Medtronic has reported a net income of $1.05bn, or $0.80 per diluted share, for the first quarter of fiscal 2025 (Q1 FY2025), a 31% rise compared to $797m, or $0.59 per diluted share, for the respective quarter in FY2024.
The medical device company’s net income for Q1 FY2025, which ended 26 July 2024, increased by 59% compared to $659m for the first quarter of fiscal 2024 (Q4 FY2024).
Medtronic reported net sales of $7.91bn for Q1 FY2025, a 3% rise compared to $7.70bn for the respective period in the previous year, and a 7% increase compared to $8.58bn for Q4 FY2024.
The Ireland-based company reported operating profit of $1.27bn for Q1 FY2025, a 1% rise compared to $1.26bn for the same quarter in FY2024.
The medical device company reported an income before income tax of $1.26bn for Q1 2025, a 6% increase compared to $1.19bn for the same period in the previous year.
Medtronic chairman and CEO Geoff Martha said: “We executed, exceeded our commitments, and delivered another good quarter. Our underlying markets are healthy, we’re driving operating rigour, and new product innovation is fuelling diversified growth across key health tech markets.
“As we deliver innovation and execute on our transformation, we expect this to translate into strong returns for our shareholders.”
Medtronic’s cardiovascular business reported total revenues of $3bn for Q1 FY2025, a 5.5% decline compared to $2.85bn for the same quarter in FY2024.
The company’s neuroscience division reported total revenues of $2.31bn for Q1 FY2025, a 4.4% increase compared to $2.21bn for the respective quarter in the previous year.
Its medical surgical business reported total revenues of $1.99bn for Q1 FY2025, a 0.4% decline compared to $2bn for the same period in the previous year.
Medtronic’s diabetes unit reported total revenues of $647m for Q1 FY2025, an 11.8% rise compared to $578m for the respective quarter in FY2024.
Medtronic interim chief financial officer Gary Corona said: “Overall revenue outperformance flowed through to the bottom line, with adjusted EPS ahead of expectations.
“We’re raising our guidance today as we expect to sustain growth from new product introductions, continue to make the investments to support those launches, and deliver on our commitment to restore earnings power.”
