Number of facilities in Israel (facilities)

Number of employees in Israel (employees)

753c7658ac5a411fe1e22908da7178d0ee2042cb5e818a59fc5384feac5b37dd

| Metric [USD Million] | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| U.S. Revenue         | **4,062**  **[0001613103-23-000003_exhibit991-fy23q3earningsr.htm:0]**  | **4,476**  **[0001613103-23-000032_exhibit991-fy23q4earningsr.htm:7]** **[0001613103-23-000032_exhibit991-fy23q4earningsr.htm:8]**  | **3,924**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:6]**  | **4,175**  **[0001613103-23-000144_exhibit991-fy24q2earningsr.htm:7]**  | **4,120**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **4,343**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:8]**  | **4,082**  **[0001613103-24-000147_mdt-20240726.htm:32]**  | **4,304**  **[0001613103-24-000165_mdt-20241025.htm:9]**  |
| Non-U.S. Developed Markets Revenue | **2,294**  **[0001613103-23-000003_exhibit991-fy23q3earningsr.htm:0]**  | **2,629**  **[0001613103-23-000032_exhibit991-fy23q4earningsr.htm:8]**  | **2,463**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:6]**  | **2,368**  **[0001613103-23-000144_exhibit991-fy24q2earningsr.htm:7]**  | **2,473**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **2,674**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:9]**  | N/A | N/A |
| Emerging Markets Revenue | **1,371**  **[0001613103-23-000003_exhibit991-fy23q3earningsr.htm:0]**  | **1,440**  **[0001613103-23-000032_exhibit991-fy23q4earningsr.htm:8]**  | **1,314**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:6]**  | **1,441**  **[0001613103-23-000144_exhibit991-fy24q2earningsr.htm:7]**  | **1,495**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **1,572**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:9]**  | N/A | N/A |
| International Revenue | N/A | N/A | N/A | N/A | N/A | N/A | **3,832**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:5]**  | **4,099**  **[0001613103-24-000165_mdt-20241025.htm:9]**  |

c04ae0431c1447ec8d44c237fbcc20dc12465d5628db054e8f268552f9f9f1cb

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

b1cd1667ef47ff0be4eedf85b2958c4f3b7264dba741d0122e8e673d67a09691

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

947fa7b354058a4b2e1ca2ae28b2962230235ac9de68497197c4c32b12b41514

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 **[0001613103-24-000072_mdt-20240426.htm:7]** **[0001613103-24-000072_mdt-20240426.htm:152]**. Medtronic's diverse portfolio includes products for cardiac rhythm disorders, neurostimulation therapies, surgical solutions, and diabetes management **[0001613103-24-000072_mdt-20240426.htm:102]** **[0001613103-24-000072_mdt-20240426.htm:59]** **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**.

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.

e872b9873e9fb136dace9935192fd8984dc9deb03b435240498f2ee56b70b052

| Segment / Quarter | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|-------------------|---------|---------|---------|---------|---------|---------|
| **Cardiovascular (Million $)** | **2,850**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **2,923**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **2,929**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **3,130**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**  | **3,007**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:0]**  | **3,102**  **[0001613103-24-000162_exhibit991-fy25q2earningsr.htm:5]**  |
| **Neuroscience (Million $)** | **2,219**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **2,288**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **2,355**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **2,545**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**  | **2,317**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:4]**  | **2,451**  **[0001613103-24-000162_exhibit991-fy25q2earningsr.htm:5]**  |
| **Medical Surgical (Million $)** | **2,039**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **2,142**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **2,148**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **2,198**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**  | **1,996**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:4]**  | **2,128**  **[0001613103-24-000162_exhibit991-fy25q2earningsr.htm:5]**  |
| **Diabetes (Million $)** | **578**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **610**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **640**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **660**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**  | **647**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:4]**  | **686**  **[0001613103-24-000162_exhibit991-fy25q2earningsr.htm:5]**  |
| **Other (Million $)** | **16**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **22**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **17**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **N/A** | **N/A** | **N/A** |
| **Total Revenue (Million $)** | **7,702**  **[0001613103-23-000117_exhibit991-fy24q1earningsr.htm:0]**  | **7,984**  **[0001613103-23-000149_mdt-20231027.htm:9]**  | **8,089**  **[0001613103-24-000011_mdt-20240126.htm:9]**  | **8,589**  **[0001613103-24-000058_exhibit991-fy24q4earningsr.htm:7]**  | **7,967**  **[0001613103-24-000140_exhibit991-fy25q1earningsr.htm:4]**  | **8,366**  **[0001613103-24-000165_mdt-20241025.htm:9]**  |

