Healthcare
Medical Instruments & Supplies
$64.79B
74K
Key insights and themes extracted from this filing
Q1 2024 revenue increased 2.6% YoY to $4.706B, driven by 2.0% pricing and 0.5% volume growth, offset by a 0.9% decrease due to the sale of the Surgical Instrumentation platform. Foreign currency translation contributed 1.0% to the increase.
Operating income decreased to $439M from $585M YoY, primarily due to unfavorable impacts from higher raw material and labor costs, as well as restructuring expenses. Gross profit margin decreased to 43.1% from 46.5% YoY.
Net income decreased to $281M from $509M YoY. Diluted earnings per share decreased to $0.96 from $1.70 YoY, primarily due to lower operating income and unfavorable specified items.