Why Medtronic Shares Are Plunging Today - Medtronic (NYSE:MDT)

Medtronic Plc's MDT Q4 FY22 sales of $8.09 billion decreased 1% Y/Y on a reported basis but increased 1% organically, missing the consensus of $8.42 billion.
The company has forecasted Q4 organic revenue growth of approximately 5.5%.
Q4 adjusted EPS of $1.52 increased 2%, missing the analyst consensus of $1.56.
Medtronic's heart device unit sales jumped 2% Y/Y (5% organic) to $2.96 billion.
Spine & neurosurgery product segment sales remained flat Y/Y (+2%) to $2.29 billion.
Diabetes revenue of $597 million decreased 8% as reported and 5% organic.
The Medical Surgical Portfolio sales decreased 5% (-1% organic) to $2.23 billion.
Dividend: The company increased its annual dividend to $2.72 per ordinary share, an 8% increase.
Guidance: Medtronic expects FY23 organic revenue growth of 4% to 5%. If recent foreign currency exchange rates hold, FY23 sales would be negatively affected by approximately $1.0 billion to $1.1 billion.
It forecasts adjusted EPS of $5.53 to $5.65, below the consensus of $5.82.
The company expects near-term pressure due to the supply chain, inflation, and foreign exchange challenges.
Price Action: MDT shares are down 4.49% at $100.80 during the premarket session on the last check Thursday.
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Why Medtronic Shares Are Plunging Today?