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Earnings Q1 FY27 | September 1, 2026 Contact: investor.relations@medtronic.com
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2Earnings Report | Q1 FY27 Forward Looking Statements This presentation 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, material acquisition and divestiture transactions, 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 presentation, including to reflect future events or circumstances. Non-GAAP financial measures This presentation contains guidance and financial measures which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. 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. All GAAP to non-GAAP reconciliations are provided on our website. 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, revenue in the current and prior year reported as "Other”, as well as significant acquisitions, divestitures, or other significant discrete items. 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. Financial comparisons References to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year and references to sequential revenue changes are in comparison to the prior fiscal quarter and are made on an “as reported” basis. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. References to organic revenue growth exclude the impact of foreign currency, first quarter in the current and prior year reported as "Other”, as well as significant acquisitions, divestitures, or other significant discrete items. Unless stated otherwise, all references to share gains or losses are on a revenue and year-over-year 52-week basis, comparing our most recently completed fiscal quarter to our competitors’ most recently completed calendar quarter. Transaction details The separation of our Diabetes business is expected to occur through a series of capital markets transactions, which may include a spin-off, split-off, offering, or combination thereof. While a split-off is the company's current preferred separation structure, a final decision has not been reached at this time.
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Q1 FY27 Executive Summary Stealth AXiS Surgical System Earnings Report | Q1 FY27 Portfolio Highlights Guidance & Assumptions Impact Executive Summary Appendix
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4Earnings Report | Q1 FY27 Q1 FY27 Highlights Strong Q1 results demonstrate the breadth and durability of growth; reinforces confidence in FY27 outlook Revenue growth of 13.7% organic, strongest quarterly performance in nearly 8 years ex- COVID • Cardiovascular +19%, MedSurg +10%, and Neuroscience +9%; Performance led by CAS, CRM, CST, and Surgical • CAS surpassed $2 billion in TTM revenue, +88% globally, +139% in the U.S. and gaining 9 points of U.S. share; Secured CE Mark for Sphere-9 for the treatment of ventricular arrhythmias, including ventricular tachycardia • CRM delivered 15% global growth, reflecting broad-based strength across high- and low-power therapies and reinforcing CRM’s role as a durable growth driver within Medtronic • CST delivered 13% growth, supported by continued adoption of the AiBLE ecosystem and meaningful contribution from the recently launched Stealth AXiS platform • Announced FDA clearance for Touch Surgery Aide next generation Non-GAAP EPS of $1.45, ahead of guidance, reflecting disciplined execution while increasing investments • Operational rigor and cost management enabled reinvestment into high-growth platforms including Affera, Hugo , Symplicity Spyral , and Altaviva • Executing strategic M&A aligned to higher-growth areas to reinforce leadership positions and expand capabilities: Completed acquisition of Scientia Vascular and SPR Therapeutics, Inc. • Announced strategic partnership with Cornerstone Robotics to further expand global access to robotic-assisted surgery Raising FY27 guidance following strong Q1 performance • Organic revenue growth raised 50 bps to 7.25% to 7.75%; includes extra selling week and consolidation of the Diabetes Business for the full fiscal year • Non-GAAP EPS raised to $5.94 to $6.00, or 7.4% to 8.5% growth; includes extra selling week, impact of increased M&A, tariffs, and consolidation of the Diabetes business for the full fiscal year; estimate a neutral to 1% FX tailwind “We are off to a strong start in fiscal 2027. What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses and the increasing contributions from newer growth platforms. Our execution, alongside our innovation engine, positions us to serve more patients and deliver