Medtronic Second Quarter 2023 Earnings: Misses Expectations

Medtronic (NYSE:MDT) Second Quarter 2023 Results

Key Financial Results

  • Revenue: US$7.59b (down 3.3% from 2Q 2022).
  • Net income: US$427.0m (down 67% from 2Q 2022).
  • Profit margin: 5.6% (down from 17% in 2Q 2022). The decrease in margin was primarily driven by higher expenses.
  • EPS: US$0.32 (down from US$0.97 in 2Q 2022).
NYSE:MDT Earnings and Revenue Growth November 23rd 2022

All figures shown in the chart above are for the trailing 12 month (TTM) period

Medtronic Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 66%.

Looking ahead, revenue is forecast to grow 4.8% pa on average during the next 3 years, compared to a 7.3% growth forecast for the Medical Equipment industry in the US.

Performance of the American medical equipment industry.

The company’s shares are down 6.6% from a week ago.

Balance Sheet Analysis

While it’s very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on Medtronic’s balance sheet health.

Valuation is complex, but we’re helping make it simple.

Find out whether Medtronic is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

View the Free Analysis

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button