Medtronic (MDT) Company Report

On Dec. 19, MiniMed filed an S-1 to pursue a U.S. IPO on Nasdaq under ticker MMED, with Medtronic expected to retain about 80% of voting stock and consider a spin-off or split-off distribution.
MiniMed generated $1.48–1.5 billion in sales and a $21 million net loss in the six months ended Oct. 24, with roughly 83% of revenue from CGMs, consumables, software and services and 70% of revenue from outside the U.S..
The unit reported $128 million of adjusted EBITDA in the first half of fiscal 2025 and $2.7 billion in revenue for fiscal 2025, targeting an $18 billion addressable market growing at over 10% CAGR through 2030.
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are lead underwriters, and Medtronic’s strong parent metrics (market cap ~$126.45 billion; trailing-12 revenue ~$34.8 billion; gross margin ~65.5%) underpin the spin-off strategy.

5 days ago

Bloomberg

Medtronic announces IPO filing for MiniMed

MDT

Medtronic’s diabetes unit, to be named MiniMed, has filed a Form S-1 registration statement with the SEC for an initial public offering of new common stock.
The IPO aims to list shares on the Nasdaq Global Select Market under the ticker MMED; share count and price range remain undecided.
The separation is structured as an IPO followed by a split-off and awaits SEC review and market conditions before proceeding.
Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley will serve as lead bookrunners, supported by several other joint managers.

5 days ago

Press Release

Medtronic announces FDA clearance of Hugo RAS system for urologic procedures

MDT

Product Launch

FDA clearance of the Hugo™ RAS system for minimally invasive urologic procedures (prostatectomy, nephrectomy, cystectomy; ~230,000 U.S. surgeries annually)
Modular design and open surgeon console enable flexible deployment, enhanced situational awareness, and team integration; coupled with the Touch Surgery™ digital ecosystem for training, tele-proctoring, and AI-driven post-operative insights
The Expand URO IDE study—the largest U.S. multi-port robotic urological surgery trial—met primary safety and effectiveness endpoints; globally, Hugo has been used in tens of thousands of procedures across 30+ countries

Dec 3, 2025, 9:30 PM

Press Release

Medtronic launches MiniMed 780G with Abbott Instinct sensor

MDT

Product Launch

Medtronic has initiated the broad U.S. commercial launch of its MiniMed™ 780G automated insulin delivery system integrated with Abbott’s Instinct sensor following FDA clearance, and the system is now shipping nationwide.
The Instinct sensor, described as the world’s smallest and thinnest integrated continuous glucose monitor, offers up to 15 days of wear and provides real-time glucose readings that enable insulin adjustments every five minutes.
Early customer pilot feedback has been reported as very positive, with users and clinicians noting improved time in range and a seamless management experience.
This launch further expands Medtronic’s diabetes portfolio alongside the Simplera Sync™ and Guardian™ 4 sensors, reinforcing its smart dosing ecosystem and offering greater choice to patients.

Dec 2, 2025, 2:00 PM

Press Release

Medtronic reports Q2 2026 earnings beat and raises guidance

MDT

Earnings

Guidance Update

Product Launch

Medtronic delivered $9.0 billion in Q2 revenue, up 6.6% reported and 5.5% organic, and beat expectations; adjusted EPS was $1.36, up 8% year-over-year.
The cardiac ablation PFA franchise grew 71% with a 300%+ US revenue increase, doubling the installed base of Affera mapping systems, and now represents 75% of ablation revenue.
Received final Medicare NCD for Simplicity renal denervation, enabling broader access and reducing patient barriers; commercial payer coverage now spans 30 million lives.
Early signs from the US launch of AltaViva for incontinence are positive, with oversubscribed physician trainings and strong consumer interest, targeting a multi-year growth driver.
Raised fiscal 2026 revenue growth guidance to ~5.5% (up 50 bp) and EPS range to $5.62–$5.66, citing continued momentum and an FX tailwind of $625M–$725M.

Nov 18, 2025, 1:00 PM

Transcript

Medtronic announces Q2 FY26 earnings results

MDT

Earnings

Guidance Update

Medtronic reported Q2 FY26 revenue of $9.0 billion (+6.6% Y/Y, +5.5% organic) and adjusted EPS of $1.36 (+8% Y/Y).
Cardiovascular organic growth accelerated +9.3%, led by a 71% increase in Cardiac Ablation Solutions (PFA +300% in US/OUS).
Adjusted gross margin expanded 70 bps and R&D investment grew 9%, driving earnings leverage.
Raised FY26 revenue growth guidance by 50 bps to 5.5% and EPS guidance to $5.62–$5.66, with growth expected to accelerate in H2 on new product launches.
Progressing toward Diabetes business separation via IPO and split-off by end of CY26; entering hypertension and incontinence markets with Symplicity and Altaviva.

