Medtronic Review Post Q4 Earnings Results

RBC Capital analysts provided a review of Medtronic plc (NYSE:MDT) following the company’s reported Q4 results last week and their meeting with management to get greater clarification on the Q1 outlook, 2023 sales ramp, and color on supply chain disruptions that the company is experiencing.
The company guided to Q1/23 organic sales decline of 4.5-5.5%. The questions the analysts have been fielding from investors are around what the company’s underlying growth looks like and what impact of supply disruptions is included in its guidance.
As per their conversation with the company, the analysts note that on a comp-adjusted basis, the company is looking for an organic sales decline of 0.15% in Q1/23 vs. growth of 0.25% in Q4/22, reflecting typical seasonality.
The balance reflects supply headwinds, which management assumes will worsen from Q4 to Q1. The analysts noted that the year-over-year growth looks more challenging as it laps comps of 19.0% underlying growth in the prior year’s quarter.

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