665d117e424ab5e3d9f84ea89e488adcdcbe28c5ca6a3ca8da4494c966b465c0

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?  **[MDT_3399365_10]** 

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?  **[MDT_3399365_8]** 

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?  **[MDT_3399365_16]** 

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?  **[MDT_3399365_19]** 

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?  **[MDT_3399365_21]** 

b38695bcb32a44d9ac7f8420468f3cf3b1911a8b920c46f032ebc28b95187cbd

b78f2ce4820442adc6625bd2ca8db992566a55c94098292dadfa7b31c9a83d8b

bf7694c13f7fde0b5065e4f907f50618209dcad8791942f2390cbd5a3ef7b9fe

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: FY 2025 and Q2 2025
- **Guidance**:
  1. **Non-GAAP Diluted EPS for FY 2025**: Raised to **$5.42 to $5.50**  **[MDT_3399365_5]** .
  2. **EPS for Q2 2025**: Expected to be **$1.24 to $1.26**  **[MDT_3399365_5]** .
  3. **FY 2025 Organic Revenue Growth**: Expected to be **4.5% to 5%**  **[MDT_3399365_4]** .
  4. **Q2 2025 Organic Revenue Growth**: Expected to be approximately **4.5%**  **[MDT_3399365_4]** .
  5. **Foreign Currency Impact**: Unfavorable **5%** for FY 2025, **8%** for Q2 2025  **[MDT_3399365_5]** .
  6. **FX Impact on Revenue**: Negative **$120 million to $210 million**  **[MDT_3399365_20]** .
  7. **Operating Margins**: Expected to expand  **[MDT_3399365_4]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Non-GAAP Diluted EPS**: **$5.40 to $5.50**  **[MDT_3390573_7]** .
  2. **Organic Revenue Growth**: **4% to 5%**  **[MDT_3390573_6]** .
  3. **Segment Growth**: Diabetes segment to grow above corporate average  **[MDT_3390573_6]** .
  4. **Foreign Exchange Impact**: Unfavorable **$275 million to $375 million**  **[MDT_3390573_6]** .
  5. **Operating Margin**: Expected to be flat  **[MDT_3390573_9]** .
  6. **Free Cash Flow**: Expected to increase  **[MDT_3390573_6]** .
  7. **Capital Allocation**: Minimum 50% of free cash flow to shareholders  **[MDT_3390573_6]** .
  8. **Currency Headwinds**: Expected to lessen  **[MDT_3390573_7]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Full Year EPS Guidance**: **$5.19 to $5.21**  **[MDT_3374017_7]** .
  2. **Fourth Quarter Adjusted EPS**: **$1.44 to $1.46**  **[MDT_3374017_7]** .
  3. **Full Year Organic Revenue Growth**: **4.75% to 5%**  **[MDT_3374017_6]** .
  4. **Fourth Quarter Organic Revenue Growth**: **4% to 4.5%**  **[MDT_3374017_6]** .
  5. **Currency Impact**: Unfavorable **7%** on full-year EPS  **[MDT_3374017_7]** .
  6. **Full Year Revenue Impact from Currency**: Unfavorable **$15 million** to favorable **$35 million**  **[MDT_3374017_6]** .

### Q2 2025 Earnings Call
- **Issued Period**: Q2 2025
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information from the Q2 2025 earnings call for Medtronic (MDT). Therefore, I cannot provide the guidance metrics from that specific earnings call.

These summaries reflect Medtronic's strategic focus on earnings growth, revenue management, and handling currency impacts across different fiscal periods.

aa7ce0af752052f26f62fbe2f66b0dc34f3d6a7e859dd5b14988c2f5fd14448a

| Name               | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                           |
|--------------------|--------------------------------------------------------------------------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Geoffrey S. Martha | Chairman of the Board of Directors and Chief Executive Officer           | April 27, 2020     | Geoffrey 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  **[0001613103-24-000072_mdt-20240426.htm:163]** **[0001613103-24-000124_mdt-20240809.htm:22]** **[0001613103-23-000108_mdt-20230811.htm:17]** .                      |
| Ivan K. Fong       | Executive Vice President, General Counsel, and Corporate Secretary       | February 2022      | Ivan 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  **[0001613103-24-000072_mdt-20240426.htm:163]** **[0001613103-23-000040_mdt-20230428.htm:161]** .                                                  |
| Robert ten Hoedt   | Executive Vice President and President of the Global Regions             | January 2015       | Robert 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  **[0001613103-24-000072_mdt-20240426.htm:163]** **[0001613103-23-000040_mdt-20230428.htm:161]** .                                           |
| Michael Marinaro   | Executive Vice President and President of the Medical Surgical Portfolio | February 2023      | Michael 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  **[0001613103-24-000072_mdt-20240426.htm:163]** .                              |
| Karen L. Parkhill  | Former Executive Vice President and Chief Financial Officer              | June 2016          | Karen 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.  **[0001613103-24-000072_mdt-20240426.htm:164]** **[0001613103-23-000040_mdt-20230428.htm:162]** **[0001613103-24-000124_mdt-20240809.htm:42]** .                                                    |
| Sean Salmon        | Executive Vice President and President of Medtronic's Cardiovascular Portfolio | January 2021 | Sean 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  **[0001613103-23-000040_mdt-20230428.htm:162]** **[0001613103-24-000072_mdt-20240426.htm:164]** **[0001613103-24-000072_mdt-20240426.htm:163]** .                             |
| Gregory L. Smith   | Executive Vice President, Global Operations and Supply Chain             | April 2021         | Gregory L. Smith joined Medtronic in April 2021. He previously held leadership roles at Walmart, The Goodyear Tire & Rubber Company, and other companies  **[0001613103-23-000040_mdt-20230428.htm:163]** **[0001613103-24-000072_mdt-20240426.htm:164]** .                                                                     |
| Brett Wall         | Executive Vice President and President of Medtronic's Neuroscience Portfolio | N/A            | Brett 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  **[0001613103-24-000072_mdt-20240426.htm:164]** **[0001613103-23-000040_mdt-20230428.htm:163]** .                                     |
| Gary Corona        | Interim Chief Financial Officer                                          | August 3, 2024     | Gary 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  **[0001613103-24-000124_mdt-20240809.htm:42]** **[0001613103-24-000133_mdt-20240621.htm:1]** **[MDT_3399365_3]** .                               |

85d578a58564a41b0e910981cc1eef5f73eadf42bf97b9f92c54ad0fea2df381

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | March 2024  **[0001613103-24-000165_mdt-20241025.htm:62]** **[0001613103-24-000165_mdt-20241025.htm:48]**   |
| End Date/Duration        | No specific end date  **[0001613103-24-000165_mdt-20241025.htm:62]** **[0001613103-24-000165_mdt-20241025.htm:48]**  |
| Total additional amount  | **$5.0 billion**  **[0001613103-24-000165_mdt-20241025.htm:62]** **[0001613103-24-000165_mdt-20241025.htm:48]**  |
| Remaining authorization  | **$2.6 billion** as of October 25, 2024  **[0001613103-24-000165_mdt-20241025.htm:62]** **[0001613103-24-000165_mdt-20241025.htm:48]**  |
| Details                  | Supports stock-based compensation and returns capital to shareholders  **[0001613103-24-000072_mdt-20240426.htm:70]** **[0001613103-24-000147_mdt-20240726.htm:41]**  |

d243727445ecbebe6db7747e230e8f43519bf63eaed9a267354f4b94864a1df7

U.S.

