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Medtronic plc Q2 FY2024 results: revenue $8.0 billion, up 5.3% on the year

Medtronic plc (MDT) reported revenue of $8.0 billion for Q2 FY2024, the quarter ended 27 October 2023, up 5.3% on the same quarter a year earlier. Net income was $909 million, up 112.9% on the year, and diluted earnings per share $0.68. The figures are the company's own, from the 10-Q it filed with the SEC on 30 November 2023.

Revenue$8.0 billionup 5.3%
Net income$909 millionup 112.9%
Diluted EPS$0.68
QuarterQ2 FY2024ended 27 October 2023

The quarter, against the one before and a year earlier

LineQ2 FY2024Quarter beforeA year earlierChange on the year
Revenue7,984n/an/an/a
Cost of revenue2,761n/an/an/a
Gross profit5,223n/an/an/a
Gross margin65.4%n/an/a
Research and development698n/an/an/a
Selling, general and administrative2,686n/an/an/a
Operating income1,340n/an/an/a
Operating margin16.8%n/an/a
Interest expense180n/an/an/a
Pre-tax income1,313n/an/an/a
Income tax402n/an/an/a
Effective tax rate30.6%n/an/a
Net income909n/an/an/a
Net margin11.4%n/an/a
Diluted EPS$0.68n/an/an/a

$ million except per share. Free 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 and capital returned

LineQ2 FY2024Quarter beforeA year earlierChange on the year
Operating cash flow661n/an/an/a
Capital expenditure461n/an/an/a
Free cash flow200n/an/an/a
Free cash flow margin2.5%n/an/a
Depreciation and amortisation672n/an/an/a
Share-based compensation146n/an/an/a
Buybacks226n/an/an/a
Dividends paid918n/an/an/a
Dividend per share$0.69n/an/an/a
Diluted shares, weighted1,332mn/an/an/a
Shares outstanding at period end1,330mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2024Quarter beforeA year earlierChange on the year
Total assets90,087n/an/an/a
Cash and equivalents1,311n/an/an/a
Receivables5,934n/an/an/a
Inventory5,754n/an/an/a
Goodwill40,821n/an/an/a
Long-term debt including finance leases23,741n/an/an/a
Finance lease liabilities56.0n/an/an/a
Shareholders' equity51,460n/an/an/a

Quarterly results, the last 12 quarters

Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027
Revenue7,9848,0898,5897,9158,4038,2928,9278,5788,9619,0179,8089,756
Cost of revenue2,7612,7823,0452,7612,9462,7793,1463,0013,0613,2613,3983,416
Gross profit5,2235,3075,5445,1545,4575,5135,7815,5775,9005,7566,4106,340
Gross margin65%66%65%65%65%66%65%65%66%64%65%65%
R&D698695674676697675684726754722671771
SG&A2,6862,6732,7642,6552,7572,7172,7202,8062,9652,9563,0573,198
Operating income1,3401,4831,0531,2781,5951,6461,4361,4451,6861,4641,8721,764
Operating margin17%18%12%16%19%20%16%17%19%16%19%18%
Interest expense180188203167209179174176181181177186
Pre-tax income1,3131,4728561,2681,5591,5401,2611,3021,5971,4041,8331,769
Tax rate31%9%23%17%18%15%16%20%13%18%31%16%
Net income9091,3226541,0421,2701,2941,0561,0401,3741,1431,2441,470
Net margin11%16%8%13%15%16%12%12%15%13%13%15%
Diluted EPS$0.68$0.99$0.50$0.80$0.99$1.01$0.81$0.81$1.07$0.89$0.96$1.14
Operating cash flow6612,4742,7779869582,5722,5281,0889252,7442,5731,793
Capital expenditure461346426520404476459504468444488503
Free cash flow2002,1282,3514665542,0962,0695844572,3002,0851,290
Buybacks2261321,6282,492288181274123372105435267
Dividends paid918917913898897897897910910911908921
Shares outstanding1,330m1,330m1,311m1,282m1,283m1,283m1,282m1,282m1,282m1,283m1,280m1,280m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 27 October 2023, filed 30 November 2023, accession 0001613103-23-000149: the filing on EDGAR. All of Medtronic plc's filings: EDGAR company page.

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