report analysis on met
May 22, 2013
Medtronic, Inc.
(MDT-NYSE)
$51.53*
Note: More details to come; changes are highlighted. Except where noted, and highlighted, no other section of this report has been updated
Reason for Report: Flash Update: 4Q13 and FY13 Earnings
Prev. Ed.: Apr 10, 2013: 3Q13 Earnings (broker materials considered till Apr 1, 2013)
Note: The tables below (Revenue, Margins, and Earnings per Share) contain material from fewer brokers than in the Valuation table. The extra figures in the Valuation table come from reports that did not have accompanying spreadsheet models.
Flash Update
Medtronic Beats Earnings, Results Stronger
May 21, 2013
Medtronic Inc. reported 4Q13 EPS of $0.95, up 1% y/y. After taking into account certain one-time items, adjusted EPS was $1.10, up 11% y/y and ahead of the Zacks Consensus Estimate of $1.03. FY13 EPS came in at $3.37, a decline of 1% over FY12. However, FY13 adjusted EPS was up 8% to $3.75, well ahead of the Zacks Consensus Estimate of $3.69.
Revenue in 4Q13 was $4.459 billion, up 4% y/y (up 5% at constant exchange rates or CER). It was also above the Zacks Consensus Estimate of $4.388 billion. The annualized revenue was pegged at $16.590 billion, up 4% on a reported basis and 5% at CER, marginally beating the Zacks Consensus Estimate of
$16.521 billion.
Medtronic derived 47% of its total sales from the international market, which climbed 4% y/y (up 7% at
CER) to reach $2.087 billion in 4Q13. As a result of the company s focus on emerging markets, revenue from these regions experienced continued growth momentum and increased 13% (14% at CER) to $521 million. This region now represents 12% of the company s total revenue.
Segment Details
Medtronic earns revenue from two major groups the Cardiac & Vascular Group and the Restorative
Therapies Group. The former encompasses the Cardiac Rhythm Disease Management ( CRDM ),
Coronary, Structural Heart, and Endovascular businesses; while the latter includes
Medtronic, Inc.
(MDT-NYSE)
$51.53*
Note: More details to come; changes are highlighted. Except where noted, and highlighted, no other section of this report has been updated
Reason for Report: Flash Update: 4Q13 and FY13 Earnings
Prev. Ed.: Apr 10, 2013: 3Q13 Earnings (broker materials considered till Apr 1, 2013)
Note: The tables below (Revenue, Margins, and Earnings per Share) contain material from fewer brokers than in the Valuation table. The extra figures in the Valuation table come from reports that did not have accompanying spreadsheet models.
Flash Update
Medtronic Beats Earnings, Results Stronger
May 21, 2013
Medtronic Inc. reported 4Q13 EPS of $0.95, up 1% y/y. After taking into account certain one-time items, adjusted EPS was $1.10, up 11% y/y and ahead of the Zacks Consensus Estimate of $1.03. FY13 EPS came in at $3.37, a decline of 1% over FY12. However, FY13 adjusted EPS was up 8% to $3.75, well ahead of the Zacks Consensus Estimate of $3.69.
Revenue in 4Q13 was $4.459 billion, up 4% y/y (up 5% at constant exchange rates or CER). It was also above the Zacks Consensus Estimate of $4.388 billion. The annualized revenue was pegged at $16.590 billion, up 4% on a reported basis and 5% at CER, marginally beating the Zacks Consensus Estimate of
$16.521 billion.
Medtronic derived 47% of its total sales from the international market, which climbed 4% y/y (up 7% at
CER) to reach $2.087 billion in 4Q13. As a result of the company s focus on emerging markets, revenue from these regions experienced continued growth momentum and increased 13% (14% at CER) to $521 million. This region now represents 12% of the company s total revenue.
Segment Details
Medtronic earns revenue from two major groups the Cardiac & Vascular Group and the Restorative
Therapies Group. The former encompasses the Cardiac Rhythm Disease Management ( CRDM ),
Coronary, Structural Heart, and Endovascular businesses; while the latter includes