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 reached $8.292 billion, up from $8.089 billion in the prior year, indicating positive top-line growth. This growth is attributed to strong performance in Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Diabetes segments. The increase reflects successful market penetration and product adoption.
Operating profit rose to $1.646 billion from $1.483 billion in the prior year, indicating enhanced operational efficiency and cost management. This improvement is a result of strategic initiatives aimed at optimizing resource allocation and enhancing productivity across various business segments.
Net income attributable to Medtronic declined to $1.294 billion from $1.322 billion in the prior year, primarily due to an increase in the income tax provision. The effective tax rate increased from 9.2% to 15.4%, affecting the bottom line despite revenue and operating profit growth.