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Medtronic Reiterates FY23 Outlook - Update

While reporting financial results for the first quarter on Tuesday, medical devices maker Medtronic plc. (MDT) reiterated its adjusted earnings and revenue growth guidance for the full-year 2023.

For fiscal 2023, the company still projects adjusted earnings in a range of $5.53 to $5.65 per share, which includes an estimated 17 to 22 cent negative impact from foreign currency, on organic revenue growth of 4 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.56 per share on revenue growth of 0.8 percent to $31.94 billion for the quarter. Analysts' estimates typically exclude special items.

"Looking ahead, we expect organic revenue growth to improve each quarter, with the second half of the fiscal year much stronger than the first. We are optimistic about our future, as we create markets and realize new opportunities," said Karen Parkhill, Medtronic chief financial officer.

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