Ministers hail funding to extend health early intervention initiative
Hilary Benn, along with deputy First Minister Emma Little-Pengelly, Health Minister Mike Nesbitt and Finance Minister John O'Dowd visited Eden Park Medical Practice in north Belfast where they met with GPs and healthcare staff.
It comes following the announcement of £61 million for multi-disciplinary teams (MDTs), a partnership between GP federations and health trusts to introduce new early intervention roles into general practice.
Mr O'Dowd announced the funding earlier this week, as one of six projects to benefit from £129 million to transform public services.
As part of the financial package which led to the restoration of the devolved powersharing institutions last year, £235 million was committed by the UK Government for transformation funding over a five-year period.
Mr Benn said he had been impressed with what he had heard, describing the MDT model as something that works.
'The £61 million is going to enable many more GP practices to be able to adopt it and bring real benefits for patients, and also in time will take pressure off secondary care,' he said.
'This shows what can be done when we work together.'
Ms Little-Pengelly said it had been 'fantastic' to visit and see what the initiative will mean on the ground, praising the agreement for the first tranche of the £235 million delivered.
'These projects will make a really significant impact right across a number of key areas,' she said.
Mr Nesbitt described a 'great day'.
'There is a lot happening in terms of health reform, rapid diagnostic centres, day procedure centres, elective overnight stay centres, but the multi disciplinary team is the outstanding example,' he said.
'We know it works from the seven federations where it already exists and it's great to get that up to 12 of the 17, and we'll continue to work until everybody has access to a multi disciplinary team.'
Mr O'Dowd added: 'Listening to the GPs, the people on the frontline, and the enthusiasm they have for the multi disciplinary teams, to me is the icing on the cake.
'They know the difference this money is going to make to the communities they serve, and we as elected representatives in our different roles, will continue to work together to ensure that more funding similar to this is rolled out and that we continue to make the change that is required across our society.'
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FORWARD LOOKING STATEMENTSThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances. NON-GAAP FINANCIAL MEASURESThis press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2025, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release. Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions, divestitures, or other significant discrete items. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance. Contacts:Erika WinkelsPublic Relations+1-763-526-8478 Ryan WeispfenningInvestor Relations+1-763-505-4626 MEDTRONIC PLC WORLD WIDE REVENUE(1) (Unaudited) FIRST QUARTERREPORTEDORGANIC (in millions) FY26FY25GrowthCurrency Impact(4)FY26(5)FY25(5)Growth Cardiovascular $ 3,285$ 3,0079.3 %$ 68$ 3,217$ 3,0077.0 % Cardiac Rhythm & Heart Failure 1,7121,53511.5371,6761,5359.1 Structural Heart & Aortic 9308568.7229088566.1 Coronary & Peripheral Vascular 6436164.5106336162.9 Neuroscience 2,4162,3174.3272,3892,3173.1 Cranial & Spinal Technologies 1,2111,1475.5121,1991,1474.5 Specialty Therapies 702713(1.5)9694713(2.7) Neuromodulation 50445710.274964578.6 Medical Surgical 2,0831,9964.4402,0441,9962.4 Surgical & Endoscopy 1,6121,5444.4321,5801,5442.3 Acute Care & Monitoring 4714524.384644522.6 Diabetes 72164711.5236986477.9 Total Reportable Segments 8,5067,9676.81598,3477,9674.8 Other(2) 72(52)NM(3)3——— TOTAL $ 8,578$ 7,9158.4 %$ 162$ 8,347$ 7,9674.8 % (1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. (2) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (3) Not meaningful (NM) (4) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. (5) The three months ended July 25, 2025 includes $231 million of revenue adjustments, including $33 million of inorganic revenue for the transition activity noted in (2), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (2), and $159 million of favorable currency impact on the remaining segments. The three months ended July 26, 2024 excludes $52 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2) and $38 million of inorganic revenue related to the transition activity noted in (2). MEDTRONIC PLC U.S. REVENUE(1)(2) (Unaudited) FIRST QUARTERREPORTEDORGANIC (in millions) FY26FY25GrowthFY26FY25Growth Cardiovascular $ 1,479$ 1,4035.5 %$ 1,479$ 1,4035.5 % Cardiac Rhythm & Heart Failure 8347668.98347668.9 Structural Heart & Aortic 3713680.83713680.8 Coronary & Peripheral Vascular 2742682.12742682.1 Neuroscience 1,6241,5653.81,6241,5653.8 Cranial & Spinal Technologies 8908554.18908554.1 Specialty Therapies 393398(1.3)393398(1.3) Neuromodulation 3413129.43413129.4 Medical Surgical 8848810.48848810.4 Surgical & Endoscopy 622630(1.3)622630(1.3) Acute Care & Monitoring 2632514.52632514.5 Diabetes 2172150.92172150.9 Total Reportable Segments 4,2054,0643.54,2054,0643.5 Other(3) 20186.4——— TOTAL $ 4,224$ 4,0823.5 %$ 4,205$ 4,0643.5 % (1) U.S. includes the United States and U.S. territories. (2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. (3) Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested. MEDTRONIC PLC INTERNATIONAL REVENUE(1) (Unaudited) FIRST QUARTERREPORTEDORGANIC (in millions) FY26FY25GrowthCurrency Impact(4)FY26(5)FY25(5)Growth Cardiovascular $ 1,806$ 1,60412.6 %$ 68$ 1,737$ 1,6048.3 % Cardiac Rhythm & Heart Failure 87876914.2378427699.4 Structural Heart & Aortic 55848714.62253648710.1 Coronary & Peripheral Vascular 3693476.3103593473.4 Neuroscience 7927525.4277657521.7 Cranial & Spinal Technologies 3202929.7123092925.7 Specialty Therapies 309314(1.7)9301314(4.4) Neuromodulation 16314611.971561466.9 Medical Surgical 1,1991,1157.5401,1591,1154.0 Surgical & Endoscopy 9909158.3329589154.8 Acute Care & Monitoring 2092004.182012000.2 Diabetes 50443216.72348143211.4 Total Reportable Segments 4,3013,90310.21594,1423,9036.1 Other(2) 53(70)NM(3)3——— TOTAL $ 4,354$ 3,83213.6 %$ 162$ 4,142$ 3,9036.1 % (1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. (2) Includes the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (3) Not meaningful (NM) (4) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. (5) The three months ended July 25, 2025 includes $212 million of revenue adjustments, including $14 million of inorganic revenue for the transition activity noted in (2), $39 million reduction in the Italian payback accruals due to changes in estimates further described in note (2), and $159 million of favorable currency impact on the remaining segments. The three months ended July 26, 2024 excludes $70 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2) and $19 million of inorganic revenue related to the transition activity noted in (2). MEDTRONIC PLC CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three months ended (in millions, except per share data) July 25, 2025July 26, 2024 Net sales $ 8,578$ 7,915 Costs and expenses:Cost of products sold, excluding amortization of intangible assets 3,0012,761 Research and development expense 726676 Selling, general, and administrative expense 2,8062,655 Amortization of intangible assets 459414 Restructuring charges, net 4547 Certain litigation charges, net 2781 Other operating expense, net 701 Operating profit 1,4451,278 Other non-operating income, net (33)(157) Interest expense, net 176167 Income before income taxes 1,3021,268 Income tax provision 255220 Net income 1,0471,049 Net income attributable to noncontrolling interests (7)(6) Net income attributable to Medtronic $ 1,040$ 1,042 Basic earnings per share $ 0.81$ 0.81 Diluted earnings per share $ 0.81$ 0.80 Basic weighted average shares outstanding 1,281.61,293.3 Diluted weighted average shares outstanding 1,287.11,296.5The data in the schedule above has been intentionally rounded to the nearest million. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Three months ended July 25, 2025 (in millions, except per share data) Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate GAAP $ 8,578$ 3,00165.0 %$ 1,44516.8 %$ 1,302$ 1,040$ 0.8119.6 % Non-GAAP Adjustments:Amortization of intangible assets(2) ———4595.54593740.2918.5 Restructuring and associated costs(3) —(16)0.1670.867510.0422.4 Acquisition and divestiture-related items(4) —(7)—580.758480.0417.2 Certain litigation charges, net ———270.327210.0222.2 (Gain)/loss on minority investments(5) —————1131070.086.2 Other(6) (39)—(0.2)(39)(0.5)(39)(30)(0.02)20.5 Certain tax adjustments, net ——————160.01— Non-GAAP $ 8,539$ 2,97965.1 %$ 2,01623.6 %$ 1,987$ 1,626$ 1.2617.8 % Currency impact (159)(46)(0.1)(10)0.3— Currency Adjusted $ 8,380$ 2,93365.0 %$ 2,00623.9 %$ 1.26 Three months ended July 26, 2024 (in millions, except per share data) Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate GAAP $ 7,915$ 2,76165.1 %$ 1,27816.1 %$ 1,268$ 1,042$ 0.8017.4 % Non-GAAP Adjustments:Amortization of intangible assets ———4145.14143400.2618.1 Restructuring and associated costs(3) —(9)0.1620.862510.0419.4 Acquisition and divestiture-related items(4) —(10)0.1120.112110.018.3 Certain litigation charges, net ———811.081680.0516.0 (Gain)/loss on minority investments(5) —————(17)(17)(0.01)— Medical device regulations(7) —(11)0.1140.214110.0121.4 Other(6) 90—0.6901.190700.0522.2 Certain tax adjustments, net ——————170.01— Non-GAAP $ 8,004$ 2,73065.9 %$ 1,95324.4 %$ 1,925$ 1,592$ 1.2317.0 % See description of non-GAAP financial measures contained in the press release dated August 19, 2025. (1) The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. (2) The Company recognized $45 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio. (3) The charges primarily relate to employee termination benefits and facility related and contract termination costs. (4) The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. For the three months ended July 25, 2025, exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System. (5) We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. (6) Reflects adjustments to the Company's Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (7) The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs. 