Non-U.S. Developed Markets

Emerging Markets

- Ireland

- Rest of World

International

Americas

EMEA (Europe, Middle East, and Africa)

Asia-Pacific

Greater China

Total Revenue

5543380220c455eb2b7293124f9aa769bcc748f7db0889e9d948e54d80142536

**Quarterly guidance for Q3 2025:**
- **Organic revenue growth**: 4.75%  **[MDT_3409375_5]**  (raised from 4.5%  **[MDT_3399365_4]** )  
- **Non-GAAP diluted EPS**: $1.35 to $1.37  **[MDT_3409375_6]**  (raised from $1.24 to $1.26  **[MDT_3399365_5]** )  
- **Operating margin**: 25.6%  **[MDT_3409375_10]**  (no prior guidance)  
- **Gross margin**: Sequential improvement  **[MDT_3409375_10]**  (no prior guidance)  
- **FX impact**: -1%  **[MDT_3409375_6]**  (lowered from -8%  **[MDT_3399365_5]** )  

**Annual guidance for FY 2025:**
- **Organic revenue growth**: 4.75% to 5%  **[MDT_3409375_5]**  (raised from 4.5% to 5%  **[MDT_3399365_4]** )  
- **Non-GAAP diluted EPS**: $5.44 to $5.50  **[MDT_3409375_6]** **[MDT_3409375_5]**  (raised from $5.42 to $5.50  **[MDT_3399365_5]** )  
- **FX impact**: -5%  **[MDT_3409375_6]**  (no change from -5%  **[MDT_3399365_5]** )  
- **FX revenue impact**: -$225 million to -$325 million  **[MDT_3409375_5]**  (raised from -$120 million to -$210 million  **[MDT_3399365_20]** )  
- **Operating margin**: 25.7%  **[MDT_3409375_10]**  (no prior guidance)  
- **Adjusted EPS growth**: High single-digit  **[MDT_3409375_6]**  (no prior guidance)  

8b94c71a7230c5dc9ef0c7c6bb3c135986f24e16f263658060fc47561b677e5d

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP  | 1963  **[0001613103-24-000072_mdt-20240426.htm:83]**  | Present  | Current auditor   |

cf0272c6a4f1e57ca7ea27aba37d9788c855b0eb588762b705ccc13ec12941b9

fadbad38f16aa3076d69bd3b553157c46e4c79703c4e3ff9edb2208f475d9268

- Total Revenue: $8.403 billion (+5% YoY)  **[0001613103-24-000165_mdt-20241025.htm:9]** **[0001613103-24-000165_mdt-20241025.htm:2]**   
- Cardiovascular: $3.102 billion (+6% YoY)  **[0001613103-23-000149_mdt-20231027.htm:9]** **[0001613103-24-000165_mdt-20241025.htm:9]**   
- Neuroscience: $2.451 billion (+7% YoY)  **[0001613103-23-000149_mdt-20231027.htm:9]** **[0001613103-24-000165_mdt-20241025.htm:9]**   
- **Diabetes: $686 million (+12% YoY)**  **[0001613103-23-000149_mdt-20231027.htm:9]** **[0001613103-24-000165_mdt-20241025.htm:9]**   
- Rest of World: $4.070 billion (+8% YoY)  **[0001613103-23-000149_mdt-20231027.htm:37]** **[0001613103-24-000165_mdt-20241025.htm:33]**   
- Operating Income (EBIT): $1.595 billion (+19% YoY)  **[0001613103-23-000149_mdt-20231027.htm:2]** **[0001613103-24-000165_mdt-20241025.htm:2]**   
- **Net Income: $1,270 million (+40% YoY)**  **[0001613103-23-000149_mdt-20231027.htm:2]** **[0001613103-24-000165_mdt-20241025.htm:2]**   

2dba8e8b6403dbaa22ae9ab6759bd08bc4c7f8f82c37be492e28012561b84f50

3c915b9c237ab8931799fe01f67591c0cbaa8476f460ae2cd8ef7bf8776a953d

c3b88ea2999c0b3fa98d48b097f00cc1684fc37a3582492f480af3ea6b516a9d

- **Medtronic has received approvals for significant new products (EV-ICD, PFA, and Ardian), which are differentiated products in large and growing markets, expected to drive durable mid-single-digit revenue growth**.  **[MDT_3367800_14]**
- **The company has a strong innovation pipeline, including the Hugo surgical robot and Evolut FX, with numerous product approvals launching globally, contributing to growth acceleration into next fiscal year and beyond**.  **[MDT_3367800_13]**
- **Medtronic does not expect GLP-1 drugs to impact its growth outlook even in the long term, based on extensive analysis, ensuring continued confidence in their business projections**.  **[MDT_3367800_11]**

e4d167c883b9781042216b9acf0a39a4e2dbcbdf1c22d2483794f6bf3737f7f3

1. **Sustainability of Q1 Growth**  
   **Q:** Can you discuss if Q1 performance is sustainable and any one-offs?  
   **A:** Geoff stated there were **no one-offs driving Q1 performance**.  **[MDT_3399365_8]**  He believes growth is sustainable due to new product cycles in high-growth markets, like **Neuromodulation reaching double-digit growth** driven by new technologies and pricing uplifts.  **[MDT_3399365_8]**  While Diabetes and CRM had particularly strong Q1 growth, he noted they might not sustain that high level throughout the year.  **[MDT_3399365_8]** 

