{"id":441546,"date":"2021-02-23T06:48:15","date_gmt":"2021-02-23T11:48:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441546"},"modified":"2021-02-23T06:48:15","modified_gmt":"2021-02-23T11:48:15","slug":"medtronic-reports-third-quarter-fiscal-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/medtronic-reports-third-quarter-fiscal-2021-financial-results\/","title":{"rendered":"Medtronic Reports Third Quarter Fiscal 2021 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n – Q3 Revenue of $7.8 Billion<\/span> Increased 0.8% as Reported and Decreased 1.0% Organically<\/i>\n <\/p>\n

\n –\u00a0 Q3 GAAP Diluted EPS of $0.94<\/span>; Q3 Non-GAAP Diluted EPS of $1.29<\/span><\/i>\n <\/p>\n

\n DUBLIN<\/span>, Feb. 23, 2021<\/span> \/PRNewswire\/ —\u00a0Medtronic plc (NYSE:MDT) today announced financial results for its third quarter of fiscal year 2021, which ended January 29, 2021<\/span>. <\/p>\n

The company reported third quarter worldwide revenue of $7.775 billion<\/span>, an increase of 0.8 percent as reported and a decrease of 1.0 percent on an organic basis, which adjusts for the $136 million<\/span> benefit of foreign currency translation. Unless otherwise stated, all revenue growth rates in this press release are stated on an organic basis, which adjusts for the impact of foreign currency translation. There were no acquisitions made in the last year that had a significant impact on the company’s or any individual segment’s third quarter revenue growth.<\/p>\n

As reported, third quarter GAAP net income and diluted earnings per share (EPS) were $1.270 billion<\/span> and $0.94<\/span>, respectively. As detailed in the financial schedules included through the link at the end of this release, third quarter non-GAAP net income and non-GAAP diluted EPS were $1.753 billion<\/span> and $1.29<\/span>, respectively, both decreases of 10 percent. Adjusting for the negative 6 cent<\/span> impact from foreign currency, third quarter non-GAAP diluted EPS decreased 6 percent.<\/p>\n

Third quarter U.S. revenue of $3.939 billion<\/span> represented 51 percent of company revenue and decreased 2 percent. Non-U.S. developed market revenue of $2.522 billion<\/span> represented 32 percent of company revenue and increased 6 percent as reported and was flat organic. Emerging Markets revenue of $1.314 billion<\/span> represented 17 percent of company revenue and was flat as reported and increased 1 percent organic.<\/p>\n

“Our Q3 results reflect that our business is well on the way to returning to growth, with sequential improvements in both revenue and earnings, despite the impact of the COVID resurgence on procedure volumes in late December and January. We’re outperforming our end markets, as new products are driving share gains in an increasing number of our businesses,” said Geoff Martha<\/span>, Medtronic chairman and chief executive officer. “Looking ahead, we’re positioning ourselves for long-term success as we implement our new operating model and execute on a number of large opportunities to win share and create and disrupt big markets.”<\/p>\n

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\n Cardiac and Vascular Group
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\n <\/b>The Cardiac and Vascular Group (CVG) includes the Cardiac Rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH), and Aortic, Peripheral & Venous (APV) divisions. CVG third quarter revenue of $2.707 billion<\/span> decreased 4.0 percent as reported and 5.9 percent organic. CVG’s revenue reflected the impact of the COVID-19 resurgence on procedure volumes in the third quarter in late December and January. CVG’s organic performance reflected mid-single digit declines in CRHF, high-single digit declines in CSH, and mid-single digit declines in APV.<\/p>\n