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Medtronic's Stock Price Grew Over 20% From Around $84 By The End of Q1 Fiscal 2018 To Around $103 By The End of Q1 Fiscal 2020, Led By Steady Growth In Revenue, Margins, And P/E Multiple.
Total Revenues Grew
Adjusted Net Income Margin Expanded
P/E Multiple Grew
No. of Shares Reduced
How Does Medtronic's Diabetes Care Business Compare To Its Peers? What Are Medtronic's Key Sources of Revenue? What Is Medtronic's Fair Price Estimate Based On Fiscal 2020 Earnings? All Healthcare Companies Data
#1. Revenues Could Grow 6% From $30.0 Billion In Fiscal 2018 to $31.8 Billion In Fiscal 2020. The Biggest Change In Revenue Is The Company's Restorative Therapies Group, Which Could Grow >10% During The Same Period.
Total Revenues = A + B + C + D
Cardiac & Vascular Group (A)
Minimally Invasive Therapies Group
Restorative Therapies Group
Glossary: Cardiac & Vascular Group includes cardiac rhythm management devices for the diagnosis, treatment, and management of heart rhythm disorders and heart failure. It also includes coronary balloons, drug-coated balloons, and thoracic stent graft systems, among others. Minimally Invasive Therapies Group includes devices and therapies for neurological problems and imaging systems among other products. Restorative Therapies Group primarily includes devices and implants for conditions relating to the spine, musculoskeletal system, brain, and nerves. Diabetes includes sales of diabetes management products, which primarily consist of insulin pumps, and continuous glucose monitoring systems.
Cardiac & vascular group revenue grw from $11.4 billion in fiscal 2018 to $11.5 billion in fiscal 2019, and it could grow to $11.8 billion in fiscal 2020, primarily led by higher Evolut PRO valve sales. Minimally invasive therapies group revenue declined from $8.7 billion in fiscal 2018 to $8.5 billion in fiscal 2019, and it could grow to $8.9 billion in fiscal 2020, likely led by higher demand for its patient monitoring products, along with sealing instruments, and advanced stapling products.
Restorative therapies group revenue have increased from $7.7 billion in fiscal 2018 to $8.2 billion in fiscal 2019, and it could grow to $8.6 billion in fiscal 2020, primarily led by higher demand for its brain and pain therapies, which have seen strong growth in the recent quarters, led by its Intellis spinal cord stimulation platform, and StealthStation surgical navigation systems. Diabetes group revenue also increased from $2.1 billion in fiscal 2018 to $2.4 billion in fiscal 2019, and we estimate it to grow to $2.6 billion in fiscal 2020, benefiting from the expansion of 670G, along with expected launch of 780G, which is an advanced version of its hybrid closed-loop system.
#2. Net Income Grew In Line With Medtronic's Revenues.
Adjusted Net Income = A x B
Adjusted Net Income Margin (A)
Total Revenues (B)
Medtronic's net income grew from $6.5 billion in fiscal 2018 to $7.1 billion in fiscal 2019, and an estimated $7.3 billion in fiscal 2020. This can be attributed to higher revenues and growth in net income margin. Net income margin grew from 22% in fiscal 2018 to 23% in fiscal 2019, and fiscal 2020E.
#2.2 EPS Has Also Seen Steady Growth, Led By Revenue & Margin Growth, And Lower Share Count.
Adjusted Earnings Per Share = A ÷ B
Adjusted Net Income (A)
No. of Shares (B)
Adjusted EPS grew from $4.78 in fiscal 2018 to $5.22 in fiscal 2019, and an estimated $5.50 in fiscal 2020. This can be attributed to higher net income, driven by higher revenues and margin expansion, as discussed above. No. of shares could decline from 1.4 billion in fiscal 2018 to 1.3 billion in fiscal 2020.