Medtronic (NYSE:MDT) reported its Q3 results, with both EPS of $1.30 and revenue of $7.7 billion coming in better than the Street estimates of $1.27 and $7.54 billion, respectively.
Better-than-expected revenue was driven by beats across all of its business segments, with headwinds abating in ventilator sales and product availability.
The company raised its 2023 guidance, now expecting FX rates to negatively impact Q4 revenue by $165-215 million and guided to 2023 EPS of $5.28-$5.30 (prior guidance of $5.25-5.30), which includes an $0.21 FX headwind as of current rates.
The company continues to expect expense reductions to help offset headwinds e.g. inflation, interest, FX, and taxes. Additionally, the company noted it expects organic growth of 4.5-5.0% in Q4.