Nov 18, 2025, 1:00 PM

Presentation

Medtronic reports Q2 2026 results

MDT

Earnings

Guidance Update

Revenue Acceleration/Inflection

Medtronic delivered Q2 revenue of $9 billion (+6.6% reported, +5.5% organic) and adjusted EPS of $1.36 (+8%), beating expectations; raised full-year revenue growth guidance to ~5.5% and EPS guidance to $5.62–$5.66.
Cardiac ablation PFA franchise grew 71% this quarter, doubled its installed base of Affera mapping systems, and PFA now represents 75% of cardiac ablation revenue, driving significant momentum.
Simplicity renal denervation received final Medicare NCD enabling broad patient access, and AltaViva incontinence therapy launched, underpinning multi-billion dollar market opportunities for future growth.

Nov 18, 2025, 1:00 PM

Transcript

Medtronic reports Q2 FY26 results

MDT

Earnings

Guidance Update

Product Launch

Medtronic delivered $9 billion in Q2 revenue, up 6.6% reported and 5.5% organic, and adjusted EPS of $1.36, an 8% increase, both above expectations.
The cardiac ablation PFA franchise grew 71% with the installed base of Affera mapping systems doubling in the quarter, driving an expected $1 billion incremental revenue off a $1 billion FY25 base.
Received final Medicare NCD for the Simplicity renal denervation procedure, enabling broader access, and launched the AltaViva incontinence therapy in the US with strong early physician demand.
Adjusted gross margin improved to 65.9% (up 70 bps), R&D spend was 8.4% of revenue, and SG&A was 32.7%, while full-year revenue growth guidance was raised to ~5.5% and EPS guidance to $5.62–$5.66.

Nov 18, 2025, 1:00 PM

Transcript

Medtronic reports strong Q2 FY26 results

MDT

Earnings

Guidance Update

Revenue Acceleration/Inflection

Medtronic reported Q2 FY26 revenue of $8.961 billion, up 6.6% as reported and 5.5% organic; GAAP diluted EPS was $1.07 and non-GAAP diluted EPS was $1.36, both up 8% year-over-year.
The company raised its full-year 2026 guidance to ~5.5% organic revenue growth and $5.62–$5.66 non-GAAP diluted EPS, reflecting confidence in back-half acceleration.
Cardiac Ablation Solutions revenue soared 71% on strength of the pulsed field ablation portfolio; Diabetes revenue grew 10.3%, and Neuroscience and Medical Surgical portfolios delivered mid-single digit organic gains.
Advanced key growth drivers with a broad CMS NCD for the Symplicity hypertension procedure, U.S. FDA approval for the Altaviva incontinence device, MiniMed 780G system enhancements, and progress in Hugo robotic surgery and Embrace Gynecology pivotal studies.

Nov 18, 2025, 11:47 AM

8-K

Medtronic reports Q2 FY26 results

MDT

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q2 FY26 revenue of $8.961 B, up 6.6% reported and 5.5% organic; GAAP diluted EPS $1.07, non-GAAP diluted EPS $1.36, both +8%
Cardiac Ablation Solutions revenue increased 71%, led by the pulsed field ablation portfolio
Raised FY26 organic revenue growth guidance to ~5.5% and non-GAAP EPS guidance to $5.62–$5.66
Delivered the strongest cardiovascular portfolio growth in over a decade (ex-pandemic) and secured a favorable CMS National Coverage Determination for the Symplicity™ hypertension procedure

Nov 18, 2025, 11:45 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Medtronic.

Q2 2026

Nov 18, 2025

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Q1 2026

Aug 19, 2025

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Q4 2025

May 21, 2025

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View All Transcripts

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Medtronic (MDT)

Analyst Earnings Quarterly Reports

Q2 2026

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Executives

Geoffrey S. Martha

Brett A. Wall

Harry S. Kiil

Michelle Quinn

Que Dallara

Thierry Piéton

Board Members

Craig Arnold

Elizabeth G. Nabel, M.D.

Gregory P. Lewis

John P. Groetelaars

Joon S. Lee, M.D.

Kendall J. Powell

Kevin E. Lofton

Lidia L. Fonseca

Randall J. Hogan, III

Scott C. Donnelly

William R. Jellison

Analyst Coverage

Travis Steed

Shagun Singh Chadha

Vijay Kumar

Robert Marcus

Joanne Wuensch

Larry Biegelsen

Matthew Miksic

Patrick Wood

Pito Chickering

Danielle Antalffy

Lawrence Biegelsen

Anthony Petrone

Joshua Jennings

Matthew Taylor

Robbie Marcus

Christopher Pasquale

David Rescott

Matt Miksic

Matt O'Brien

Mike Kratky

Richard Newitter

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