이오플로우 하락 이유 - 美 메드트로닉 인수 가능성 아직 유효

기존 상승이유 글

이오플로우 상승 이유 - 美 메드트로닉 인수 가능성

 

1. 메드트로닉(MEDTRONIC) 채용 공고에서 EOFlow 사명삭제

2. 실적발표 컨콜에서 작은 기업 인수 피력

3. 인슐렛 주가 하락 메드트로닉 상승 마감

4. 엠바고일 가능성 있으나 기업 인수에는 변수(인수가격 협상)가 많아 투자에는 주의하자

 

1. 메드트로닉(MEDTRONIC) 채용 공고에서 EOFlow 사명을 삭제

- 단기적으로 악재이나 SW 테스트 엔지니어를 계속 채용하는 이유는 소프트웨어 통합을 하기 위한 것으로 인수 가능성은 유효하다고 판단된다.

- 여기에 한국어 영어 선호 문구가 남아있다.

- 또한 내부적으로 인수가 확정이 안됐는데 사람부터 채용 한다는 것이 가능한지 의문이 간다.

 

 

 

2. 메드트로닉 실적발표 컨콜

- Our philosophy hasn't changed. We continue to balance investments for future growth, including tuck-in M&A, 

- We believe these buybacks will have an attractive return given the conviction we have in growing our revenue, earnings and free cash flow. And as we go forward, we'll continue to focus on tuck-in M&A. 

 

Q&A

Gary Corona -- Interim Chief Financial Officer

 

Thanks, Geoff. And I, too, want to thank Karen for all her contributions to Medtronic and her support of me personally. I'm energized to step into this role and continue the momentum that we have as a company. I'm honored to lead our talented global finance team and want to send a big thank you to the entire Medtronic organization for your support.

I've been able to hit the ground running, and I'm excited to work together with Geoff and the leadership team to drive performance and achieve our financial commitments. I'm looking forward to having conversations with many of you in the investment community over the coming weeks. Now, I'll recap our Q1 financials and give you some additional details on our outlook. We started this fiscal year by continuing to deliver on our commitments, with revenue growth at 5.3%, a full point above the midpoint of our guidance.

 

This translated into EPS that was $0.03 ahead of our guidance midpoint. We're driving diversified growth, and you can see this strength come through when you look by business or by geography as both new product innovation and commercial execution is fueling our results. Our cardiovascular portfolio accelerated to high single-digit growth, and we saw continued momentum in neuroscience and diabetes. Our U.S.

 

growth also accelerated on contributions from cardiac rhythm management, PFA, and neuromodulation. And our international markets grew in the high single digits, including mid-teens growth in emerging markets. Moving down the P&L. Our adjusted gross margin was 65.9%, down 50 basis points but ahead of expectations.

 

As expected, the decline was entirely driven by the 80-basis-point impact of currency. However, we continue to make progress on our underlying margin improvement activities. In Q1, pricing from our new innovation and our cost-out programs offset inflation, resulting in a 30-basis-point increase in our gross margin on a constant currency basis. Our adjusted operating margin was 24.4%, in line with expectations.

 

This was a decline of 40 basis points versus last year but up 60 basis points in constant currency. Turning to capital allocation. Our philosophy hasn't changed. We continue to balance investments for future growth, including tuck-in M&A, with returning capital to shareholders, primarily through our dividend and, from time to time, through opportunistic share repurchases.

 

This calendar year, we've seen a significant value opportunity in our shares and allocated more capital to share repurchase. Since our Q4 earnings call in May, we repurchased an incremental $1.5 billion of our shares; and in total, $4 billion over the past two quarters. We believe these buybacks will have an attractive return given the conviction we have in growing our revenue, earnings, and free cash flow. And as we go forward, we'll continue to focus on tuck-in M&A.

Now, let's cover guidance. Given our Q1 outperformance and positive momentum, we're raising our full year revenue and EPS guidance. We now expect fiscal '25 organic revenue growth of 4.5% to 5%, an increase from the prior range of 4% to 5%. For Q2, we're expecting to deliver another quarter of mid-single-digit growth in the top line, and we'd have you model organic revenue growth of approximately 4.5%.

 

Based on recent rates, FX would have an unfavorable impact to fiscal '25 in the range of 110 million to 210 million, including $10 million to $60 million in the second quarter. Moving down the P&L. We continue to expect our operating margins to expand this year as we drive efficiencies while also investing behind our product launches and in our long-term pipeline. And based on recent rates, currency becomes much less of an impact to our margins and bottom line after the second quarter.

