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Medtronic fiscal Q4 profit climbs 5.8% YOY

Medtronic PLC said its non-GAAP net income for the fiscal fourth quarter ended April 27 came to $1.42 per share, compared with the S&P Capital IQ normalized EPS consensus estimate of $1.39 per share.

EPS climbed 6.8% year over year from $1.33.

Non-GAAP net income totaled $1.94 billion, a gain of 5.8% from $1.84 billion in the year-earlier period.

The Dublin-based medical device company said net sales grew on an annual basis to $8.14 billion from $7.92 billion.

GAAP net income grew on an annual basis to $1.46 billion, or $1.07 per share, from $1.16 billion, or 84 cents per share.

Fiscal 2018 results

For the year, Medtronic's non-GAAP net income totaled $4.77 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.73.

EPS rose from $4.60 in the prior year.

On an aggregate basis, non-GAAP net income rose to $6.53 billion from $6.40 billion in the prior year.

Full-year net sales totaled $29.95 billion, compared with $29.71 billion in the prior year.

The company said GAAP full-year net income declined on an annual basis to $3.10 billion, or $2.27 per share, from $4.03 billion, or $2.89 per share.

Fiscal 2019 outlook

Medtronic will target non-GAAP EPS in the range of $5.10 to $5.15 in fiscal 2019.

The healthcare equipment manufacturer is also forecasting organic revenue growth in the range of 4% to 4.5%.