News

Medtronic reports second quarter fiscal 2024 financial results

Published

8 months ago

2 June, 2024

Medtronic reports third quarter fiscal 2024 financial results

Solid execution results in mid-single digit revenue growth, driven by broad-based strength across multiple businesses and geographies; Major innovative product approvals; Raises fiscal year guidance

DUBLIN, Nov. 21, 2023 /PRNewswire/ — Medtronic plc (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2024 (FY24), which ended October 27, 2023.

Key Highlights

Revenue of $8.0 billion increased 5.3% as reported and 5.0% organic

GAAP diluted earnings per share (EPS) of $0.68; non-GAAP diluted EPS of $1.25

Underlying business fundamentals are strong with broad-based, diversified growth coming from multiple businesses and geographies

Company increases FY24 organic revenue growth and EPS guidance

Received U.S. FDA approval for Aurora EV-ICD™ system and Symplicity Spyral™ renal denervation (RDN) system; CE Mark for Evolut™ FX TAVR system, Simplera™ standalone CGM, and PulseSelect™ pulsed field ablation (PFA) system

Financial Results

Medtronic reported Q2 worldwide revenue of $7.984 billion, an increase of 5.3% as reported and 5.0% on an organic basis. The company’s organic revenue results reflect continued broad strength across businesses and geographies benefiting from durable fundamentals. The organic revenue growth comparison excludes:

Revenue and the associated impact from foreign currency translation reported as Other, stemming from business separations, including Renal Care Solutions and ongoing manufacturing agreements with Cardinal Health from the divestiture of Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency; and

The favorable impact from foreign currency translation of $86 million on the remaining segments.

As reported, Q2 GAAP net income and diluted EPS were $909 million and $0.68, respectively, both representing increases of 113%. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income of $1.667 billion decreased 3% and non-GAAP diluted EPS of $1.25 decreased 4%. Included in non-GAAP diluted EPS was an 8 cent, or 6%, unfavorable impact from foreign currency translation.

“We’re delivering a track record of durable, mid-single digit revenue growth. The underlying fundamentals are strong, and our solid results were broad-based across our businesses and geographies,” said Geoff Martha, Medtronic chairman and chief executive officer. “We’re bringing game changing innovation to market, with numerous recent regulatory approvals and major product launches, which give us confidence in our ability to continue delivering dependable growth.”

Cardiovascular Portfolio

The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $2.923 billion increased 5.9% as reported and 4.8% organic, with a high-single digit organic increase in SHA and mid-single digit organic increases in CRHF and CPV.

CRHF results driven by high-single digit growth in Cardiac Pacing Therapies, including low-double digit growth in Micra™ transcatheter pacing systems; Cardiovascular Diagnostics grew high-single digits and Cardiac Ablation Solutions grew mid-single digits

SHA drove high-single digit growth in Aortic and Cardiac Surgery; Structural Heart (TAVR) grew mid-single digits on the continued adoption of Evolut™ FX in the U.S. & Japan

CPV results driven by mid-single digit growth in Coronary on the continued strength of the Onyx Frontier™ drug-eluting stent and low-single digit growth in Peripheral Vascular Health on mid-teens growth in drug-coated balloons

Received U.S. FDA approval for Aurora EV-ICD™ system and Symplicity Spyral™ RDN system; CE Mark for Evolut™ FX transcatheter aortic valve implantation system and PulseSelect™ pulsed field ablation (PFA) system

Presented four-year results from Evolut Low Risk Trial at the 2023 TCT conference showing the Evolut™ TAVR system demonstrated exceptional outcomes with sustained valve performance, proven by significantly better hemodynamics, low thrombosis rates, and lower and diverging rates of all-cause mortality or disabling stroke than surgical aortic valve replacement (SAVR) at four years

Neuroscience Portfolio

The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.288 billion increased 4.7% as reported and 4.2% organic, with a high-single digit organic increase in CST and low-single digit organic increases in Specialty Therapies and Neuromodulation.

