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Medtronic plc (MDT+1.06%) has submitted its 10-Q filing for the quarterly period ended October 25, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $8.4 billion from $8.0 billion in the same quarter the previous year. This increase is attributed to growth in most business segments, including strong performance in Diabetes and Neuroscience.
Cost of products sold for the quarter was $2.9 billion, representing 35% of sales, compared to 34% in the same quarter of the previous year. This increase is primarily due to unfavorable currency impact.
The company reported a gross profit of $5.5 billion for the quarter, compared to $5.3 billion in the previous year, with the increase attributed to higher sales volume.
Research and development expenses remained stable at $697 million compared to $698 million in the previous year, reflecting ongoing investments in product innovation.
Selling, general, and administrative expenses increased to $2.8 billion from $2.7 billion, primarily due to new product launches and commercialization activities.
Net income for the quarter was $1.3 billion, up from $909 million in the previous year. Basic and diluted earnings per share were both $0.99, compared to $0.68 in the previous year.
Cash provided by operating activities was $1.9 billion, while cash used in investing and financing activities was $604 million and $1.3 billion, respectively.
Medtronic had a working capital of $10.2 billion as of October 25, 2024. The company continues to focus on strategic investments and operational efficiencies to support growth.
The filing also details various financial agreements, including a $3.5 billion unsecured revolving credit facility and the issuance of EUR-denominated Senior Notes.
Medtronic does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Medtronic continues to focus on expanding its market presence and highlights its commitment to product innovation and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Medtronic plc. quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.