2. **Margin Outlook and FX Impact**  
   **Q:** How is your margin visibility for the second half, and did it change recently?  
   **A:** Gary explained that underlying leverage is similar on a constant currency basis with **high single-digit growth every quarter**.  **[MDT_3399365_9]**  FX pressure in the first half will wane in the back half, improving margins.  **[MDT_3399365_9]**  Gross margins were strong, about **40 basis points ahead of consensus**, and operating margin was in line.  **[MDT_3399365_9]** 

3. **Diabetes Strategy and Abbott Partnership**  
   **Q:** How does the Abbott partnership impact your Diabetes strategy and installed base growth?  
   **A:** Que emphasized their strategy hasn't changed.  **[MDT_3399365_10]** **[MDT_3399365_12]**  By partnering with Abbott, they can provide access to patients who prefer Abbott's sensor, tapping into the **largest CGM installed base in the world**.  **[MDT_3399365_12]**  They're integrating Abbott's sensor into their system to offer a **one Medtronic experience**.  **[MDT_3399365_12]** 

4. **Afib Ablation Devices and Market Potential**  
   **Q:** Can you provide perspective on Afra's progress in Europe and expectations for the U.S.?  
   **A:** Sean highlighted that demand for **Pulsed Field Ablation (PFA)** is **unbelievably strong**, and they're ramping up capacity.  **[MDT_3399365_17]**  Medtronic offers both single-shot and point-by-point approaches with differentiated features.  **[MDT_3399365_17]**  Uptake in Europe is robust, and they anticipate PFA to be a **robust growth market for a long time**.  **[MDT_3399365_17]** 

5. **Hugo Robotic System Progress and Commitment**  
   **Q:** What's the progress and timeline for Hugo, and are you committed to it?  
   **A:** Mike reported reaching targeted enrollment in clinical work but didn't provide a specific submission date.  **[MDT_3399365_13]** **[MDT_3399365_14]**  Geoff affirmed their **absolute commitment** to Hugo despite strong competition.  **[MDT_3399365_13]** **[MDT_3399365_14]**  They see robotics as crucial across surgical fields and are confident due to their team and technologies.  **[MDT_3399365_13]** **[MDT_3399365_14]** 

6. **TAVR Market and FX Launch Impact**  
   **Q:** How do you view the TAVR market and the impact of the FX launch on share?  
   **A:** Sean stated the TAVR market is solid, with Medtronic growing in line with **high single-digit growth**.  **[MDT_3399365_11]**  The **FX launch has picked up momentum**, improving usability without trade-offs.  **[MDT_3399365_11]**  They expect continued growth as they obtain approvals in other geographies.  **[MDT_3399365_11]** 

9667f3e4ee5fd7ddfee3de90e88fa706ef5a6144ba5e995221a5e788d825d44a

- *1. Medtronic's earnings growth has been flat compared to peers, with lingering headwinds from inflation, currency fluctuations, and global tax reforms potentially impacting future earnings growth.**  **[MDT_3374017_4]** **[MDT_3374017_9]** **[MDT_3374017_13]**
- *2. Increased competition in key areas such as the atrial fibrillation (Afib) business has led to a low double-digit decline in U.S. revenue, as the company lost market share due to a new competitor in the cryoablation segment.**  **[MDT_3374017_9]**
- *3. Significant investments in new technologies, like the Hugo surgical robot, continue to be a meaningful drag on earnings, requiring substantial investment before becoming profitable, creating uncertainty over the timeline for profitability.**  **[MDT_3374017_4]**

52d2512f2344c0e702c0828050b814d2785d3d4162a77639a9ce6184fa8d3144

- **Medtronic's Diabetes business is returning to growth in the U.S.**, with significant increases in both **new patient acquisitions and renewals**, driven by the **MiniMed 780G system**. The company expects continued progress in rebuilding its installed base, supported by **high growth in insulin pump sales**.  **[MDT_3374017_11]**
- The company is seeing **strong progress with the Hugo robotic system** outside the United States, expanding installations globally and receiving **positive feedback on its features**, including the **open console and digital ecosystem**. This progress, along with ongoing U.S. trials, positions Hugo as a meaningful growth driver in the years ahead.  **[MDT_3374017_11]**
- Medtronic is confident in its ability to achieve **durable mid-single-digit revenue growth**, driven by recent and upcoming **product launches** such as the **Aurora EV ICD** and **PulseSelect PFA catheter**, which are expected to accelerate growth in its **Cardiac Ablation Solutions** business. **Clinician feedback has been exceptional**, indicating strong potential for market acceptance and growth.  **[MDT_3374017_9]** ,  **[MDT_3374017_15]**

82a9db14cc7055ad01a6fc3a8f7564b40fcaeda4454e81f24628bf75dee1612d

- **Medtronic is still awaiting broad reimbursement** for its Simplicity blood pressure procedure, and delays in securing coverage and coding could impact adoption and revenue growth of this therapy.  **[MDT_3399365_19]**
- Certain **high-growth businesses**, like **Diabetes and Cardiac Rhythm Management**, may not sustain their strong growth rates throughout the year, potentially slowing overall company growth.  **[MDT_3399365_8]**
- In Europe, **cost constraints may lead to slower adoption** of new technologies like Pulse Field Ablation, which could impact Medtronic's international growth.  **[MDT_3399365_17]**