durable growth. The strength of our portfolio and pipeline gives us confidence in the opportunities ahead.” Geoff Martha Chairman & CEO “ Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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5Earnings Report | Q1 FY27 Revenue Full GAAP to non-GAAP reconciliation in Appendix United States: $4,906M; +15.8% organic International: $4,850M; +11.6% organic Revenue Revenue by geography 9.8B$ 2.3B$ 1.45$ +13.7% reported +13.7% organic Adj. Operating Profit +14.9% Y/Y Adj. Diluted EPS +15.1% Y/Y Q1 FY27 Financial Summary Cardiovascular: $3,927M; +18.9% organic Neuroscience: $2,678M; +9.3% organic Medical Surgical: $2,279M; +10.2% organic Diabetes: $843M; +14.9% organic Other: $29M Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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6Earnings Report | Q1 FY27 1 Dollars in millions except for EPS. Full GAAP to non-GAAP reconciliation in Appendix ($ in millions)1 Q1 FY27 Q1 FY26 Y/Y Growth / Change Revenue Organic revenue growth 9,756 8,539 +14.2% +13.7% Gross Margin Constant currency 65.2% 65.1% +10 bps +10 bps SG&A 3,162 2,775 +14.0% % of Sales 32.4% 32.5% (10 bps) R&D 771 725 +6.3% % of Sales 7.9% 8.5% (60 bps) Operating Profit 2,316 2,016 +14.9% Operating Margin Constant currency 23.7% 23.6% +10 bps Flat Net Income 1,860 1,626 +14.4% Diluted EPS 1.45 1.26 +15.1% Q1 FY27 Adjusted Income Statement • Adj. gross margin +10 bps; continued pricing and COGS efficiency program execution • Adj. SG&A +14%; investing in sales and marketing for enterprise growth drivers • Adj. EPS $0.06 above guidance midpoint driven by operational upside Financial Highlights Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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7Earnings Report | Q1 FY27 Medical Surgical 10% growth Y/Y; 9% Surgical and 14% Acute Care & Monitoring growth; Received FDA clearance for Touch Surgery Aide Strong double digit organic revenue growth to start the year driven by U.S. growth acceleration and continued robust international growthDiabetes 19% growth Y/Y; CAS delivered 88% growth Y/Y, gaining 9 points of U.S. share; CRM share gains with mid-teens growth in both high- and low-powerCardiovascular Neuroscience 9% growth Y/Y; CST grew 13% including mid-teens Core Spine growth; Neurosurgery grew mid-teens including high-20s growth in Navigation on Stealth AXiS launch Q1 FY27 Portfolio Highlights Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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8Earnings Report | Q1 FY27 Note: Relative positioning is not intended to signify relative timing *Third-party brands are trademarks of their respective owners. Jun FY27 Operational Highlights GAiTEWAY Software Platform for AiBLE Ecosystem Launched cloud-based platform for patient- specific insights and AI-driven surgical planning Scientia Vascular Completed acquisition; expanding neurovascular platform with differentiated guidewire technology for stroke Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Distribution agreement for the Corsano* multi- parameter wearable Expanded strategic partnership with Corsano Health B.V., to distribute wearable patient monitoring solutions Stealth AXiS Surgical System Received CE Mark for Ear, Nose, and Throat indications Nellcor Pulse Oximetry System Received FDA clearance for Nellcor with Nell-EQ intelligent processor, a new technology designed to support clinical confidence and more inclusive care Aug FY27 PulseSelect System Launched in India, addressing the nation’s growing AFib and stroke burden, which affects more than 7 million people McGRATH MAC+ Video Laryngoscope Launched in the U.S., Europe, Canada, Australia, New Zealand and Hong Kong Onyx 12 Liquid Embolic System Now indicated for embolization of MMA as an adjunct to surgery for the treatment of chronic subdural hematoma SPR Therapeutics Completed acquisition; PNS will build out portfolio of chronic pain management therapies Affera System Expanded CE Mark indication for Affera Mapping System and Sphere-9 Catheter for treatment of ventricular arrhythmias