CST delivered high-single digit Core Spine growth on implant pull-through fueled by continued adoption of the AiBLE™ ecosystem; Neurosurgery grew mid-single digits on strong sales of StealthStation™ navigation and O-arm™ imaging systems

Specialty Therapies results driven by mid-single digit growth in Neurovascular on strength in flow diversion and low-single digit growth in ENT and Pelvic Health; excluding a product line divestiture, Pelvic Health grew mid-single digits

Neuromodulation drove mid-single digit growth in Targeted Drug Delivery and low-single digit growth in Pain Stim

Medical Surgical Portfolio

The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Patient Monitoring & Respiratory Interventions (PMRI) divisions. Revenue of $2.142 billion increased 7.0% as reported and 5.6% organic, with a high-single digit organic increase in SE and low-single digit organic increase in PMRI.

SE results driven by low-double digit growth in General Surgical Technologies, mid-single digit growth in Advanced Surgical Technologies, and low-double digit growth in Endoscopy

SE also drove installed base growth of the Hugo™ robotic-assisted surgery (RAS) system; received Investigational Device Exemption (IDE) from U.S. FDA to begin the U.S. clinical trial for Hugo™ RAS system for Hernia procedures

PMRI results driven by low-single digit growth in Patient Monitoring, with double-digit growth in Nellcor™ pulse oximetry monitor sales; Respiratory Interventions results were flat, with high-single digit growth in Airways offset by decreases in Ventilator sales

Diabetes

Diabetes revenue of $610 million increased 9.7% as reported and 6.7% organic.

Non-U.S. Developed Markets grew mid-teens on continued MiniMed™ 780G system adoption and increased CGM attachment rates on the strength of the Guardian™ 4 sensor

First full quarter of the U.S. launch of MiniMed™ 780G system resulted in low-thirties sequential growth in U.S. Diabetes pump revenue; overall, U.S. Diabetes declined mid-single digits year-over-year on customer attrition versus the prior year; customer base increased sequentially

Received CE Mark and began phased launch for Simplera™ standalone CGM

Guidance

The company today raised its FY24 revenue growth and EPS guidance.

The company increased its FY24 organic revenue growth guidance to 4.75% versus the prior 4.5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue related to certain businesses reported as Other. Including Other revenue and the impact of foreign currency, if foreign currency exchange rates as of the beginning of November hold, FY24 revenue growth on a reported basis would be approximately 2.6%.

The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.08 to $5.16 to the new range of $5.13 to $5.19, a 4 cent increase at the midpoint. Given the change in foreign currency exchange rates over the past quarter, the foreign exchange impact on FY24 diluted non-GAAP EPS is now estimated to be 2 cents more unfavorable in the second half and is estimated to be a 6% unfavorable impact for the full year.

“Overall, it was another good quarter as we delivered revenue, margins, and earnings ahead of expectations. Combining our second quarter outperformance with our updated tax and foreign currency estimates, we’re raising our full year organic revenue growth and EPS guidance,” said Karen Parkhill, Medtronic EVP & chief financial officer. “Based on the changes we’ve made to our operating model, incentives, and capital allocation, among other drivers, we’ve positioned the company to deliver consistent mid-single digit growth on the top line. As we move ahead, translating this durable revenue growth into durable earnings power remains a top priority.”

Video Webcast Information

Medtronic will host a video webcast today, November 21, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com.

Medtronic plans to report its FY24 third and fourth quarter results on Tuesday, February 20, 2024, and Thursday, May 23, 2024, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules

The second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the second quarter earnings presentation, click here.

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY24

FY23

Growth

Currency

Impact(2)

Adjusted

FY24

Adjusted

FY23

Growth

FY24

FY23

Growth

Currency

Impact(2)

Adjusted

FY24

Adjusted

FY23

Growth

Cardiovascular

$ 2,923

$ 2,759

5.9 %

$ 31

$ 2,892

$ 2,759

4.8 %

$ 5,773

$ 5,459

5.8 %

$ 12

$ 5,761

$ 5,459

5.5 %

Cardiac Rhythm & Heart Failure

1,492

1,417

5.3

1,474

1,417

4.0

2,938

2,798

5.0

2,927

2,798

4.6

Structural Heart & Aortic

819

757

8.2

808

757

6.7

1,633

1,499

8.9

1,627

1,499

8.5

Coronary & Peripheral Vascular

613

584

5.0

611

584

4.6

1,202

1,163

3.4

(5)

