Medtronic (MDT) FY2017 results: revenue $29.7 billion, up 3.0% on the year
Medtronic plc (MDT) reported revenue of $29.7 billion for fiscal 2017, the year ended 28 April 2017, up 3.0% on the year before. Net income was $4.0 billion, up 13.8%, and diluted earnings per share $2.89. The figures are the company's own, from the 10-K it filed with the SEC on 21 June 2019.
Revenue
$29.7 billion
+3.0% on the year
FY2013FY2017
Operating margin
18.1%
18.6% a year earlier
FY2013FY2017
Net income
$4.0 billion
+13.8% on the year
FY2013FY2017
Diluted EPS
$2.89
+16.5% on the year
FY2013FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
29,710
28,833
20,261
+3.0%
Cost of revenue
9,291
9,142
6,309
+1.6%
Gross profit
20,419
19,691
13,952
+3.7%
Gross margin
68.7%
68.3%
68.9%
Research and development
2,193
2,224
1,640
-1.4%
Selling, general and administrative
10,018
9,469
6,904
+5.8%
Operating income
5,383
5,361
3,766
+0.4%
Operating margin
18.1%
18.6%
18.6%
Interest expense
1,094
1,386
666
-21.1%
Pre-tax income
4,602
4,336
3,486
+6.1%
Income tax
578
798
811
-27.6%
Effective tax rate
12.6%
18.4%
23.3%
Net income
4,028
3,538
2,675
+13.8%
Net margin
13.6%
12.3%
13.2%
Diluted EPS
$2.89
$2.48
$2.41
+16.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,880
5,218
4,902
+31.9%
Capital expenditure
1,254
1,046
571
+19.9%
Free cash flow
5,626
4,172
4,331
+34.9%
Free cash flow margin
18.9%
14.5%
21.4%
Cash from investing
-1,571
2,245
-17,058
Cash from financing
-3,283
-9,543
15,949
Depreciation and amortisation
2,917
2,820
1,306
+3.4%
Share-based compensation
348
375
439
-7.2%
Buybacks
3,544
2,830
1,920
+25.2%
Dividends paid
2,376
2,139
1,337
+11.1%
Dividend per share
$1.72
$1.52
$1.22
+13.2%
Diluted shares, weighted
1,391m
1,426m
1,109m
-2.4%
Shares outstanding at period end
1,369m
1,399m
1,422m
-2.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
50,294
52,063
53,230
-3.4%
Non-controlling interest
122
0.0
n/a
Debt
33,368
30,937
35,590
+7.9%
Other liabilities
16,032
16,782
17,865
-4.5%
Total liabilities and equity
99,816
99,782
106,685
+0.0%
Fixed assets
4,361
4,841
4,699
-9.9%
Goodwill
38,515
41,500
40,530
-7.2%
Intangible assets
23,407
26,899
28,101
-13.0%
Investments
8,741
9,758
15,343
-10.4%
Trading assets
n/a
79.0
77.0
Cash and equivalents
4,967
2,876
4,843
+72.7%
Receivables
5,591
5,562
5,112
+0.5%
Inventory
3,338
3,473
3,463
-3.9%
Other assets
10,896
4,794
4,517
+127.3%
Total assets
99,816
99,782
106,685
+0.0%
10-K for the year ended 28 April 2017, filed 21 June 2019: the filing.