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Medtronic Announces Fiscal Year 2024 Results and Increases Dividend
DUBLIN, May 23, 2024 /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in medical technology, reported its financial results for the fourth quarter (Q4) and full fiscal year 2024 (FY24), which ended on April 26, 2024. The company showed broad-based growth and momentum as it enters new product cycles across several high-growth markets.
Key Financial Highlights
- Q4 Revenue: $8.6 billion, a 0.5% increase as reported and a 5.4% organic growth.
- Q4 GAAP EPS: $0.49; Non-GAAP EPS: $1.46.
- FY24 Revenue: $32.4 billion, a 3.6% increase as reported and a 5.2% organic growth.
- FY24 GAAP EPS: $2.76; Non-GAAP EPS: $5.20.
- Cash from Operations: $6.8 billion, a 12% increase.
- Free Cash Flow: $5.2 billion, a 14% increase.
- Shareholder Returns: $5.5 billion returned, including $1.6 billion in Q4 through net share repurchases.
Dividend Increase
Medtronic announced a 47th consecutive year of dividend increases, raising the quarterly dividend to $0.70 per share, translating to an annual $2.80 per share. The dividend is payable on July 12, 2024, to shareholders of record at the close of business on June 28, 2024.
Financial Results by Portfolio
Cardiovascular Portfolio
- FY24 Revenue: $11.831 billion, a 2.7% increase as reported and a 5.0% organic growth.
- Q4 Revenue: $3.130 billion, a 5.2% decrease as reported but a 4.0% organic increase.
- Notable Achievements: FDA approval for Evolut™ FX+ TAVR system and Avalus Ultra™ surgical aortic tissue valve; strong growth in cardiac pacing therapies and coronary products.
Neuroscience Portfolio
- FY24 Revenue: $9.406 billion, a 5.0% increase as reported and a 5.2% organic growth.
- Q4 Revenue: $2.545 billion, a 5.6% increase as reported and a 6.5% organic growth.
- Key Drivers: Adoption of AiBLE™ ecosystem, strong sales in neurosurgery and biologics, and new product launches in brain modulation and pain therapies.
Medical Surgical Portfolio
- FY24 Revenue: $8.417 billion, a 5.4% increase as reported and a 4.7% organic growth.
- Q4 Revenue: $2.198 billion, a 3.5% increase as reported and a 4.5% organic growth.
- Highlights: Growth in general surgical technologies, endoscopy, and advanced surgical technologies; FDA clearance for BIS™ Advance anesthesia monitor and new AI-driven algorithms on the Touch Surgery™ Performance Insights platform.
Diabetes
- FY24 Revenue: $2.488 billion, a 10.0% increase as reported and an 8.6% organic growth.
- Q4 Revenue: $660 million, a 10.9% increase as reported and an 11.1% organic growth.
- Highlights: Strong sales of MiniMed™ 780G system and high growth in insulin pump sales; submission of Simplera Sync™ CGM to the U.S. FDA.
FY25 Guidance
Medtronic issued its fiscal year 2025 (FY25) guidance, expecting:
- Organic Revenue Growth: 4% to 5%.
- Non-GAAP EPS: $5.40 to $5.50, reflecting 4% to 6% growth.
- Dividend Growth: Continued commitment to return at least 50% of free cash flow to shareholders, primarily through dividends.
CEO Statement
Geoff Martha, Medtronic chairman and chief executive officer, emphasized the company's strong finish to the fiscal year and optimism for FY25: “We delivered a strong finish to the fiscal year, with broad strength across our businesses. Our momentum is building into the new fiscal year. We are very optimistic about what we can achieve in fiscal '25 and beyond."
CFO Statement
Karen Parkhill, Medtronic EVP & chief financial officer, highlighted the company’s financial performance: “We delivered on our commitments in the fourth quarter and the fiscal year, driving durable revenue growth, improved earnings power, and strong free cash flow. Our fiscal 2025 guidance, along with our dividend increase and recent share repurchase, reflects our confidence in our continued trajectory."
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