1,207

1,163

3.8

Neuroscience

2,288

2,186

4.7

2,278

2,186

4.2

4,506

4,301

4.8

(5)

4,511

4,301

4.9

Cranial & Spinal Technologies

1,157

1,081

7.0

1,153

1,081

6.7

2,260

2,124

6.4

(3)

2,263

2,124

6.5

Specialty Therapies

705

686

2.8

704

686

2.6

1,400

1,353

3.5

(7)

1,407

1,353

4.0

Neuromodulation

426

419

1.7

421

419

0.5

846

824

2.7

841

824

2.1

Medical Surgical

2,142

2,002

7.0

2,115

2,002

5.6

4,181

3,935

6.3

4,165

3,935

5.8

Surgical & Endoscopy

1,641

1,513

8.5

1,616

1,513

6.8

3,187

2,968

7.4

3,170

2,968

6.8

Patient Monitoring & Respiratory Interventions

501

489

2.5

498

489

1.8

994

967

2.8

(2)

996

967

3.0

Diabetes

610

556

9.7

593

556

6.7

1,189

1,098

8.3

1,169

1,098

6.5

Other(3)

(73.2)

(1)

—

162

(77.2)

(5)

—

TOTAL

$ 7,984

$ 7,585

5.3 %

$ 85

$ 7,876

$ 7,503

5.0 %

$ 15,686

$ 14,955

4.9 %

$ 38

$ 15,605

$ 14,793

5.5 %

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(2)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(3)

Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.

MEDTRONIC PLC

U.S.(1)(2) REVENUE

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY24

FY23

Growth

Adjusted

FY24

Adjusted

FY23

Growth

FY24

FY23

Growth

Adjusted

FY24

Adjusted

FY23

Growth

Cardiovascular

$ 1,427

$ 1,410

1.2 %

$ 1,427

$ 1,410

1.2 %

$ 2,776

$ 2,696

3.0 %

$ 2,776

$ 2,696

3.0 %

Cardiac Rhythm & Heart Failure

782

776

0.8

782

776

0.8

1,502

1,481

1.4

1,502

1,481

1.4

Structural Heart & Aortic

367

348

5.5

367

348

5.5

724

660

9.7

724

660

9.7

Coronary & Peripheral Vascular

278

286

(2.8)

278

286

(2.8)

550

555

(0.9)

550

555

(0.9)

Neuroscience

1,560

1,512

3.2

1,560

1,512

3.2

3,057

2,931

4.3

3,057

2,931

4.3

Cranial & Spinal Technologies

863

817

5.6

863

817

5.6

1,685

1,580

6.6

1,685

1,580

6.6

Specialty Therapies

403

—

403

—

795

784

1.4

795

784

1.4

Neuromodulation

293

291

0.7

293

291

0.7

577

567

1.8

577

567

1.8

Medical Surgical

963

895

7.6

963

895

7.6

1,845

1,726

6.9

1,845

1,726

6.9

Surgical & Endoscopy

688

633

8.7

688

633

8.7

1,308

1,214

7.7

1,308

1,214

7.7

Patient Monitoring & Respiratory Interventions

275

262

5.0

275

262

5.0

537

512

4.9

537

512

4.9

Diabetes

217

228

(4.8)

217

228

(4.8)

405

434

(6.7)

405

434

(6.7)

Other(3)

(65.2)

—

(67.3)

—

TOTAL

$ 4,175

$ 4,069

2.6 %

$ 4,167

$ 4,046

3.0 %

$ 8,099

$ 7,835

3.4 %

$ 8,083

$ 7,787

3.8 %

(1)

U.S. includes the United States and U.S. territories.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3)

Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.

MEDTRONIC PLC

WORLD WIDE REVENUE: GEOGRAPHIC (1)(2)

(Unaudited)

SECOND QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY24

FY23

Growth

Currency

Impact(3)

Adjusted

FY24

Adjusted

FY23

Growth

FY24

FY23

Growth

Currency

Impact(3)

Adjusted

FY24

Adjusted

FY23

Growth

U.S.

