News

Medtronic reports third quarter fiscal 2024 financial results

Published

8 months ago

1 June, 2024

Medtronic reports third quarter fiscal 2024 financial results

Delivers on commitments with strong growth in Core Spine, Cardiac Surgery, Structural Heart, Cardiac Pacing, and across many international markets; Diabetes increases double digits as U.S. business returns to growth; Raises full year guidance

DUBLIN, Feb. 20, 2024 /PRNewswire/ — Medtronic plc (NYSE:MDT) today announced financial results for its third quarter (Q3) of fiscal year 2024 (FY24), which ended January 26, 2024.

Key Highlights

Revenue of $8.1 billion increased 4.7% as reported and 4.6% organic

GAAP diluted earnings per share (EPS) of $0.99; non-GAAP diluted EPS of $1.30

Raises FY24 organic revenue growth and EPS guidance

Company provides portfolio management update on Patient Monitoring and Respiratory Interventions businesses

Received U.S. FDA approval for PulseSelect™ pulsed field ablation (PFA) system and Percept™ RC neurostimulator with BrainSense™ technology; CE Mark for MiniMed™ 780G System with Simplera Sync™ CGM and Micra™ AV2 and Micra™ VR2 leadless pacemakers

Financial Results

Medtronic reported Q3 worldwide revenue of $8.089 billion, an increase of 4.7% as reported and 4.6% on an organic basis. The company’s organic revenue results reflect continued momentum across the company, driven by strong growth in Diabetes, Core Spine, Cardiac Surgery, Structural Heart, and Cardiac Pacing, as well as strength in international markets. The organic revenue growth comparison excludes:

Revenue of $17 million and the associated $2 million unfavorable impact from foreign currency translation reported as Other, stemming from business separations; and

The favorable impact from foreign currency translation of $70 million on the remaining segments.

As reported, Q3 GAAP net income and diluted EPS were $1.322 billion and $0.99, respectively, both representing increases of 8%. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income of $1.728 billion and non-GAAP diluted EPS of $1.30 were both flat. Included in non-GAAP diluted EPS was an 11 cent, or 8%, unfavorable impact from foreign currency translation.

“We’re building momentum, with another quarter of solid execution on our commitments. We continue to deliver durable revenue growth, with particular strength in multiple businesses, as well as in international markets as we expand access to our innovative healthcare technologies around the globe,” said Geoff Martha, Medtronic chairman and chief executive officer. “Our recent major product approvals – including transformative products in the diabetes, cardiac rhythm management, neuromodulation, hypertension, and pulsed field ablation spaces – increase our confidence in driving reliable growth over the coming quarters and years.”

Cardiovascular Portfolio

The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $2.929 billion increased 6.1% as reported and 5.1% organic, with a low-double digit organic increase in SHA, mid-single digit organic increases in CPV, and low-single digit increase in CRHF.

CRHF results included low-single digit growth in Cardiac Rhythm Management, driven by high-single digit growth in Cardiac Pacing Therapies, including mid-teens growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions grew low-double digits in international markets

SHA driven by low-double digit growth in both Aortic and Cardiac Surgery; Structural Heart grew high-single digits, with double digit growth in Western Europe and Japan on the adoption of Evolut™ FX

CPV delivered high-single digit growth in Coronary on growth in guide catheters, balloons, and drug-eluting stents; Peripheral Vascular Health grew mid-single digits, with low-double digit growth in Vascular Embolization products, high-single digit growth in drug-coated balloons

Received U.S. FDA approval and CE Mark for PulseSelect™ pulsed field ablation (PFA) system, with first commercial cases occurring in fiscal Q4, and the Nitron CryoConsole™ system; Received CE Mark for Micra™ AV2 and Micra™ VR2 next generation leadless pacemakers

Neuroscience Portfolio

The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.355 billion increased 4.8% as reported and 4.3% organic, with a mid-single digit organic increase in CST, low-single digit organic increases in Specialty Therapies and flat organic results in Neuromodulation.

CST overall performance was driven by continued adoption of the company’s AiBLE™ ecosystem, with high-single digit global and U.S. growth in Core Spine, mid-teens global and U.S. growth in Biologics, and mid-single digit growth in Neurosurgery

Specialty Therapies results driven by mid-single digit growth in Neurovascular, including double digit growth in flow diversion; ENT grew mid-single digits with strength in power capital and disposables and localized drug delivery sinus implants; Pelvic Health results driven by mid-single digit growth in sacral neuromodulation on the continued adoption of the InterStim X™ system, offset by a product line divestiture

Neuromodulation results included low-single digit growth in Brain Modulation, with mid-teens Western Europe growth on launch of the Percept™ RC neurostimulator with BrainSense™ technology; Pain Stim results were flat, with low-single digit growth in the U.S.

