Thu, Jun 20, 8:19 PM (79 days ago)
Medtronic plc's Form 10-K for the fiscal year ended April 26, 2024, shows a 4% increase in net sales to $32.4 billion, driven by growth in most business segments, notably Surgical & Endoscopy and Cranial & Spinal Technologies. The company reported a GAAP net income of $3.7 billion, with diluted EPS of $2.76. Non-GAAP net income was $6.9 billion, with diluted EPS of $5.20, adjusting for items like amortization of intangible assets and restructuring costs. Operating expenses rose due to increased labor and material costs, partially offset by a reduction in Puerto Rico excise taxes. The company also saw a $369 million charge for exiting its ventilator product line. Free cash flow improved to $5.2 billion. Future risks include geopolitical tensions, inflation, and competitive pressures.