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(3) The charges primarily include changes in fair value of contingent consideration and exit of business-related charges, which primarily relate to the impending separation of the Diabetes business and costs associated with the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System. (4) Reflects adjustments to the Company's Italian payback accruals resulting from the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015. (5) We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Three months ended (in millions) July 25, 2025July 26, 2024 Net cash provided by operating activities $ 1,088$ 986 Additions to property, plant, and equipment (504)(520) Free Cash Flow(2) $ 584$ 466 See description of non-GAAP financial measures contained in the press release dated August 19, 2025. (1) The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. (2) Free cash flow represents operating cash flows less property, plant, and equipment additions. MEDTRONIC PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended (in millions) July 25, 2025July 26, 2024 Operating Activities:Net income $ 1,047$ 1,049 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 748662 Provision for credit losses 2818 Deferred income taxes 16788 Stock-based compensation 8683 Other, net 159(9) Change in operating assets and liabilities, net of acquisitions and divestitures: Accounts receivable, net 288110 Inventories (373)(217) Accounts payable and accrued liabilities (598)(604) Other operating assets and liabilities (464)(194) Net cash provided by operating activities 1,088986 Investing Activities:Additions to property, plant, and equipment (504)(520) Purchases of investments (2,100)(1,879) Sales and maturities of investments 2,0102,157 Other investing activities, net (125)(17) Net cash used in investing activities (719)(259) Financing Activities:Change in current debt obligations, net 649(624) Issuance of long-term debt —3,209 Payments on long-term debt (1,162)— Dividends to shareholders (910)(898) Issuance of ordinary shares 9589 Repurchase of ordinary shares (123)(2,492) Other financing activities, net 70(15) Net cash used in financing activities (1,381)(731) Effect of exchange rate changes on cash and cash equivalents 6731 Net change in cash and cash equivalents (945)27 Cash and cash equivalents at beginning of period 2,2181,284 Cash and cash equivalents at end of period $ 1,273$ 1,311 Supplemental Cash Flow InformationCash paid for: Income taxes $ 402$ 394 Interest 81119The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. 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08-08-2025
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Are Wall Street Analysts Bullish on Medtronic Stock?
Headquartered in Galway, Ireland, Medtronic plc (MDT) develops, manufactures, and sells device-based medical therapies. With a market cap of approximately $115 billion, the company derives revenue from four core segments: Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio, and Diabetes. MDT stock has surged 10.6% over the past year, trailing behind the S&P 500 Index ($SPX), which surged by 21.1% during the same period. However, year-to-date, MDT stock has advanced by 11.9%, outpacing the S&P 500's 7.9% gain. More News from Barchart Supermicro's Earnings Selloff Explained: Should You Buy SMCI Stock Now? Amazon's $36M Bet on Quantum Computing: What Investors Need to Know AMD Stock Slips After Q2 Earnings, But Here's Why It's a Buying Opportunity Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Focusing on the industry, MDT has surpassed the S&P Healthcare Equipment SPDR's (XHE) decline of 8.3% over the past year and a 13.3% drop year-to-date. On July 21, Medtronic announced that it had received CE Mark approval for its MiniMed 780G insulin delivery system. The market initially responded cautiously, but by the next trading session, shares had risen by nearly 2.2%. For the current year, ending in April 2026, analysts anticipate MDT to achieve EPS growth of 1.1%, reaching $5.55 on a diluted basis. Notably, Medtronic has consistently beaten consensus estimates over the past four quarters. Among 30 analysts covering MDT stock, the consensus rating is a "Moderate Buy," comprising 13 "Strong Buy" ratings, one "Moderate Buy," 15 "Holds," and one 'Strong Sell.' The current analyst sentiment is slightly more bullish than two months ago, when MDT had a total of 12 "Strong Buy" ratings. On Jul. 16, Mizuho Financial Group, Inc.'s (MFG) Anthony Petrone raised his price target from $98 to $100, while maintaining an 'Outperform' stance. He believes Medtronic is well-positioned within the medical technology sector. Similarly, on Jul. 15, Morgan Stanley (MS) bumped its price target from $98 to $107, reaffirming its 'Overweight' rating. The firm sees continued relative stability in procedure volumes and capital spending trends across hospitals as a reason to stay constructive on the industry, and on Medtronic in particular. The mean price target of $95.83 represents a 7.2% premium to MDT's current price levels. Meanwhile, the Street-high price target of $110 suggests a potential upside of 23.1%. On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
