DUBLIN – August 22, 2017 – Medtronic plc (NYSE: MDT) today announced financial results for its first quarter of fiscal year 2018, which ended July 28, 2017.
The company reported first quarter worldwide revenue of $7.390 billion, compared to the $7.166 billion reported in the first quarter of fiscal year 2017, an increase of 3 percent, or 4 percent on a constant currency basis. Foreign currency had a negative $33 million impact on first quarter revenue. As reported, first quarter GAAP net income and diluted earnings per share (EPS) were $1.016 billion and $0.74, respectively. As detailed in the financial schedules included through the link at the end of this release, first quarter non-GAAP net income and diluted EPS were $1.541 billion and $1.12, an increase of 7 percent and 9 percent, respectively. After adjusting for the negative 2 cent impact from foreign currency, non-GAAP diluted EPS increased 11 percent.
First quarter U.S. revenue of $4.042 billion represented 55 percent of company revenue and increased 1 percent. Non-U.S. developed market revenue of $2.313 billion represented 31 percent of company revenue and increased 4 percent, or 5 percent on a constant currency basis. Emerging market revenue of $1.035 billion represented 14 percent of company revenue and increased 11 percent, or 12 percent on a constant currency basis.
“The strength of our diversification and solid underlying performance of our businesses, combined with the stable growth of our end markets, enabled us to manage the impact of a global IT system disruption and temporary Diabetes sensor supply constraint,” said Omar Ishrak, Medtronic chairman and chief executive officer. “While these temporary issues had affected first quarter revenue growth, we continued to drive operating margin expansion. This resulted in double-digit constant currency EPS growth, consistent with our long-term expectations.”