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Medtronic reports second quarter fiscal 2025 financial results

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Medtronic (MDT) reported strong Q2 FY25 results with revenue of $8.4 billion, up 5.3% as reported and 5.0% organic. GAAP EPS was $0.99, while non-GAAP EPS reached $1.26. The company raised its FY25 guidance, now expecting organic revenue growth of 4.75-5% and non-GAAP EPS of $5.44-$5.50.

Growth was driven by innovation across key franchises including TAVR, PFA, Leadless Pacemakers, Diabetes, Spine, and Neuromodulation. The Cardiovascular portfolio grew 6.1%, Neuroscience increased 7.1%, Medical Surgical rose 1.2%, and Diabetes jumped 12.4%. Strong performance in international markets and continued adoption of new products contributed to the positive results.

Medtronic (MDT) ha riportato risultati solidi per il secondo trimestre dell'anno fiscale 2025, con un fatturato di 8,4 miliardi di dollari, in aumento del 5,3% rispetto all'anno precedente e del 5,0% in termini organici. L'EPS secondo i principi contabili GAAP è stato di $0,99, mentre l'EPS non GAAP ha raggiunto $1,26. L'azienda ha alzato le sue previsioni per l'anno fiscale 2025, ora aspettandosi una crescita del fatturato organico tra il 4,75% e il 5% e un EPS non GAAP tra $5,44 e $5,50.

La crescita è stata guidata dall'innovazione in franchising chiave tra cui TAVR, PFA, Pacemaker senza fili, Diabete, Colombo e Neuromodulazione. Il portafoglio Cardiovascolare è cresciuto del 6,1%, la Neuroscienza è aumentata del 7,1%, la Chirurgia Medica è salita dell'1,2% e il Diabete ha registrato un incremento del 12,4%. Le performance solide nei mercati internazionali e l'adozione continua di nuovi prodotti hanno contribuito ai risultati positivi.

Medtronic (MDT) informó sobre resultados sólidos en el segundo trimestre del año fiscal 2025, con ingresos de 8.4 mil millones de dólares, un aumento del 5.3% en comparación con el año anterior y del 5.0% en términos orgánicos. El EPS bajo principios contables GAAP fue de $0.99, mientras que el EPS no GAAP alcanzó $1.26. La compañía elevó su guía para el año fiscal 2025, esperando ahora un crecimiento de ingresos orgánicos del 4.75% al 5% y un EPS no GAAP de $5.44 a $5.50.

El crecimiento fue impulsado por la innovación en franquicias clave como TAVR, PFA, Marcapasos sin cables, Diabetes, Columna y Neuromodulación. El portafolio Cardiovascular creció un 6.1%, la Neurociencia aumentó un 7.1%, la cirugía médica subió un 1.2% y la Diabetes se disparó un 12.4%. Un sólido desempeño en los mercados internacionales y la continua adopción de nuevos productos contribuyeron a los resultados positivos.

Medtronic (MDT)는 2025 회계 연도 2분기 실적을 발표했으며, 수익이 84억 달러로 보고되었고, 이는 전년 대비 5.3% 증가하고 5.0% 유기적 증가입니다. GAAP EPS는 $0.99였으며, 비 GAAP EPS는 $1.26에 도달했습니다. 회사는 2025 회계 연도 전망을 상향 조정하여 이제 유기적 수익 성장률이 4.75–5%와 비 GAAP EPS가 $5.44–$5.50이 될 것으로 예상하고 있습니다.

성장은 TAVR, PFA, 무선 심박조율기, 당뇨병, 척추 및 신경조절 등 주요 프랜차이즈의 혁신에 의해 촉진되었습니다. 심혈관 포트폴리오는 6.1% 성장했으며, 신경과학은 7.1% 증가했으며, 의료 외과는 1.2% 상승하고 당뇨병은 12.4% 급증했습니다. 국제 시장에서의 강력한 성과와 새로운 제품의 지속적인 채택이 긍정적인 결과에 기여했습니다.

Medtronic (MDT) a annoncé de solides résultats pour le deuxième trimestre de l'exercice 2025, avec un chiffre d'affaires de 8,4 milliards de dollars, en hausse de 5,3 % par rapport à l'année dernière et de 5,0 % de manière organique. Le BPA selon les normes GAAP était de 0,99 $ tandis que le BPA non GAAP a atteint 1,26 $. La société a relevé ses prévisions pour l'exercice 2025, s'attendant désormais à une croissance organique du chiffre d'affaires de 4,75 % à 5 % et un BPA non GAAP de 5,44 $ à 5,50 $.

La croissance a été propulsée par l'innovation dans des franchises clés telles que TAVR, PFA, les stimulateurs cardiaques sans fil, le diabète, la colonne vertébrale et la neuromodulation. Le portefeuille cardiovasculaire a augmenté de 6,1 %, les neurosciences ont progressé de 7,1 %, la chirurgie médicale a crû de 1,2 % et le diabète a bondi de 12,4 %. De solides performances sur les marchés internationaux et l'adoption continue de nouveaux produits ont contribué à ces résultats positifs.

