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Medtronic reports third quarter fiscal 2025 financial results

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Medtronic (NYSE: MDT) reported Q3 FY25 financial results with revenue of $8.3 billion, up 2.5% as reported and 4.1% organic. GAAP diluted EPS was $1.01, increasing 2%, while non-GAAP diluted EPS reached $1.39, up 7%.

Key performance highlights include strong growth in Cardiac Ablation Solutions (low-20s growth) driven by pulsed field ablation products, and Diabetes revenue increasing 8.4% as reported. The company maintained its full-year guidance, expecting organic revenue growth of 4.75% to 5% and FY25 diluted non-GAAP EPS between $5.44 and $5.50.

The Cardiovascular Portfolio revenue grew 3.7% as reported, Neuroscience Portfolio increased 4.4%, while Medical Surgical Portfolio decreased 1.9%. The company highlighted significant improvements in both gross margin and operating margin, marking the ninth consecutive quarter of mid-single digit organic revenue growth.

Medtronic (NYSE: MDT) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 25 con un fatturato di 8,3 miliardi di dollari, in aumento del 2,5% rispetto all'anno precedente e del 4,1% su base organica. L'EPS diluito GAAP è stato di 1,01 dollari, con un incremento del 2%, mentre l'EPS diluito non GAAP ha raggiunto 1,39 dollari, in aumento del 7%.

I principali punti salienti delle performance includono una forte crescita nelle Soluzioni di Ablazione Cardiaca (crescita bassa del 20%) guidata dai prodotti di ablazione a campo pulsato, e un aumento del fatturato nel settore Diabete dell'8,4% rispetto all'anno precedente. L'azienda ha mantenuto le previsioni per l'intero anno, prevedendo una crescita organica del fatturato compresa tra il 4,75% e il 5% e un EPS diluito non GAAP per l'anno fiscale 25 tra 5,44 e 5,50 dollari.

Il fatturato del Portafoglio Cardiovascolare è cresciuto del 3,7% rispetto all'anno precedente, il Portafoglio Neuroscienze è aumentato del 4,4%, mentre il Portafoglio Chirurgico Medico è diminuito dell'1,9%. L'azienda ha evidenziato significativi miglioramenti sia nel margine lordo che nel margine operativo, segnando il nono trimestre consecutivo di crescita organica del fatturato a una cifra media.

Medtronic (NYSE: MDT) reportó los resultados financieros del tercer trimestre del año fiscal 25 con ingresos de 8.3 mil millones de dólares, un aumento del 2.5% según lo reportado y del 4.1% orgánico. El EPS diluido GAAP fue de 1.01 dólares, aumentando un 2%, mientras que el EPS diluido no GAAP alcanzó 1.39 dólares, un incremento del 7%.

Los puntos destacados del rendimiento incluyen un fuerte crecimiento en las Soluciones de Ablación Cardíaca (crecimiento bajo del 20%) impulsado por productos de ablación de campo pulsado, y un aumento del 8.4% en los ingresos por Diabetes según lo reportado. La compañía mantuvo su guía para todo el año, esperando un crecimiento orgánico de ingresos del 4.75% al 5% y un EPS diluido no GAAP para el año fiscal 25 entre 5.44 y 5.50 dólares.

Los ingresos del Portafolio Cardiovascular crecieron un 3.7% según lo reportado, el Portafolio de Neurociencia aumentó un 4.4%, mientras que el Portafolio Quirúrgico Médico disminuyó un 1.9%. La empresa destacó mejoras significativas tanto en el margen bruto como en el margen operativo, marcando el noveno trimestre consecutivo de crecimiento orgánico de ingresos de un dígito medio.

메드트로닉(MDT: NYSE)은 2025 회계연도 3분기 재무 결과를 발표하며 83억 달러의 매출을 기록했으며, 이는 보고 기준으로 2.5%, 유기적으로 4.1% 증가한 수치입니다. GAAP 희석 주당순이익은 1.01달러로 2% 증가했으며, 비 GAAP 희석 주당순이익은 1.39달러로 7% 증가했습니다.

주요 성과 하이라이트에는 펄스 필드 절제 제품에 의해 주도된 심장 절제 솔루션의 강력한 성장(20%대 저성장)과 당뇨병 매출이 보고 기준으로 8.4% 증가한 것이 포함됩니다. 회사는 연간 가이던스를 유지하며, 유기적 매출 성장률이 4.75%에서 5% 사이일 것으로 예상하고 FY25 비 GAAP 희석 주당순이익이 5.44달러에서 5.50달러 사이가 될 것으로 전망하고 있습니다.

