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Revenue for the quarter amounted to $7.7 billion, exceeding the consensus estimate of $7.57B. Cardiovascular Revenue was $2.85B, marking a 5% year-on-year increase. This figure exceeded the estimated $2.79B.
“We are pleased with the strong start to our fiscal year. We executed and delivered another quarter of mid-single-digit revenue growth. Our solid results were broad-based, with each of our four segments delivering 6% organic revenue growth,” said Geoff Martha, Medtronic chairman and chief executive officer. “We also continue to make great strides on our comprehensive transformation designed to ensure durable growth and create value for shareholders.”
The adjusted gross margin came in at 66.4%, a slight decrease from 66.5% in the previous year, but higher than the estimated 65.3%. The adjusted operating margin of 24.8%, up from 23.9% in the previous year, surpassed the estimated 23.4%.
Looking ahead, Medtronic expects FY EPS in the range of $5.08 to $5.16. This forecast compares to the analyst consensus of $5.05.
The company also increased its FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5%.