$ 1,427

$ 1,410

1.2 %

$ —

$ 1,427

$ 1,410

1.2 %

$ 2,776

$ 2,696

3.0 %

$ —

$ 2,776

$ 2,696

3.0 %

Non-U.S. Developed

912

802

13.7

869

802

8.4

1,869

1,694

10.3

1,824

1,694

7.7

Emerging Markets

584

546

7.0

(12)

596

546

9.2

1,128

1,070

5.4

(33)

1,161

1,070

8.5

Cardiovascular

2,923

2,759

5.9

2,892

2,759

4.8

5,773

5,459

5.8

5,761

5,459

5.5

U.S.

1,560

1,512

3.2

—

1,560

1,512

3.2

3,057

2,931

4.3

—

3,057

2,931

4.3

Non-U.S. Developed

399

382

4.5

385

382

0.8

815

788

3.4

805

788

2.2

Emerging Markets

329

292

12.7

(4)

333

292

14.0

634

582

8.9

(15)

649

582

11.5

Neuroscience

2,288

2,186

4.7

2,278

2,186

4.2

4,506

4,301

4.8

(5)

4,511

4,301

4.9

U.S.

963

895

7.6

—

963

895

7.6

1,845

1,726

6.9

—

1,845

1,726

6.9

Non-U.S. Developed

740

685

8.0

713

685

4.1

1,512

1,420

6.5

1,491

1,420

5.0

Emerging Markets

438

421

4.0

437

421

3.8

824

789

4.4

(5)

829

789

5.1

Medical Surgical

2,142

2,002

7.0

2,115

2,002

5.6

4,181

3,935

6.3

4,165

3,935

5.8

U.S.

217

228

(4.8)

—

217

228

(4.8)

405

434

(6.7)

—

405

434

(6.7)

Non-U.S. Developed

310

254

22.0

292

254

15.0

625

518

20.7

603

518

16.4

Emerging Markets

13.5

(1)

14.9

159

145

9.7

(3)

162

145

11.7

Diabetes

610

556

9.7

593

556

6.7

1,189

1,098

8.3

1,169

1,098

6.5

U.S.

(65.2)

—

(67.3)

—

Non-U.S. Developed

(78.8)

(1)

—

(81.5)

(2)

—

Emerging Markets

(72.0)

(1)

—

(79.2)

(2)

—

Other(4)

(73.2)

(1)

—

162

(77.2)

(5)

—

U.S.

4,175

4,069

2.6

—

4,167

4,046

3.0

8,099

7,835

3.4

—

8,083

7,787

3.8

Non-U.S. Developed

2,368

2,157

9.8

101

2,259

2,123

6.4

4,831

4,485

7.7

4,722

4,420

6.8

Emerging Markets

1,441

1,359

6.0

(17)

1,451

1,334

8.8

2,755

2,635

4.6

(57)

2,800

2,586

8.3

TOTAL

$ 7,984

$ 7,585

5.3 %

$ 85

$ 7,876

$ 7,503

5.0 %

$ 15,686

$ 14,955

4.9 %

$ 38

$ 15,605

$ 14,793

5.5 %

(1)

U.S. includes the United States and U.S. territories. Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe. Emerging Markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as previously defined.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4)

Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three months ended

Six months ended

(in millions, except per share data)

October 27,

2023

October 28,

2022

October 27,

2023

October 28,

2022

Net sales

$ 7,984

$ 7,585

$ 15,686

$ 14,955

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

2,761

2,535

5,390

5,051

Research and development expense

698

676

1,365

1,368

Selling, general, and administrative expense

2,686

2,617

5,299

5,184

Amortization of intangible assets

425

421

855

844

Restructuring charges, net

Certain litigation charges

—

105

—

Other operating income, net

(31)

(97)

(30)

(62)

Operating profit

1,340

1,404

2,608

2,528

Other non-operating income, net

(154)

(109)

(230)

(192)

Interest expense, net

180

118

329

282

Income before income taxes

1,313

1,395

2,510

2,438

Income tax provision

402

959

802

1,072

Net income

911

435

1,708

1,367

Net income attributable to noncontrolling interests

(2)

(8)

(10)

Net income attributable to Medtronic

$ 909

$ 427

$ 1,700

$ 1,356

Basic earnings per share

$ 0.68

$ 0.32

$ 1.28

$ 1.02

Diluted earnings per share

$ 0.68

$ 0.32

$ 1.28

$ 1.02

Basic weighted average shares outstanding

1,330.2

1,329.4

1,330.3

1,329.4

Diluted weighted average shares outstanding

1,331.9

1,332.0

1,332.8

1,333.3

The data in the schedule above has been intentionally rounded to the nearest million, and therefore, the quarterly amounts may not sum to the fiscal year-to-date amounts.

