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Medtronic reports 6% fiscal Q1 profit increase, raises EPS guidance

Medtronic PLC's non-GAAP net income for the fiscal first quarter rose by 6% to $1.70 billion, compared to $1.60 billion in the same period a year ago.

The Dublin-based medical device maker's non-GAAP EPS increased by 8% to $1.26, up from $1.17 per share in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fiscal first quarter ended July 26 was $1.19.

Medtronic said in an Aug. 20 news release that its worldwide revenue grew by 1.5% to $7.49 billion, compared to $7.38 billion a year ago.

On a GAAP basis, net income decreased to $864 million, or 64 cents per share, compared to $1.08 billion, or 79 cents per share, in the year-ago period.

The company raised its fiscal year 2020 non-GAAP EPS guidance to $5.54 to $5.60, from the previous estimate of $5.44 to $5.50.

The S&P Global Market Intelligence normalized EPS consensus estimate for the fiscal year 2020 is $5.48.

Medtronic continues to expect revenue growth for the fiscal year 2020 to be around 4% on an organic basis.