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9Earnings Report | Q1 FY27 M&A; Strategic Investments & Partnerships Acquisitions Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Strategic Investments and Partnerships Recognized leader in temporary, percutaneous peripheral nerve stimulation (PNS) therapies for chronic pain management. The SPRINT® PNS System is designed to deliver short-term PNS therapy for sustained pain relief Reimagines neurovascular guidewires through the development of larger, more advanced guidewire technologies. Reduces or eliminates ledge effect, potentially reduces the need for multiple catheter systems, and simplifies procedural workflows Completed June 2026 Completed July 2026 Cornerstone Robotics is an innovative surgical robotics company driven by the vision of leading medical innovations for a healthier world. We are further enhancing and expanding our robotic portfolio through a strategic investment and distribution agreement for Cornerstone’s Sentire Surgical System in select markets outside the U.S. Pi-Cardia Ltd. has developed a proprietary leaflet modification platform designed to improve procedural outcomes and expand treatment options for patients undergoing transcatheter valve interventions
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Affera Mapping System and Sphere-9 PF and RF Ablation and Mapping Catheter Q1 FY27 Portfolio Highlights Earnings Report | Q1 FY27 Portfolio Highlights Guidance & Assumptions Impact Executive Summary Appendix
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11Earnings Report | Q1 FY27 Cardiovascular 19% growth Y/Y; CAS delivered 88% growth Y/Y, gaining 9 points of U.S. share; CRM share gains with mid-teens growth in both high- and low-power $3,927M +19.5% Y/Y Rep +18.9% Y/Y Org Sphere 9 Pulse Field Ablation Catheter Micra AV2 and VR2 Transcatheter Pacing System Aurora EV-ICD System Electrophysiology Therapies $2,218M +29.5% Y/Y Rep | +29.1% Y/Y Org Cardiac Rhythm Management: Mid-teens growth; low-20s Micra leadless pacing growth; market leader in conduction system pacing with low-20s SelectSecure 3830 lead growth; mid-teens Defibrillation Solutions growth driven by high-20s ICD growth including mid-50s Aurora EV-ICD growth and continued strong OmniaSecure momentum; LDD Cardiovascular Diagnostics growth Cardiac Ablation Solutions: +88% growth, including 139% U.S. growth driven by strong commercial demand for the Affera Sphere-9 PFA catheter; gained 9 points of U.S. share Y/Y; delivered on commitment to double the business to $2B trailing revenue; >35% sequential growth in U.S. Affera installed-base; U.S. Ventricular Tachycardia pivotal trial underway; strong physician feedback on Sphere-360 in EU with U.S. pivotal enrolling swiftly Interventional Cardiology Therapies $894M +7.2% Y/Y Rep | +6.5% Y/Y Org Structural Heart: LSD growth; continue to see stable U.S. procedure volumes; announces strategic investment in Pi-Cardia, a pioneer in leaflet modification technology Coronary & Renal Denervation: 13% growth; high-teens growth in Guide Catheters and HSD growth in Balloons; continued progress on building RDN category; CathWorks off to a strong start following deal close CardioVascular Surgery $477M +9.3% Y/Y Rep | +8.1% Y/Y Org Cardiac Surgery: HSD growth on strength in Penditure LAA exclusion system, Avalus Ultra surgical valve, and VitalFlow ECMO system Aortic: LDD growth driven by HSD growth in TAA and high-20s growth across the ancillary product portfolio, including Heli-FX EndoAnchor Peripheral Vascular Health $338M +11.6% Y/Y Rep | +11.0% Y/Y Org Peripheral Vascular Health: LDD growth driven by LDD growth in Peripheral Vascular and endoVenous; Liberant mechanical thrombectomy in full market release and getting great physician feedback Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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12Earnings Report | Q1 FY27 Cranial & Spinal Technologies $1,365M +12.8% Y/Y Rep | +12.9% Y/Y Org Cranial & Spinal Technology: Core Spine grew mid-teens on continued ModuleX expansion and distributor conversions; Neurosurgery grew mid-teens including high-20s growth in Navigation on Stealth AXiS launch Specialty Therapies $774M +10.2% Y/Y Rep | +7.4% Y/Y Org Neurovascular: MSD growth, led by HSD growth in Hemorrhagic; healthy adoption of Neuroguard IEP 1 System and Artisse intrasaccular device; closed Scientia Vascular acquisition, expanding our Neurovascular business with differentiated guidewire technology for stroke Ear, Nose & Throat: HSD growth driven by LDD growth in the United States and strength in Navigation and Powered Instruments Pelvic Health: Mid-teens growth; Altaviva delivering strong growth driven by continued adoption, with active implanters more than doubling sequentially and more than offsetting broader SNM market softness Neuromodulation $539M +4.7% Y/Y Rep | +3.3% Y/Y Org Neuromodulation: LSD growth; first cases completed with ViaVerte , a basivertebral nerve ablation treatment for chronic