Medtronic (MDT) hat im zweiten Quartal des Geschäftsjahres 2025 starke Ergebnisse berichtet, mit Einnahmen von 8,4 Milliarden US-Dollar, was einem Anstieg von 5,3 % im Vergleich zum Vorjahr und 5,0 % organisch entspricht. Das GAAP EPS betrug 0,99 USD, während das Non-GAAP EPS 1,26 USD erreichte. Das Unternehmen hat die Prognose für das Geschäftsjahr 2025 angehoben und erwartet nun ein organisches Umsatzwachstum von 4,75 % bis 5 % sowie ein Non-GAAP EPS von 5,44 USD bis 5,50 USD.

Das Wachstum wurde durch Innovationen in wichtigen Bereichen wie TAVR, PFA, drahtlose Schrittmacher, Diabetes, Wirbelsäule und Neuromodulation vorangetrieben. Das kardiovaskuläre Portfolio wuchs um 6,1 %, die Neurowissenschaften stiegen um 7,1 %, die medizinische Chirurgie erhöhte sich um 1,2 % und Diabetes sprang um 12,4 %. Starke Leistungen auf internationalen Märkten sowie die fortgesetzte Einführung neuer Produkte trugen zu den positiven Ergebnissen bei.

Positive
  • Revenue increased 5.3% to $8.4 billion
  • GAAP EPS grew 46% to $0.99
  • Raised FY25 organic revenue growth guidance to 4.75-5%
  • Strong 12.4% growth in Diabetes segment
  • Neuroscience portfolio grew 7.1%
  • Cardiovascular segment increased 6.1%
Negative
  • Non-GAAP net income decreased 3%
  • 9 cent negative impact from foreign currency translation
  • Medical Surgical portfolio showed modest 1.2% growth

Insights

Medtronic delivered strong Q2 FY25 results with $8.4 billion revenue growing 5.3% reported and 5.0% organic. Key growth drivers included TAVR, PFA systems and diabetes technology. Non-GAAP EPS of $1.26 increased 1%, with 8% growth on constant currency basis.

Most impressive was the broad-based growth across segments: Cardiovascular up 5.6%, Neuroscience up 6.7% and Diabetes up 11.0% organic. The company raised full-year organic revenue growth guidance to 4.75-5.0% and EPS guidance to $5.44-$5.50.

Margin improvement initiatives are gaining traction, with operating leverage expected to drive high-single digit adjusted EPS growth in H2. Strong innovation pipeline and market share gains in key growth segments position MDT well for sustained performance.

The innovation-driven growth strategy is clearly working across multiple franchises. Standout performers include:

  • MiniMed 780G insulin pump driving 11% Diabetes growth
  • Evolut FX+ TAVR system gaining share in structural heart
  • Strong adoption of PulseSelect PFA and Affera mapping systems
  • AiBLE spine ecosystem driving above-market growth
  • Percept RC deep brain stimulator momentum in Neuromodulation

The breadth of growth across portfolios demonstrates successful execution in bringing innovative technologies to market. With multiple new product cycles ramping up, MDT appears positioned for sustained growth acceleration.

Delivering on commitments, executing ahead of expectations, and raising guidance

Innovation driving sustained growth across many franchises:  TAVR, PFA, Leadless Pacemakers, Diabetes, Spine, and Neuromodulation

GALWAY, Ireland, Nov. 19, 2024 /PRNewswire/ -- Medtronic plc (NYSE: MDT) today announced financial results for its second quarter (Q2) of fiscal year 2025 (FY25), which ended October 25, 2024.

Key Highlights

  • Revenue of $8.4 billion increased 5.3% as reported and 5.0% organic
  • GAAP diluted earnings per share (EPS) of $0.99; non-GAAP diluted EPS of $1.26
  • Company raises FY25 organic revenue growth and EPS guidance

Financial Results
Medtronic reported Q2 worldwide revenue of $8.403 billion, an increase of 5.3% as reported and 5.0% on an organic basis. Organic revenue growth comparison excludes:

  • Other revenue of $37 million in the current year and $61 million in the prior year; and
  • Foreign currency translation benefit of $45 million on the remaining segments.

As reported, Q2 GAAP net income and diluted earnings per share (EPS) were $1.270 billion and $0.99, respectively, representing increases of 40% and 46%, respectively. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income and non-GAAP diluted EPS were $1.620 billion and $1.26, respectively, representing a decrease of 3% and an increase of 1%, respectively. Included in Q2 non-GAAP diluted EPS was a -9 cent impact from foreign currency translation. Non-GAAP adjusted diluted EPS grew 8% on a constant currency basis.