Medical Surgical Portfolio

The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Patient Monitoring & Respiratory Interventions (PMRI) divisions. Revenue of $2.148 billion increased 3.9% as reported and 2.9% organic, with low-single digit organic increases in both SE and PMRI. Excluding sales of ventilators, which declined mid-twenties, both Medical Surgical and PMRI grew mid-single digits organic.

SE results included mid-single digit growth in General Surgical Technologies, with strength in wound management and hernia products, low-single digit growth in Advanced Surgical Technologies, and mid-single growth in Endoscopy

PMRI results driven by mid-single digit growth in Patient Monitoring, with high twenties growth in Nellcor™ pulse oximetry monitors; Respiratory Interventions results declined mid-single digit, with low-single digit growth in Airways offset by declines in ventilator sales

Diabetes

Diabetes revenue of $640 million increased 12.3% as reported and 10.2% organic.

U.S. grew mid-single digits, returning to growth on the continued launch of the MiniMed™ 780G system; High-forties growth in U.S. insulin pump sales with continued sequential increases in customer base

Non-U.S. Developed Markets grew low-double digits on continued MiniMed™ 780G system adoption and increased CGM attachment rates

Received CE Mark for MiniMed™ 780G System with Simplera Sync™ CGM; limited European release expected in spring 2024 with phased European commercial launch in summer 2024

Patient Monitoring and Respiratory Interventions (PMRI) Update

Medtronic has decided to exit its ventilator product line and retain and combine the remaining PMRI businesses into one business unit called Acute Care and Monitoring (ACM). Exiting the increasingly unprofitable ventilator product line and combining the remaining businesses allows for increased investment in ACM with a focus on profitable growth. Given this increased investment along with an improved competitive landscape, the company has strong conviction in driving durable category leadership in this newly combined business. Medtronic will continue to honor existing ventilator contracts to serve the needs of its customers and their patients, and expects that existing manufacturers, who today account for the majority of the market, can meet customer demand for new ventilators moving forward.

Guidance

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

The company increased its FY24 organic revenue growth guidance from the prior 4.75% to the new range of 4.75% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue related to business separations reported as Other. Including Other revenue and the impact of foreign currency, if recent foreign currency exchange rates hold, FY24 revenue growth on a reported basis would be in the range of 2.9% to 3.3%.

The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.13 to $5.19 to the new range of $5.19 to $5.21, a 4 cent increase at the midpoint that is reflective of the company’s third quarter outperformance.

“In addition to delivering durable sales growth, we also drove improvements to our margins, as our cost efficiency programs helped to offset the impact of inflation, tax, and currency, contributing to our EPS and cash flow performance in the quarter,” said Karen Parkhill, Medtronic EVP & chief financial officer. “Based on our year-to-date performance, including another solid financial performance this quarter, we are raising our full-year guidance on both the top and bottom lines. We remain focused on restoring our earnings power and creating value for our shareholders.”

Video Webcast Information

Medtronic will host a video webcast today, February 20, 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 fourth quarter results on Thursday, May 23, 2024. For fiscal year 2025, Medtronic plans to report its first, second, third, and fourth quarter results on Tuesday, August 20, 2024, November 19, 2024, February 18, 2025, and Thursday, May 22, 2025, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules and Earnings Presentation

The third 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 third quarter earnings presentation, click here.

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

THIRD 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

$ 2,929

$ 2,760

6.1 %

$ 28

$ 2,901

$ 2,760

5.1 %

$ 8,702

$ 8,219

5.9 %

$ 40

$ 8,662

$ 8,219

5.4 %

Cardiac Rhythm & Heart Failure

1,470

1,419

3.6

1,454

1,419

2.5

4,408

4,217

4.5

4,381

4,217

3.9

Structural Heart & Aortic

843

760

10.9

833

760

9.6

2,475

2,259

9.6

2,458

2,259

8.8

Coronary & Peripheral Vascular

616

581

6.0

614

581

5.7

1,818

1,744

4.2

(3)

1,821

1,744

4.4

Neuroscience

2,355

2,248

4.8

2,345

2,248

4.3

6,861

6,549

4.8

6,856

6,549

4.7

Cranial & Spinal Technologies

1,204

1,128

6.7

1,201

1,128

6.5

3,465

3,253

6.5

—

3,465

3,253

6.5

Specialty Therapies

726

699

3.9

723

699

3.4

2,126

2,052

3.6

(3)

