Medtronic Reports Fiscal Year and Fourth Quarter 2019 Financial Results

• Q4 Revenue of $8.1 Billion, Flat as Reported and Grew 3.6% Organic 
• Q4 GAAP Diluted EPS of $0.87; Q4 Non-GAAP Diluted EPS of $1.54

FY19 Revenue of $30.6 Billion Grew 2.0% Reported and 5.5% Organic

FY19 GAAP Diluted EPS of $3.41; FY19 Non-GAAP Diluted EPS of $5.22

FY19 Cash Flow from Operations of $7.0 Billion Grew 50%; FY19 Free Cash Flow of $5.9 Billion Grew 62%

Company Issues FY20 Guidance

DUBLIN - May 23, 2019 - Medtronic plc (NYSE:MDT) today announced financial results for its fiscal year and fourth quarter 2019, which ended April 26, 2019.

Medtronic's fiscal year 2019 revenue of $30.557 billion increased 2.0 percent, or 5.5 percent on an organic basis, adjusting for the divestiture of certain businesses to Cardinal Health that occurred in the second quarter of fiscal year 2018 and the $455 million negative impact from foreign currency. As reported, fiscal year 2019 net earnings were $4.631 billion or $3.41 per diluted share. As detailed in the link at the end of this release, fiscal year 2019 non-GAAP earnings and diluted earnings per share (EPS) were $7.089 billion and $5.22, respectively, both representing increases of 9 percent. Adjusting for the divestiture and a positive 7 cent impact from foreign currency, fiscal year 2019 non-GAAP diluted EPS increased 10 percent.

Fiscal year 2019 cash flow from operations was $7.007 billion. Fiscal year 2019 free cash flow was $5.873 billion versus $3.616 billion in the prior year, an increase of 62 percent.

The company reported fourth quarter worldwide revenue of $8.146 billion, flat as reported or 3.6 percent growth on an organic basis, which adjusts for a $289 million negative impact from foreign currency. As reported, fourth quarter GAAP net income and diluted EPS were $1.172 billion and $0.87, respectively. As detailed in the financial schedules included through the link at the end of this release, fourth quarter non-GAAP net income and non-GAAP diluted EPS were $2.077 billion and $1.54, respectively, increases of 7 percent and 8 percent, respectively. Adjusting for a negative 1 cent impact from foreign currency, fourth quarter non-GAAP diluted EPS increased 9 percent.