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Medtronic fiscal Q4 profit up 7% YOY

Medtronic PLC said its non-GAAP net income for the fiscal fourth quarter ended April 26 increased 7% year over year to $2.08 billion from $1.94 billion.

The Dublin-based medical device company's non-GAAP EPS came in at $1.54, up from $1.42 in the year-ago period.

The S&P Global Market Intelligence normalized EPS consensus estimate for the quarter was $1.47.

Net sales were largely flat year over year at $8.14 billion.

On a GAAP basis, net income dropped to $1.17 billion, or 87 cents per share, from $1.46 billion, or $1.07 per share, in the comparable, year-ago period.

For the fiscal year 2019, Medtronic's non-GAAP net income grew 8.6% year over year to $7.09 billion, or $5.22 per share, from $6.53 billion, or $4.77 per share.

The S&P Global Market Intelligence normalized EPS consensus estimate for the fiscal year was $5.15.

Medtronic booked full-year sales of $30.56 billion, up 2% from $29.95 billion in the previous year.

Full-year GAAP net income increased to $4.63 billion, or $3.41 per share, from $3.10 billion, or $2.27 per share, in 2018.

The Irish healthcare equipment company is targeting non-GAAP EPS in the range of $5.44 to $5.50 for fiscal year 2020, with about 4% revenue growth on an organic basis.