vertebrogenic lower back pain; closed SPR Therapeutics acquisition, entering high-growth peripheral nerve stimulation category Neuroscience 9% growth Y/Y; CST grew 13% including mid-teens Core Spine growth; Neurosurgery grew mid-teens including high-20s growth in Navigation on Stealth AXiS launch $2,678M +10.3% Y/Y Rep +9.3% Y/Y Org AiBLE Surgical Ecosystem ModuLeX Spinal System Altaviva Implantable Tibial Neuromodulation 1. Third party brands are trademarks of their respective owners Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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13Earnings Report | Q1 FY27 Medical Surgical 10% growth Y/Y; 9% Surgical and 14% Acute Care & Monitoring growth; Received FDA clearance for Touch Surgery Aide $2,279M +10.0% Y/Y Rep +10.2% Y/Y Org Hugo RAS & Touch Surgery Digital Ecosystem Endoflip 300 Impedance Planimetry System 1. Third party brands are trademarks of their respective owners Surgical & Endoscopy $1,740M +8.7% Y/Y Rep | +9.0% Y/Y Org Surgical: HSD growth driven by continued strength in LigaSure vessel sealing technology in Advanced Energy and V-Loc barbed suture in Wound Management, partly offset by Advanced Stapling due to shift to robotic surgery and bariatric procedure declines • Hugo RAS purposeful U.S. launch underway; by fiscal year end, expect Hugo to surpass 50,000 completed global procedures, with procedure growth continuing at more than twice the market rate • Received FDA clearance for Touch Surgery Aide next generation computing platform • Touch Surgery digital ecosystem now at 1,500 ORs Endoscopy: HSD growth driven by continued momentum of Endoflip 300 system and Pillcam Acute Care & Monitoring $539M +14.4% Y/Y Rep | +14.2% Y/Y Org Acute Care & Monitoring: Mid-teens growth driven by strong McGRATH video laryngoscope momentum reflecting the McGRATH MAC+ product launch and continued shift from direct to video laryngoscopy; HSD growth in Nellcor pulse oximetry driven by U.S. sensor volume strength; Microstream Capnography growth driven by strong consumable utilization coupled with OEM hardware timingLigaSure XP Maryland Jaw Vessel Sealer / Divider Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix McGRATH MAC+ VL
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14Earnings Report | Q1 FY27 Diabetes Strong double digit organic revenue growth to start the year driven by U.S. growth acceleration and continued robust International growth $843M +16.9% Y/Y Rep +14.9% Y/Y Org United States • Double digit growth on strength of MiniMed Flex with Simplera Sync launch, which started in June; U.S. New Pumps Sold increased >20% Y/Y • MiniMed Go Smart MDI system launched International • Continued double-digit growth on expanded Simplera supply and launch of Instinct, made by Abbott • MiniMed Flex received CE Mark, ahead of year-end target, commercial launch to begin in November Pipeline & Clinical Data • MiniMed Fit patch pump submitted to FDA, ahead of Fall target; expect full U.S. launch in Summer 2027 • Enrollment complete in Vivera FCL U.S. pivotal trial for both T1 and T2; expect H2 CY27 U.S. launch • Next-gen MiniMed extended-wear sensor U.S. IDE approved, enrollment to start in October Separation • Intend to complete the separation prior to fiscal year-end MiniMed Flex System MiniMed Go with Instinct and Simplera Sync MiniMed Fit with Instinct and Simplera Sync The Diabetes results presented here may not correspond to the same financial statement information presented by MiniMed Group, Inc. (MiniMed). The Diabetes Business as reported by Medtronic is prepared on a different basis than standalone MiniMed due to MiniMed’s financials being prepared on a carve out basis through the date of the company’s initial public offering (IPO) and on a standalone basis post IPO. Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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Symplicity Spyral Renal Denervation System FY27 Guidance & Assumptions Earnings Report | Q1 FY27 Portfolio Highlights Guidance & Assumptions Impact Executive Summary Appendix