"Our momentum is building as we keep executing on our commitments, delivering yet another consecutive quarter of strong results that came in ahead of expectations," said Geoff Martha, Medtronic chairman and chief executive officer. "Innovation matters, and innovation is really driving our growth today. As we look ahead, we're confident that this diversified growth will keep going, especially given the strength of our pipeline in high-impact markets that will allow us to benefit even more patients around the world."

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $3.102 billion increased 6.1% as reported and 5.6% organic, with a high-single digit increase in SHA and mid-single digit increases in CRHF and CPV, all on an organic basis.

  • CRHF results included mid-single digit growth in Cardiac Rhythm Management, driven by high-single digit growth in Defibrillation Solutions and Cardiac Pacing Therapies, including high-teens growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions had flat results as strong growth of the PulseSelect™ pulsed field ablation (PFA) system offset declines in cryoablation
  • SHA results driven by high-single digit growth in Structural Heart, on the U.S. launch of the Evolut™ FX+ TAVR system, and low-double digit growth in Cardiac Surgery
  • CPV delivered mid-single digit growth in both Coronary, with strength in guide catheters and balloons, and Peripheral Vascular Health
  • Ramping commercial availability of the Affera™ Mapping and Ablation System and Sphere-9™ catheter following late October U.S. Food and Drug Administration (FDA) approval
  • Received CE Mark for Evolut™ FX+ TAVR system in late October; started commercial launch across Europe this month
  • Launched Avalus Ultra™ surgical valve in Western Europe and VitalFlow™ Extracorporeal Membrane Oxygenation (ECMO) system in the U.S.
  • In September, Symplicity™ blood pressure procedure named to FORTUNE 2024 'Change the World' list
  • Earlier this month, granted transitional pass-through (TPT) payment under the U.S. Medicare Hospital Outpatient Prospective Payment System beginning January 1, 2025, for Symplicity Spyral™ renal denervation (RDN) catheter, used in the Symplicity™ blood pressure procedure

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.451 billion increased 7.1% as reported and 6.7% organic, with a low-double digits increase in Neuromodulation and mid-single digit increases in both CST and Specialty Therapies, all on an organic basis.

  • CST above market performance driven by continued adoption of the AiBLE™ ecosystem of spine implants and enabling technology, with mid-single digit growth in Core Spine and high-single digit growth in Biologics and Neurosurgery
  • Specialty Therapies results driven by mid-single digit growth in both Neurovascular, with continued strength in hemorrhagic stroke products, and Pelvic Health, on continued adoption of the InterStim X™ system; ENT grew low-single digits on strength in capital placements
  • Neuromodulation drove above market performance, with high-teens growth in Brain Modulation on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology; Pain Therapies grew low-double digits, including low-double digit growth in U.S. Pain Stim on the continued launch of the Inceptiv™ spinal cord stimulator
  • Medtronic pioneering ADAPT-PD clinical trial methods and preliminary data studying adaptive deep brain stimulation (aDBS) published in September in npj Parkinson's Disease, part of the prestigious Nature Portfolio of journals
  • In September, expanded AiBLE™ spine surgery ecosystem with new technologies and announced partnership with Siemens Healthineers to co-market and integrate the Siemens Healthineers Multitom Rax™ imaging system

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. Revenue of $2.128 billion increased 1.2% as reported and increased 0.7% organic, with low-single digit organic increase in ACM and flat organic result in SE. SE year-over-year results were affected by a difficult comparison from prior year supply recovery in Surgical and increased high-single digits sequentially.

  • SE results included flat results in both Advanced Surgical Technologies, with strength in Advanced Energy, driven by continued adoption of the LigaSure™ Maryland XP vessel sealer, offsetting declines in Advanced Stapling; General Surgical Technologies grew low-single digits, with strength in Hernia and Wound Management products
  • ACM performance included high-single digit growth in Nellcor™ Blood Oxygen Management products

Diabetes
Revenue of $686 million increased 12.4% as reported and 11.0% organic.

  • U.S. revenue grew high-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system
  • International revenue grew low-double digits on increasing CGM attachment rates and the continued roll-out of Simplera Sync™ sensor
  • In September, meta-analysis of 28 randomized control trials published in Diabetes/Metabolism Research and Reviews concluded MiniMed™ 780G achieved highest time-in-range among seven commercial AID systems

Guidance
The company today raised its FY25 revenue growth and EPS guidance.

The company raised its FY25 organic revenue growth guidance to 4.75% to 5% versus the prior range of 4.5% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY25 revenue growth on an adjusted basis would be in the range of 3.4% to 3.9%.

The company raised its FY25 diluted non-GAAP EPS guidance to the new range of $5.44 to $5.50 versus the prior $5.42 to $5.50. This includes an estimated -5% impact from foreign currency exchange based on recent rates, unchanged from the prior guidance. The company's guidance represents FY25 diluted non-GAAP EPS growth in the range of 4.6% to 5.8%.

