Medtronic Q1 Earnings Within Expectation, Sees Higher Currency Headwind On FY23 Sales

Medtronic Plc's MDT Q1 FY23 sales of $7.37 billion decreased 8% Y/Y on a reported basis and 4% organically, beating the consensus of $7.22 billion.
Q1 adjusted EPS of $1.13 decreased 17%, beating the analyst consensus of $1.12 and aligning with the company expectations.
Related: What To Expect From Medtronic Earnings Next Week? An Analyst Answers.
Medtronic's heart device unit sales decreased 6% Y/Y (1% organic) to $2.71 billion.
Spine & neurosurgery product segment sales declined 4% Y/Y (-2%) to $2.12 billion.
Diabetes revenue of $541 million decreased 5% as reported and was flat on an organic basis.
The Medical Surgical Portfolio sales decreased 14% (-9% organic) to $2 billion.
Guidance: Medtronic reaffirms FY23 organic revenue growth of 4% - 5%. If current foreign currency exchange rates hold, FY23 sales would be negatively affected by approximately $1.4-$1.5 billion versus $1-$1.1 billion stated previously.
It continues to expect adjusted EPS of $5.53 - $5.65, compared to the consensus of $5.56.
Price Action: MDT shares are up 0.48% at $93.54 during the premarket session on the last check Tuesday.

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