Medtronic has raised its projected organic revenue growth for FY24 to 4.5%. Credit: JHVEPhoto / Shutterstock.com.

Medtronic has reported a GAAP net income of $791m for the first quarter (Q1) of fiscal year 2024 (FY24), a decrease of 15% compared to $929m in the year-ago period.

The company has posted a non-GAAP net income of $1.59bn, representing a 6% rise compared to the same period last year.

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For the quarter that ended on July 28 2023, the company recorded revenues of $7.7bn, representing a 4.5% increase as reported.

The company reported an operating profit of $1.26bn for the quarter, as compared to $1.12bn reported in the year-ago period.

A GAAP diluted earnings per share (EPS) of $0.59 was reported in the quarter, a decrease of 16% compared to $0.70 during the same period last year. Its non-GAAP diluted EPS stood at $1.20 for the quarter.

Medtronic has raised its organic revenue growth for FY24 to 4.5%, up from the previous 4% to 4.5% range.

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The company also raised its diluted non-GAAP EPS guidance for the FY. The previous range was between $5.00 and $5.10 and it has been adjusted to a new range of $5.08 to $5.16, reflecting a $0.07 increase at the midpoint.

Medtronic chairman and CEO Geoff Martha said: “We are pleased with the strong start to our FY. We executed and delivered another quarter of mid-single-digit revenue growth.

“Our solid results were broad-based, with each of our four segments delivering 6% organic revenue growth.”