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Medtronic reports first quarter earnings

Thu, 08/23/2012 - 6:09am
I-Micronews
 
  • Revenue of $4.0 Billion Grew 5% on a Constant Currency Basis; 2% as Reported
  • GAAP and Non-GAAP Diluted EPS Growth of 8%
  • Free Cash Flow of $ 1.2 Billion, GAAP Cash Flow from Operations of $1.3 Billion

The Company reported worldwide first quarter revenue of $4.008 billion, an increase of 5 percent on a constant currency basis after adjusting for a $119 million negative foreign currency impact or 2 percent as reported.  As reported, first quarter net earnings were $864 million, or $0.83 per diluted share, an increase of 5 percent and 8 percent, respectively, over the same period in the prior year.  As detailed in the attached table, first quarter net earnings and diluted earnings per share on a non-GAAP basis were $883 million and $0.85, an increase of 4 percent and 8 percent, respectively, over the same period in the prior year.

First quarter international revenue of $1.781 billion increased 6 percent on a constant currency basis or declined 1 percent as reported.  International sales accounted for 44 percent of Medtronic’s worldwide revenue in the quarter.  Emerging market revenue of $438 million increased 14 percent on a constant currency basis or 9 percent as reported and represents 11 percent of Company revenue.

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