심혈관 포트폴리오의 매출은 보고 기준으로 3.7% 증가했으며, 신경과학 포트폴리오는 4.4% 증가했고, 의료 외과 포트폴리오는 1.9% 감소했습니다. 회사는 총 마진과 운영 마진 모두에서 상당한 개선을 강조하며, 이는 중간 단일 자릿수의 유기적 매출 성장이 9분기 연속으로 이어진 것입니다.

Medtronic (NYSE: MDT) a publié les résultats financiers du troisième trimestre de l'exercice 25, avec des revenus de 8,3 milliards de dollars, en hausse de 2,5% par rapport à l'année précédente et de 4,1% de manière organique. Le BPA dilué GAAP était de 1,01 dollar, en hausse de 2%, tandis que le BPA dilué non GAAP a atteint 1,39 dollar, en hausse de 7%.

Les principaux points forts de la performance comprennent une forte croissance des Solutions d'Ablation Cardiaque (croissance faible à deux chiffres) propulsée par des produits d'ablation à champ pulsé, et une augmentation des revenus liés au Diabète de 8,4% par rapport à l'année précédente. L'entreprise a maintenu ses prévisions pour l'année entière, s'attendant à une croissance organique des revenus de 4,75% à 5% et à un BPA dilué non GAAP pour l'exercice 25 compris entre 5,44 et 5,50 dollars.

Les revenus du Portefeuille Cardiovasculaire ont augmenté de 3,7% par rapport à l'année précédente, le Portefeuille des Neurosciences a augmenté de 4,4%, tandis que le Portefeuille Chirurgical Médical a diminué de 1,9%. L'entreprise a souligné des améliorations significatives tant dans la marge brute que dans la marge opérationnelle, marquant le neuvième trimestre consécutif de croissance organique des revenus à un chiffre moyen.

Medtronic (NYSE: MDT) hat die Finanzzahlen für das dritte Quartal des Geschäftsjahres 25 veröffentlicht, mit einem Umsatz von 8,3 Milliarden US-Dollar, was einem Anstieg von 2,5% im Bericht und 4,1% organisch entspricht. Der verwässerte GAAP-Gewinn pro Aktie betrug 1,01 US-Dollar und stieg um 2%, während der verwässerte Non-GAAP-Gewinn pro Aktie 1,39 US-Dollar erreichte, ein Anstieg von 7%.

Zu den wichtigsten Leistungsmerkmalen gehören ein starkes Wachstum im Bereich der Herzablationlösungen (niedrige 20%-Wachstumsrate), das durch Produkte zur pulsierten Feldablation vorangetrieben wird, sowie ein Anstieg des Diabetes-Umsatzes um 8,4% im Bericht. Das Unternehmen hat seine Jahresprognose beibehalten und erwartet ein organisches Umsatzwachstum von 4,75% bis 5% sowie einen verwässerten Non-GAAP-Gewinn pro Aktie für das Geschäftsjahr 25 zwischen 5,44 und 5,50 US-Dollar.

Der Umsatz des kardiovaskulären Portfolios wuchs um 3,7% im Bericht, das Neuro-Wissenschafts-Portfolio stieg um 4,4%, während das medizinisch-chirurgische Portfolio um 1,9% zurückging. Das Unternehmen hob signifikante Verbesserungen sowohl in der Bruttomarge als auch in der Betriebsmarge hervor und verzeichnete das neunte aufeinanderfolgende Quartal mit einem organischen Umsatzwachstum im mittleren einstelligen Bereich.

Positive
  • Q3 non-GAAP diluted EPS increased 7% to $1.39
  • Organic revenue growth of 4.1%
  • Cardiac Ablation Solutions achieved low-20s growth
  • Diabetes revenue grew 8.4% as reported
  • Neuroscience Portfolio revenue increased 4.4%
  • Gross margin and operating margin improvements
Negative
  • Medical Surgical Portfolio revenue declined 1.9%
  • Acute Care & Monitoring showed low-single digit organic decline
  • 30% year-over-year market decline in U.S. respiratory-related hospitalizations

Insights

The Q3 results demonstrate Medtronic's successful execution of its growth strategy, particularly in high-margin segments. The 4.1% organic growth, coupled with expanding margins, indicates improving operational leverage and market share gains in key areas.