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)

	Three months ended October 27, 2023
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 7,984	$ 2,761	65.4 %	$ 1,340	16.8 %	$ 1,313	$ 909	$ 0.68	30.6 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	425	5.3	425	360	0.27	15.3
Restructuring and associated costs (2)	—	(15)	0.2	91	1.1	91	76	0.06	17.6
Acquisition and divestiture-related items (3)	—	(6)	0.1	58	0.7	58	51	0.04	12.1
Certain litigation charges	—	—	—	65	0.8	65	50	0.04	23.1
(Gain)/loss on minority investments (4)	—	—	—	—	—	25	21	0.02	20.0
Medical device regulations (5)	—	(21)	0.3	30	0.4	30	24	0.02	20.0
Certain tax adjustments, net (6)	—	—	—	—	—	—	176	0.13	—
Non-GAAP	$ 7,984	$ 2,720	65.9 %	$ 2,009	25.2 %	$ 2,008	$ 1,667	$ 1.25	16.9 %
Currency impact	(85)	(65)	0.5	121	1.8			0.08
Currency Adjusted	$ 7,899	$ 2,655	66.4 %	$ 2,130	27.0 %			$ 1.33

	Three months ended October 28, 2022
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 7,585	$ 2,535	66.6 %	$ 1,404	18.5 %	$ 1,395	$ 427	$ 0.32	68.7 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	421	5.6	421	356	0.27	15.4
Restructuring and associated costs (2)	—	(21)	0.3	95	1.3	95	76	0.06	20.0
Acquisition and divestiture-related items (3)	—	(39)	0.5	63	0.8	63	55	0.05	404.2
(Gain)/loss on minority investments (4)	—	—	—	—	—	(11)	(11)	(0.01)	—
Medical device regulations (5)	—	(22)	0.3	37	0.5	37	30	0.02	18.9
Certain tax adjustments, net (7)	—	—	—	—	—	—	793	0.60	—
Non-GAAP	$ 7,585	$ 2,454	67.6 %	$ 2,020	26.6 %	$ 1,999	$ 1,725	$ 1.30	13.3 %

See description of non-GAAP financial measures contained in the press release dated November 21, 2023.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.

(3)

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The charge primarily relates to the establishment of a valuation allowance against certain net operating losses, and a withholding tax cost related to the impending separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio.

(7)

The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico.

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)

	Six months ended October 27, 2023
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 15,686	$ 5,390	65.6 %	$ 2,608	16.6 %	$ 2,510	$ 1,700	$ 1.28	32.0 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	855	5.5	855	724	0.54	15.2
Restructuring and associated costs (2)	—	(30)	0.2	182	1.2	182	152	0.11	16.5
Acquisition and divestiture-related items (3)	—	(12)	—	107	—	107	97	0.07	9.3
Certain litigation charges	—	—	—	105	0.7	105	81	0.06	22.9
(Gain)/loss on minority investments (4)	—	—	—	—	—	89	85	0.06	5.6
Medical device regulations (5)	—	(42)	0.3	62	0.4	62	49	0.04	21.0
Certain tax adjustments, net (6)	—	—	—	—	—	—	375	0.28	—
Non-GAAP	$ 15,686	$ 5,306	66.2 %	$ 3,919	25.0 %	$ 3,910	$ 3,262	$ 2.45	16.4 %
Currency impact	(38)	(66)	0.3	243	1.6			0.16
Currency Adjusted	$ 15,648	$ 5,240	66.5 %	$ 4,162	26.6 %			$ 2.61

