Latest news with #TAVR
Reuters
3 days ago
- Business
- Reuters
Boston Scientific to stop heart device sales, not seek new approvals
May 28 (Reuters) - Boston Scientific (BSX.N), opens new tab said on Wednesday it has stopped global sales of its heart device and will not seek approval in geographies it is not yet available due to increased clinical and regulatory requirements. Shares of the device maker fell 1.5% to $104.57 in premarket trading. The devices, called transcatheter aortic valve replacement (TAVR), had obtained the European Union's CE-mark and were sold under the brands Acurate Prime and Acurate neo2 for minimally invasive heart surgeries. But the company said recent discussions with U.S. and other regulators resulted in increased requirements to maintain regulatory approvals in existing and new markets. "The resources and investments necessary to meet these new requirements are prohibitive," the company said. The company expects to meet second quarter and full-year outlook despite the anticipated financial hit from the decision, Boston said, adding that it has not reaffirmed the outlook.
The Sun
4 days ago
- Entertainment
- The Sun
Harry Potter star, 83, says she ‘doesn't have long to live' after heart operation
HARRY Potter star Miriam Margolyes has revealed she "doesn't have long to live" after undergoing a heart operation. The actress, 83, known for playing Professor Sprout in the Harry Potter franchise, had procedure called transcatheter aortic valve replacement (TAVR) in 2023. 5 5 5 This involved having her heart valve replaced by one taken for a cow after suffering a health scare. Miriam said she is convinced her life expectancy is around five or six years. The TV star said: "When you know that you haven't got long to live – and I'm probably going to die within the next five or six years, if not before, I'm loath to leave behind performing. It's such a joy." "I yearn to play roles that don't confine me to wheelchairs, but I'm just not strong enough," she added in a new interview with The Times. Miriam previously opened up about her health issues on the Table Manners podcast with Jessie and Lennie Ware. She said: "I've got a cow's heart now. Well, not the whole heart. I've had an aortic valve replaced by a cow's aortic valve." When singer Jessie asked if that was quite a common thing, Miriam joked: "I think it's rather refined, actually!" She continued: "I don't know how common it is. I'd never heard of that operation. But it saves you from having open heart surgery, which would be infinitely more invasive." Miriam went on to explain the incredible technique doctors used to perform the operation. She revealed: "They made two little holes in your groin. One in each groin and then they shoved this thing through. Harry Potter cast in bitter feud as Hogwarts actors slams 'derogatory comments' made by huge co-star "And I don't know how they pull it up but they sort of pull it up with stereos. And then when it comes to the point, when it's in your heart, they pull a little string and it goes pow! "And lo and behold, your artery or your aortic valve is shoved unceremoniously to the side." Miriam sparked concern back in May 2023 when she was rushed to hospital with a chest infection. She updated fans on social media with a snap of her on the ward. Sharing a photo of her in a hospital gown from her bed, she said: "Thanks to my precious friends who thought of me on Tavi Day. I did survive and I am still in The Royal Brompton Hospital certainly till Sunday. "I am growing energy but it's still not quite me." The star later told Vogue that she may have to go under the knife, following the "unexpected" health issue. She revealed: 'When you're young, you never think about death. You just think about your next f*** basically. I think about death a lot." 5 5
Yahoo
23-05-2025
- Business
- Yahoo
Edwards' New Late-Breaking Data on Severe AS Expected to Boost Stock
At the EuroPCR 2025, Edwards Lifesciences EW has announced new economic and clinical evidence on severe aortic stenosis (AS). The results of a new real-world study, comprising more than 24,000 patients, demonstrated that intervening on the disease before symptoms develop reduces the economic and resource burden on the healthcare system and improves patient outcomes. Presented as a late-breaking clinical trial, the data further contributes to the extensive body of research on this disease. The development is expected to boost both the company's Transcatheter Aortic Valve Replacement ('TAVR') and Surgical Structural Heart business units. Yesterday, Edwards shares finished the session at $74.79, down 1.7% from the previous close. On a promising note, the company has been committed to TAVR innovation and high-quality science that is increasing access to treatment options for all AS patients. Robust clinician adoption of the SAPIEN technology backs the segment's growth. In Surgical, Edwards continues to benefit from the strong uptake of the premium RESILIA portfolio, including INSPIRIS, MITRIS and KONECT. The company has been steadily advancing its top-tier surgical innovations around the world, solidifying its position. Hence, we expect that the market sentiment around EW stock will remain positive, driven by the latest news. Irvine, CA-based Edwards Lifesciences boasts a market capitalization of $44.64 billion. The company's earnings yield of 3.2% favorably compares to the industry's -2.8% yield. It has delivered an earnings beat of 3.5%, on average, in the trailing four quarters. The study revealed that prompt intervention for severe AS patients before symptoms developed has resulted in $36,000 less cost per patient for the healthcare system in one year. The length of hospital stay during treatment is shorter by 2.2 days, while follow-up heart failure hospitalizations one year after treatment also dropped by 80%. Additionally, compared with asymptomatic severe AS, delaying treatment until the disease progressed led to a more than seven times higher rate of death within one year after aortic valve replacement (AVR). Image Source: Zacks Investment Research Together with the previous data from the EARLY TAVR trial, these results have reinforced the value of early referral and evaluation by a Heart Valve Team for all patients with severe AS. Per a Market Research Future report, the AS treatment market is estimated at $8.6 billion in 2024 and projected to witness a compound annual growth rate (CAGR) of 7.4% by 2034. The market growth is highly driven by the advancements in medical technology, including minimally invasive procedures and breakthrough