 

Taking this all together, we're raising our fiscal '25 non-GAAP diluted EPS guidance to a new range of $5.42 to $5.50, an increase from the prior range of $5.40 to $5.50. For the second quarter, we expect EPS of $1.24 to $1.26. The fiscal year '25 guidance range continues to include an unfavorable 5% impact from foreign currency, including an 8% impact in Q2. Further details on our annual guidance can be found in the guidance slide in our presentation.

 

To wrap up, I want to emphasize that we are laser-focused on driving top-line growth and restoring the earnings power of the company. You saw that in our Q1 results, and you see it in our outlook for the rest of the year. We expect our EPS growth to accelerate in the back half as the impact from currency lessens, exiting the year with high single-digit growth. Geoff, back to you.

 

Geoffrey S. Martha -- Chair and Chief Executive Officer

All right. Thanks, Gary. Now, before we go to the analyst questions, I want to close with a few thoughts. Since becoming CEO, we've made a lot of changes to this company, all designed to improve performance.

 

Chief among these strategies is how we allocate capital to disproportionally focus our R&D, our venture, and our M&A investments on the highest growth market opportunities while still making sure our other businesses are competitive. And now, you're seeing the payoff as we are at the front end of some exciting new product cycles. You're seeing it in diabetes and in neuromodulation, in TAVR and PFA. And as I look at our pipeline, I expect this momentum to continue as we invest heavily in future growth opportunities like hypertension and surgical robotics.

 

We've also been working on the fundamentals. The foundation of this company is now much stronger. Quality and operations are in a better spot, and we're investing in enhancing our digital capabilities across the company to improve our speed. We're playing more offense.

 

We're building capacity in strategic growth areas. We're looking to further increase organic investments and are on the hunt for the right tuck-in M&A opportunities. We've integrated a performance-driven mindset and an incentive structure that reinforces this. And in some cases, we've changed leadership to add increased operating rigor to our mission-driven culture.

 

Now, taken all together, this is now translating into the top-line growth momentum and improved earnings power that you're seeing in our results. And as we continue to execute, this will create meaningful value for society and for shareholders. Finally, I'd like to thank all of our employees around the world. I realize that we've driven a lot of change, and that can be uncomfortable.

 

I appreciate all that you've done to embrace these changes, and it's rewarding to see your efforts paying off. As we look to the next 75 years of Medtronic, I'm excited about the possibilities before us. Together, we're building a stronger and more resilient company. So, thanks for all that you do to fulfill our mission and to serve patients.

 

So, with that, let's move to Q&A, where we're going to try to get as many analysts as possible, so we ask that you limit yourself to just one question and only if needed a related follow-up. If you have additional questions, you can reach out to Ryan and the investor relations team after the call. With that, Brad, can you please give the instructions for asking a question?

 

 

David Rescott -- Robert W. Baird and Company -- Analyst

Great. Thanks for taking the questions and congrats on the strong start to the year here. Geoff, I heard your comments on, you know, being on the hunt for M&A. I'm curious if you could help us kind of understand, you know, maybe what areas strategically you think make the most sense in the portfolio.

When you kind of think about the size of the Medtronic portfolio, I guess, how do you balance that kind of near term, what can be needle-moving versus -- you know, what can move the needle over the two- to three-year period and three- to five-year period? Thank you.

Geoffrey S. Martha -- Chair and Chief Executive Officer

Thanks for the question, David. Yeah. I mean, look, it -- on the M&A side, this is one of the areas -- just it's part of our larger capital allocation strategy, right, are we talk about, you know, little C capital allocation and big C capital allocation. We're talking about allocating our money to the areas of highest growth.

And the M&A strategy has to play with our organic strategy, and both are pointed toward the highest growth areas. You know, ablation -- you know, AFib ablation is a case in point where we did the Affera acquisition, as well as a needle crossing acquisition. You know, that's -- those are the areas that we're pointed to. But we're -- you know, we are still focused on, you know, value-creating tuck-in M&A, so with that growth in margin profile that I just talked about.

So, it's -- I don't want to point out specific areas other than the high-growth areas that are -- you know, with -- whether they be a product tuck-in to an existing business or an adjacent to an existing business tuck-in, that's where we're focused. And I think, you know, nothing's changed there, except that, I think, over the last year and a half or so, you know, we've had a lot of operational focus areas that we've had, and that's been the focus, is really getting the operations -- our operations footprint in a better spot, our back order is down, things like that. Quality in the better spot. We're in a much better spot there.

And I think we can focus more of our energies on M&A, and the explanation, I guess, I just gave is where we'll be focused.

 

 

3. 인슐렛 주가 하락 메드트로닉 상승 마감

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