	Six month ended October 28, 2022
(in millions, except per share data)	Net Sales	Cost of Products Sold	Gross Margin Percent	Operating Profit	Operating Profit Percent	Income Before Income Taxes	Net Income attributable to Medtronic	Diluted EPS	Effective Tax Rate
GAAP	$ 14,955	$ 5,051	66.2 %	$ 2,528	16.9 %	$ 2,438	$ 1,356	$ 1.02	44.0 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	844	5.6	844	715	0.54	15.3
Restructuring and associated costs (2)	—	(41)	0.3	171	1.1	171	136	0.10	20.5
Acquisition and divestiture-related items (3)	—	(50)	0.3	174	1.2	174	157	0.12	38.8
(Gain)/loss on minority investments (4)	—	—	—	—	—	(15)	(15)	(0.01)	—
Medical device regulations (5)	—	(40)	0.3	70	0.5	70	56	0.04	20.0
Debt redemption premium and other charges (7)	—	—	—	—	—	53	42	0.03	20.8
Certain tax adjustments, net (8)	—	—	—	—	—	—	780	0.59	—
Non-GAAP	$ 14,955	$ 4,921	67.1 %	$ 3,785	25.3 %	$ 3,733	$ 3,226	$ 2.42	13.3 %

See description of non-GAAP financial measures contained in the press release dated November 21, 2023.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and charges related to the impending separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio. The prior year included non-cash pre-tax impairments, primarily related to goodwill and other associated costs, as a result of the April 1, 2023, sale of half of the Company’s Renal Care Solutions (RCS) business.

(4)

(5)

The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific period.

(6)

The charge relates to an income tax reserve adjustment associated with the June 1, 2023, Israeli Central-Lod District Court decision, the establishment of a valuation allowance against certain net operating losses, a withholding tax cost related to the impending separation of the Patient Monitoring and Respiratory Interventions businesses, and amortization of previously established deferred tax assets from intercompany intellectual property transactions.

(7)

The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within interest expense, net within the consolidated statements of income.

(8)

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Three months ended October 27, 2023

(in millions)

Net Sales

SG&A

Expense

SG&A

Expense as

a % of Net

Sales

R&D

Expense

R&D

Expense

as a % of

Net Sales

Other

Operating

(Income)

Expense,

net

Other

Operating

(Inc.)/Exp.,

net as a % of

Net Sales

Other Non-

Operating

Income, net

GAAP

$ 7,984

$ 2,686

33.6 %

$ 698

8.7 %

$ (31)

(0.4) %

$ (154)

Non-GAAP Adjustments:

Restructuring and associated costs (2)

—

(36)

(0.5)

—

Acquisition and divestiture-related items (3)

—

(26)

(0.3)

—

(26)

(0.3)

—

Medical device regulations (4)

—

(9)

(0.1)

—

(Gain)/loss on minority investments (5)

—

(25)

Non-GAAP

$ 7,984

$ 2,623

32.9 %

$ 688

8.6 %

$ (57)

(0.7) %

$ (179)

Currency impact

(85)

(36)

(0.1)

(1)

0.1

(104)

(1.3)

Currency Adjusted

$ 7,899

$ 2,587

32.8 %

$ 687

8.7 %

$ (161)

(2.0) %

$ (175)

Six months ended October 27, 2023

(in millions)

Net Sales

SG&A

Expense

SG&A

Expense as

a % of Net

Sales

R&D

Expense

R&D

Expense

as a % of

Net Sales

Other

Operating

(Income)

Expense,

net

Other Operating

(Inc.)/Exp.,

net as a % of

Net Sales

Other Non-

Operating

Income, net

GAAP

$ 15,686

$ 5,299

33.8 %

$ 1,365

8.7 %

$ (30)

(0.2) %

$ (230)

Non-GAAP Adjustments:

Restructuring and associated costs (2)

—

(57)

(0.4)

—

Acquisition and divestiture-related items (3)

—

(42)

(0.3)

—

(53)

(0.3)

—

Medical device regulations (4)

—

(1)

—

(19)

(0.1)

—

(Gain)/loss on minority investments (5)

—

(89)

Non-GAAP

$ 15,686

$ 5,199

33.1 %

$ 1,346

8.6 %

$ (83)

(0.5) %

$ (320)

Currency impact

(38)

(31)

(0.1)

—

(186)

(1.2)

Currency Adjusted

$ 15,648

$ 5,168

33.0 %

$ 1,348

8.6 %

$ (269)

(1.7) %

$ (315)

See description of non-GAAP financial measures contained in the press release dated November 21, 2023.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.

