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Medtronic Plc (MDT) SEC Filing 10-K Annual report for the fiscal year ending Friday, April 28, 2017

Medtronic Plc

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CIK: 1613103 Ticker: MDT


Exhibit 99.1
 
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NEWS RELEASE
 
 
 
 
 
 
 
 
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FOR IMMEDIATE RELEASE

MEDTRONIC REPORTS FOURTH QUARTER AND
FISCAL YEAR 2017 FINANCIAL RESULTS

▪
Q4 Revenue of $7.9 Billion Grew 5% as Reported; 5% at Constant Currency
▪
Q4 GAAP Diluted EPS of $0.84; Q4 Non-GAAP Diluted EPS of $1.33
▪
FY17 Revenue of $29.7 Billion Grew 3% as Reported; Approximately 5% on a Constant Currency, Constant Week Basis
▪
FY17 GAAP Diluted EPS of $2.89; FY17 Non-GAAP Diluted EPS of $4.60
▪
FY17 Cash Flow from Operations of $6.9 Billion; FY17 Free Cash Flow of $5.6 Billion

DUBLIN - May 25, 2017 - Medtronic plc (NYSE: MDT) today announced financial results for its fourth quarter and fiscal year 2017, which ended April 28, 2017.

The company reported fourth quarter worldwide revenue of $7.916 billion, compared to the $7.567 billion reported in the fourth quarter of fiscal year 2016, an increase of 5 percent on both a reported and constant currency basis. Foreign currency translation had a negative $37 million impact on fourth quarter revenue. As reported, fourth quarter GAAP net income and diluted earnings per share (EPS) were $1.163 billion and $0.84, respectively. As detailed in the financial schedules included through the link at the end of this release, fourth quarter non-GAAP net income and diluted earnings per share (EPS) were $1.836 billion and $1.33, an increase of 2 percent and 5 percent, respectively.

Fourth quarter U.S. revenue of $4.403 billion represented 56 percent of company revenue and increased 4 percent. Non-U.S. developed market revenue of $2.452 billion represented 31 percent of company revenue and increased 2 percent, or 4 percent on a constant currency basis. Emerging market revenue of $1.061 billion represented 13 percent of company revenue and increased 11 percent, or 10 percent on a constant currency basis.

Medtronic’s fiscal year 2017 revenue of $29.710 billion increased 3 percent, or approximately 5 percent on a constant currency, constant week basis. Foreign currency translation had a negative $34 million impact on fiscal year 2017 revenue. The first quarter of fiscal year 2017 contained 13 weeks, one less week than the first quarter of fiscal year 2016. The extra week occurs every six years as a result of the company’s 52-53 week fiscal year calendar. While it is difficult to calculate an exact impact from the extra week, the company estimates that it resulted in an approximate $450 million benefit to revenue and $0.08 to $0.10 benefit to non-GAAP diluted earnings per share (EPS) in the first quarter of the prior fiscal year. As reported, fiscal year 2017 net earnings were $4.028 billion or $2.89 per diluted share. As detailed in the link at the end of this release, fiscal year 2017 non-GAAP earnings and diluted EPS were $6.395 billion and $4.60, representing increases of approximately 8 to 9 percent and approximately 11 to 12 percent, respectively, on a constant currency, constant week basis.

“Our fourth quarter results were a strong finish to the fiscal year, with balanced, diversified growth across our groups and regions,” said Omar Ishrak, Medtronic chairman and chief executive officer. “Fiscal year 2017 was a solid year overall for Medtronic. We delivered record revenue, made progress in each of our growth strategies, executed on our Covidien cost synergy

