Medtronic (MDT) FY2019 results: revenue $30.6 billion, up 2.0% on the year
Medtronic plc (MDT) reported revenue of $30.6 billion for fiscal 2019, the year ended 26 April 2019, up 2.0% on the year before. Net income was $4.6 billion, up 49.2%, and diluted earnings per share $3.41. The figures are the company's own, from the 10-K it filed with the SEC on 21 June 2019.
Revenue
$30.6 billion
+2.0% on the year
FY2013FY2019
Operating margin
20.5%
22.2% a year earlier
FY2013FY2019
Net income
$4.6 billion
+49.2% on the year
FY2013FY2019
Diluted EPS
$3.41
+50.2% on the year
FY2013FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
30,557
29,953
29,710
+2.0%
Cost of revenue
9,155
9,055
9,291
+1.1%
Gross profit
21,402
20,898
20,419
+2.4%
Gross margin
70.0%
69.8%
68.7%
Research and development
2,330
2,253
2,193
+3.4%
Selling, general and administrative
10,418
10,238
10,018
+1.8%
Operating income
6,268
6,651
5,383
-5.8%
Operating margin
20.5%
22.2%
18.1%
Interest expense
1,444
1,146
1,094
+26.0%
Pre-tax income
5,197
5,675
4,602
-8.4%
Income tax
547
2,580
578
-78.8%
Effective tax rate
10.5%
45.5%
12.6%
Net income
4,631
3,104
4,028
+49.2%
Net margin
15.2%
10.4%
13.6%
Diluted EPS
$3.41
$2.27
$2.89
+50.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,007
4,684
6,880
+49.6%
Capital expenditure
1,134
1,068
1,254
+6.2%
Free cash flow
5,873
3,616
5,626
+62.4%
Free cash flow margin
19.2%
12.1%
18.9%
Cash from investing
-774
5,858
-1,571
Cash from financing
-5,431
-11,954
-3,283
Depreciation and amortisation
2,659
2,644
2,917
+0.6%
Share-based compensation
290
344
348
-15.7%
Buybacks
2,877
2,171
3,544
+32.5%
Dividends paid
2,693
2,494
2,376
+8.0%
Dividend per share
$2.00
$1.84
$1.72
+8.7%
Diluted shares, weighted
1,358m
1,368m
1,391m
-0.8%
Shares outstanding at period end
1,341m
1,354m
1,369m
-1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
50,091
50,720
50,294
-1.2%
Non-controlling interest
121
102
122
+18.6%
Debt
25,390
25,750
33,368
-1.4%
Other liabilities
14,092
14,821
16,032
-4.9%
Total liabilities and equity
89,694
91,393
99,816
-1.9%
Fixed assets
4,675
4,604
4,361
+1.5%
Goodwill
39,959
39,543
38,515
+1.1%
Intangible assets
20,560
21,723
23,407
-5.4%
Investments
5,455
7,558
8,741
-27.8%
Cash and equivalents
4,393
3,669
4,967
+19.7%
Receivables
6,222
5,987
5,591
+3.9%
Inventory
3,753
3,579
3,338
+4.9%
Other assets
4,677
4,730
10,896
-1.1%
Total assets
89,694
91,393
99,816
-1.9%
10-K for the year ended 26 April 2019, filed 21 June 2019: the filing.