"We're restoring our earnings power through our focus on underlying margin improvement, delivering another quarter of high-single digit constant currency adjusted EPS growth," said Gary Corona, Medtronic interim chief financial officer. "And now, as the impact from foreign currency abates, we expect to report high-single digit adjusted EPS growth in the back half of our fiscal year, in line with our long-term commitment to deliver durable, mid-single digit organic revenue growth with EPS leverage."

FY24 Impact Report
Today, Medtronic released its FY24 Impact Report demonstrating the company's sustainability progress. Medtronic also launched a new Impact webpage and FY24 Highlights Report featuring notable key performance indicators and stories, as well as an online Data Hub that shows the company's commitment to transparent disclosure and reporting:

  • Achieved 2025 goal to reduce greenhouse gas intensity by 50% a year early, with a 52% reduction in FY24
  • Exceeded goal to reduce aggregate product complaint rate by 10% for identified product families, with a 33% reduction in FY24
  • More than 78 million patients served through expanded access strategies
  • $2.7B spent in R&D investments to drive innovation

Video Webcast Information
Medtronic will host a video webcast today, November 19, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com.

Medtronic plans to report its FY25 third and fourth quarter results on Tuesday, February 18, 2025, and Wednesday, May 21, 2025, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules and Earnings Presentation
The second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the first quarter earnings presentation, click here.

 

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)



SECOND QUARTER



YEAR-TO-DATE


REPORTED




ORGANIC



REPORTED




ORGANIC

(in millions)

FY25


FY24


Growth


Currency
Impact(3)


Adjusted
FY25(4)


Adjusted
FY24(4)


Growth



FY25


FY24


Growth


Currency
Impact(3)


Adjusted
FY25(5)


Adjusted
FY24(5)


Growth

Cardiovascular

$     3,102


$     2,923


6.1 %


$          16


$     3,086


$     2,923


5.6 %



$     6,108


$     5,773


5.8 %


$        (23)


$     6,132


$     5,773


6.2 %

Cardiac Rhythm & Heart Failure

1,578


1,492


5.8


11


1,567


1,492


5.0



3,114


2,938


6.0


(8)


3,122


2,938


6.2

Structural Heart & Aortic

881


819


7.6


4


877


819


7.1



1,736


1,633


6.3


(8)


1,744


1,633


6.8

Coronary & Peripheral Vascular

643


613


4.9


1


642


613


4.8



1,259


1,202


4.7


(7)


1,266


1,202


5.3

Neuroscience

2,451


2,288


7.1


10


2,441


2,288


6.7



4,768


4,506


5.8


(8)


4,776


4,506


6.0

Cranial & Spinal Technologies

1,234


1,157


6.7


3


1,231


1,157


6.4



2,382


2,260


5.4


(6)


2,387


2,260


5.6

Specialty Therapies

737


705


4.6


5


732


705


3.9



1,450


1,400


3.5


(2)


1,452


1,400


3.7

Neuromodulation

480


426


12.6


2


478


426


12.1



937


846


10.8


(1)


938


846


10.9

Medical Surgical

2,128


2,103


1.2


10


2,117


2,103


0.7



4,123


4,107


0.4


(18)


4,142


4,107


0.8

Surgical & Endoscopy

1,649


1,641


0.5


9


1,641


1,641


—



3,193


3,187


0.2


(13)


3,207


3,187


0.6

Acute Care & Monitoring

478


462


3.6


1


477


462


3.3



930


921


1.0


(5)


935


921


1.6

Diabetes

686


610


12.4


9


678


610


11.0



1,333


1,189


12.1


5


1,329


1,189


11.8

Total Reportable Segments

8,366


7,923


5.6


45


8,322


7,923


5.0



16,333


15,575


4.9


(46)


16,379


15,575


5.2

Other(2)

37


61


(38.9)


—


—


—


—



(15)


111


(113.5)


(2)


—


—


—

TOTAL

$     8,403


$     7,984


5.3 %


$          45


$     8,322


$     7,923


5.0 %



$    16,318


$    15,686


4.0 %


$        (48)


$    16,379


$    15,575


5.2 %



(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(3)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4)

The three months ended October 25, 2024 includes $82 million of revenue adjustments related to $37 million of inorganic revenue for the transition activity noted in (2) and $45 million of favorable currency impact on the remaining segments. The three months ended October 27, 2023 excludes $61 million of inorganic revenue related to the transition activity noted in (2).