devices. Furthermore, the growing awareness among healthcare professionals and patients about treatment options is also leading to the market's expansion as more individuals seek early intervention for their conditions. This month, Edwards received FDA approval for its TAVR therapy, the SAPIEN 3 platform, meant for severe AS patients without symptoms. The approval is based on the groundbreaking data from the EARLY TAVR trial, which demonstrated that asymptomatic severe AS patients randomized to Edwards TAVR experienced superior outcomes compared to guideline-recommended clinical surveillance. In April, the company's SAPIEN M3 mitral valve replacement system received CE Mark for the transcatheter treatment of patients with symptomatic (moderate-to-severe or severe) mitral regurgitation (MR) who are deemed unsuitable for surgery or transcatheter edge-to-edge (TEER) therapy. In the past six months, shares of EW have risen 5% against the industry's 11.8% fall. Edwards currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader medical space include Phibro Animal Health PAHC, Hims & Hers Health HIMS and Prestige Consumer Healthcare PBH. While Phibro Animal Health sports a Zacks Rank #1 (Strong Buy) at present, Hims & Hers Health and Prestige Consumer Health each carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Estimates for Phibro Animal Health's fiscal 2025 earnings per share have jumped 3.6% to $2.01 in the past 30 days. Shares of the company have rallied 24.1% in the past year compared with the industry's 8.6% growth. Its earnings yield of 8.7% compares comfortably with the industry's 0.5% yield. PAHC's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 30.6%. Hims & Hers Health shares have rallied 217.1% in the past year. Estimates for the company's 2025 earnings per share have jumped 12.5% to 72 cents in the past 30 days. HIMS' earnings beat estimates twice in the trailing four quarters, matched in one and missed on another occasion, the average surprise being 19.6%. In the last reported quarter, it posted an earnings surprise of 66.7%. Estimates for Prestige Consumer Healthcare'sfiscal 2026 earnings per share have increased 1 cent to $4.77 in the past 30 days. Shares of the company have jumped 36.8% in the past year compared with the industry's 10.8% growth. PBH's earnings surpassed estimates in three of the trailing four quarters and matched on one occasion, the average surprise being 2.8%. In the last reported quarter, it delivered an earnings surprise of 1.5%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Edwards Lifesciences Corporation (EW) : Free Stock Analysis Report Prestige Consumer Healthcare Inc. (PBH) : Free Stock Analysis Report Phibro Animal Health Corporation (PAHC) : Free Stock Analysis Report Hims & Hers Health, Inc. (HIMS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
22-05-2025
- Health
- Business Wire
Prompt Intervention for Severe Aortic Stenosis Patients Demonstrates Lower Healthcare Costs, Improved Clinical Outcomes
PARIS--(BUSINESS WIRE)--Edwards Lifesciences (NYSE: EW) today announced new economic and clinical evidence on severe aortic stenosis (AS) presented as a late-breaking clinical trial at EuroPCR 2025, further contributing to the extensive body of research on this disease. The results of a new real-world study of more than 24,000 patients demonstrated that intervening on the disease before symptoms develop reduces the economic and resource burden on the healthcare system and improves patient outcomes. Prompt intervention for severe AS patients before symptoms developed resulted in: Significantly lower costs for the healthcare system at 1 year ($36,000 less per patient); Shorter length of stay during their treatment (2.2 fewer days); and Fewer follow-up heart failure hospitalizations 1 year after treatment (80 percent less). Additionally, compared with asymptomatic severe AS, delaying treatment until the disease progressed resulted in a more than seven times higher rate of death within one year after aortic valve replacement (AVR). 'We are dedicated to advancing robust evidence to help improve outcomes for patients with severe aortic stenosis,' said Larry Wood, Edwards' corporate vice president and group president, Transcatheter Aortic Valve Replacement and Surgical. 'These latest findings underscore the importance of early referral to a Heart Valve Team and timely care of patients with severe AS, reducing the economic and resource burden for hospitals.' Along with prior data from the EARLY TAVR trial, these results reinforce the value of early referral and evaluation by a Heart Valve Team for all patients with severe AS. 'We continue to believe that watchful waiting is not an effective strategy for the management of severe AS,' said Philippe Genereux, M.D., director of the structural heart program at Gagnon Cardiovascular Institute, Morristown Medical Center, Morristown, New Jersey. 'The latest findings highlight the significant clinical and economic advantages of timely referral and treatment for severe AS patients.' About Edwards Lifesciences Edwards Lifesciences is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Discover more at and follow us on LinkedIn, Facebook, Instagram and YouTube. This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements contained in this release to be covered by the safe harbor provisions of such Acts. These forward-looking statements can sometimes be identified by the use of forward-looking words, such as 'may,' 'might,' 'believe,' 'will,' 'expect,' 'project,' 'estimate,' 'should,' 'anticipate,' 'plan,' 'goal,' 'continue,' 'seek,' 'intend,' 'optimistic,' 'aspire,' 'confident' and other forms of these words and include, but are not limited to, statements made by Mr. Wood and statements regarding expected benefits of prompt intervention before symptoms develop, patient benefits and outcomes, reduction in economic and resource burdens for the healthcare system and expectations and other statements that are not historical facts. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. Investors are cautioned not to unduly rely on such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those expressed or implied by the forward-looking statements based on a number of factors as detailed in the company's filings with the Securities and Exchange Commission. These filings, along with important safety information about our products, may be found at Edwards, Edwards Lifesciences, the stylized E logo, and EARLY TAVR are trademarks of Edwards Lifesciences Corporation. All other trademarks are the property of their respective owners.
