Medtronic reports Q2 2017 worldwide revenue of $7.3B — 14 highlights

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Dublin, Ireland-based Medtronic reported its financial results for the second quarter of 2017, ended Oct. 28, 2016.

"Q2 revenue was disappointing and did not meet our expectations. We faced issues that affected our growth, including slower than expected revenue as we await new product introductions, particularly in CVG and diabetes," said Omar Ishrak, chairman and CEO, Medtronic.

 

Here are 14 highlights:

 

1. The company's Q2 worldwide revenue was $7.3 billion.

 

2. U.S. revenue reached $4.15 billion in the second quarter, accounting for 57 percent of company revenue.

 

3. Non-U.S. market revenue accounted for 30 percent of company revenue, and rose to $2.2 billion.

 

4. The Q2 GAAP net income was $1.12 billion.

 

5. Medtronic's diluted earnings per share were $0.80.

 

6. The company's non-GAAP net income was $1.56 billion.

 

7. Diluted EPS were $1.12.

 

8. The company's cardiac and vascular group Q2 worldwide revenue increased to $2.58 billion.

 

9. The minimally invasive therapies group saw Q2 worldwide revenue of $2.47 billion.

 

10. The company's restorative therapies group Q2 worldwide revenue increased to $1.83 billion.

 

11. Medtronic's spine group Q2 revenue totaled $663 million.

 

12. Medtronic updated its fiscal year 2017 revenue and free cash flow outlook as well as its EPS guidance. It now expects FY 2017 revenue growth to be in the mid-single digit range, compared to the initial expectation of its being in the upper half of the mid-single digit range.

 

13. Additionally, Medtronic now expects diluted non-GAAP EPS growth to be in the double digits.

 

14. The company expects free cash flow for FY 2017 to be between $5 billion and $6 billion.

 

Read more from the financial report here.

 

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