(5)

The six months ended October 25, 2024 excludes $61 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $75 million of inorganic revenue related to the transition activity noted in (2), and $46 million of unfavorable currency impact on the remaining segments. The six months ended October 27, 2023 excludes $111 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

U.S.(1)(2) REVENUE

(Unaudited)



SECOND QUARTER



YEAR-TO-DATE


REPORTED


ORGANIC



REPORTED


ORGANIC

(in millions)

FY25


FY24


Growth


Adjusted
FY25


Adjusted
FY24


Growth



FY25


FY24


Growth


Adjusted
FY25


Adjusted
FY24


Growth

Cardiovascular

$     1,434


$     1,427


0.5 %


$     1,434


$     1,427


0.5 %



$     2,836


$     2,776


2.2 %


$     2,836


$     2,776


2.2 %

Cardiac Rhythm & Heart Failure

768


782


(1.8)


768


782


(1.8)



1,534


1,502


2.1


1,534


1,502


2.1

Structural Heart & Aortic

388


367


5.7


388


367


5.7



757


724


4.5


757


724


4.5

Coronary & Peripheral Vascular

278


278


0.1


278


278


0.1



546


550


(0.8)


546


550


(0.8)

Neuroscience

1,677


1,560


7.5


1,677


1,560


7.5



3,242


3,057


6.0


3,242


3,057


6.0

Cranial & Spinal Technologies

926


863


7.2


926


863


7.2



1,781


1,685


5.7


1,781


1,685


5.7

Specialty Therapies

418


403


3.6


418


403


3.6



816


795


2.6


816


795


2.6

Neuromodulation

333


293


13.7


333


293


13.7



645


577


11.8


645


577


11.8

Medical Surgical

944


948


(0.4)


944


948


(0.4)



1,825


1,815


0.5


1,825


1,815


0.5

Surgical & Endoscopy

675


688


(1.9)


675


688


(1.9)



1,304


1,308


(0.2)


1,304


1,308


(0.2)

Acute Care & Monitoring

269


260


3.6


269


260


3.6



521


508


2.6


521


508


2.6

Diabetes

232


217


6.9


232


217


6.9



447


405


10.4


447


405


10.4

Total Reportable Segments

4,286


4,151


3.3


4,286


4,151


3.3



8,350


8,054


3.7


8,350


8,054


3.7

Other(3)

18


23


(22.2)


—


—


—



37


45


(19.0)


—


—


—

TOTAL

$     4,304


$     4,175


3.1 %


$     4,286


$     4,151


3.3 %



$     8,387


$     8,099


3.6 %


$     8,350


$     8,054


3.7 %



(1)

U.S. includes the United States and U.S. territories.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(3)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.

 

MEDTRONIC PLC

INTERNATIONAL REVENUE(1)

(Unaudited)



SECOND QUARTER



YEAR-TO-DATE


REPORTED




ORGANIC



REPORTED




ORGANIC

(in millions)

FY25


FY24


Growth


Currency
Impact(3)


Adjusted
FY25(4)


Adjusted
FY24(4)


Growth



FY25


FY24


Growth


Currency
Impact(3)


Adjusted
FY25(5)


Adjusted
FY24(5)


Growth

Cardiovascular

$     1,668


$     1,496


11.5 %


$         16


$     1,652


$     1,496


10.4 %



$     3,272


$     2,996


9.2 %


$        (23)


$     3,295


$     2,996


10.0 %

Cardiac Rhythm & Heart Failure

811


710


14.2


11


799


710


12.6



1,580


1,436


10.0


(8)


1,588


1,436


10.6

Structural Heart & Aortic

492


451


9.1


4


488


451


8.3



980


909


7.8


(8)


988


909


8.7

Coronary & Peripheral Vascular

365


335


8.9


1


364


335


8.7



713


652


9.3


(7)


720


652


10.4

Neuroscience

774


728


6.3


10


764


728


5.0



1,526


1,449


5.3


(8)


1,535


1,449


5.9

Cranial & Spinal Technologies

308


293


5.0


3


305


293


3.9



600


576


4.2


(6)


606


576


5.2

Specialty Therapies

319


302


5.8


5


315


302


4.3



634


605


4.8


(2)


636


605


5.1

Neuromodulation

146


133


10.4


2


144


133


8.8



292


269


8.8


(1)


293


269


9.1

Medical Surgical

1,183


1,155


2.5


10


1,173


1,155


1.6



2,298


2,292


0.3


(18)


2,317


2,292


1.1

Surgical & Endoscopy

974


953


2.3


9


966


953


1.4



1,889


1,879


0.5


(13)


1,902


1,879


1.2

Acute Care & Monitoring

209


202


3.5


1


208


202


2.8



409


413


(0.9)


(5)


414


413


0.4

Diabetes

455


394


15.5


9


446


394


13.2



886


784


13.1


5


882


784


12.5

Total Reportable Segments

4,080


3,772


8.2


45


4,035


3,772


7.0



7,983


7,521


6.1


(46)


8,028


7,521


6.7

Other(2)

19


37


(49.4)


—


—


—


—



(51)


66


(178.3)


(2)


—


—


—

TOTAL

$     4,099


$     3,809


7.6 %


$         45


$     4,035


$     3,772


7.0 %



$     7,931


$     7,587


4.5 %


$        (48)


$     8,028


$     7,521


6.7 %



(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(3)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4)

The three months ended October 25, 2024 includes $64 million of revenue adjustments related to $19 million of inorganic revenue for the transition activity noted in (2), and $45 million of favorable currency impact on the remaining segments. The three months ended October 27, 2023 excludes $37 million of inorganic revenue related to the transition activity noted in (2).