(3)

(4)

(5)

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Six months ended

(in millions)

October 27, 2023

October 28, 2022

Net cash provided by operating activities

$ 1,536

$ 2,005

Additions to property, plant, and equipment

(815)

(749)

Free Cash Flow(2)

$ 721

$ 1,256

See description of non-GAAP financial measures contained in the press release dated November 21, 2023.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions)

October 27, 2023

April 28, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 1,311

$ 1,543

Investments

6,423

6,416

Accounts receivable, less allowances and credit losses of $177 and $176, respectively

5,934

5,998

Inventories, net

5,754

5,293

Other current assets

2,658

2,425

Total current assets

22,081

21,675

Property, plant, and equipment, net

5,735

5,569

Goodwill

40,821

41,425

Other intangible assets, net

14,060

14,844

Tax assets

3,428

3,477

Other assets

3,962

3,959

Total assets

$ 90,087

$ 90,948

LIABILITIES AND EQUITY

Current liabilities:

Current debt obligations

$ 1,339

$ 20

Accounts payable

2,174

2,662

Accrued compensation

1,758

1,949

Accrued income taxes

1,088

840

Other accrued expenses

3,299

3,581

Total current liabilities

9,659

9,051

Long-term debt

23,741

24,344

Accrued compensation and retirement benefits

1,020

1,093

Accrued income taxes

1,777

2,360

Deferred tax liabilities

686

708

Other liabilities

1,556

1,727

Total liabilities

38,440

39,283

Commitments and contingencies

Shareholders’ equity:

Ordinary shares— par value $0.0001, 2.6 billion shares authorized,

1,330,173,450 and 1,330,809,036 shares issued and outstanding, respectively

—

Additional paid-in capital

24,580

24,590

Retained earnings

30,256

30,392

Accumulated other comprehensive loss

(3,377)

(3,499)

Total shareholders’ equity

51,460

51,483

Noncontrolling interests

187

182

Total equity

51,647

51,665

Total liabilities and equity

$ 90,087

$ 90,948

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six months ended

(in millions)

October 27, 2023

October 28, 2022

Operating Activities:

Net income

$ 1,708

$ 1,367

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,344

1,339

Provision for credit losses

Deferred income taxes

(36)

(92)

Stock-based compensation

219

199

Loss on debt extinguishment

—

Other, net

182

148

Change in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable, net

(117)

(346)

Inventories, net

(616)

(784)

Accounts payable and accrued liabilities

(699)

(14)

Other operating assets and liabilities

(486)

Net cash provided by operating activities

1,536

2,005

Investing Activities:

Acquisitions, net of cash acquired

(22)

(1,867)

Additions to property, plant, and equipment

(815)

(749)

Purchases of investments

(3,403)

(3,743)

Sales and maturities of investments

3,336

3,609

Other investing activities, net

(59)

Net cash used in investing activities

(963)

(2,731)

Financing Activities:

Change in current debt obligations, net

1,321

349

Proceeds from short-term borrowings (maturities greater than 90 days)

—

2,284

Issuance of long-term debt

—

3,430

Payments on long-term debt

—

(2,311)

Dividends to shareholders

(1,836)

(1,807)

Issuance of ordinary shares

149

153

Repurchase of ordinary shares

(378)

(477)

Other financing activities

153

443

Net cash (used in) provided by financing activities

(591)

2,064

Effect of exchange rate changes on cash and cash equivalents

(214)

(223)

Net change in cash and cash equivalents

(232)

1,114

Cash and cash equivalents at beginning of period

1,543

3,714

Cash and cash equivalents at end of period

$ 1,311

$ 4,828

Supplemental Cash Flow Information

Cash paid for:

Income taxes

$ 1,110

$ 821

Interest

476

234

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on X (formerly Twitter) and LinkedIn.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, general economic conditions, and other risks and uncertainties described in the company’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES

This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2023.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Contacts:

Erika Winkels

Ryan Weispfenning

Public Relations

Investor Relations

+1-763-526-8478

+1-763-505-4626

SOURCE Medtronic plc

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

Source

News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

Source

News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

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6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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