1
The following information was filed by Medtronic Plc (MDT) on Thursday, May 25, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Medtronic Plc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii
Schedule Ii (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income Statement
Consolidated Statements Of Equity
Consolidated Statements Of Income
Accumulated Other Comprehensive (loss) Income
Accumulated Other Comprehensive (loss) Income (details)
Accumulated Other Comprehensive (loss) Income (tables)
Acquisitions And Acquisition-related Items
Acquisitions And Acquisition-related Items (tables)
Acquisitions And Acquisition-related Items , Additional Information (details)
Acquisitions And Acquisition-related Items , Assets Acquired And Liabilities Assumed (details)
Acquisitions And Acquisition-related Items , Contingent Consideration (details)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (details)
Assets And Liabilities Held For Sale (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Derivatives And Currency Exchange Risk Management
Derivatives And Currency Exchange Risk Management (tables)
Derivatives And Currency Exchange Risk Management , Balance Sheet Presentation (details)
Derivatives And Currency Exchange Risk Management , Credit Risk And Other Disclosures (details)
Derivatives And Currency Exchange Risk Management , Derivative Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Derivatives And Currency Exchange Risk Management , Fair Value Hedges (details)
Derivatives And Currency Exchange Risk Management , Freestanding Derivative Forward Contracts And Cash Flow Hedges (details)
Derivatives And Currency Exchange Risk Management , Offsetting Of Assets And Liabilities (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Financial Instruments
Financial Instruments (tables)
Financial Instruments , Activity Related To The Company's Investment Portfolio And Available-for-sale Debt Securities Contractual Maturities (details)
Financial Instruments , Additional Information (details)
Financial Instruments , Investments By Category And Related Balance Sheet Presentation, And Afs In Continuous Loss Position (details)
Financial Instruments , Unobservable Inputs, And Items Measured At Fair Value On A Recurring Basis That Used Significant Unobservable Inputs (level 3) (details)
Financing Arrangements
Financing Arrangements (tables)
Financing Arrangements , Additional Information (details)
Financing Arrangements , Long-term Debt (details)
Financing Arrangements , Long-term Debt Maturities (details)
Financing Arrangements , Short-term Debt (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets , Amortization Expense (details)
Goodwill And Other Intangible Assets , Changes In Goodwill (details)
Goodwill And Other Intangible Assets , Intangible Assets (details)
Guarantor Financial Information
Guarantor Financial Information (tables)
Guarantor Financial Information , Additional Information (details)
Guarantor Financial Information , Condensed Consolidating Balance Sheet (details)
Guarantor Financial Information , Condensed Consolidating Statement Of Cash Flows (details)
Guarantor Financial Information , Consolidating Statement Of Comprehensive Income (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes , Additional Information (details)
Inventories
Inventories (details)
Inventories (tables)
Leases
Leases (details)
Leases (tables)
Property, Plant, And Equipment
Property, Plant, And Equipment (details)
Property, Plant, And Equipment (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Restructuring Charges
Restructuring Charges (details)
Restructuring Charges (tables)
Restructuring Charges , Additional Information (details)
Retirement Benefit Plans
Retirement Benefit Plans (tables)
Retirement Benefit Plans , Actuarial Assumptions And Plan Assets Target Allocations (details)
Retirement Benefit Plans , Additional Information (details)
Retirement Benefit Plans , Change In Benefit Obligation And Funded Status (details)
Retirement Benefit Plans , Fair Value Measurement (details)
Retirement Benefit Plans , Future Benefit Payments (details)
Retirement Benefit Plans , Net Periodic Cost And Aoci (details)
Segment And Geographic Information
Segment And Geographic Information (details)
Segment And Geographic Information (tables)
Shareholders' Equity
Shareholders' Equity (details)
Special Charge
Special Charge (details)
Stock Purchase And Award Plans
Stock Purchase And Award Plans (tables)
Stock Purchase And Award Plans , Additional Information (details)
Stock Purchase And Award Plans , Restricted Stock Award Activity (details)
Stock Purchase And Award Plans , Stock Options Activity (details)
Stock Purchase And Award Plans , Stock-based Compensation Expense (details)
Stock Purchase And Award Plans , Valuation Assumptions (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Warranty Obligations
Warranty Obligations (details)
Warranty Obligations (tables)
Ticker: MDT
CIK: 1613103
Form Type: 10-K Annual Report
Accession Number: 0001613103-17-000018
Submitted to the SEC: Tue Jun 27 2017 4:19:46 PM EST
Accepted by the SEC: Tue Jun 27 2017
Period: Friday, April 28, 2017
Industry: Electromedical And Electrotherapeutic Apparatus

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