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 .
- 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.
- 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.
- 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.
- Diabetes Operating Unit - Provides insulin pumps, continuous glucose monitoring systems, and related consumables, reflecting a significant growth in sales.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Geoffrey S. Martha ExecutiveBoard | Chairman and Chief Executive Officer | Board Member at NextEra Energy, Inc.; Member of Business Roundtable, World Economic Forum’s International Business Council, U.S.-China Business Council, AdvaMed, Asia Society, Minnesota Business Partnership. | CEO since April 2020 and Chairman since December 2020. Joined Medtronic in 2011. Previously held leadership roles at GE Healthcare and GE Capital. | View Report → |
Gary Corona Executive | Interim Chief Financial Officer | None. | Interim CFO since August 3, 2024. Previously SVP, Global Financial Planning and Analysis at Medtronic. Spent 26 years at General Mills in various finance roles. | |
Ivan K. Fong Executive | EVP, General Counsel, and Corporate Secretary | None. | Joined Medtronic in February 2022. Previously EVP, Chief Legal and Policy Officer at 3M and General Counsel of the U.S. Department of Homeland Security. | |
Michael Marinaro Executive | EVP and President, Medical Surgical Portfolio | None. | EVP since February 2023. Joined Medtronic in 2000 and has led multiple businesses, including Surgical Robotics and Cardiac Rhythm Management. | |
Thierry Piéton Executive | Chief Financial Officer | None. | Appointed CFO effective March 3, 2025. Previously CFO at Renault Group, where he achieved record operating margins and led portfolio management initiatives. | |
Andrea J. Goldsmith Board | Director | Dean of Engineering at Princeton University; Board Member at Crown Castle International Corp. and Intel Corporation; Member of Technical Advisory Board of Encharge AI. | Director since 2019. Renowned wireless technology expert and member of the National Inventors Hall of Fame. | |
Craig Arnold Board | Lead Independent Director | Chairman and CEO of Eaton Corporation; Member of Business Roundtable, The Business Council, and advisory boards for Salvation Army of Greater Cleveland and United Way of Greater Cleveland. | Director since 2015 and Lead Independent Director since 2022. Extensive leadership experience as CEO of Eaton Corporation. | |
Elizabeth G. Nabel Board | Director | Board Member at Moderna, Inc., Lyell Immunopharma, Inc., and Accolade, Inc.; Senior Advisor at OPKO Health and ModeX Therapeutics; Board Member of Lasker Foundation. | Director since 2014. Former President of Brigham Health and Director of the National Heart, Lung, and Blood Institute. | |
Gregory P. Lewis Board | Director | CFO at Honeywell International Inc.. | Director since June 2023. Extensive financial leadership experience, currently CFO at Honeywell International. | |
Kevin E. Lofton Board | Director | Board Member at Gilead Sciences, Inc. (term ending May 2024); Board Member at Howard University; Chair of Georgia State University Foundation. | Director since 2020. Former CEO of CommonSpirit Health and Catholic Health Initiatives. Extensive healthcare leadership experience. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during Medtronic earnings calls.
Robert Marcus
JPMorgan Chase & Co.
5 questions for MDT
Travis Steed
Bank of America
5 questions for MDT
Joanne Wuensch
Citigroup Inc.
4 questions for MDT
Larry Biegelsen
Wells Fargo & Company
4 questions for MDT
Matthew Miksic
Barclays PLC
4 questions for MDT
Shagun Singh Chadha
RBC Capital Markets
4 questions for MDT
Vijay Kumar
Evercore ISI
4 questions for MDT
Danielle Antalffy
UBS Group AG
3 questions for MDT
Anthony Petrone
Mizuho Group
2 questions for MDT
Joshua Jennings
TD Cowen
2 questions for MDT
Matthew Taylor
Jefferies
2 questions for MDT
Patrick Wood
Morgan Stanley
2 questions for MDT
Pito Chickering
Deutsche Bank
2 questions for MDT
Christopher Pasquale
Nephron Research
1 question for MDT
David Rescott
Baird
1 question for MDT
Lawrence Biegelsen
Wells Fargo
1 question for MDT
Matt Miksic
Barclays Investment Bank
1 question for MDT
Matt O'Brien
Piper Sandler Companies
1 question for MDT
Mike Kratky
Leerink Partners
1 question for MDT
Richard Newitter
Truist Securities
1 question for MDT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Multiple Companies (Aggregate) | 2024 | Medtronic’s aggregate acquisitions in 2024 involved net asset acquisitions valued at $335 million—including $131 million of goodwill, $150 million of IPR&D, and $29 million of technology-based intangible assets—with $30 million in non‑cash contingent liabilities; the deals aimed to boost its technology portfolio and synergies, though the pro forma impact was not significant. |
Intersect ENT | 2022 | Medtronic acquired Intersect ENT on May 13, 2022, for roughly $1.2 billion (comprising $1.1 billion in cash and $98 million in investments); this acquisition strengthened its Neuroscience segment by adding valuable goodwill and technology-based intangible assets, expanding its ENT procedure-related capabilities. |
Affera, Inc. | 2022 | Medtronic’s acquisition of Affera, Inc. was completed on August 30, 2022, with a transaction value of $904 million (net of cash acquired and including up to $250 million in contingent consideration); the deal bolstered its Cardiovascular segment by incorporating its first cardiac mapping and navigation platform along with advanced cardiac ablation technologies. |
Recent press releases and 8-K filings for 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).
