Medtronic Raises Long-Range Revenue Growth Outlook
October 14 2020 - 7:49AM
Dow Jones News
By Keith Collins
Medtronic PLC raised its annual organic revenue growth outlook
to at least 5% from a previous long-range target of at least
4%.
The Dublin medical-technology company said Wednesday it expects
adjusted per-share earnings compound annual growth of at least 8%
over the long term, assuming modest currency volatility.
Medtronic said it is targeting a cash conversion ratio of more
than 80%, and is committing to return over 50% of its free cash
flow to shareholders.
The company said it expects its revenue-growth strategy will
drive strong double-digit total shareholder return.
"Prioritizing investments in innovation where we see the best
opportunities, along with our ongoing focus on driving
productivity, will enable us to achieve our long-range targets and
generate strong shareholder value," Chief Financial Officer Karen
Parkhill said.
Medtronic said it expects dividend growth to be in line with its
earnings growth.
Write to Keith Collins at keith.collins@wsj.com
(END) Dow Jones Newswires
October 14, 2020 07:34 ET (11:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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