Medtronic Q1 Earnings Double As Elective Procedures Recover

Medtronic Plc's MDT Q1 FY22 sales of $7.9 billion increased 23% Y/Y as reported and 19% on an organic basis, beating the consensus estimate of $7.86 billion.
Q1 adjusted EPS of $1.41 more than doubled from $0.62 a year ago, surpassing the analyst consensus of $1.32.
Sales at Medtronic's heart devices unit jumped 19% Y/Y to $2.89 billion. Spine & neurosurgery product segment sales increased 29% to $2.20 billion.
Related: Medtronic Expands Its ENT Portfolio With Intersect ENT Acquisition For $28.25/Share
Diabetes revenue of $572 million increased 2% as reported and declined 3% organic due to declines in U.S. sales of consumables and continuous glucose monitoring (CGM) products.
Guidance: For FY22, Medtronic expects EPS of $5.65 - $5.75 (consensus of $5.69), compared to $5.60 - $5.75, guided earlier.
Medtronic continues to expect revenue growth of approximately 9% on an organic basis. If current exchange rates hold, revenue growth in FY22 would be positively affected by about $100 million - $200 million.
Price Action: MDT shares are up 1.96% at $131 during the premarket session on the last check Tuesday.

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