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    Medtronic PLC (MDT)

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    Business Description

    Medtronic plc is a leading global healthcare technology company headquartered in Dublin, Ireland, serving healthcare systems, physicians, clinicians, and patients in over 150 countries. The company develops and manufactures device-based medical therapies and services, organized into four principal segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit . Medtronic's diverse portfolio includes products for cardiac rhythm disorders, neurostimulation therapies, surgical solutions, and diabetes management .

    1. Cardiovascular Portfolio - Develops products for cardiac rhythm disorders, cardiovascular disease, and heart and vascular-related disorders, including divisions like Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular.
    2. Neuroscience Portfolio - Focuses on neurostimulation therapies, drug delivery systems for chronic pain, and products for spine and brain conditions, with divisions such as Cranial & Spinal Technologies, Specialty Therapies, and Neuromodulation.
    3. Medical Surgical Portfolio - Covers products for diseases of the respiratory system, gastrointestinal tract, and other preventable complications, including Surgical & Endoscopy and Acute Care & Monitoring divisions.
    4. Diabetes Operating Unit - Provides insulin pumps, continuous glucose monitoring systems, and related consumables, reflecting a significant growth in sales.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Geoffrey S. MarthaChairman of the Board of Directors and Chief Executive OfficerApril 27, 2020Geoffrey S. Martha became CEO on April 27, 2020, and Chairman on December 11, 2020. He previously served as President of Medtronic and held leadership roles at GE Healthcare and GE Capital .
    Ivan K. FongExecutive Vice President, General Counsel, and Corporate SecretaryFebruary 2022Ivan K. Fong joined Medtronic in February 2022. He previously held leadership roles at 3M Company and served as General Counsel of the U.S. Department of Homeland Security .
    Robert ten HoedtExecutive Vice President and President of the Global RegionsJanuary 2015Robert ten Hoedt has been with Medtronic since January 2015, serving in various roles including President of the APAC Region and Senior Vice President of EMEA and Canada regions .
    Michael MarinaroExecutive Vice President and President of the Medical Surgical PortfolioFebruary 2023Michael Marinaro, age 53, has been with Medtronic since 2000, leading numerous businesses. He became Executive Vice President and President of the Medical Surgical Portfolio in February 2023 .
    Karen L. ParkhillFormer Executive Vice President and Chief Financial OfficerJune 2016Karen L. Parkhill served as CFO from June 2016 until her resignation on August 2, 2024. She previously worked at Comerica Incorporated and J.P. Morgan Chase & Co. .
    Sean SalmonExecutive Vice President and President of Medtronic's Cardiovascular PortfolioJanuary 2021Sean Salmon has been with Medtronic since 2004, holding various senior management positions. He became Executive Vice President and President of the Cardiovascular Portfolio in January 2021 .
    Gregory L. SmithExecutive Vice President, Global Operations and Supply ChainApril 2021Gregory L. Smith joined Medtronic in April 2021. He previously held leadership roles at Walmart, The Goodyear Tire & Rubber Company, and other companies .
    Brett WallExecutive Vice President and President of Medtronic's Neuroscience PortfolioN/ABrett Wall previously served as Senior Vice President and President of the Brain Therapies division. He held leadership roles at Covidien and worked at ev3, Inc., and Boston Scientific .
    Gary CoronaInterim Chief Financial OfficerAugust 3, 2024Gary Corona was appointed Interim CFO effective August 3, 2024, following Karen Parkhill's resignation. He joined Medtronic less than two years ago and led the corporate finance team .

    Questions to Ask Management

    1. With the impending launch of Simplera and your partnership with Abbott, how does this shift from your traditional integrated model in Diabetes align with your long-term strategy, and how will it affect your internal versus external investment in this area?

    2. Given your recent strong Q1 performance exceeding guidance expectations, were there any one-off factors that drove this quarter, and how sustainable are these trends into the back half of the year?

    3. In the structural heart market, are you concerned about potential capacity constraints in the long term, and how do you plan to address any limitations to support the growth of your therapies?

    4. With the CMS NTAP for Simplicity in the renal denervation market, how do you see this market developing now that reimbursement is getting behind the product, and what challenges do you anticipate in achieving broad coverage and adoption?

    5. As you invest heavily in new growth areas, how do you balance reinvesting for innovation with maintaining earnings leverage and margins over the next couple of years?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMarch 2024
    End Date/DurationNo specific end date
    Total additional amount$5.0 billion
    Remaining authorization$2.6 billion as of October 25, 2024
    DetailsSupports stock-based compensation and returns capital to shareholders

