In Q2, the company’s revenue from its diabetes portfolio increased by 9.7%. Credit: Michael Vi/shutterstock.com.

Medtronic has reported $7.98bn in global revenue for the second quarter (Q2) of the fiscal year 2024 (FY2024), an increase of 5.3% against $7.58bn.

For the quarter, which ended on 27 October, the company’s GAAP net income was $909m and diluted earnings per share (EPS) stood at $0.68, both representing a 113% increase compared to the same quarter of the previous year.

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Non-GAAP net income stood at $1.66bn, a decrease of 3% and non-GAAP diluted EPS of $1.25 decreased by 4%.

Medtronic chairman and CEO Geoff Martha said: “We’re delivering a track record of durable, mid-single-digit revenue growth. The underlying fundamentals are strong and our solid results were broad-based across our businesses and geographies.

“We’re bringing game-changing innovation to market with numerous recent regulatory approvals and major product launches, which give us confidence in our ability to continue delivering dependable growth.”

For the Q2 period, the company’s US revenue was $4.17bn. This marks an increase of 2.6% on a year-on-year reported basis and 3% on a year-on-year organic basis.

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Non-US developed market revenues stood at $2.36bn, an increase of 9.8% on a reported basis and 6.4% on an organic basis.

Medtronic’s cardiovascular portfolio revenue increased by 5.9%, as reported and by 4.8% on an organic basis to $2.92bn.

The Medical Surgical portfolio revenue for the reported quarter stood at $2.14bn, representing an increase of 7% as reported and 5.6% on an organic basis.

In the Neuroscience portfolio, the company’s revenue was $2.28bn, a 4.7% increase as reported and a 4.2% increase on an organic basis.

Revenue from the diabetes portfolio increased by 9.7% as reported and by 6.7% on an organic basis to $610m.

Medtronic EVP and chief financial officer Karen Parkhill said: “Overall, it was another good quarter as we delivered revenue, margins and earnings ahead of expectations. Combining our second-quarter outperformance with our updated tax and foreign currency estimates, we’re raising our full-year organic revenue growth and EPS guidance.

“Based on the changes we’ve made to our operating model, incentives and capital allocation, among other drivers, we’ve positioned the company to deliver consistent mid-single digit growth on the top line.”