Medtronic (MDT) Company Report

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

Medera presents interim data from first-in-human HFpEF gene therapy trial

MDT

Late-breaking interim data from the MUSIC-HFpEF Phase 1/2a trial of SRD-002 were presented at AHA Scientific Sessions on Nov 9, 2025.
SRD-002, a one-time AAV1-based gene therapy targeting SERCA2a, was administered at 3×10¹³ vg (Cohort A) and 4.5×10¹³ vg (Cohort B) doses.
No gene therapy–related serious adverse events were reported across 10 patients with 6–12 months follow-up.
Patients in the low-dose cohort showed improvements in NYHA class, Kansas City Cardiomyopathy Questionnaire scores, and pulmonary capillary wedge pressure.

Nov 9, 2025, 2:00 PM

Press Release

Medtronic gains Medicare coverage for Symplicity Spyral renal denervation system

MDT

Product Launch

The U.S. Centers for Medicare & Medicaid Services finalized a National Coverage Determination for the Symplicity Spyral™ RDN system, extending coverage to qualifying Medicare patients with uncontrolled hypertension.
The minimally invasive Symplicity Spyral system, FDA-approved in November 2023, delivers radiofrequency energy via a catheter to calm overactive renal nerves, treating patients unresponsive to medication or lifestyle changes.
Medtronic anticipates the decision will broaden patient access in major U.S. centers and position renal denervation as a novel growth driver for the company.
Backed by the SPYRAL HTN global clinical program—studying over 5,000 patients and real-world data in 30,000 patients—the system has demonstrated durable blood pressure reductions out to three years.

Oct 28, 2025, 10:36 PM

Press Release

Medtronic reports three-year SPYRAL HTN-ON MED trial results

MDT

Medtronic announced three-year results from the SPYRAL HTN-ON MED trial demonstrating durable blood pressure reductions with the Symplicity Spyral RDN system versus sham control.
At three years, the RDN group (N=206) saw a –18.5 mmHg office-based systolic BP reduction versus –11.7 mmHg in the sham group (treatment difference: –7.4 mmHg; p=0.0002), and a –14.0 mmHg 24-hour ambulatory reduction versus –9.3 mmHg for sham (treatment difference: –4.7 mmHg; p=0.0028).
No cases of renal artery stenosis >70% were observed through three years, supporting the long-term safety of the RDN procedure.
SPYRAL HTN-ON MED was a global, randomized, sham-controlled trial in patients on up to three antihypertensive medications (RDN: N=206; sham: N=131).

Oct 26, 2025, 9:24 PM

Press Release

Medtronic launches AltaViva tibial neuromodulation system for UUI

MDT

Product Launch

Revenue Acceleration/Inflection

AltaViva™ is a single-procedure, minimally invasive implant for urge urinary incontinence offering same-day activation, 15-year battery life, and full-body MRI compatibility without a programmer.
In the TITAN 2 pivotal trial of highly refractory patients, 80% reported symptom improvement and 61% achieved ≥50% reduction in UUI episodes at 12 months.
Medtronic secured a Category III code (0186T) for implantable tibial neurostimulators with hospital/ASC payments of $21 K/$19 K, and is pursuing Category I coding while using a Patient Access Support Program to expedite coverage.
U.S. launch commenced immediately post-FDA approval with billboards, community takeovers, and mobile labs, targeting a 5 million therapy-seeking market and the 9 million currently untreated UUI patients.

Oct 9, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Medtronic.