6a8d2cddd79cdf6ef55956b4ceff9b9ac25dfd774c2e05d74368339ed6cae73c

1. **Earnings Guidance and Margins**  
   **Q:** Can you grow earnings despite FX headwinds and investments?  
   **A:** Yes, we are committed to growing earnings and have raised our EPS guidance to **$5.44 to $5.50**, even while absorbing a **5-point FX headwind**. We expect operating margins of **25.7%** for the full year, up **10 basis points** year-over-year, achieved through cost management and disciplined investment in high-priority launches.  **[MDT_3409375_9]** **[MDT_3409375_10]** **[MDT_3409375_15]** 

2. **Impact of FX and Tariffs**  
   **Q:** How are you handling FX and tariff headwinds?  
   **A:** Our hedging program is offsetting FX headwinds, keeping them in line with our expectations. While FX presents a **5-point headwind** on EPS, we're maintaining earnings growth through revenue increases and cost controls. Regarding tariffs, we're monitoring potential impacts, but our exposure to imports from China is less than **1% of revenue**, minimizing any significant effect.  **[MDT_3409375_10]** **[MDT_3409375_13]** **[MDT_3409375_15]** 

3. **Renal Denervation Opportunities**  
   **Q:** What's the outlook for renal denervation and reimbursement?  
   **A:** The renal denervation market is promising, with an addressable patient population of around **16 million** Medicare patients with uncontrolled hypertension. With the Transitional Pass-Through (TPT) payment in place, we can now access roughly half of the Medicare fee-for-service patients, accelerating therapy adoption. Broader coverage is needed, and we're pursuing coverage with evidence development to reach more patients.  **[MDT_3409375_8]** **[MDT_3409375_16]** 

4. **Ablation Growth and Supply Issues**  
   **Q:** What's happening with your cardiac ablation growth?  
   **A:** Supply issues from a third-party component supplier affected our cardiac ablation solutions, but this has been resolved. We now expect strong double-digit growth in the third quarter as we ramp up PulseSelect supply and activate new accounts. Revenue per case for Affera increases—not quite **3x**, but certainly higher—enhancing our margins.  **[MDT_3409375_12]** 

5. **Diabetes Type 2 Market Expansion**  
   **Q:** How is your expansion into Type 2 diabetes progressing?  
   **A:** We've completed enrollment and expect to submit to the FDA for an expanded Type 2 indication in the first half of next year. Although our installed base is largely Type 1, we see Type 2 as a **large opportunity** with extremely good clinical data, and we're quite optimistic about its potential.  **[MDT_3409375_14]** 

6. **Spine Business Growth**  
   **Q:** How sustainable is your spine business growth?  
   **A:** Our spine business continues to grow above the market, benefiting from consolidation and our scale and technology. We believe this high single-digit growth is sustainable as we attract top talent and physicians, leveraging our advanced technologies to drive further market share gains.  **[MDT_3409375_17]** **[MDT_3409375_18]** 

7. **TAVR Market Outlook**  
   **Q:** What's your view on the TAVR market growth?  
   **A:** The TAVR market is healthy, growing in the **high single-digit** range. We're seeing expansion through asymptomatic patients and potential future indications like moderate aortic stenosis. Our recent product improvements, such as the FX valve, strengthen our position and address previous concerns like coronary access.  **[MDT_3409375_19]** 

8. **Portfolio Management and M&A**  
   **Q:** What's your strategy for M&A and portfolio adjustments?  
   **A:** We're focusing on tuck-in acquisitions that align with our high-growth markets and segments. Portfolio management is an ongoing process to ensure we play to our strengths. This approach aims to deliver durable, mid-single-digit growth that translates to earnings leverage and cash flow, ultimately providing double-digit shareholder returns.  **[MDT_3409375_21]** **[MDT_3409375_22]** 

9. **Mitral and Tricuspid Valve Programs**  
   **Q:** Can you update us on your valve replacement and repair programs?  
   **A:** Our Intrepid valve, used in both mitral and tricuspid positions, continues its trials for U.S. and European approval and is performing well. In the tricuspid area, we're using the existing Intrepid valve in early feasibility studies and making modifications to optimize it. We also have investments in repair technologies to address these conditions comprehensively.  **[MDT_3409375_20]** 

10. **Tariffs and China Exposure**  
    **Q:** How are you affected by tariffs and imports from China?  
    **A:** While it's early to speculate on specific policy changes, we closely monitor potential tariff impacts. Our exposure to imports from China is minimal, comprising less than **1%** of our revenue, so we do not anticipate significant effects from tariff adjustments.  **[MDT_3409375_13]** 

bbe2c2a9e07f3a743dea2a7d8f319defa3f431a359c311b06724c3154e8e49a0

- Medtronic has a strong pipeline of new product launches and approvals expected to drive revenue growth and market share gains. This includes Evolut FX in Structural Heart with a full market release expected in August, positive SMART trial results influencing TAVR referral patterns, PulseSelect PFA catheter in Cardiac Ablation Solutions showing strong adoption, recent launches of Micra AV2 and VR2 leadless pacemakers with market expansion due to updated coverage policies, and the approval of the Inceptiv closed-loop spinal cord stimulator in Neuromodulation.  **[MDT_3390573_10]** **[MDT_3390573_16]** **[MDT_3390573_20]** **[MDT_3390573_18]**
- The Cranial & Spinal Technologies business is demonstrating durable strong growth due to the AiBLE ecosystem, which integrates AI into spine surgery, transforming surgical procedures and shifting competitive dynamics. This has led to a 9% growth in Q4, and Medtronic expects this momentum to continue as they recruit top sales reps and surgeons.  **[MDT_3390573_16]** **[MDT_3390573_10]**
- Medtronic is restoring its earnings power through operating leverage and structural changes, including discipline on headcount, focus on discretionary expenses, increased use of automation and digitization, and structural changes like eliminating certain operating units. This is expected to result in high single-digit EPS growth for fiscal year '25 and beyond.  **[MDT_3390573_9]** **[MDT_3390573_15]** **[MDT_3390573_13]**