2,129

2,052

3.8

Neuromodulation

425

420

1.2

421

420

0.2

1,270

1,244

2.1

1,261

1,244

1.4

Medical Surgical

2,148

2,068

3.9

2,128

2,068

2.9

6,329

6,003

5.4

6,293

6,003

4.8

Surgical & Endoscopy

1,616

1,546

4.5

1,598

1,546

3.4

4,803

4,514

6.4

4,768

4,514

5.6

Patient Monitoring & Respiratory Interventions

532

522

1.9

530

522

1.5

1,526

1,489

2.5

1,525

1,489

2.4

Diabetes

640

570

12.3

628

570

10.2

1,829

1,667

9.7

1,797

1,667

7.8

Other(3)

(79.0)

(2)

—

243

(77.8)

(7)

—

TOTAL

$ 8,089

$ 7,727

4.7 %

$ 68

$ 8,001

$ 7,646

4.6 %

$ 23,775

$ 22,682

4.8 %

$ 106

$ 23,607

$ 22,439

5.2 %

(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)

THIRD 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

$ 1,373

$ 1,363

0.7 %

$ 1,373

$ 1,363

0.7 %

$ 4,149

$ 4,059

2.2 %

$ 4,149

$ 4,059

2.2 %

Cardiac Rhythm & Heart Failure

745

753

(1.1)

745

753

(1.1)

2,247

2,233

0.6

2,247

2,233

0.6

Structural Heart & Aortic

363

337

7.7

363

337

7.7

1,087

997

9.0

1,087

997

9.0

Coronary & Peripheral Vascular

265

274

(3.3)

265

274

(3.3)

816

829

(1.6)

816

829

(1.6)

Neuroscience

1,556

1,507

3.3

1,556

1,507

3.3

4,614

4,437

4.0

4,614

4,437

4.0

Cranial & Spinal Technologies

875

824

6.2

875

824

6.2

2,560

2,404

6.5

2,560

2,404

6.5

Specialty Therapies

407

402

1.2

407

402

1.2

1,202

1,186

1.3

1,202

1,186

1.3

Neuromodulation

275

281

(2.1)

275

281

(2.1)

852

848

0.5

852

848

0.5

Medical Surgical

960

959

0.1

960

959

0.1

2,805

2,685

4.5

2,805

2,685

4.5

Surgical & Endoscopy

663

674

(1.6)

663

674

(1.6)

1,971

1,888

4.4

1,971

1,888

4.4

Patient Monitoring & Respiratory Interventions

297

285

4.2

297

285

4.2

834

797

4.6

834

797

4.6

Diabetes

224

215

4.2

224

215

4.2

629

650

(3.2)

629

650

(3.2)

Other(3)

(58.8)

—

(65.2)

—

TOTAL

$ 4,120

$ 4,062

1.4 %

$ 4,113

$ 4,045

1.7 %

$ 12,219

$ 11,897

2.7 %

$ 12,197

$ 11,831

3.1 %

(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)

THIRD 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.

$ 1,373

$ 1,363

0.7 %

$ —

$ 1,373

$ 1,363

0.7 %

$ 4,149

$ 4,059

2.2 %

$ —

$ 4,149

$ 4,059

2.2 %

Non-U.S. Developed

950

859

10.6

920

859

7.1

2,818

2,553

10.4

2,743

2,553

7.4

Emerging Markets

607

538

12.8

(2)

609

538

13.2

1,734

1,607

7.9

(34)

1,768

1,607

10.0

Cardiovascular

2,929

2,760

6.1

2,901

2,760

5.1

8,702

8,219

5.9

8,662

8,219

5.4

U.S.

1,556

1,507

3.3

—

1,556

1,507

3.3

4,614

4,437

4.0

—

4,614

4,437

4.0

Non-U.S. Developed

442

401

10.2

432

401

7.7

1,257

1,189

5.7

1,237

1,189

4.0

Emerging Markets

357

341

4.7

—

357

341

4.7

991

923

7.4

(15)

1,006

923

9.0

Neuroscience

2,355

2,248

4.8

2,345

2,248

4.3

6,861

6,549

4.8

6,856

6,549

4.7

U.S.