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$899Commercial PaperN/A3.0% = (899 / 28,326) * 100
    2025-2026$3,719Current Debt ObligationsN/A13.1% = (3,719 / 28,326) * 100
    2026$2,6750.250% six-year 2019 senior notes0.2509.4% = (2,675 / 28,326) * 100
    2026$2,6752.625% three-year 2022 senior notes2.6259.4% = (2,675 / 28,326) * 100
    2026$2,6750.000% five-year 2020 senior notes0.0009.4% = (2,675 / 28,326) * 100
    2027$1,6201.125% eight-year 2019 senior notes1.1255.7% = (1,620 / 28,326) * 100
    2028$1,0004.250% five-year 2023 senior notes4.2503.5% = (1,000 / 28,326) * 100
    2029$2,1603.000% six-year 2022 senior notes3.0007.6% = (2,160 / 28,326) * 100
    2029$2,1600.375% eight-year 2020 senior notes0.3757.6% = (2,160 / 28,326) * 100
    2030$9183.650% five-year 2024 senior notes3.6503.2% = (918 / 28,326) * 100
    2031$1,0801.625% twelve-year 2019 senior notes1.6253.8% = (1,080 / 28,326) * 100
    2032$3,2401.000% twelve-year 2019 senior notes1.00011.4% = (3,240 / 28,326) * 100
    2032$3,2403.125% nine-year 2022 senior notes3.12511.4% = (3,240 / 28,326) * 100
    2033$2,0800.750% twelve-year 2020 senior notes0.7507.3% = (2,080 / 28,326) * 100
    2033$2,0804.500% ten-year 2023 senior notes4.5007.3% = (2,080 / 28,326) * 100
    2035$3,0123.375% twelve-year 2022 senior notes3.37510.6% = (3,012 / 28,326) * 100
    2035$3,0124.375% twenty-year 2015 senior notes4.37510.6% = (3,012 / 28,326) * 100
    2037$9183.875% twelve-year 2024 senior notes3.8753.2% = (918 / 28,326) * 100
    2038$2536.550% thirty-year 2007 CIFSA senior notes6.5500.9% = (253 / 28,326) * 100
    2039$1,2382.250% twenty-year 2019 senior notes2.2504.4% = (1,238 / 28,326) * 100
    2039$1,2386.500% thirty-year 2009 senior notes6.5004.4% = (1,238 / 28,326) * 100
    2040$1,3041.500% twenty-year 2019 senior notes1.5004.6% = (1,304 / 28,326) * 100
    2040$1,3045.550% thirty-year 2010 senior notes5.5504.6% = (1,304 / 28,326) * 100
    2041$1,0801.375% twenty-year 2020 senior notes1.3753.8% = (1,080 / 28,326) * 100
    2042$1054.500% thirty-year 2012 senior notes4.5000.4% = (105 / 28,326) * 100
    2043$3054.000% thirty-year 2013 senior notes4.0001.1% = (305 / 28,326) * 100
    2044$6484.150% nineteen-year 2024 senior notes4.1502.3% = (648 / 28,326) * 100
    2044$6484.625% thirty-year 2014 senior notes4.6252.3% = (648 / 28,326) * 100
    2045$1,8134.625% thirty-year 2015 senior notes4.6256.4% = (1,813 / 28,326) * 100
    2050$1,0801.750% thirty-year 2019 senior notes1.7503.8% = (1,080 / 28,326) * 100
    2051$1,0801.625% thirty-year 2020 senior notes1.6253.8% = (1,080 / 28,326) * 100
    2054$7564.150% twenty-nine-year 2024 senior notes4.1502.7% = (756 / 28,326) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1963 PresentCurrent auditor

    Latest news

    Recent developments and announcements about MDT.

    Financial Reporting

      Earnings Report

      ·
      Nov 19, 2024, 8:05 PM

      Medtronic's Second Quarter Fiscal 2025 Earnings Results

      Medtronic plc has released its financial results for the second quarter of fiscal year 2025, which ended on October 25, 2024. Here are the key highlights from the earnings report:

      • Revenue: The company reported a worldwide revenue of $8.4 billion, marking an increase of 5.3% as reported and 5.0% on an organic basis .

      • Earnings Per Share (EPS): The GAAP diluted EPS was $0.99, while the non-GAAP diluted EPS was $1.26. The non-GAAP EPS saw a 1% increase, despite a -9 cent impact from foreign currency translation .

      • Net Income: The GAAP net income was $1.270 billion, representing a 40% increase, while the non-GAAP net income was $1.620 billion, a decrease of 3% .

      • Guidance Update: Medtronic has raised its FY25 organic revenue growth guidance to 4.75% to 5% and its diluted non-GAAP EPS guidance to a range of $5.44 to $5.50 .

      • Segment Performance:

        • Cardiovascular Portfolio: Revenue increased by 6.1% as reported and 5.6% organic, driven by high-single digit growth in Structural Heart & Aortic and mid-single digit growth in Cardiac Rhythm & Heart Failure and Coronary & Peripheral Vascular .
        • Neuroscience Portfolio: Revenue increased by 7.1% as reported and 6.7% organic, with significant growth in Neuromodulation and steady growth in Cranial & Spinal Technologies and Specialty Therapies .
        • Medical Surgical Portfolio: Revenue increased by 1.2% as reported and 0.7% organic, with growth in Acute Care & Monitoring and flat results in Surgical & Endoscopy .
        • Diabetes: Revenue increased by 12.4% as reported and 11.0% organic, driven by the adoption of the MiniMed™ 780G system .

      • Strategic Focus: The company continues to focus on innovation, with strong performance in areas such as transcatheter aortic valve replacement (TAVR), pulsed field ablation (PFA), leadless pacemakers, diabetes, spine, and neuromodulation .

      These results reflect Medtronic's ongoing commitment to innovation and its ability to execute on its strategic priorities, driving growth across its diverse portfolio of medical technologies.