c348c221fd33542e284569533dfe5a03731fcc7e6ce394f44ed30118cc285fdb

- **Operating margins were softer than expected due to higher SG&A expenses**, including increased sales incentive compensation and investments in strategic growth drivers, which could pressure profitability.  **[MDT_3390573_15]**
- **Expected operating margin for fiscal '25 is around 26%**, which may indicate slower margin expansion than anticipated.  **[MDT_3390573_13]**
- **Revenue growth acceleration relies on successful product launches and market adoption**, posing risks if these do not materialize as expected.  **[MDT_3390573_10]**

57a4f1a0e4256a7ff11dd10050f38cb16550e19f6288a0727c26e3917db37967

1. **FY '25 Earnings Outlook**  
   **Q:** Are you comfortable with FY '25 consensus EPS growth?  
   **A:** Karen Parkhill noted there are no major changes to the FY '25 outlook discussed previously. They expect to continue mid-single-digit growth and will provide guidance in May. While facing headwinds from inflation, tax, and FX, they are focused on delivering on commitments.  **[MDT_3374017_9]** **[MDT_3374017_13]** 

2. **Patient Monitoring Retention**  
   **Q:** Why are you keeping Patient Monitoring and exiting ventilators?  
   **A:** Geoffrey Martha explained that improved competitive positioning in the monitoring business and declining profitability in ventilators led them to retain monitoring while winding down ventilators. This allows increased investment in monitoring without diluting the P&L.  **[MDT_3374017_10]** 

3. **Gross Margin Improvement**  
   **Q:** Can you discuss gross margin productivity initiatives?  
   **A:** They are improving gross margins through better pricing and cost savings. Pricing has increased by about **200 basis points** due to innovation, and they are implementing cost-of-goods-sold productivity programs across operations.  **[MDT_3374017_13]** 

4. **Commitment to Earnings Growth**  
   **Q:** Can you commit to trend earnings growth over medium term?  
   **A:** Karen Parkhill affirmed commitment to delivering the right earnings growth over the medium and long term, focusing on overcoming headwinds and improving the company's earnings power.  **[MDT_3374017_14]** 

5. **Product Launches and Outlook**  
   **Q:** What's the outlook for key products like Hugo, Aurora, PulseSelect, and Diabetes?  
   **A:** They are seeing good progress with Hugo globally, expanding installations and positive feedback. For PulseSelect and Aurora, they expect growth now, with full impact into next year. In Diabetes, they see significant growth in new patients and renewals with the 780G launch in the U.S.  **[MDT_3374017_11]** **[MDT_3374017_12]** **[MDT_3374017_15]** 

6. **Afib Business Outlook**  
   **Q:** What's your outlook for the Afib business amid U.S. declines?  
   **A:** They expect a return to growth, driven by new products like PulseSelect and their point-by-point ablation technology. Full impact is anticipated into next year, with strong performance outside the U.S. giving confidence.  **[MDT_3374017_9]** 

7. **Structural Heart SMART Study**  
   **Q:** How will the SMART study results impact the market?  
   **A:** The SMART study is on schedule, with data to be presented at ACC. They are excited about its potential impact, particularly in patients with small annuli, which comprise about **40%** of the global market, and see it as a catalyst for growth.  **[MDT_3374017_16]** 

db15192a018310ed54a4998dffbfdb0aee151c32f8640cd7c66389fc37592060

1. **EPS Guidance and Earnings Power**  
   **Q:** How will you achieve your EPS guidance and restore earnings power?  
   **A:** Management is implementing programmatic structural changes made over the past years, such as aggressive global operations and supply chain transformation, improving pricing, and exiting non-core businesses like ventilation and dialysis.  **[MDT_3390573_9]**  They focus on delivering mid-single-digit top-line growth, investing in high-priority growth drivers, and driving operating leverage, particularly in SG&A, to deliver **high single-digit EPS growth**.  **[MDT_3390573_9]**  They expect high single-digit actual or reported EPS in the back half of FY'25 and aim to maintain this growth beyond FY'25.  **[MDT_3390573_9]** 

2. **Operating Margin Expansion**  
   **Q:** How should we think about your operating margin outlook for fiscal '25?  
   **A:** Management expects operating margins around **26%** in FY'25 on a reported basis, up from prior levels.  **[MDT_3390573_13]**  This will be achieved through programmatic changes already made, driving operating leverage in SG&A via disciplined headcount management, focus on discretionary expenses, increased automation, and structural changes like eliminating the respiratory interventions operating unit.  **[MDT_3390573_9]** **[MDT_3390573_11]**  Gross margins are expected to be flat year-over-year on a constant currency basis, with cost reductions and pricing offsetting inflation.  **[MDT_3390573_11]** 