960

959

0.1

—

960

959

0.1

2,805

2,685

4.5

—

2,805

2,685

4.5

Non-U.S. Developed

758

725

4.6

743

725

2.5

2,270

2,144

5.9

2,234

2,144

4.2

Emerging Markets

429

384

11.7

424

384

10.4

1,254

1,174

6.8

—

1,254

1,174

6.8

Medical Surgical

2,148

2,068

3.9

2,128

2,068

2.9

6,329

6,003

5.4

6,293

6,003

4.8

U.S.

224

215

4.2

—

224

215

4.2

629

650

(3.2)

—

629

650

(3.2)

Non-U.S. Developed

322

274

17.5

309

274

12.8

947

792

19.6

911

792

15.0

Emerging Markets

17.5

(1)

18.8

253

226

11.9

(4)

257

226

13.7

Diabetes

640

570

12.3

628

570

10.2

1,829

1,667

9.7

1,797

1,667

7.8

U.S.

(58.8)

—

(65.2)

—

Non-U.S. Developed

(94.4)

(1)

—

101

(86.1)

(4)

—

Emerging Markets

(71.4)

(1)

—

(76.3)

(3)

—

Other(4)

(79.0)

(2)

—

243

(77.8)

(7)

—

U.S.

4,120

4,062

1.4

—

4,113

4,045

1.7

12,219

11,897

2.7

—

12,197

11,831

3.1

Non-U.S. Developed

2,473

2,294

7.8

2,403

2,258

6.4

7,305

6,779

7.8

162

7,125

6,678

6.7

Emerging Markets

1,495

1,371

9.0

1,484

1,343

10.5

4,251

4,006

6.1

(56)

4,285

3,929

9.1

TOTAL

$ 8,089

$ 7,727

4.7 %

$ 68

$ 8,001

$ 7,646

4.6 %

$ 23,775

$ 22,682

4.8 %

$ 106

$ 23,607

$ 22,439

5.2 %

(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

Nine months ended

(in millions, except per share data)

January 26,

2024

January 27,

2023

January 26,

2024

January 27,

2023

Net sales

$ 8,089

$ 7,727

$ 23,775

$ 22,682

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

2,782

2,689

8,172

7,740

Research and development expense

695

688

2,060

2,055

Selling, general, and administrative expense

2,673

2,615

7,971

7,799

Amortization of intangible assets

419

431

1,274

1,275

Restructuring charges, net

114

Certain litigation charges

—

105

—

Other operating expense (income), net

(125)

(13)

(187)

Operating profit

1,483

1,392

4,091

3,920

Other non-operating income, net

(177)

(149)

(407)

(342)

Interest expense, net

188

167

517

449

Income before income taxes

1,472

1,375

3,982

3,813

Income tax provision

135

146

936

1,218

Net income

1,337

1,229

3,045

2,595

Net income attributable to noncontrolling interests

(15)

(6)

(23)

(17)

Net income attributable to Medtronic

$ 1,322

$ 1,222

$ 3,022

$ 2,579

Basic earnings per share

$ 0.99

$ 0.92

$ 2.27

$ 1.94

Diluted earnings per share

$ 0.99

$ 0.92

$ 2.27

$ 1.94

Basic weighted average shares outstanding

1,329.7

1,330.2

1,330.1

1,329.6

Diluted weighted average shares outstanding

1,331.7

1,332.0

1,332.4

1,332.8

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 January 26, 2024
(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	$ 8,089	$ 2,782	65.6 %	$ 1,483	18.3 %	$ 1,472	$ 1,322	$ 0.99	9.2 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	419	5.2	419	354	0.27	15.5
Restructuring and associated costs (2)	—	(12)	0.1	55	0.7	55	46	0.03	16.4
Acquisition and divestiture-related items (3)	—	(12)	0.1	58	0.7	58	52	0.04	10.3
(Gain)/loss on minority investments (4)	—	—	—	—	—	24	24	0.02	—
Medical device regulations (5)	—	(18)	0.2	26	0.3	26	21	0.02	19.2
Certain tax adjustments, net (6)	—	—	—	—	—	—	(92)	(0.07)	—
Non-GAAP	$ 8,089	$ 2,740	66.1 %	$ 2,042	25.2 %	$ 2,055	$ 1,728	$ 1.30	15.2 %
Currency impact	(68)	(66)	0.6	164	2.3			0.11
Currency Adjusted	$ 8,021	$ 2,674	66.7 %	$ 2,206	27.5 %			$ 1.41

