CLAIM #40457 · Medtronic PLC (MDT) · 2024Q3 earnings call · Feb 20, 2024 · due Apr 30, 2024
“For the fourth quarter, we're expecting organic revenue growth to be in the range of 4% to 4.5%.”
Karen Parkhill · CFO
In context
“in and strong SG&A leverage, as we continue to drive efficiencies across the enterprise. Below the operating margin line, our adjusted tax rate was a little higher than anticipated, mainly due to the jurisdictional mix of profits. On the flip side, income on our investments was also a little better than expected with higher rates. It's worth noting that while our adjusted EPS was flat year-over-year, it grew 8.5% on a constant currency basis from the leverage we drove down the P&L. We also significantly improved our free cash flow and conversion in the quarter. Now turning to guidance. Given our top and bottom-line beat and continued strength in our underlying fundamentals, we're raising our full-year revenue and EPS guidance. We now expect full year organic revenue growth of 4.75% to 5%. For the fourth quarter, we're expecting organic revenue growth to be in the range of 4% to 4.5%. On a comp-adjusted basis, this is an acceleration from the third quarter, as we continue to ramp our recent product launches. With the exit of ventilators that we announced today, we are moving the associated revenue to the other segment, starting in the fourth quarter. As is the case with all revenue in other, we will exclude it from our organic revenue growth. And additional details can be found in our third quarter earnings presentation. Regarding currency based on recent rates, we would see a full-year revenue impact in the range of an unfavorable $15 million to a favorable $35 million, including an unfavorable impact of $70 million to $120 million in the fourth quarter. On the bottom line with the beat in the third quarter, we're raising our full year EPS guidance by $0.04 at the mid”
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SEC filings for MDT ↗ · Claim quote is verbatim from the 2024Q3 earnings call.