Medtronic reports first quarter earnings
- 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.