When Medtronic PLC (NYSE: MDT) reported its most recent quarterly results before the markets opened on Tuesday, the medical device company said that it had $0.62 in earnings per share (EPS) and $6.5 billion in revenue. Consensus estimates that called for $0.18 in EPS and $5.44 billion in revenue, and the fiscal first quarter of last year reportedly had $1.26 in EPS and $7.49 billion in revenue.
During the first quarter, U.S. revenue represented 52% of the total company revenue, coming in at $3.35 billion. U.S. revenue decreased 14% year over year. Non-U.S. developed market revenue was reported as $2.175 billion, which represented 33% of company revenue and decreased 8% from last year. Emerging Markets revenue was $981 million and represented 15% of company revenue.
The Cardiac and Vascular Group (CVG) revenues decreased 13% year over year to $2.43 billion. The group’s revenue reflected a year-over-year decline in procedure volumes as a result of the COVID-19 pandemic, but the revenue did improve sequentially.
Breaking down the CVG further, Cardiac Rhythm & Heart Failure revenue decreased 10% to $1.247 billion. Coronary & Structural Heart revenues fell 17% to $780 million. Aortic, Peripheral & Venous revenues dropped 13% to $405 million.
The Minimally Invasive Therapies Group revenues decreased 14% to $1.80 billion. This consisted of Surgical Innovations with revenues of $1.08 billion and Respiratory, Gastrointestinal & Renal revenues of $720 million.
Restorative Therapies group decreased 15% to $1.71 billion, which saw decreases in Cranial and Spinal Technologies, Specialty Therapies, and Neuromodulation.
Diabetes Group revenue fell 5% year over year to $562 million. This group’s revenue performance was affected by a delay in new patient starts on insulin pumps and continued competitive pressure.
The company did not issue any guidance regarding the coming quarter, citing uncertainty regarding COVID-19. Analysts are calling for $0.79 in EPS and $6.8 billion in revenue for the fiscal second quarter.
Medtronic stock traded up about 4% on Tuesday to $103.90, in a 52-week range of $72.13 to $122.15. The consensus price target is $109.50.
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