Medtronic's fiscal year 2024 and Q4 sales grow, net earnings dip: 7 notes

Spinal Tech

Medtronic in the fourth quarter of fiscal year 2024 saw $8.6 billion in revenue along with a net income of $654 million, according to financial results posted May 23.

Seven notes:

1. Fourth quarter revenue grew 0.5% year-over-year. 

2. The company's net income of $654 million decreased 45% year-over-year.

3. Medtronic's neuroscience portfolio, which includes cranial and spinal technologies, specialty therapies and neuromodulation, saw $2.5 billion in the fourth quarter, an increase of 5.6% year-over-year.

4. The neuromodulation business saw $9 billion in total sales in fiscal year 2024, an increase of 5% year-over-year.

5. Full fiscal year sales for Medtronic were $32.4 billion, an increase of 3.6% year-over-year. 

6. Medtronic's total net income for fiscal year 2024 was $3.7 billion, a decrease of 2% year-over year.

7. Medtronic is projecting fiscal year 2025 revenue to increase 4% to 5% compared to fiscal year 2024.

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