0.87 per share, compared to $1.46 billion, or $1.07 per share. Adjusted net income was $2.07 billion, or $1.54 per share.

Revenue in the US grew 2.3% year-over-year to $4.2 billion. Non-US developed market revenue totaled $2.5 billion, down 5.3% on a reported basis and up 1.7% on a constant currency basis. Revenue from emerging markets amounted to $1.28 billion, reflecting a growth of 3.9% on a reported basis and 12% on a constant currency basis.

In the Cardiac and Vascular Group division, revenues fell 2.7% on a reported basis and rose 1.1% in constant currency. In the Minimally Invasive Therapies Group, revenue increased 0.8% on a reported basis and 5.1% on a constant currency basis.

In the Restorative Therapies Group, revenues increased 4.1% as reported and 6.5% in constant currency. In the Diabetes Group, revenue fell 2.9% as reported but grew 0.6% in constant currency.

For fiscal year 2020, organic revenue is expected to grow 4%. Adjusted EPS is expected to be $5.44 to $5.50.

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