Medtronic (MDT) FY2021 results: revenue $30.1 billion, up 4.2% on the year
Medtronic plc (MDT) reported revenue of $30.1 billion for fiscal 2021, the year ended 30 April 2021, up 4.2% on the year before. Net income was $3.6 billion, down 24.7%, and diluted earnings per share $2.66. The figures are the company's own, from the 10-K it filed with the SEC on 25 June 2021.
Revenue
$30.1 billion
+4.2% on the year
FY2014FY2021
Operating margin
14.9%
16.6% a year earlier
FY2014FY2021
Net income
$3.6 billion
-24.7% on the year
FY2014FY2021
Diluted EPS
$2.66
-24.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
30,117
28,913
30,557
+4.2%
Cost of revenue
10,483
9,424
9,155
+11.2%
Gross profit
19,634
19,489
21,402
+0.7%
Gross margin
65.2%
67.4%
70.0%
Research and development
2,493
2,331
2,330
+6.9%
Selling, general and administrative
10,148
10,109
10,418
+0.4%
Operating income
4,484
4,791
6,268
-6.4%
Operating margin
14.9%
16.6%
20.5%
Interest expense
925
1,092
1,444
-15.3%
Pre-tax income
3,895
4,055
5,197
-3.9%
Income tax
265
-751
547
Effective tax rate
6.8%
-18.5%
10.5%
Net income
3,606
4,789
4,631
-24.7%
Net margin
12.0%
16.6%
15.2%
Diluted EPS
$2.66
$3.54
$3.41
-24.9%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
6,240
7,234
7,007
-13.7%
Capital expenditure
1,355
1,213
1,134
+11.7%
Free cash flow
4,885
6,021
5,873
-18.9%
Free cash flow margin
16.2%
20.8%
19.2%
Cash from investing
-2,866
-3,203
-774
Cash from financing
-4,136
-4,198
-5,431
Depreciation and amortisation
2,702
2,663
2,659
+1.5%
Share-based compensation
344
297
290
+15.8%
Buybacks
652
1,326
2,877
-50.8%
Dividends paid
3,120
2,894
2,693
+7.8%
Dividend per share
$2.32
$2.16
$2.00
+7.4%
Diluted shares, weighted
1,354m
1,351m
1,358m
+0.2%
Shares outstanding at period end
1,345m
1,341m
1,341m
+0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
51,428
50,737
50,091
+1.4%
Non-controlling interest
174
135
121
+28.9%
Debt
26,378
24,916
25,390
+5.9%
Operating lease liabilities
829
774
n/a
+7.1%
Finance lease liabilities
62.0
45.0
n/a
+37.8%
Other liabilities
14,212
14,082
14,092
+0.9%
Total liabilities and equity
93,083
90,689
89,694
+2.6%
Fixed assets
5,221
4,828
4,675
+8.1%
Goodwill
41,961
39,841
39,959
+5.3%
Intangible assets
17,740
19,063
20,560
-6.9%
Investments
7,224
6,808
5,455
+6.1%
Cash and equivalents
3,593
4,140
4,393
-13.2%
Receivables
5,462
4,645
6,222
+17.6%
Inventory
4,313
4,229
3,753
+2.0%
Other assets
7,569
7,135
4,677
+6.1%
Total assets
93,083
90,689
89,694
+2.6%
10-K for the year ended 30 April 2021, filed 25 June 2021: the filing.