3. **Revenue Growth Acceleration**  
   **Q:** What are the key drivers of your accelerating revenue growth?  
   **A:** Multiple product launches and approvals across businesses are contributing to growth.  **[MDT_3390573_10]**  In Cardiovascular, products like Evolut FX in Structural Heart, PulseSelect in PFA, Micra AV2 and VR2 in leadless pacemakers, and EV-ICD are expected to drive growth.  **[MDT_3390573_10]**  In Neuroscience, Spine growth is expected to continue due to implants, **AiBLE technology**, and AI integration, outperforming competitors by growing **9%** versus their **3%**.  **[MDT_3390573_10]**  Diabetes growth is propelled by the **780G system**.  **[MDT_3390573_10]**  Supply chain improvements, reduced backorders, and diminishing impact of VBP in China support confidence in sustained mid-single-digit revenue growth.  **[MDT_3390573_10]** 

4. **Spine Business Growth and M&A Impact**  
   **Q:** Is the strong growth in Spine sustainable, and how is recent M&A affecting you?  
   **A:** The growth is considered very durable, with Medtronic growing **3x** their nearest competitor in the space.  **[MDT_3390573_16]** **[MDT_3390573_19]**  They are recruiting top sales reps and leveraging their technology system with **AiBLE**, which is changing spine surgery.  **[MDT_3390573_16]**  The industry shift towards capital equipment and enabling technology means providers are investing in Medtronic's ecosystem, reducing competition from smaller players.  **[MDT_3390573_16]** **[MDT_3390573_19]**  Contributions from competitive conversions due to recent M&A in the spine industry are already being seen and are expected to continue over the next several quarters.  **[MDT_3390573_19]** 

5. **Emerging Markets and China Growth**  
   **Q:** What are your expectations for growth in emerging markets, especially China?  
   **A:** Emerging markets, representing nearly **20%** of revenue, grew double digits in FY'24.  **[MDT_3390573_17]**  Management expects sustainable growth as fundamentals return, with most VBP headwinds (about **80%** resolved) behind them.  **[MDT_3390573_17]**  China, comprising almost **40%** of emerging market revenue, is showing strong recovery with double-digit growth in recent quarters.  **[MDT_3390573_17]**  While some VBP impacts remain, they anticipate mid-single to double-digit growth in China moving forward.  **[MDT_3390573_17]**  Investments in local manufacturing and products, along with empowering emerging market leaders, contribute to this positive outlook.  **[MDT_3390573_17]** **[MDT_3390573_18]** 

6. **Current Quarter Margin Pressures**  
   **Q:** Why was operating margin softer this quarter due to SG&A pressures?  
   **A:** Top-line outperformance led to incremental incentive accruals for sales compensation in the quarter.  **[MDT_3390573_15]**  Additionally, management purposely invested in strategic growth drivers to commercialize new innovations heading into FY'25.  **[MDT_3390573_15]**  Despite these factors, they absorbed the incremental costs while still delivering on financial commitments and beating the bottom line.  **[MDT_3390573_15]** 

7. **Affera Launch and AF Business Outlook**  
   **Q:** What is the outlook for the AF business before the Affera U.S. launch?  
   **A:** The AF Solutions business is performing exceptionally well, with significant sequential growth in demand and interest spurred by new technologies and the Affera data.  **[MDT_3390573_14]**  Pulsed field ablation is advancing rapidly in the U.S., and Medtronic is scaling up manufacturing and capacity.  **[MDT_3390573_14]**  Recent clinical data for Affera showed excellent results, narrowly missing superior efficacy compared to the market leader.  **[MDT_3390573_14]**  Management is ensuring that capital acquisition will not hinder progress, offering solutions like placing capital and leasing catheter costs.  **[MDT_3390573_14]** 

8. **Hugo Robot Launch Timing**  
   **Q:** When can we expect the Hugo robotic system to launch in the U.S.?  
   **A:** Medtronic is nearing completion of the trial for the urology indication but did not specify a submission or launch date.  **[MDT_3390573_20]**  They have initiated indication work for gynecology and hernia, aiming to have a series of launches across multiple indications to capture larger market segments.  **[MDT_3390573_20]**  Good early execution in these studies positions them well as they move toward market entry.  **[MDT_3390573_20]** 

9. **Ardian and Diabetes Pipeline Progress**  
   **Q:** When will Ardian and new diabetes products impact results?  
   **A:** For Ardian (Symplicity), establishing reimbursement is the key catalyst, with efforts focused on securing outpatient reimbursement and national coverage determination.  **[MDT_3390573_21]**  Contribution is expected to begin this year, with European guideline changes and approvals in China and Canada serving as additional catalysts.  **[MDT_3390573_21]**  In diabetes, Medtronic filed the **Simplera Sync** integrated sensor with the **780G system** in the U.S. and is awaiting FDA approval.  **[MDT_3390573_21]**  Positive results from limited launches in Europe suggest similar success is expected in the U.S. once approved.  **[MDT_3390573_21]** 

10. **Product Launches in China**  
    **Q:** Are there upcoming product launches in China we should be aware of?  
    **A:** Medtronic recently received approval for **Ardian (Symplicity)** in China and expects it to perform well once fully introduced to hospitals.  **[MDT_3390573_18]**  They are launching local versions of key technologies like the **Mazor robotic system** and **StealthStation navigation** for the CST business.  **[MDT_3390573_18]**  Additionally, they have started local manufacturing of cardiology products, including a locally produced pacemaker, enhancing competitiveness in the Chinese market.  **[MDT_3390573_18]** 

f4695b9dd954b7a990646d81842f2948bc0c8f82b1dfff106c81103610e36d8b

- **Margin pressures due to higher-than-historical inflation, currency headwinds from a strong U.S. dollar, and potential global tax reform may negatively impact Medtronic's earnings despite management's efforts to offset these challenges.**  **[MDT_3367800_10]**
- **Reimbursement challenges for new products like Ardian could slow adoption and limit future revenue growth, as reimbursement is critical and still being established with Medicare and private payers.**  **[MDT_3367800_12]**
- **The increasing use of GLP-1 weight loss drugs may impact Medtronic's cardiovascular procedure volumes, and while management believes the effect will be negligible, widespread adoption could reduce the number of cardiovascular events requiring Medtronic's devices.**  **[MDT_3367800_11]**

