Medtronic plc (MDT) has reported 5.34 percent rise in profit for the quarter ended Apr. 28, 2017. The company has earned $1,163 million, or $0.84 a share in the quarter, compared with $1,104 million, or $0.78 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1,836 million, or $1.33 a share compared with $1,796 million or $1.27 a share, a year ago.

Revenue during the quarter grew 4.61 percent to $7,916 million from $7,567 million in the previous year period. Gross margin for the quarter expanded 45 basis points over the previous year period to 69.23 percent. Total expenses were 79.40 percent of quarterly revenues, down from 80.10 percent for the same period last year. This has led to an improvement of 70 basis points in operating margin to 20.60 percent.

Operating income for the quarter was $1,631 million, compared with $1,506 million in the previous year period.

However, the adjusted operating income for the quarter stood at $2,410 million compared to $2,290 million in the prior year period. At the same time, adjusted operating margin improved 18 basis points in the quarter to 30.44 percent from 30.26 percent in the last year period.

"Our fourth quarter results were a strong finish to the fiscal year, with balanced, diversified growth across our groups and regions," said Omar Ishrak, Medtronic chairman and chief executive officer. "Fiscal year 2017 was a solid year overall for Medtronic. We delivered record revenue, made progress in each of our growth strategies, executed on our Covidien cost synergy commitments, generated strong free cash flow growth, and deployed our capital in line with our stated priorities, balancing the return of cash to our shareholders together with disciplined reinvestment in our businesses.

For fiscal year 2018, Medtronic plc forecasts revenue to be in the range of $75 million to $175 million.  The company expects diluted earnings per share to be in the range of $0.05 to $0.10 on adjusted basis.

The company has spent $1,571 million cash to meet investing activities during the year as against cash inflow of $2,245 million in the last year.

The company has spent $3,283 million cash to carry out financing activities during the year as against cash outgo of $9,543 million in the last year period.

Cash and cash equivalents stood at $4,967 million as on Apr. 28, 2017, up 72.71 percent or $2,091 million from $2,876 million on Apr. 29, 2016.

Debt moves up
Medtronic plc has witnessed an increase in total debt over the last one year. It stood at $33,441 million as on Apr. 28, 2017, up 7.52 percent or $2,339 million from $31,102 million on Apr. 29, 2016. Interest coverage ratio improved to 5.62 for the quarter from 3.13 for the same period last year.