Ireland-based global healthcare technology company Medtronic has reported an adjusted $8 billion of revenue in Q1 of fiscal year 2025 (FY25), which ended July 26, 2024.
Medtronic reported Q1 worldwide revenue of $7.915 billion and adjusted revenue of $8.004 billion, an increase of 2.8% as reported and 5.3% on an organic basis.
The company has cited that this performance has been driven by continued adoption of its products including the AiBLE ecosystem of spine implants and enabling technology, the InterStim X system, the MiniMed, launcEndoflip and GI Genius.
The company also launched further products including the Percept RC deep brain stimulator (DBS) with BrainSense technology and the Inceptiv spinal cord stimulator.
Geoff Martha, Medtronic chairman and chief executive officer, commented: “We executed, exceeded our commitments, and delivered another good quarter. Our underlying markets are healthy, we’re driving operating rigor, and new product innovation is fuelling diversified growth across key health tech markets.
“As we deliver innovation and execute on our transformation, we expect this to translate into strong returns for our shareholders.”
The company’s Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions, which saw revenue of $3.007 billion increased 5.5% as reported and 6.9% organic.
Its Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions, which saw revenue of $2.317 billion increased 4.4% as reported and 5.3% organics.
Furthermore, its Medical Surgical Portfolio saw a revenue of $1.996 billion decreased 0.4% as reported and increased 1.0% organic.
Gary Corona, Medtronic interim chief financial officer, added: “Overall revenue outperformance flowed through to the bottom line, with adjusted EPS ahead of expectations.
“We’re raising our guidance today as we expect to sustain growth from new product introductions, continue to make the investments to support those launches, and deliver on our commitment to restore earnings power.”
