bullish
Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24
305 Views31 May 2023 00:40
SUMMARY
- Medtronic Plc (MDT US) reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.
- Medtronic intends to acquire Korea-based Eoflow (294090 KS), manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.
- Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.
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Tina Banerjee
Global Healthcare Analyst
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