The standout performance in Cardiac Ablation Solutions, driven by PFA technology adoption, positions Medtronic strongly in the $8 billion electrophysiology market. The FDA approval for additional PFA manufacturing capacity in Galway strategically addresses supply constraints, potentially accelerating market penetration.

The Diabetes segment's 10.4% organic growth reflects successful commercialization of the MiniMed 780G system and improving CGM attachment rates. This performance is particularly noteworthy given historical challenges in this division and intense market competition.

Margin expansion is a key highlight, with gross margin improving to 66.6% on a non-GAAP basis. This improvement, combined with operating margin expansion to 26.2%, demonstrates successful execution of operational efficiency initiatives and positive pricing dynamics.

The upcoming CMS coverage decision for Renal Denervation, expected by October 2025, represents a significant market opportunity in hypertension treatment. This could open up a new revenue stream in the large and underserved hypertension market.

While facing some headwinds in Medical Surgical, particularly in respiratory-related products, the company's diversified portfolio and strong performance in growth segments provide adequate offset. The maintained full-year guidance suggests management's confidence in the business trajectory and operational execution.

Delivering durable revenue growth with strong earnings power; strength in Pulsed Field Ablation, Pacing, Structural Heart, Diabetes, and Neuromodulation

GALWAY, Ireland, Feb. 18, 2025 /PRNewswire/ -- Medtronic plc (NYSE: MDT) today announced financial results for its third quarter (Q3) of fiscal year 2025 (FY25), which ended January 24, 2025.

Key Highlights

  • Revenue of $8.3 billion increased 2.5% as reported and 4.1% organic
  • GAAP diluted EPS of $1.01 increased 2%; non-GAAP diluted EPS of $1.39 increased 7%
  • Company reiterates full year revenue and EPS guidance
  • Cardiac Ablation Solutions revenue increased low-20s on strength of pulsed field ablation (PFA) products
  • U.S. Centers for Medicare and Medicaid (CMS) announced coverage for Renal Denervation for the treatment of Hypertension expected to become final on or before October 11, 2025

Financial Results
Medtronic reported Q3 worldwide revenue of $8.292 billion, an increase of 2.5% as reported and 4.1% on an organic basis. Organic revenue growth comparison excludes:

  • Other revenue of $32 million in the current year and $53 million in the prior year; and
  • Foreign currency translation of -$103 million on the remaining segments.

As reported, Q3 GAAP net income and diluted earnings per share (EPS) were $1.294 billion and $1.01, respectively, representing a decrease of 2% and an increase of 2%, respectively. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income and non-GAAP diluted EPS were $1.787 billion and $1.39, respectively, representing increases of 3% and 7%, respectively.

"We delivered strong earnings this quarter, with significant improvements in both our gross margin and operating margin on the back of our ninth quarter in a row of mid-single digit organic revenue growth," said Geoff Martha, Medtronic chairman and chief executive officer. "We are starting to see the results from our long term investments in groundbreaking innovation, such as pulsed field ablation, to drive growth in some of the most attractive markets in MedTech."

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $3.037 billion increased 3.7% as reported and 5.0% organic, with mid-single digit increases in CRHF and SH&A, and a low-single digit increase in CPV, all on an organic basis.

  • CRHF results included mid-single digit growth in Cardiac Rhythm Management, driven by low-double digit growth in Cardiac Pacing Therapies, including mid-20s growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions achieved low-20s growth on rapid adoption of the PulseSelect™ and Affera™ Sphere-9™ PFA systems
  • SHA results driven by high-single digit Structural Heart growth, excluding congenital, on the continued strength of the Evolut™ FX+ TAVR system, and high-single digit growth in Cardiac Surgery
  • CPV growth driven by high-single digit growth in balloons and mid-single digit growth in guide catheters and drug-coated balloons
  • Recent U.S. FDA approval for additional pulsed field ablation manufacturing site in Galway; immediately boosts Affera™ supply
  • Expanded U.S. presence in fast-growing carotid market with exclusive Contego Medical distribution agreement; includes recently FDA approved carotid stenting system and option to acquire; Contego Medical running clinical trial on next-generation transcarotid artery revascularization (TCAR) system
  • Announced CMS opened a National Coverage Analysis (NCA) on Renal Denervation for the treatment of hypertension, with coverage expected to become final on or before October 11, 2025

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.458 billion increased 4.4% as reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis.