	Three months ended January 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	$ 7,727	$ 2,689	65.2 %	$ 1,392	18.0 %	$ 1,375	$ 1,222	$ 0.92	10.6 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	431	5.6	431	367	0.28	15.1
Restructuring and associated costs (2)	—	(26)	0.3	104	1.3	104	83	0.06	20.2
Acquisition and divestiture-related items (3)	—	(9)	0.1	34	0.4	34	29	0.03	26.7
(Gain)/loss on minority investments (4)	—	—	—	—	—	(8)	(8)	(0.01)	—
Medical device regulations (5)	—	(23)	0.3	37	0.5	37	31	0.02	18.9
Certain tax adjustments, net	—	—	—	—	—	—	3	—	—
Non-GAAP	$ 7,727	$ 2,630	66.0 %	$ 1,998	25.9 %	$ 1,973	$ 1,727	$ 1.30	12.1 %

See description of non-GAAP financial measures contained in the press release dated February 20, 2024.

(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 potential separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio.

(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 net tax benefit primarily relates to a change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

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

	Nine months ended January 26, 2024
(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	$ 23,775	$ 8,172	65.6 %	$ 4,091	17.2 %	$ 3,982	$ 3,022	$ 2.27	23.5 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	1,274	5.4	1,274	1,078	0.81	15.4
Restructuring and associated costs (2)	—	(43)	0.2	237	1.0	237	198	0.15	16.5
Acquisition and divestiture-related items (3)	—	(24)	0.1	165	0.7	165	149	0.11	9.7
Certain litigation charges	—	—	—	105	0.4	105	81	0.06	22.9
(Gain)/loss on minority investments (4)	—	—	—	—	—	113	109	0.08	4.4
Medical device regulations (5)	—	(60)	0.3	88	0.4	88	70	0.05	20.5
Certain tax adjustments, net (6)	—	—	—	—	—	—	282	0.21	—
Non-GAAP	$ 23,775	$ 8,046	66.2 %	$ 5,961	25.1 %	$ 5,965	$ 4,988	$ 3.74	16.0 %
Currency impact	(106)	(132)	0.4	406	1.8			0.27
Currency Adjusted	$ 23,669	$ 7,914	66.6 %	$ 6,367	26.9 %			$ 4.01

	Nine months ended January 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	$ 22,682	$ 7,740	65.9 %	$ 3,920	17.3 %	$ 3,813	$ 2,579	$ 1.94	31.9 %
Non-GAAP Adjustments:
Amortization of intangible assets	—	—	—	1,275	5.6	1,275	1,082	0.81	15.2
Restructuring and associated costs (2)	—	(67)	0.3	275	1.2	275	219	0.16	20.0
Acquisition and divestiture-related items (3)	—	(59)	0.3	207	0.9	207	186	0.14	32.3
(Gain)/loss on minority investments (4)	—	—	—	—	—	(23)	(23)	(0.02)	—
Medical device regulations (5)	—	(62)	0.3	107	0.5	107	87	0.07	18.7
Debt redemption premium and other charges (7)	—	—	—	—	—	53	42	0.03	20.8
Certain tax adjustments, net (8)	—	—	—	—	—	—	783	0.59	—
Non-GAAP	$ 22,682	$ 7,551	66.7 %	$ 5,783	25.5 %	$ 5,706	$ 4,953	$ 3.72	12.9 %

See description of non-GAAP financial measures contained in the press release dated February 20, 2024.

(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)

(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 net charge primarily relates to an income tax reserve adjustment associated with the June 1, 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

(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)

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)

Three months ended January 26, 2024

(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

$ 8,089

$ 2,673

33.0 %

$ 695

8.6 %

$ 17

0.2 %

$ (177)

Non-GAAP Adjustments:

Restructuring and associated costs (2)

—

(23)

(0.3)

—

Acquisition and divestiture-related items (3)

—

(24)

(0.3)

—

(23)

(0.3)

—

Medical device regulations (4)

—

(8)

(0.1)

—

(Gain)/loss on minority investments (5)

—

(24)

Non-GAAP

$ 8,089

$ 2,625

32.5 %

$ 687

8.5 %

$ (6)

(0.1) %

$ (201)

Currency impact

(68)

(25)

(0.1)

—

0.1

(142)

(1.7)

Currency Adjusted

$ 8,021

$ 2,600

32.4 %

$ 687

8.6 %

$ (148)

(1.8) %

$ (199)

Nine months ended January 26, 2024

(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

$ 23,775

$ 7,971

33.5 %

$ 2,060

8.7 %

$ (13)

(0.1) %

$ (407)

Non-GAAP Adjustments:

