Medtronic Plc's(NYSE: MDT)Q3 FY23 sales of $7.73 billionflat Y/Y on a reported basis and increased 4.1% organically, beating the consensus of $7.53 billion.

The organic comparison excludes a $379 million negative impact from foreign currency translation and a $26 million contribution from its fiscal first quarter acquisition of Intersect ENT, which is reported in the Specialty Therapies division in the Neuroscience Portfolio.

The adjusted EPS of $1.30 exceeded the consensus of $1.27, and decreased by 4%.

Organic revenue results reflect strong performances in the Cardiovascular and Neuroscience portfolios, Diabetes markets outside the U.S., and improved product availability across certain businesses, partially offset by unfavorable impacts from ventilator sales.

Medtronic's heart device unit sales increased 1% Y/Y (+7% organic) to $2.77 billion.

Spine & neurosurgery product segment sales increased 5% Y/Y (+7%) to $2.25 billion.

Diabetes revenue of $570 million decreased by 2% (+3%).

The Medical Surgical Portfolio sales decreased 7% (-2% organic) to $2.14 billion.

Guidance:The company expects Q4 FY23 organic revenue growth of 4.5% to 5.0%. Currency headwinds could affect Q4 sales by approximately $165-$215 million.

Medtronic tightens FY23 EPS outlook to $5.28 - $5.30 ($5.25 - $5.30 Prior), compared to the consensus of $5.44.

Price Action:MDT shares are up 2.49% at $86.91 during the premarket session on the last check Tuesday.

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This article Medtronic's Q3 Exceeds Expectations On Strong Cardiovascular And Neuroscience Performance, Tightens FY23 Outlook originally appeared on Benzinga.com

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