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16Earnings Report | Q1 FY27 Note: EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year 1. While FX rates are fluid, assumptions above are based on recent rates 2. Includes transition activity revenue recognized in Other and our divestiture of the Dutch Obesity Clinic (NOK) Guidance and assumptions FY26 base Organic revenue growth guidance FX1 Implied FY27 adjusted revenue range Q4 Earnings Call FY26 Adjusted $36,325M 6.75% to 7.25% Flat to $100M headwind ~$38.7B to $39.0B Less Other & NOK2 ($156M) Q1 Earnings Call FY26 base $36,169M 7.25% to 7.75% $50M to $150M headwind ~$38.9B to $39.2B FY26 base FY27 EPS guidance FY27 FX1 Reported EPS growth Q4 Earnings Call $5.53 $5.90 to $6.00 ~Flat to 1% tailwind ~6.7% to 8.5% Q1 Earnings Call $5.94 to $6.00 ~Flat to 1% tailwind ~7.4% to 8.5% Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix FY27 Revenue FY27 EPS Guidance includes the Diabetes business for the full year FY27; should separation occur prior to fiscal year end, will update guidance
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Q1 FY27 Impact Hugo Robotic Assisted Surgery System with ICG and Touch Surgery Earnings Report | Q1 FY27 Portfolio Highlights Guidance & Assumptions Impact Executive Summary Appendix
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18Earnings Report | Q1 FY27 2026 TIME100 Companies For health innovation for the Hugo robotic-assisted surgery (RAS) system and Touch Surgery ecosystem Bloomberg Gender-Equality Index Of the 559 companies submitting data, only 418 met the threshold to be considered GEI members Ethisphere One of the 2026 World's Most Ethical Companies® IR Impact Awards 2025 Winner of best use of social media and video; finalist best sell-side management Fast Company Named to list of the World’s Most Innovative Companies of 2026 Just Capital One of America’s Most JUST Companies in 2025 Dow Jones Sustainability Index DJSI World Index for 4 consecutive years DJSI North American Index for 18 consecutive years Fortune 2026 Most Admired Companies’ list Caret Right with solid fill To learn more, visit our awards page To learn more, visit our awards page Leading in engagement, citizenship, and innovation Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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19Earnings Report | Q1 FY27 Robust governance structures and processes underpin our sustainability strategy FY30 Carbon neutral in Operations (scope 1 and 2) FY45 Net-zero emissions Key issue Target Baseline date End date FY25 status Product innovation Maintain 20% flow of revenue from products and therapies released in the prior 36 months N/A N/A 21% Access and affordability Serve 79M patients annually RAISED GOAL to 82M N/A N/A FY25 FY26 79M+ 82M+ Patient safety and product quality Reduce aggregate product complaint rate by 10% for identified product families FY20 FY25 34% GHG emissions, energy, water, and waste Achieve net carbon neutrality across our operations (Scope 1 and 2) FY20 FY30 52% Reduce Scope 1 and 2 GHG emissions intensity by 50% FY20 FY25 60% Reduce absolute Scope 1 and 2 GHG emissions by 52% FY20 FY30 35% Reduce absolute Scope 3 GHG emissions (cat. 4, 6, and 12) by 37.5% FY24 FY34 —% Commit that 75% of suppliers by emissions (Scope 3 cat. 1 and 2) will have science-based targets FY24 FY30 10% Reduce operational energy use intensity by 20% RAISED GOAL to 35% FY20 FY20 FY25 FY30 20% 20% Source 100% of electricity from renewables FY20 FY30 62% Source 50% of energy from renewable and alternative sources FY20 FY25 50% Reduce purchased operational water use intensity by 15% RAISED GOAL to 30% FY20 FY20 FY25 FY30 19% 19% Reduce operational waste generation intensity by 15% RAISED GOAL to 40% FY20 FY20 FY25 FY30 21% 21% Product and packaging life cycle and circularity Reduce packaging weight by 25% for four high-volume product families RAISED GOAL to 20 additional products FY21 FY21 FY25 FY30 48% ~10% Reduce impact of paper instructions for use (IFUs) by elimination of 2,500 tonnes FY21 FY30 ~15% Complete life cycle assessments (LCAs) for at least 50% of major commercialized products FY21 FY30 ~10% Integrate circularity and eco-design criteria into the New Product Development process FY21 FY30 ~20% Near and long-term sustainability objectives Progress key: Achieved In progress Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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Altaviva Implantable Tibial Neuromodulation System Q1 FY27 Appendix Earnings Report | Q1 FY27 Portfolio Highlights Guidance & Assumptions Impact Executive Summary Appendix