  • CST driven by high-single digit Neurosurgery growth on continued adoption of the AiBLE™ ecosystem of enabling technology; CST in the U.S. grew high-single digits, winning share
  • Specialty Therapies results driven by mid-single digit growth in Pelvic Health on continued adoption of the InterStim X™ system; ENT grew low-single digits on strength in PTeye™ capital and disposables; Neurovascular, excluding China, grew mid-single digit with strength in flow diversion
  • Neuromodulation above market performance driven by low-double digit Pain Stim growth, including high-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-teens globally and mid-twenties in the U.S. on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology
  • Received CE Mark for BrainSense™ Adaptive Deep Brain Stimulation (aDBS), a real-time closed-loop system

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. Revenue of $2.072 billion decreased 1.9% as reported and decreased 0.4% organic, with flat organic result in SE and low-single digit organic decline in ACM.

  • SE results were affected by ongoing stapling segment pressures and a transient change in U.S. distributor buying patterns, partially offset by high-single digit growth in Emerging Markets and high-single digit growth in Advanced Energy on continued adoption of LigaSure™ vessel sealing technology
  • ACM performance included high-single digit declines in Nellcor™ blood oxygen management products on a 30% year-over-year market decline in U.S. respiratory-related hospitalizations in the quarter; this was partially offset by high-single digit growth in Perioperative Complications

Diabetes
Revenue of $694 million increased 8.4% as reported and 10.4% organic.

  • U.S. revenue grew mid-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system, with an increase in the MiniMed™ 780G installed base and strong CGM attachment rates
  • International revenue grew low-double digits on increasing CGM attachment as users upgrade to the Simplera Sync™ sensor

Guidance
Medtronic today reiterated its revenue growth and EPS guidance for FY25.

The company continues to expect FY25 organic revenue growth in the range of 4.75% 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 would be in the range of 3.4% to 3.8%.

The company continues to expect FY25 diluted non-GAAP EPS in the range of $5.44 to $5.50. This includes an estimated -5% impact from foreign currency exchange based on recent rates. The company's guidance represents FY25 diluted non-GAAP EPS growth in the range of 4.6% to 5.8%.

"EPS came in above the high end of our guidance range. We were pleased with the operational performance of the business this quarter, turning mid-single digit organic growth into leveraged earnings, highlighted by healthy gross margin improvement," said Gary Corona, Medtronic interim chief financial officer. "Looking ahead, our restored earnings power continues. We will accelerate both top and bottom line growth in Q4, resulting in high-single digit adjusted EPS growth in the back half of our fiscal year."

Video Webcast Information
Medtronic will host a video webcast today, February 18, 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 fourth quarter results on Wednesday, May 21, 2025. For fiscal year 2026, Medtronic plans to report its first, second, third, and fourth quarter results on Tuesday, August 19, 2025, November 18, 2025, February 17, 2026, and Wednesday, May 20, 2026, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules and Earnings Presentation
The third 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 third quarter earnings presentation, click here.

 

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)



THIRD 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

$     3,037


$     2,929


3.7 %


$        (38)


$     3,075


$     2,929


5.0 %



$     9,145


$     8,702


5.1 %


$        (62)


$     9,207


$     8,702


5.8 %

Cardiac Rhythm & Heart Failure

1,545


1,470


5.1


(18)


1,563


1,470


6.3



4,659


4,408


5.7


(26)


4,684


4,408


6.3

Structural Heart & Aortic

874


843


3.7


(13)


887


843


5.2



2,610


2,475


5.4


(21)


2,631


2,475


6.3

Coronary & Peripheral Vascular

618


616


0.3


(8)


626


616


1.6



1,876


1,818


3.2


(15)


1,891


1,818


4.0

Neuroscience

2,458


2,355


4.4


(21)


2,478


2,355


5.2



7,226


6,861


5.3


(29)


7,255


6,861


5.7

Cranial & Spinal Technologies

1,250


1,204


3.8


(9)


1,259


1,204


4.6



3,632


3,465


4.8


(15)


3,646


3,465


5.2

Specialty Therapies

732


726


0.8


(8)


740


726


1.9



2,181


2,126


2.6


(10)


2,191


2,126


3.1

Neuromodulation

476


425


12.0


(4)


480


425


12.9



1,413


1,270


11.2


(5)


1,417


1,270


11.6

Medical Surgical

2,072


2,112


(1.9)


(32)


2,104


2,112


(0.4)



6,196


6,219


(0.4)


(50)


6,246


6,219


0.4

Surgical & Endoscopy

1,596


1,616


(1.2)


(26)


