Medtronic 2015 Annual Report Download - page 139
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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
17. Quarterly Financial Data (unaudited)
(in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year
Net Sales
2015 $ 4,273 $ 4,366 $ 4,318 $ 7,304 $ 20,261
2014 4,083 4,194 4,163 4,566 17,005
Gross Profit
2015 $ 3,168 $ 3,224 $ 3,190 $ 4,370 $ 13,952
2014 3,061 3,104 3,113 3,395 12,672
Net Income (Loss)
2015 $ 871 $ 828 $ 977 $ (1) $ 2,675
2014 953 902 762 448 3,065
Basic Earnings per Share
2015 $ 0.88 $ 0.84 $ 0.99 $ — 2.44
2014 0.94 0.90 0.76 0.45 3.06
Diluted Earnings per Share
2015 $ 0.87 $ 0.83 $ 0.98 $ — 2.41
2014 0.93 0.89 0.75 0.44 3.02
The data in the schedule above has been intentionally rounded to the nearest million, and therefore, the quarterly amounts may
not sum to the fiscal year-to-date amounts.
18. Segment and Geographic Information
The Company’s management evaluates performance and allocates resources based on profit and loss from operations before
income taxes and interest expense, net, not including special (gains) charges, net, restructuring charges, net, certain litigation
charges, net, acquisition-related items, and certain tax adjustments. The accounting policies of the reportable segments are the
same as those described in the summary of significant accounting policies in Note 1.
In the fourth quarter of fiscal year 2015, the Company amended the way in which management evaluates performance and
allocates resources due to the Covidien acquisition. As a result, the Company began to operate under four reportable segments
and four operating segments. This change had no impact on the Company’s consolidated results for prior periods presented.
The Company’s Cardiac and Vascular Group consists of three divisions: Cardiac Rhythm & Heart Failure, Coronary &
Structural Heart, and Aortic & Peripheral Vascular. The primary products sold by this operating segment include those for
cardiac rhythm disorders and cardiovascular disease. The Company’s Minimally Invasive Therapies Group consists of two
divisions: Surgical Solutions and Patient Monitoring & Recovery. The primary products sold by this operating segment include
those for advanced and general surgical care and patient monitoring, nursing and patient care, and airway and ventilation. The
Company’s Restorative Therapies Group consists of four divisions: Spine, Neuromodulation, Surgical Technologies, and
Neurovascular. The primary products sold by this operating segment include those for spinal conditions and musculoskeletal
trauma, neurological disorders, urological and digestive disorders, and ear, nose, and throat conditions. The primary products
sold by the Company’s Diabetes Group include those for diabetes management.
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