Medtronic Q4 Earnings: Medical Device Giant Reports Financial Results

Medtronic plc, a leading global healthcare technology company, reported impressive financial results for its fiscal year 2022 and fourth quarter, reinforcing its commitment to delivering long-term, meaningful value to shareholders.

Despite temporary supply chain challenges and impacts from China lockdowns affecting the fourth quarter, Medtronic saw mid-single digit revenue growth for the full fiscal year.

The company's strong fourth quarter performance exceeded expectations, with revenue growth driven by a broad-based recovery in procedure volumes, supply improvements, and the successful introduction of innovative new products across its diversified business segments.

Medtronic's leading market positions in growth markets, robust product pipeline, solid free cash flow, and strong balance sheet position the company for continued success in boldly attacking the most challenging health problems facing humanity.

Steadily Growing Dividend Underscores Commitment to Shareholders

Reflecting its financial strength and commitment to shareholder returns, Medtronic announced an 8% increase in its quarterly dividend, marking the 46th consecutive year of dividend increases. This steadily growing dividend underscores the company's mission to alleviate pain, restore health, and extend life for millions of people around the world.

Outlook and Growth Strategies

Looking ahead, Medtronic expects organic revenue growth in the range of 4-5% for fiscal year 2023 and provided non-GAAP EPS guidance. For fiscal year 2024, the company projects organic revenue growth of 4.0% to 4.5% and non-GAAP EPS between $5.00 and $5.10, as it remains focused on innovation-driven growth investments while delivering a strong and growing dividend to shareholders.

With its diversified business, leading market positions, and commitment to innovation, Medtronic is well-positioned to navigate near-term challenges and continue driving long-term value creation for shareholders and meaningful impact for patients worldwide.