turn off sound pretty good solitaire 9.2

#Turn off sound pretty good solitaire 9.2 update
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Our adjusted operating margin expanded 90 basis points as we continue to see the benefits of our enterprise excellence initiatives, particularly on the SG&A line. Looking down the P&L, we drove significant operating leverage despite the softer top line. Geoff will provide a little more color on this later on the call. I'm not happy with this top line performance and we are focused on quickly addressing the dynamics that led to this result. We weren't able to offset these issues, given that many of them emerged late in the quarter. All of these items led to our quarterly revenue underperformance.

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And as of early this quarter we're in the process of returning to full supply.

and Canada to our company-wide system, resulting in a temporary slowdown in our ability to supply customers, which in some cases resulted in loss procedures and lasted longer in the quarter than we anticipated. In MITG, we upgraded the group's ERP system in the U.S. Revenue growth fell short of our expectations, driven in part by customers curbing their purchasing ahead of our new product launches, principally in CVG and RTG. Q3 revenue grew 2.9% in constant currency and 2.6% organic. Importantly, despite the top line shortfall this quarter, our Q4 outlook is unchanged, as we expect significant revenue growth acceleration excluding any impact from the coronavirus.

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The good news however is that this was more than offset by 90 basis points of operating margin expansion well ahead of our expectations resulting in strong EPS and free cash flow growth, both ahead of plan.

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This morning, we reported results for the third fiscal quarter, Revenue growth was light this quarter, reflecting a series of largely transient issues which I'll walk you through in a minute. Thank you, Ryan, and thank you to everyone for joining us. With that, I'm now pleased to turn the call over to Medtronic Chairman and Chief Executive Officer, Omar Ishrak. Finally, our EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. Reconciliations of all non-GAAP financial measures can be found in the attachment to our earnings press release or on our website at. References to organic revenue growth, exclude the impact of our Titan Spine acquisition and currency.

#Turn off sound pretty good solitaire 9.2 update

Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other filings that we make with the SEC and we do not undertake to update any forward-looking statements.įor this call, unless we say otherwise, rates and ranges are given on a constant currency basis, which compares to the third quarter of fiscal year 2019 after adjusting for foreign currency. We also issued an earnings presentation that provides additional details on our performance and outlook.ĭuring today's earnings call, many of the statements made may be considered forward-looking statements and actual results may differ materially from those projected in any forward-looking statement. Earlier this morning, we issued a press release containing our financial statements and the revenue by division summary. After our prepared remarks, we'll be happy to take your questions.įirst, a few logistical comments. During the next hour, Omar Ishrak, Medtronic's Chairman and Chief Executive Officer and Karen Parkhill, Medtronic's Chief Financial Officer and Geoff Martha, Medtronic President will provide comments on the results of our third quarter, which ended on January 24th, 2020. Good morning and welcome to Medtronic's fiscal year 2020 third quarter conference call and webcast. I would like to hand the conference over to Ryan Weispfenning, Vice President, Head of Investor Relations. Please be advised that today’s conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. And welcome to the Medtronic Third Quarter Earnings Conference Call. Ladies and gentlemen, thank you for standing by. Sean Salmon - Executive Vice President and Group President of Diabetes Robert White - EVP and President of Minimally Invasive Therapies Groupīrett Wall - Executive Vice President and Group President, Restorative Therapies Group Michael Coyle - EVP and Group President of Cardiac and Vascular Group Geoffrey Martha - EVP and President of Restorative Therapies Group Ryan Weispfenning - VP, Head of Investor Relations Medtronic plc ( NYSE: MDT) Q3 2020 Results Earnings Conference Call Febru8:00 AM ET