Medtronic (MDT) Q3 Earnings Top Estimates, Revenues Miss

Medtronic plc (MDT - Free Report) has reported third-quarter fiscal 2020 adjusted earnings per share (EPS) of $1.44, beating the Zacks Consensus Estimate by 4.3%. Adjusted earnings also rose 11.6% year over year.

Without certain one-time adjustments — including restructuring, amortization expenses and certain litigation charges — GAAP EPS was $1.42, reflecting a 51.1% rise from the year-ago reported figure.

Total Revenues

Worldwide revenues in the reported quarter grossed $7.71 billion, up 2.6% on an organic basis (excluding the impacts of currency and significant acquisitions, including Titan Spine) and up 2.3% on a reported basis. The top line missed the Zacks Consensus Estimate by a marginal 1.2%. Revenues at constant exchange rate or CER improved 2.9% in the quarter, considering adjustments for a $46-million negative impact of foreign currency.

In the quarter under review, U.S. sales (52% of total revenues) inched up 0.5% year over year on a reported basis to $4.02 billion. While non-U.S. developed market revenues summed $2.38 billion (31% of total revenues), depicting a 0.4% improvement on a reported basis (up 1.5% at CER). Again, emerging market revenues (17% of total revenues) amounted to $1.32 billion, up 12% on a reported basis (up 13.6% at CER).

Medtronic PLC Price, Consensus and EPS Surprise

Medtronic PLC Price, Consensus and EPS Surprise

Medtronic PLC price-consensus-eps-surprise-chart | Medtronic PLC Quote

Segment Details

The company currently generates revenues from four major segments, namely Cardiac and Vascular Group (“CVG”), Minimally Invasive Therapies Group (“MITG”), Restorative Therapies Group (“RTG”), and Diabetes Group.

CVG comprises Cardiac Rhythm & Heart Failure (“CRHF”), Coronary & Structural Heart (“CSH”), and Aortic & Peripheral Vascular divisions (“APV”). MITG includes Surgical Innovations (“SI”), and Respiratory, Gastrointestinal & Renal (“RGR”) divisions. RTG consists of Spine, Brain Therapies, Specialty Therapies and Pain Therapies segments, while Diabetes Group incorporates Intensive Insulin Management (“IIM”), Non-Intensive Diabetes Therapies (“NDT”) and Diabetes Service & Solutions (“DSS”) divisions.

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Disclosure: contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

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