1,622


1,616


0.4



4,790


4,803


(0.3)


(40)


4,829


4,803


0.5

Acute Care & Monitoring

476


495


(3.9)


(5)


481


495


(2.8)



1,406


1,416


(0.7)


(10)


1,417


1,416


—

Diabetes

694


640


8.4


(12)


706


640


10.4



2,027


1,829


10.8


(8)


2,035


1,829


11.3

Total Reportable Segments

8,260


8,035


2.8


(103)


8,363


8,035


4.1



24,593


23,610


4.2


(149)


24,742


23,610


4.8

Other(2)

32


53


(41.1)


(1)


—


—


—



17


164


(89.9)


(3)


—


—


—

TOTAL

$     8,292


$     8,089


2.5 %


$      (104)


$     8,363


$     8,035


4.1 %



$    24,610


$    23,775


3.5 %


$      (152)


$    24,742


$    23,610


4.8 %



(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 January 24, 2025 excludes $71 million of revenue adjustments related to $32 million of inorganic revenue for the transition activity noted in (2) and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $53 million of inorganic revenue related to the transition activity noted in (2).

(5)

The nine months ended January 24, 2025 excludes $132 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $106 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $164 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

U.S. REVENUE(1)(2)

(Unaudited)



THIRD 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

$     1,405


$     1,373


2.4 %


$     1,405


$     1,373


2.4 %



$     4,242


$     4,149


2.2 %


$     4,242


$     4,149


2.2 %

Cardiac Rhythm & Heart Failure

775


745


4.1


775


745


4.1



2,309


2,247


2.8


2,309


2,247


2.8

Structural Heart & Aortic

372


363


2.6


372


363


2.6



1,129


1,087


3.9


1,129


1,087


3.9

Coronary & Peripheral Vascular

258


265


(2.8)


258


265


(2.8)



804


816


(1.4)


804


816


(1.4)

Neuroscience

1,689


1,556


8.5


1,689


1,556


8.5



4,931


4,614


6.9


4,931


4,614


6.9

Cranial & Spinal Technologies

943


875


7.8


943


875


7.8



2,724


2,560


6.4


2,724


2,560


6.4

Specialty Therapies

419


407


3.0


419


407


3.0



1,235


1,202


2.7


1,235


1,202


2.7

Neuromodulation

327


275


19.0


327


275


19.0



972


852


14.1


972


852


14.1

Medical Surgical

893


947


(5.8)


893


947


(5.8)



2,718


2,763


(1.6)


2,718


2,763


(1.6)

Surgical & Endoscopy

623


663


(6.1)


623


663


(6.1)



1,928


1,971


(2.2)


1,928


1,971


(2.2)

Acute Care & Monitoring

269


284


(5.1)


269


284


(5.1)



790


792


(0.2)


790


792


(0.2)

Diabetes

236


224


5.6


236


224


5.6



683


629


8.7


683


629


8.7

Total Reportable Segments

4,223


4,100


3.0


4,223


4,100


3.0



12,573


12,154


3.4


12,573


12,154


3.4

Other(3)

15


20


(26.4)


—


—


—



51


65


(21.3)


—


—


—

TOTAL

$     4,237


$     4,120


2.8 %


$     4,223


$     4,100


3.0 %



$   12,624


$   12,219


3.3 %


$   12,573


$   12,154


3.4 %



(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)



THIRD 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

$     1,632


$     1,556


4.9 %


$        (38)


$     1,670


$     1,556


7.3 %



$     4,904


$     4,552


7.7 %


$        (62)


$     4,966


$     4,552


9.1 %

Cardiac Rhythm & Heart Failure

770


726


6.1


(18)


788


726


8.6



2,350


2,161


8.7


(26)


2,376


2,161


9.9

Structural Heart & Aortic

502


480


4.6


(13)


515


480


7.2



1,482


1,389


6.7


(21)


1,503


1,389


8.2

Coronary & Peripheral Vascular

360


350


2.6


(8)


368


350


4.9



1,072


1,002


7.0


(15)


1,087


1,002


8.5

Neuroscience

769


799


(3.7)


(21)


790


799


(1.1)



2,295


2,248


2.1


(29)


2,324


2,248


3.4

Cranial & Spinal Technologies

307


329


(6.7)


(9)


316


329


(3.9)



907


905


0.3


(15)


922


905


1.9

Specialty Therapies

313


319


(2.0)


(8)


321


319


0.4



947


924


2.4


(10)


957


924


3.5

Neuromodulation

149


150


(0.7)