(5)

The six months ended October 25, 2024 excludes $97 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $38 million of inorganic revenue related to the transition activity noted in (2), and $46 million of unfavorable currency impact on the remaining segments. The six months ended October 27, 2023 excludes $66 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) 



Three months ended


Six months ended

(in millions, except per share data)

October 25, 2024


October 27, 2023


October 25, 2024


October 27, 2023

Net sales

$            8,403


$            7,984


$          16,318


$          15,686

Costs and expenses:








Cost of products sold, excluding amortization of intangible assets

2,946


2,761


5,707


5,390

Research and development expense

697


698


1,373


1,365

Selling, general, and administrative expense

2,757


2,686


5,412


5,299

Amortization of intangible assets

413


425


827


855

Restructuring charges, net

30


40


77


94

Certain litigation charges, net

—


65


81


105

Other operating income, net

(34)


(31)


(33)


(30)

Operating profit

1,595


1,340


2,873


2,608

Other non-operating income, net

(173)


(154)


(330)


(230)

Interest expense, net

209


180


376


329

Income before income taxes

1,559


1,313


2,827


2,510

Income tax provision

281


402


500


802

Net income

1,278


911


2,327


1,708

Net income attributable to noncontrolling interests

(9)


(2)


(15)


(8)

Net income attributable to Medtronic

$            1,270


$                909


$            2,312


$            1,700

Basic earnings per share

$               0.99


$               0.68


$               1.79


$               1.28

Diluted earnings per share

$               0.99


$               0.68


$               1.79


$               1.28

Basic weighted average shares outstanding

1,282.4


1,330.2


1,288.6


1,330.3









Diluted weighted average shares outstanding

1,286.9


1,331.9


1,292.5


1,332.8


The data in the schedule above has been intentionally rounded to the nearest million.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 



Three months ended October 25, 2024

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
attributable
to
Medtronic


Diluted
EPS


Effective
Tax Rate

GAAP

$  8,403


$   2,946


64.9 %


$     1,595


19.0 %


$    1,559


$       1,270


$     0.99


18.0 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


413


4.9


413


338


0.26


18.2

Restructuring and associated costs(2)

—


(11)


0.1


46


0.5


46


37


0.03


19.6

Acquisition and divestiture-related items(3)

—


(5)


0.1


(25)


(0.3)


(25)


(30)


(0.02)


(20.0)

(Gain)/loss on minority investments(4)

—


—


—


—


—


(10)


(21)


(0.02)


(100.0)

Medical device regulations(5)

—


(9)


0.1


12


0.1


12


10


0.01


16.7

Certain tax adjustments, net

—


—


—


—


—


—


16


0.01


—

Non-GAAP

$  8,403


$   2,921


65.2 %


$     2,041


24.3 %


$    1,995


$       1,620


$     1.26


18.3 %

Currency impact

(45)


(103)


1.1


145


1.9






0.09



Currency Adjusted

$  8,358


$   2,818


66.3 %


$     2,186


26.2 %






$     1.35






















Three months ended October 27, 2023

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
attributable
to
Medtronic


Diluted
EPS


Effective
Tax Rate

GAAP

$  7,984


$   2,761


65.4 %


$     1,340


16.8 %


$    1,313


$          909


$     0.68


30.6 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


425


5.3


425


360


0.27


15.3

Restructuring and associated costs(2)

—


(15)


0.2


91


1.1


91


76


0.06


17.6

Acquisition and divestiture-related items(3)

—


(6)


0.1


58


0.7


58


51


0.04


12.1

Certain litigation charges, net

—


—


—


65


0.8


65


50


0.04


23.1

(Gain)/loss on minority investments(4)

—


—


—


—


—


25


21


0.02


20.0

Medical device regulations(5)

—


(21)


0.3


30


0.4


30


24


0.02


20.0

Certain tax adjustments, net(6)

—


—


—


—


—


—


176


0.13


—

Non-GAAP

$  7,984


$   2,720


65.9 %


$     2,009


25.2 %


$    2,008


$       1,667


$     1.25


16.9 %



See description of non-GAAP financial measures contained in the press release dated November 19, 2024.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The three months ended October 25, 2024, also include gains related to certain business or asset sales.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The charge primarily relates to the establishment of a valuation allowance against certain net operating losses.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 



Six months ended October 25, 2024

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
attributable
to
Medtronic


Diluted
EPS


Effective
Tax Rate

GAAP

$ 16,318


$   5,707


65.0 %


$     2,873


17.6 %


$    2,827


$         2,312


$     1.79


17.7 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


827


4.9


827


678


0.52


18.0

Restructuring and associated costs(2)