Restructuring and associated costs (2)

—

(80)

(0.3)

—

Acquisition and divestiture-related items (3)

—

(66)

(0.3)

—

(76)

(0.3)

—

Medical device regulations (4)

—

(1)

—

(27)

(0.1)

—

(Gain)/loss on minority investments (5)

—

(113)

Non-GAAP

$ 23,775

$ 7,824

32.9 %

$ 2,033

8.6 %

$ (89)

(0.4) %

$ (520)

Currency impact

(106)

(56)

(0.1)

—

(327)

(1.4)

Currency Adjusted

$ 23,669

$ 7,768

32.8 %

$ 2,035

8.6 %

$ (416)

(1.8) %

$ (512)

See description of non-GAAP financial measures contained in the press release dated February 20, 2024.

(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)

Nine months ended

(in millions)

January 26, 2024

January 27, 2023

Net cash provided by operating activities

$ 4,010

$ 3,579

Additions to property, plant, and equipment

(1,161)

(1,081)

Free Cash Flow(2)

$ 2,849

$ 2,498

See description of non-GAAP financial measures contained in the press release dated February 20, 2024.

(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)

January 26, 2024

April 28, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 1,623

$ 1,543

Investments

6,698

6,416

Accounts receivable, less allowances and credit losses of $180 and $176, respectively

5,968

5,998

Inventories, net

5,726

5,293

Other current assets

2,499

2,425

Total current assets

22,513

21,675

Property, plant, and equipment, net

5,838

5,569

Goodwill

41,160

41,425

Other intangible assets, net

13,690

14,844

Tax assets

3,599

3,477

Other assets

4,036

3,959

Total assets

$ 90,836

$ 90,948

LIABILITIES AND EQUITY

Current liabilities:

Current debt obligations

$ 1,029

$ 20

Accounts payable

1,992

2,662

Accrued compensation

2,174

1,949

Accrued income taxes

1,109

840

Other accrued expenses

3,488

3,581

Total current liabilities

9,793

9,051

Long-term debt

24,153

24,344

Accrued compensation and retirement benefits

1,049

1,093

Accrued income taxes

1,821

2,360

Deferred tax liabilities

615

708

Other liabilities

1,410

1,727

Total liabilities

38,840

39,283

Commitments and contingencies

Shareholders’ equity:

Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,329,653,024 and

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

—

Additional paid-in capital

24,589

24,590

Retained earnings

30,661

30,392

Accumulated other comprehensive loss

(3,459)

(3,499)

Total shareholders’ equity

51,792

51,483

Noncontrolling interests

204

182

Total equity

51,996

51,665

Total liabilities and equity

$ 90,836

$ 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)

Nine months ended

(in millions)

January 26, 2024

January 27, 2023

Operating Activities:

Net income

$ 3,045

$ 2,595

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

Depreciation and amortization

1,993

2,018

Provision for credit losses

Deferred income taxes

(250)

(78)

Stock-based compensation

303

280

Loss on debt extinguishment

—

Other, net

265

182

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

Accounts receivable, net

(140)

(408)

Inventories, net

(530)

(936)

Accounts payable and accrued liabilities

(253)

163

Other operating assets and liabilities

(485)

(344)

Net cash provided by operating activities

4,010

3,579

Investing Activities:

Acquisitions, net of cash acquired

(74)

(1,867)

Additions to property, plant, and equipment

(1,161)

(1,081)

Purchases of investments

(5,422)

(5,472)

Sales and maturities of investments

5,142

5,387

Other investing activities, net

(155)

Net cash used in investing activities

(1,670)

(3,018)

Financing Activities:

Change in current debt obligations, net

1,010

625

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

—

2,284

Issuance of long-term debt

—

3,430

Payments on long-term debt

—

(3,083)

Dividends to shareholders

(2,753)

(2,711)

Issuance of ordinary shares

206

209

Repurchase of ordinary shares

(510)

(548)

Other financing activities

(44)

(276)

Net cash used in financing activities

(2,091)

(70)

Effect of exchange rate changes on cash and cash equivalents

(170)

317

Net change in cash and cash equivalents

808

Cash and cash equivalents at beginning of period

1,543

3,714

Cash and cash equivalents at end of period

$ 1,623

$ 4,521

Supplemental Cash Flow Information

Cash paid for:

Income taxes

$ 1,403

$ 1,314

Interest

568

262

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 on X 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

Source

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

Source

News

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

Published

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.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore Latest Updates here!

Topics that may interest you

Source