(4)


153


150


1.8



441


419


5.4


(5)


446


419


6.5

Medical Surgical

1,180


1,164


1.3


(32)


1,211


1,164


4.0



3,478


3,456


0.6


(50)


3,528


3,456


2.1

Surgical & Endoscopy

973


953


2.1


(26)


999


953


4.9



2,862


2,832


1.1


(40)


2,902


2,832


2.5

Acute Care & Monitoring

206


211


(2.3)


(5)


212


211


0.2



616


624


(1.4)


(10)


626


624


0.3

Diabetes

457


416


9.9


(12)


470


416


12.9



1,344


1,200


12.0


(8)


1,351


1,200


12.6

Total Reportable Segments

4,038


3,935


2.6


(103)


4,141


3,935


5.2



12,020


11,456


4.9


(149)


12,169


11,456


6.2

Other(2)

17


34


(49.8)


(1)


—


—


—



(35)


99


(134.8)


(3)


—


—


—

TOTAL

$     4,055


$     3,968


2.2 %


$      (104)


$     4,141


$     3,935


5.2 %



$   11,986


$   11,555


3.7 %


$      (152)


$   12,169


$   11,456


6.2 %



(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 January 24, 2025 excludes $86 million of revenue adjustments related to $17 million of inorganic revenue for the transition activity noted in (2), and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $34 million of inorganic revenue related to the transition activity noted in (2).

(5)

The nine months ended January 24, 2025 excludes $183 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $55 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $99 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)



Three months ended


Nine months ended

(in millions, except per share data)

January 24,
2025


January 26,
2024


January 24,
2025


January 26,
2024

Net sales

$            8,292


$            8,089


$          24,610


$          23,775

Costs and expenses:








Cost of products sold, excluding amortization of intangible assets

2,779


2,782


8,485


8,172

Research and development expense

675


695


2,048


2,060

Selling, general, and administrative expense

2,717


2,673


8,129


7,971

Amortization of intangible assets

416


419


1,243


1,274

Restructuring charges, net

43


20


120


114

Certain litigation charges, net

22


—


104


105

Other operating (income) expense, net

(5)


17


(38)


(13)

Operating profit

1,646


1,483


4,519


4,091

Other non-operating income, net

(72)


(177)


(403)


(407)

Interest expense, net

179


188


555


517

Income before income taxes

1,540


1,472


4,367


3,982

Income tax provision

237


135


737


936

Net income

1,303


1,337


3,630


3,045

Net income attributable to noncontrolling interests

(9)


(15)


(24)


(23)

Net income attributable to Medtronic

$            1,294


$            1,322


$            3,606


$            3,022

Basic earnings per share

$              1.01


$              0.99


$              2.80


$              2.27

Diluted earnings per share

$              1.01


$              0.99


$              2.79


$              2.27

Basic weighted average shares outstanding

1,282.4


1,329.7


1,286.7


1,330.1

Diluted weighted average shares outstanding

1,286.2


1,331.7


1,290.6


1,332.4


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 January 24, 2025

(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

$  8,292


$   2,779


66.5 %


$     1,646


19.9 %


$    1,540


$       1,294


$     1.01


15.4 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


416


5.0


416


339


0.26


18.5

Restructuring and associated costs(2)

—


(4)


—


46


0.6


46


37


0.03


19.6

Acquisition and divestiture-related items(3)

—


(1)


—


28


0.3


28


23


0.02


17.9

Certain litigation charges, net

—


—


—


22


0.3


22


18


0.01


22.7

(Gain)/loss on minority investments(4)

—


—


—


—


—


68


52


0.04


22.1

Medical device regulations(5)

—


(8)


0.1


11


0.1


11


9


0.01


18.2

Certain tax adjustments, net

—


—


—


—


—


—


15


0.01


—

Non-GAAP

$  8,292


$   2,766


66.6 %


$     2,169


26.2 %


$    2,130


$       1,787


$     1.39


15.7 %

Currency impact

104


61


(0.3)


(4)


(0.4)






(0.01)



Currency Adjusted

$  8,396


$   2,827


66.3 %


$     2,165


25.8 %






$     1.38






















Three months ended January 26, 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

$  8,089


$   2,782


65.6 %


$     1,483


18.3 %


$    1,472


$       1,322


$     0.99


9.2 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


419


5.2


419


354


0.27


15.5

Restructuring and associated costs(2)

—


(12)


0.1


55


0.7


55


46


0.03


16.4

Acquisition and divestiture-related items(3)

—


(12)


0.1


58


0.7


58


52


0.04


10.3

(Gain)/loss on minority investments(4)

—


—


—


—


—


24


24


0.02


—

Medical device regulations(5)

—


(18)


0.2


26


0.3


26


21


0.02


19.2

Certain tax adjustments, net(6)

—


—


—


—


—


—


(92)


(0.07)


—

Non-GAAP

$  8,089


$   2,740


66.1 %


$     2,042


25.2 %


$    2,055


$       1,728


$     1.30


15.2 %



See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(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.

