Medtronic Cuts FY22 Revenue Growth Guidance On Organic Basis - Quick Facts

(RTTNews) - While reporting second-quarter results on Tuesday, Medtronic plc (MDT) updated its revenue growth guidance and reiterated its EPS guidance range for fiscal 2022. The company now projects fiscal 2022 revenue growth of 7-8% on an organic basis versus the prior expectation of approximately 9%. The company reiterated fiscal 2022 non-GAAP EPS guidance range of $5.65 to $5.75.

Analysts polled by Thomson Reuters expect the company to report profit per share of $5.71. Analysts' estimates typically exclude special items.

Karen Parkhill, CFO, said: "While we expect our markets to continue to be affected by the pandemic in the second half of our fiscal year, we remain focused on delivering solid revenue growth and strong earnings growth while investing in our robust pipeline."

Second quarter adjusted earnings per share increased to $1.32 from $1.02, prior year. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $1.29, for the quarter.

GAAP net income and earnings per share were $1.31 billion and $0.97, respectively, up 168% and 169%, respectively. Worldwide revenue was $7.85 billion, an increase of 3% as reported and 2% on an organic basis. Analysts on average had estimated $7.96 billion in revenue.

Shares of Medtronic plc were down 1% in pre-market trade on Tuesday.