- 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.
- Medtronic’s BrainSense™ Adaptive Deep Brain Stimulation, the first closed-loop DBS system for Parkinson’s, has been recognized by TIME as a 2025 Best Invention.
- The system personalizes therapy in real time based on patient brain activity and represents the largest commercial launch of brain-computer interface technology.
- It received CE Mark and FDA approval earlier in 2025; over 1,000 patients worldwide have since received the adaptive therapy.
- The ADAPT-PD study published in JAMA Neurology confirmed its clinical effectiveness, long-term safety, and patient preference.
- Since 1987, Medtronic’s DBS therapy has treated over 200,000 patients across more than 70 countries.
- MOTHER Labs approved a private placement of new shares to President & CEO Yoshio Uekusa and Director Ryo Saito as part of its Series A financing at a ¥9 billion valuation, with funding expected by the end of October.
- The co-investment by key executives aims to align management incentives, strengthen the capital base, and accelerate business expansion through faster decision-making and field-rooted management.
- Operating as the health-tech division of MEDIROM, MOTHER Labs delivers the “Lav” health guidance program and is advancing development and commercialization of its MOTHER Bracelet wearable device.
- Medtronic has initiated the Embrace Gynecology IDE clinical study to evaluate the safety and effectiveness of its Hugo™ robotic-assisted surgery (RAS) system in total, modified radical, and radical hysterectomies, targeting enrollment of up to 70 patients across five U.S. hospitals.
- The first procedures were successfully completed at Allegheny Health Network’s West Penn Hospital by Dr. Sarah Crafton and Dr. Eirwen Miller.
- Embrace Gynecology is the third U.S. IDE trial for Hugo RAS, following the Expand URO and Enable Hernia Repair studies, both of which met their primary safety and effectiveness endpoints.
- While commercially available in certain regions (CE marked in the EU), Hugo RAS remains an investigational device in the U.S., pending FDA clearance.
- On September 29, 2025, Medtronic, Inc., a subsidiary of Medtronic plc, issued €750 million of 2.950% Senior Notes maturing in 2030 and €750 million of 4.200% Senior Notes maturing in 2045 in an underwritten offering.
- The Notes are fully and unconditionally guaranteed by Medtronic plc and Medtronic Global Holdings S.C.A..
- The offering is expected to generate net proceeds of approximately €1.49 billion, which will be used to repay Medtronic Luxco’s 0.000% and 2.625% Senior Notes due 2025.
- The Notes have been approved for listing on the New York Stock Exchange.
- Medtronic, Inc. issued €750 million of 2.950% notes due 2030 and €750 million of 4.200% notes due 2045 in a registered public offering.
- The offering generated net proceeds of approximately €1.49 billion, earmarked to repay Medtronic Luxco’s 0.000% and 2.625% senior notes due 2025.
- All obligations under the notes are fully and unconditionally guaranteed by Medtronic plc and its subsidiary Medtronic Global Holdings S.C.A. (Medtronic Luxco).
- Deutsche Bank AG (London Branch) and Goldman Sachs & Co. served as joint book-running managers for the transaction.
- CFO Thierry Pitane commits to high single-digit EPS growth by accelerating inflection areas—Cardiac Ablation, Ardian and HUGO—while restoring margins and leveraging SG&A efficiency.
- Plans to restore ~380 bps of COVID-era gross margin decline via pricing gains (+40 bps in Q1) and 1–1.5% annual cost savings (30–40 bps), with diabetes divestiture and cardiac-ablation mix shifts removing headwinds by FY 2027.
- Will increase R&D to ~10% of revenue and use SG&A leverage (170 bps in Q1) to more than offset R&D growth, reinvesting savings into innovation and M&A.
- FX management: align cost bases to revenue currencies, mandate pricing in volatile markets, and shorten hedging horizon from three to two years for greater clarity and efficiency.
- Returning to offensive M&A, targeting $1–4 bn tuck-ins with commercial, R&D or supply-chain synergies and pursuing minority stakes with milestone-based options for earlier-stage assets.
- Medtronic received FDA approval for the Altaviva™ implantable tibial neuromodulation device to treat urge urinary incontinence in approximately 16 million U.S. adults with bladder control issues.
- The minimally invasive device is inserted near the ankle without sedation or imaging and activates therapy immediately post-procedure, requiring no daily patient intervention.
- Altaviva delivers automatic therapy with a 15-year battery lifespan, up to 30-minute recharge time, and is MRI-compatible, enhancing patient convenience and adherence.
- Medtronic will host an investor call on October 9, 2025 to discuss the device’s market impact and its role in future growth.
- On September 15, 2025, Medtronic, Inc., an indirect subsidiary of Medtronic plc, issued €750 million of 2.950% Senior Notes due 2030 at 99.974% (yield 2.956%) and €750 million of 4.200% Senior Notes due 2045 at 99.897% (yield 4.208%).
- The new notes are fully guaranteed by Medtronic plc and Medtronic Global Holdings S.C.A. under an indenture with Computershare Trust Company, N.A. as trustee.
- Net proceeds will be used to redeem all €500 million of Medtronic Luxco’s 2.625% Senior Notes due 2025 on September 29, 2025, at 100% of principal plus accrued interest.
- Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC acted as representatives of the underwriters.