(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 net tax benefit primarily relates to a change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Nine months ended January 24, 2025

(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

$ 24,610


$   8,485


65.5 %


$     4,519


18.4 %


$    4,367


$         3,606


$     2.79


16.9 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


1,243


4.9


1,243


1,017


0.79


18.3

Restructuring and associated costs(2)

—


(24)


0.1


154


0.6


154


124


0.10


19.5

Acquisition and divestiture-related items(3)

—


(17)


—


15


0.1


15


3


—


73.3

Certain litigation charges, net

—


—


—


104


0.4


104


86


0.07


17.3

(Gain)/loss on minority investments(4)

—


—


—


—


—


41


14


0.01


61.0

Medical device regulations(5)

—


(27)


0.1


38


0.2


38


30


0.02


21.1

Other(6)

90


—


0.2


90


0.4


90


70


0.05


22.2

Certain tax adjustments, net(7)

—


—


—


—


—


—


49


0.04


—

Non-GAAP

$ 24,700


$   8,417


65.9 %


$     6,162


24.9 %


$    6,051


$         4,999


$     3.87


17.0 %

Currency impact

150


(72)


0.5


241


0.9






0.15



Currency Adjusted

$ 24,850


$   8,345


66.4 %


$     6,403


25.8 %






$     4.02






















Nine months ended January 26, 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

$ 23,775


$   8,172


65.6 %


$     4,091


17.2 %


$    3,982


$         3,022


$     2.27


23.5 %

Non-GAAP Adjustments:


















Amortization of intangible assets

—


—


—


1,274


5.4


1,274


1,078


0.81


15.4

Restructuring and associated costs(2)

—


(43)


0.2


237


1.0


237


198


0.15


16.5

Acquisition and divestiture-related items(3)

—


(24)


0.1


165


0.7


165


149


0.11


9.7

Certain litigation charges, net

—


—


—


105


0.4


105


81


0.06


22.9

(Gain)/loss on minority investments(4)

—


—


—


—


—


113


109


0.08


4.4

Medical device regulations(5)

—


(60)


0.3


88


0.4


88


70


0.05


20.5

Certain tax adjustments, net(8)

—


—


—


—


—


—


282


0.21


—

Non-GAAP

$ 23,775


$   8,046


66.2 %


$     5,961


25.1 %


$    5,965


$         4,988


$     3.74


16.0 %



See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(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 nine months ended January 24, 2025, 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)

Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions.

(8)

The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)



Three months ended January 24, 2025

(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

$      8,292


$     2,717


32.8 %


$       675


8.1 %


$           (5)


(0.1) %


$           (72)

Non-GAAP Adjustments:
















Acquisition and divestiture-related items(2)

—


(13)


(0.2)


—


—


(13)


(0.2)


—

Medical device regulations(3)

—


—


—


(3)


—


—


—


—

(Gain)/loss on minority investments(4)

—


—


—


—


—


—


—


(68)

Non-GAAP

$      8,292


$     2,704


32.6 %


$       672


8.1 %


$         (18)


(0.2) %


$          (140)


















Nine months ended January 24, 2025

(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

$    24,610


$     8,129


33.0 %


$    2,048


8.3 %


$         (38)


(0.2) %


$          (403)

Non-GAAP Adjustments:
















Restructuring and associated costs(5)

—


(10)


(0.1)


—


—


—


—


—

Acquisition and divestiture-related items(2)

—


(40)


(0.3)


—


—


42


0.2


—

Medical device regulations(3)

—


—


—


(10)


—


—


—


—

Other(6)

90


—


—


—


—


—


—


—

(Gain)/loss on minority investments(4)

—


—


—


—


—


—


—


(41)

Non-GAAP

$    24,700


$     8,078


32.7 %


$    2,038


8.3 %


$             4


— %


$          (443)



See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(1)

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

(2)

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. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.

(3)

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.