—


(20)


0.1


108


0.6


108


87


0.07


19.4

Acquisition and divestiture-related items(3)

—


(16)


0.1


(13)


(0.1)


(13)


(19)


(0.01)


(46.2)

Certain litigation charges, net

—


—


—


81


0.5


81


68


0.05


16.0

(Gain)/loss on minority investments(4)

—


—


—


—


—


(27)


(38)


(0.03)


(37.0)

Medical device regulations(5)

—


(20)


0.1


27


0.2


27


22


0.02


18.5

Other(6)

90


—


0.4


90


0.5


90


70


0.05


22.2

Certain tax adjustments, net

—


—


—


—


—


—


33


0.03


—

Non-GAAP

$ 16,408


$   5,651


65.6 %


$     3,993


24.3 %


$    3,921


$         3,213


$     2.49


17.7 %

Currency impact

46


(134)


0.9


246


1.5






0.16



Currency Adjusted

$ 16,454


$   5,517


66.5 %


$     4,239


25.8 %






$     2.65






















Six months ended October 27, 2023

(in millions, except per share data)

Net
Sales


Cost of
Products
Sold


Gross
Margin
Percent


Operating
Profit


Operating
Profit
Percent


Income
Before
Income
Taxes


Net Income
attributable
to
Medtronic


Diluted
EPS


Effective
Tax Rate

GAAP

$ 15,686


$   5,390


65.6 %


$     2,608


16.6 %


$    2,510


$         1,700


$     1.28


32.0 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


855


5.5


855


724


0.54


15.2

Restructuring and associated costs(2)

—


(30)


0.2


182


1.2


182


152


0.11


16.5

Acquisition and divestiture-related items(3)

—


(12)


0.1


107


0.7


107


97


0.07


9.3

Certain litigation charges, net

—


—


—


105


0.7


105


81


0.06


22.9

(Gain)/loss on minority investments(4)

—


—


—


—


—


89


85


0.06


5.6

Medical device regulations(5)

—


(42)


0.3


62


0.4


62


49


0.04


21.0

Certain tax adjustments, net(7)

—


—


—


—


—


—


375


0.28


—

Non-GAAP

$ 15,686


$   5,306


66.2 %


$     3,919


25.0 %


$    3,910


$         3,262


$     2.45


16.4 %



See description of non-GAAP financial measures contained in the press release dated November 19, 2024.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The six months ended October 25, 2024, also include gains related to certain business or asset sales.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(7)

The charge relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision, the establishment of a valuation allowance against certain net operating losses and amortization of previously established deferred tax assets from intercompany intellectual property transactions.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 



Three months ended October 25, 2024

(in millions)

Net
Sales


SG&A
Expense


SG&A
Expense as
a % of Net
Sales


R&D
Expense


R&D
Expense
as a % of
Net Sales


Other
Operating
(Income)
Expense,
net


Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales


Other Non-
Operating
Income, net

GAAP

$      8,403


$     2,757


32.8 %


$       697


8.3 %


$         (34)


(0.4) %


$          (173)

Non-GAAP Adjustments:
















Restructuring and associated costs(2)

—


(6)


(0.1)


—


—


—


—


—

Acquisition and divestiture-related items(3)

—


(19)


(0.2)


—


—


50


0.6


—

Medical device regulations(4)

—


—


—


(4)


—


—


—


—

(Gain)/loss on minority investments(5)

—


—


—


—


—


—


—


10

Non-GAAP

$      8,403


$     2,732


32.5 %


$       693


8.2 %


$           16


0.2 %


$          (163)


















Six months ended October 25, 2024

(in millions)

Net
Sales


SG&A
Expense


SG&A
Expense as
a % of Net
Sales


R&D
Expense


R&D
Expense
as a % of
Net Sales


Other
Operating
(Income)
Expense,
net


Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales


Other Non-
Operating
Income, net

GAAP

$    16,318


$     5,412


33.2 %


$    1,373


8.4 %


$         (33)


(0.2) %


$          (330)

Non-GAAP Adjustments:
















Restructuring and associated costs(2)

—


(11)


(0.1)


—


—


—


—


—

Acquisition and divestiture-related items(3)

—


(27)


(0.3)


—


—


55


0.3


—

Medical device regulations(4)

—


—


—


(7)


(0.1)


—


—


—

Other(6)

90


—


—


—


—


—


—


—

(Gain)/loss on minority investments(5)

—


—


—


—


—


—


—


27

Non-GAAP

$    16,408


$     5,374


32.8 %


$    1,366


8.3 %


$           23


0.1 %


$          (303)

 

See description of non-GAAP financial measures contained in the press release dated November 19, 2024.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales.

