Sector: Healthcare|Industry: Medical Devices|Market Cap: $105.76B|Employees: 95K
Medtronic plc is a leading global medical technology company that alleviates pain, restores health, and extends life. The company's primary revenue streams are device-based medical therapies and services across four segments: cardiovascular, neuroscience, medical surgical, and diabetes. Medtronic holds a leading market position due to its strong brand, innovation, and global reach, serving patients in over 150 countries.
Net sales increased to $7,915 million for the three months ended July 26, 2024, up from $7,702 million in the same period last year, representing a 2.8% increase. While positive, this growth rate is relatively low.
Net income attributable to Medtronic increased to $1,042 million, up from $791 million in the same period last year. This increase is largely due to a decrease in the income tax provision, which fell from $400 million to $220 million.
Diluted earnings per share increased to $0.80, up from $0.59 in the same period last year. This increase reflects the higher net income and is a positive indicator for investors.