f7a2d7cec5ef0d230d225c067b8c02b8754c4bf9bca0ff7ed1a92eef5f62993f

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2025     | $899                        | Commercial Paper                  | N/A                    | 3.0% = (899 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]** **[0001613103-24-000165_mdt-20241025.htm:16]**                                       |
| 2025-2026| $3,719                      | Current Debt Obligations          | N/A                    | 13.1% = (3,719 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2026     | $2,675                      | 0.250% six-year 2019 senior notes | 0.250                  | 9.4% = (2,675 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2026     | $2,675                      | 2.625% three-year 2022 senior notes | 2.625                  | 9.4% = (2,675 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2026     | $2,675                      | 0.000% five-year 2020 senior notes | 0.000                  | 9.4% = (2,675 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2027     | $1,620                      | 1.125% eight-year 2019 senior notes | 1.125                  | 5.7% = (1,620 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2028     | $1,000                      | 4.250% five-year 2023 senior notes | 4.250                  | 3.5% = (1,000 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2029     | $2,160                      | 3.000% six-year 2022 senior notes | 3.000                  | 7.6% = (2,160 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2029     | $2,160                      | 0.375% eight-year 2020 senior notes | 0.375                  | 7.6% = (2,160 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2030     | $918                        | 3.650% five-year 2024 senior notes | 3.650                  | 3.2% = (918 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2031     | $1,080                      | 1.625% twelve-year 2019 senior notes | 1.625                  | 3.8% = (1,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2032     | $3,240                      | 1.000% twelve-year 2019 senior notes | 1.000                  | 11.4% = (3,240 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                           |
| 2032     | $3,240                      | 3.125% nine-year 2022 senior notes | 3.125                  | 11.4% = (3,240 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                           |
| 2033     | $2,080                      | 0.750% twelve-year 2020 senior notes | 0.750                  | 7.3% = (2,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2033     | $2,080                      | 4.500% ten-year 2023 senior notes | 4.500                  | 7.3% = (2,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2035     | $3,012                      | 3.375% twelve-year 2022 senior notes | 3.375                  | 10.6% = (3,012 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                           |
| 2035     | $3,012                      | 4.375% twenty-year 2015 senior notes | 4.375                  | 10.6% = (3,012 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                           |
| 2037     | $918                        | 3.875% twelve-year 2024 senior notes | 3.875                  | 3.2% = (918 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2038     | $253                        | 6.550% thirty-year 2007 CIFSA senior notes | 6.550                  | 0.9% = (253 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2039     | $1,238                      | 2.250% twenty-year 2019 senior notes | 2.250                  | 4.4% = (1,238 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2039     | $1,238                      | 6.500% thirty-year 2009 senior notes | 6.500                  | 4.4% = (1,238 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2040     | $1,304                      | 1.500% twenty-year 2019 senior notes | 1.500                  | 4.6% = (1,304 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2040     | $1,304                      | 5.550% thirty-year 2010 senior notes | 5.550                  | 4.6% = (1,304 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2041     | $1,080                      | 1.375% twenty-year 2020 senior notes | 1.375                  | 3.8% = (1,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2042     | $105                        | 4.500% thirty-year 2012 senior notes | 4.500                  | 0.4% = (105 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2043     | $305                        | 4.000% thirty-year 2013 senior notes | 4.000                  | 1.1% = (305 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2044     | $648                        | 4.150% nineteen-year 2024 senior notes | 4.150                  | 2.3% = (648 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2044     | $648                        | 4.625% thirty-year 2014 senior notes | 4.625                  | 2.3% = (648 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |
| 2045     | $1,813                      | 4.625% thirty-year 2015 senior notes | 4.625                  | 6.4% = (1,813 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2050     | $1,080                      | 1.750% thirty-year 2019 senior notes | 1.750                  | 3.8% = (1,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2051     | $1,080                      | 1.625% thirty-year 2020 senior notes | 1.625                  | 3.8% = (1,080 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                            |
| 2054     | $756                        | 4.150% twenty-nine-year 2024 senior notes | 4.150                  | 2.7% = (756 / 28,326) * 100 **[0001613103-24-000165_mdt-20241025.htm:17]**                                              |

3c5139e873299db5dc797151eed1492faae8e5eef56b92d766651946670e46e2

- **Medtronic is experiencing sustainable growth driven by exciting new product cycles in high-growth markets**, such as neuromodulation with new sensing technologies, and structural heart with the launch of Evolut FX+, leading to strong demand and positive fundamentals.  **[MDT_3399365_8]**
- **The company is proactively investing in high-growth areas through increased R&D and tuck-in M&A**, utilizing its strong cash flow to prioritize innovation and expansion in markets like atrial fibrillation ablation, while maintaining operational efficiency.  **[MDT_3399365_21]** **[MDT_3399365_15]**
- **Medtronic sees significant opportunity in underpenetrated markets like renal denervation and structural heart**, with progress in reimbursement unlocking potential growth, and expects to grow faster than the market in areas like cardiac ablation with its breakthrough technologies PulseSelect and Sphere-9.  **[MDT_3399365_19]** **[MDT_3399365_16]** **[MDT_3399365_18]**

6b9f36267ed48bed2ff428fc1de93f251a7869c4ab0bf337bcddcdab4ae6ca07

Medtronic PLC (MDT)

Financials