(4)

The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(5)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(6)

Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Six months ended

(in millions)

October 25, 2024


October 27, 2023

Net cash provided by operating activities

$                      1,944


$                      1,536

Additions to property, plant, and equipment

(924)


(815)

Free Cash Flow(2)

$                      1,020


$                        721



See description of non-GAAP financial measures contained in the press release dated November 19, 2024.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

 

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 


(in millions)


October 25, 2024


April 26, 2024

ASSETS





Current assets:





Cash and cash equivalents


$               1,394


$               1,284

Investments


6,595


6,721

Accounts receivable, less allowances and credit losses of $195 and $173, respectively


6,260


6,128

Inventories


5,479


5,217

Other current assets


2,710


2,584

Total current assets


22,438


21,935

Property, plant, and equipment, net


6,438


6,131

Goodwill


41,161


40,986

Other intangible assets, net


12,423


13,225

Tax assets


3,572


3,657

Other assets


4,009


4,047

Total assets


$             90,042


$             89,981

LIABILITIES AND EQUITY





Current liabilities:





Current debt obligations


$               3,719


$               1,092

Accounts payable


2,376


2,410

Accrued compensation


1,893


2,375

Accrued income taxes


947


1,330

Other accrued expenses


3,260


3,582

Total current liabilities


12,195


10,789

Long-term debt


24,607


23,932

Accrued compensation and retirement benefits


1,084


1,101

Accrued income taxes


1,432


1,859

Deferred tax liabilities


473


515

Other liabilities


1,534


1,365

Total liabilities


41,326


39,561

Commitments and contingencies





Shareholders' equity:





Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,282,553,150 and
1,311,337,531 shares issued and outstanding, respectively


—


—

Additional paid-in capital


20,824


23,129

Retained earnings


30,919


30,403

Accumulated other comprehensive loss


(3,250)


(3,318)

Total shareholders' equity


48,494


50,214

Noncontrolling interests


222


206

Total equity


48,716


50,420

Total liabilities and equity


$             90,042


$             89,981


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Six months ended

(in millions)

October 25, 2024


October 27, 2023

Operating Activities:




Net income

$                2,327


$                1,708

Adjustments to reconcile net income to net cash provided by operating activities:




   Depreciation and amortization

1,337


1,344

   Provision for credit losses

45


37

   Deferred income taxes

57


(36)

   Stock-based compensation

242


219

   Other, net

(98)


182

   Change in operating assets and liabilities, net of acquisitions and divestitures:




Accounts receivable, net

(181)


(117)

Inventories

(278)


(616)

Accounts payable and accrued liabilities

(707)


(699)

Other operating assets and liabilities

(800)


(486)

Net cash provided by operating activities

1,944


1,536

Investing Activities:




Acquisitions, net of cash acquired

—


(22)

Additions to property, plant, and equipment

(924)


(815)

Purchases of investments

(4,019)


(3,403)

Sales and maturities of investments

4,338


3,336

Other investing activities, net

1


(59)

Net cash used in investing activities

(604)


(963)

Financing Activities:




Change in current debt obligations, net

(67)


1,321

Issuance of long-term debt

3,209


—

Dividends to shareholders

(1,795)


(1,836)

Issuance of ordinary shares

232


149

Repurchase of ordinary shares

(2,780)


(378)

Other financing activities, net

(64)


153

Net cash used in financing activities

(1,265)


(591)

Effect of exchange rate changes on cash and cash equivalents

35


(214)

Net change in cash and cash equivalents

110


(232)

Cash and cash equivalents at beginning of period

1,284


1,543

Cash and cash equivalents at end of period

$                1,394


$                1,311





Supplemental Cash Flow Information




Cash paid for:




   Income taxes

$                1,335


$                1,110

   Interest

513


476


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow on LinkedIn.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2024, and references to sequential changes are in comparison to the prior fiscal quarter.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Multitom Rax™ is a trademark of Siemens Healthcare GmbH.

Contacts:




Erika Winkels           

Ryan Weispfenning

Public Relations         

Investor Relations

+1-763-526-8478       

+1-763-505-4626

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SOURCE Medtronic plc

FAQ

What was Medtronic's (MDT) revenue in Q2 FY25?

Medtronic reported Q2 FY25 revenue of $8.4 billion, representing a 5.3% increase as reported and 5.0% organic growth.

What is Medtronic's (MDT) updated FY25 guidance?

Medtronic raised its FY25 organic revenue growth guidance to 4.75-5% and non-GAAP EPS guidance to $5.44-$5.50.

How did Medtronic's (MDT) Diabetes segment perform in Q2 FY25?

The Diabetes segment revenue grew 12.4% as reported and 11.0% organic, driven by MiniMed 780G system adoption in the U.S. and international CGM growth.

What was Medtronic's (MDT) Q2 FY25 EPS?

Medtronic reported GAAP EPS of $0.99 (up 46%) and non-GAAP EPS of $1.26 (up 1%) in Q2 FY25.

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Medical Devices
Electromedical & Electrotherapeutic Apparatus
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