On November 19, 2024, Medtronic (NYSE: MDT) announced its latest quarterly financial report for the period ending October 25, 2024, reporting revenue of $8.4 billion (approximately 60.8 billion RMB), and raised its organic revenue growth and earnings per share guidance for the fiscal year 2025.
#Financial Report Data
- Global revenue was $8.403 billion, with reported growth of 5.3% and organic growth of 5.0%.
- GAAP net income for this quarter was $1.27 billion, increasing by 40%;Diluted Earnings Per Share (EPS) is$0.99, increased by 46%.
- Non-GAAP net profit was $1.62 billion; non-GAAP diluted earnings per share were $1.26.
- Company Raises Organic Revenue Growth and Earnings Per Share Guidance for FY2025
Medtronic Chairman and CEO Geoff Martha said, "The company's growth momentum is getting stronger, achieving outstanding results beyond expectations for a consecutive quarter. Innovation is at the core of our values and is truly driving our current growth. Looking ahead, we firmly believe this diversified growth momentum will continue, especially given our robust product pipeline and market influence, which will further benefit patients worldwide."
# Performance of Each Business UnitCardiovascular product portfolio includesCardiac Rhythm and Heart Failure (CRHF), Structural Heart and Aorta (SHA), and Coronary and Peripheral Vascular (CPV) Businesses。
Revenue was $3.102 billion, with reported growth of 6.1% and organic growth of 5.6%, including high single-digit growth from Medtronic (Shanghai) Limited, and mid-single-digit growth from CRHF and CPV.
CRHF Performance IncludesCardiac Rhythm Management Business Achieves Mid-Single-Digit Growth, mainly due toHigh single-digit growth in defibrillation solutions and cardiac pacing treatmentsThe Micra™ Transcatheter Pacing System achieves high single-digit growth.
In addition, the performance of cardiac ablation solutions remained stable, with strong growth in the PulseSelect™ pulsed field ablation (PFA) system offsetting the decline in sales of cryoablation technology.SHA's performance was driven by the following factors: high single-digit growth in the structural heart business; launch in the United StatesEvolut™ FX+ TAVR SystemCardiac surgery achieves low double-digit growth.Evolut™ FX+ TAVR System Receives CE Mark in Late October 2024, Commercial Launch Begins in Europe This MonthCPV achieved mid-single-digit growth in both the coronary artery field (particularly in guide catheters and balloons) and the peripheral vascular health field.The Affera™ Mapping and Ablation System has received FDA approval in the United States, including the Sphere-9™ catheter and Affera™ Prism-1 mapping software. This system integrates three functions: 3D mapping (HD), radiofrequency ablation (RF), and pulsed field ablation (PFA), for the treatment of persistent atrial fibrillation and tricuspid isthmus-dependent atrial flutter. It previously received CE mark approval in March 2023.
Recently, Medtronic launched its latest generation of surgical aortic valve – Avalus Ultra™ in the Western European market.Specifically designed for implantation and lifelong patient management,It is Medtronic.The Most Advanced CurrentlySurgical Aortic Tissue Valve, The product features a circular designOptimized blood flow, while the dual-component and flexible stent columnEnsures better coaptation of the leaflets。The company launched the portable ECMO product VitalFlow in the United States.The system features a user-friendly touchscreen and centralized real-time performance data, with a compact and easy-to-use design that facilitates mobility across different departments within the hospital.
The neuroscience product portfolio includesCranial and Spinal Technologies (CST), Specialty Therapies, and Neuromodulation Business。Latest quarterly revenue was $2.451 billion, reported growth of 7.1%, organic growth of 6.7%, with the Neuromodulation division achieving low double-digit growth, and both the CST and Specialty Therapies divisions achieving mid-single-digit growth.CST performed well, thanks to the continued adoption of the AiBLE™ Spinal Implants Ecosystem and enabling technologies, with core spine achieving mid-single-digit growth, and biologics and neurosurgery achieving high-single-digit growth.Professional therapy services are impactedNeurovascular and Pelvic Health FieldsDriven by growth, where hemorrhagic stroke products performed strongly and the pelvic health sector continued to adopt the InterStim X™ system; ENT achieved low single-digit growth due to robust capital deployment.
The neuromodulation business unit outperformed the market average, driven by the ongoing promotion of the Percept™ RC deep brain stimulator (DBS).In addition, the pain management business has also shown steady growth momentum, achieving a low double-digit growth rate. The growth of the U.S. pain stimulation business has been particularly significant, driven by the continuous launch and increasing market acceptance of the Inceptiv™ Spinal Cord Stimulator.September,Through the introduction of innovative technologies, its AiBLE™ Spine Surgery Ecosystem has been further expanded.In addition, the company has also reached a strategic cooperation with Siemens Healthineers to jointly promote and integrate Siemens Healthineers' Multitom Rax™ imaging system, thereby improving the accuracy of spinal surgeries and the level of patient care.
- Medical Surgical Business
The medical surgical product line covers the Surgical and Endoscopy (SE) business as well as the Acute Care and Monitoring (ACM) business.The latest financial report shows that the department's revenue increased by 1.2%, reaching a total of $2.128 billion.The organic growth of the ACM department showed a robust low single-digit increase.Organic growth of the SE departmentMaintain stability.ACM's performance benefited from the high single-digit growth driven by Nellcor™ oxygenation management products.SE's performance growth benefits from the continued promotion of the LigaSure™ Maryland XP Vessel Sealing Device; general surgical technology industryAchieved low single-digit growth, with strong performance in hernia and wound management products.
Total revenue was US$686 million, representing a year-over-year increase of 12.4%.U.S. revenue achieved high single-digit growth driven by the ongoing launch of the MiniMed™ 780G Automated Insulin Delivery (AID) system.
International revenue achieved low double-digit growth,Thanks to the increased stickiness of Continuous Glucose Monitoring (CGM) products and the ongoing promotion of the Simplera Sync™ sensor.# Upward Revision GuidanceMedtronic Raises Revenue Growth and Earnings Per Share Guidance for Fiscal Year 2025
Previous expectation for organic revenue growth was 4.5%-5%, adjusted to4.75%-5%。If the foreign exchange rate remains unchanged in the near term, the adjusted revenue growth rate for the fiscal year 2025 will be between 3.4% and 3.9%.
Non-GAAP Diluted Earnings Per Share Expected Previously$5.42-$5.50, adjusted to$5.44-$5.50
MedtronicThe expectations for the fiscal year 2025 have been raised, both in terms of organic revenue growth and non-GAAP diluted earnings per share, demonstrating the company's confidence in future development.Medtronic's interim Chief Financial Officer, Gary Corona, stated: "The company is restoring and enhancing profitability by improving underlying profit margins, achieving high single-digit growth in adjusted earnings per share on a constant currency basis this quarter."Looking ahead, as the impact of foreign exchange gradually weakens,High single-digit adjusted earnings per share growth is expected to continue in the second half of this fiscal year."This is not only consistent with the company's long-term commitment but also further solidifies Medtronic's leadership position in the global medical technology field."
# List of Award-Winning Medical Device Companies
Global Surgical Robotics Industry Awards 2024
Global Medical Technology Innovation Award 2024
Global MedTech Newcomer Award 2024
Global Innovation Medical Device Award 2024
# Overseas Large Medical Device Manufacturers
#ENChina's Major Medical Device ManufacturersMindray Medical｜Lepu Medical|MicroPort Medical｜Weigao Group|United Imaging Healthcare
