Medtronic has reported a net income of $1.27bn, or $0.99 per diluted share, for the second quarter (Q2) of fiscal year 2025 (FY25), a 40% rise compared to $909m, or $0.68 per diluted share, for the respective quarter in fiscal year 2024 (FY24).
The medical device maker’s net income for Q2 FY25 increased by 22% compared to $1.04bn for the first quarter of fiscal year 2025 (Q1 FY25).
The company reported net sales of $8.4bn for Q2 FY25, a 5% increase compared to $7.98bn for Q2 FY24, and a 6% rise compared to $7.91bn for Q1 FY25.
Medtronic reported an operating profit of $1.59bn for Q2 FY25, a 19% rise compared to $1.34bn for the same quarter in the previous fiscal year.
The medical device company reported an income before tax of $1.56bn for Q2 FY25, a 19% increase compared to $1.31bn for the respective quarter in FY24.
Medtronic chairman and CEO Geoff Martha said: “Our momentum is building as we keep executing on our commitments, delivering yet another consecutive quarter of strong results that came in ahead of expectations.
“Innovation matters and innovation is really driving our growth today. As we look ahead, we’re confident that this diversified growth will keep going, especially given the strength of our pipeline in high-impact markets that will allow us to benefit even more patients around the world.”
Medtronic’s Cardiovascular business reported total revenues of $3.1bn for Q2 FY24, a 6% rise compared to $2.92bn for the respective quarter in FY24.
The company’s Neuroscience unit reported total revenues of $2.45bn for Q2 FY24, a 7% increase compared to $2.28bn for the same quarter in the previous fiscal year.
Its Medical-Surgical division reported total revenues of $2.12bn for Q2 FY24, a 1% rise compared to $2.1bn for the same quarter in FY24.
Medtronic’s Diabetes unit reported total revenues of $686m for Q2 FY24, a 12% increase compared to $610m for the respective quarter in FY24.
Medtronic interim chief financial officer Gary Corona said: “We’re restoring our earnings power through our focus on underlying margin improvement, delivering another quarter of high-single digit constant currency adjusted EPS growth.
“And now, as the impact from foreign currency abates, we expect to report high-single digit adjusted EPS growth in the back half of our fiscal year, in line with our long-term commitment to deliver durable, mid-single digit organic revenue growth with EPS leverage.”