(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)

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

(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)



Nine months ended

(in millions)

January 24, 2025


January 26, 2024

Net cash provided by operating activities

$                      4,516


$                      4,010

Additions to property, plant, and equipment

(1,400)


(1,161)

Free Cash Flow(2)

$                      3,116


$                      2,849



See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(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)


January 24, 2025


April 26, 2024

ASSETS





Current assets:





Cash and cash equivalents


$               1,240


$               1,284

Investments


6,682


6,721

Accounts receivable, less allowances and credit losses of $204 and $173, respectively


6,115


6,128

Inventories


5,610


5,217

Other current assets


2,865


2,584

Total current assets


22,513


21,935

Property, plant, and equipment, net


6,593


6,131

Goodwill


40,819


40,986

Other intangible assets, net


12,184


13,225

Tax assets


3,614


3,657

Other assets


4,250


4,047

Total assets


$             89,973


$             89,981

LIABILITIES AND EQUITY





Current liabilities:





Current debt obligations


$               2,622


$               1,092

Accounts payable


2,286


2,410

Accrued compensation


2,281


2,375

Accrued income taxes


1,125


1,330

Other accrued expenses


3,526


3,582

Total current liabilities


11,840


10,789

Long-term debt


23,985


23,932

Accrued compensation and retirement benefits


1,063


1,101

Accrued income taxes


1,485


1,859

Deferred tax liabilities


452


515

Other liabilities


1,533


1,365

Total liabilities


40,358


39,561

Commitments and contingencies





Shareholders' equity:





Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,283,266,154 and

1,311,337,531 shares issued and outstanding, respectively


—


—

Additional paid-in capital


20,910


23,129

Retained earnings


31,317


30,403

Accumulated other comprehensive loss


(2,839)


(3,318)

Total shareholders' equity


49,387


50,214

Noncontrolling interests


228


206

Total equity


49,615


50,420

Total liabilities and equity


$             89,973


$             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)



Nine months ended

(in millions)

January 24, 2025


January 26, 2024

Operating Activities:




Net income

$                3,630


$                3,045

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




Depreciation and amortization

2,021


1,993

Provision for credit losses

96


62

Deferred income taxes

(81)


(250)

Stock-based compensation

340


303

Other, net

14


265

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




Accounts receivable, net

(184)


(140)

Inventories

(478)


(530)

Accounts payable and accrued liabilities

(157)


(253)

Other operating assets and liabilities

(685)


(485)

Net cash provided by operating activities

4,516


4,010

Investing Activities:




Acquisitions, net of cash acquired

(98)


(74)

Additions to property, plant, and equipment

(1,400)


(1,161)

Purchases of investments

(6,093)


(5,422)

Sales and maturities of investments

6,255


5,142

Other investing activities, net

(111)


(155)

Net cash used in investing activities

(1,447)


(1,670)

Financing Activities:




Change in current debt obligations, net

(1,070)


1,010

Issuance of long-term debt

3,209


—

Dividends to shareholders

(2,692)


(2,753)

Issuance of ordinary shares

400


206

Repurchase of ordinary shares

(2,961)


(510)

Other financing activities, net

96


(44)

Net cash used in financing activities

(3,018)


(2,091)

Effect of exchange rate changes on cash and cash equivalents

(95)


(170)

Net change in cash and cash equivalents

(44)


80

Cash and cash equivalents at beginning of period

1,284


1,543

Cash and cash equivalents at end of period

$                1,240


$                1,623





Supplemental Cash Flow Information




Cash paid for:




Income taxes

$                1,515


$                1,403

Interest

567


568


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, changing global trade policies, 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.

-end-

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) Q3 FY25 revenue and organic growth?

Medtronic reported Q3 FY25 revenue of $8.3 billion, representing 2.5% reported growth and 4.1% organic growth.

How much did MDT's EPS grow in Q3 FY25?

Medtronic's GAAP diluted EPS grew 2% to $1.01, while non-GAAP diluted EPS increased 7% to $1.39.

What is Medtronic's (MDT) full-year guidance for FY25?

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

Which MDT business segments showed the strongest growth in Q3 FY25?

Cardiac Ablation Solutions showed low-20s growth, Diabetes grew 8.4%, and the Neuroscience Portfolio increased 4.4%.

What were the main challenges for MDT in Q3 FY25?

The Medical Surgical Portfolio declined 1.9%, with challenges in stapling segment and U.S. distributor buying patterns, plus a 30% decline in respiratory-related hospitalizations.

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