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21Earnings Report | Q1 FY27 Q1 FY27 GAAP Amortization Restructuring Acquisition and Divestiture- Related Items (Gain) / Loss on Minority Investments Certain Tax Adjustments Q1 FY27 Non-GAAP Q1 FY26 Non-GAAP Y/Y Growth / Change Net Sales 9,756 - - - - - 9,756 8,539 14.2% Cost of Products Sold 3,416 - (8) (11) - - 3,396 2,979 14.0% Gross Margin 65.0% - 0.1% 0.1% - - 65.2% 65.1% 10 bps SG&A 3,198 - (10) (26) - - 3,162 2,775 14.0% % of Sales 32.8% - (0.1)% (0.3)% - - 32.4% 32.5% (10 bps) R&D 771 - - - - - 771 725 6.3% % of Sales 7.9% - - - - - 7.9% 8.5% (60 bps) Other Operating Expense (Income), Net 123 - - (13) - - 110 44 150.0% % of Sales 1.3% - - (0.1)% - - 1.1% 0.5% 60 bps Amortization of Intangible Assets 412 (412) - - - - - - - Restructuring Charges, Net 72 - (72) - - - - - - Operating Profit 1,764 412 89 50 - - 2,316 2,016 14.9% Operating Margin 18.1% 4.2% 0.9% 0.5% – – 23.7% 23.6% 10 bps Other Non-Operating Expense (Income), Net (190) – – - 64 – (127) (146) (13.5%) Interest Expense 186 – – – – – 186 176 5.4% Net Income Attributable to MDT ($M) 1,470 337 70 41 (64) 5 1,860 1,626 14.4% Diluted EPS ($) 1.14 0.26 0.05 0.03 (0.05) - 1.45 1.26 15.1% 1. Data has been intentionally rounded to the nearest million or $0.01 for EPS figures and, therefore, may not sum Q1 FY27 GAAP to non-GAAP reconciliations Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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22Earnings Report | Q1 FY27 Cardiovascular reporting changes – Historical revenue recast Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix Worldwide FY25 FY26 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Electrophysiology Therapies $1,535 $1,578 $1,545 $1,733 $6,392 $1,712 $1,825 $1,856 $2,110 $7,504 Interventional Cardiology Therapies $776 $807 $805 $856 $3,244 $834 $857 $858 $890 $3,440 CardioVascular Surgery $404 $407 $403 $441 $1,654 $436 $438 $433 $477 $1,784 Peripheral Vascular Health $292 $309 $284 $306 $1,191 $302 $316 $311 $320 $1,249 Total Cardiovascular $3,007 $3,102 $3,037 $3,336 $12,481 $3,285 $3,436 $3,457 $3,797 $13,976 United States FY25 FY26 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Electrophysiology Therapies $766 $768 $775 $875 $3,184 $834 $920 $953 $1,105 $3,812 Interventional Cardiology Therapies $299 $310 $303 $323 $1,235 $296 $313 $297 $302 $1,207 CardioVascular Surgery $163 $170 $158 $179 $670 $170 $172 $162 $183 $687 Peripheral Vascular Health $175 $186 $169 $185 $716 $180 $187 $178 $185 $729 Total Cardiovascular $1,403 $1,434 $1,405 $1,563 $5,804 $1,479 $1,592 $1,589 $1,775 $6,435
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23Earnings Report | Q1 FY27 Cranial & Spinal Technologies Specialty Therapies • Neurovascular • Ears, Nose & Throat (ENT) • Pelvic Health Neuromodulation Cardiovascular Neuroscience Medical Surgical Diabetes Other Electrophysiology Therapies • Cardiac Rhythm Management • Cardiac Ablation Solutions Interventional Cardiology Therapies • Structural Heart • Coronary & Renal Denervation CardioVascular Surgery • Cardiac Surgery • Aortic Peripheral Vascular Health Surgical & Endoscopy • Surgical • Endoscopy Acute Care & Monitoring Therapies and services for insulin-dependent people who have Type 1 and Type 2 Includes operations and ongoing transition agreements from businesses the Company has exited or divested Medtronic business structure Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix
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24Earnings Report | Q1 FY27 Growth Business specific Business specific Other CC Constant Currency Adj Adjusted ICD Implantable Cardioverter Defibrillator GAAP Generally Accepted Accounting Principles LSD Low-single digit Afib Atrial Fibrillation ICG Indocyanine Green IDE Investigational Device Exemption MSD Mid-single digit AV Atrioventicular IEP Integrated Embolic Protection IPO Initial Public Offering HSD High-single digit CAS Cardiac Ablation Solutions LAA Left Atrial Appendage NCD National Coverage Determination LDD Low-double digit CGM Continuous Glucose Monitoring MMA Middle Meningeal Artery OUS Outside of the United States DD Double digit COGS Cost of Goods Sold PF Pulse Field SEC Securities and Exchange Commission Org Organic CRM Cardiac Rhythm Management PFA Pulse Field Ablation U.S. United States of America Rep Reported CST Cranial & Spinal Technologies PNS Percutaneous Nerve Stimulation WW Worldwide Y/Y Year-over-year DBS Deep Brain Stimulation R&D Research and Development DCB Drug Coated Balloon RAS Robot-Assisted Surgery ECMO Extracorporeal Membrane Oxygenation RDN Renal Denervation ENT Ear, Nose, & Throat RF Radiofrequency EPS Earnings Per Share SG&A Selling, General and Administration EV-ICD Extravascular Implantable Cardioverter Defibrillator TAVR Transcatheter Aortic Valve Replacement FCL Fully Closed-Loop VT Ventricular Tachycardia Abbreviations & acronyms Executive Summary | Portfolio Highlights | Guidance & Assumptions | Impact | Appendix