Yahoo
21-05-2025
- Business
- Yahoo
Medtronic reports strong finish to its fiscal year with its fourth quarter financial results; announces dividend increase
Building momentum in key franchises including Pulsed Field Ablation, TAVR, Cardiac Rhythm Management, Diabetes, Spine, and Neuromodulation GALWAY, Ireland, May 21, 2025 /CNW/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its fourth quarter (Q4) and fiscal year 2025 (FY25), which ended April 25, 2025. Q4 Key Highlights Q4 revenue of $8.9 billion increased 3.9% as reported and 5.4% organic Q4 GAAP diluted EPS of $0.82 increased 67%; non-GAAP diluted EPS of $1.62 increased 11% Q4 operating margin increased 380 basis points; Q4 non-GAAP operating margin increased 90 basis points Q4 operating profit of $1.4 billion increased 36%; Q4 non-GAAP operating profit of $2.5 billion increased 8% Cardiac Ablation Solutions Q4 revenue increased nearly 30% on strength of pulsed field ablation (PFA) products; business delivered $1.0 billion in FY25 revenue Submitted Hugo™ RAS system to the U.S. Food and Drug Administration (FDA) for a urologic indication in the first quarter of calendar 2025 Commenced largest brain-computer interface launch following U.S. FDA approval of BrainSense™ Adaptive Deep Brain Stimulation (aDBS) Additional Key Highlights FY25 revenue of $33.5 billion, adjusted revenue of $33.6 billion, increased 3.6% as reported and 4.9% organic FY25 GAAP diluted EPS of $3.61 increased 31%; non-GAAP diluted EPS of $5.49 increased 6% FY25 operating margin increased 190 basis points; FY25 non-GAAP operating margin increased 10 basis points, 100 basis points constant currency FY25 operating profit of $6.0 billion increased 16%; FY25 non-GAAP operating profit of $8.7 billion increased 5%, 9% constant currency FY25 cash from operations of $7.0 billion; FY25 free cash flow of $5.2 billion Company returned $6.3 billion to shareholders in FY25 Dividend for Q1 FY26 increased to $0.71 per share, implying annual $2.84 per share; 48th consecutive year of dividend increases Announced today intent to separate Diabetes business into new standalone public company Q4 Financial ResultsMedtronic reported Q4 worldwide revenue of $8.927 billion, an increase of 3.9% as reported and 5.4% on an organic basis. The Q4 organic revenue growth comparison excludes: Other revenue of $31 million in the current year and $57 million in the prior year; and Foreign currency translation of -$95 million on the remaining segments. Q4 GAAP operating profit and operating margin were $1.436 billion and 16.1%, respectively, increases of 36% and 380 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q4 non-GAAP operating profit and operating margin were $2.486 billion and 27.8%, respectively, increases of 8% and 90 basis points, respectively. Q4 GAAP net income and diluted earnings per share (EPS) were $1.057 billion and $0.82, respectively, increases of 62% and 67%, respectively. As detailed in the financial schedules included at the end of this release, Q4 non-GAAP net income and non-GAAP diluted EPS were $2.080 billion and $1.62, respectively, increases of 8% and 11%, respectively. Included in Q4 non-GAAP diluted EPS was a -7 cent impact from foreign currency translation. Q4 non-GAAP diluted EPS on a constant currency basis increased 16%. FY25 Financial ResultsMedtronic reported FY25 worldwide revenue of $33.537 billion and adjusted revenue of $33.627 billion, an increase of 3.6% as reported and 4.9% on an organic basis. The FY25 organic revenue growth comparison excludes: Other revenue of $48 million in the current year and $221 million in the prior year; and Foreign currency translation of -$244 million on the remaining segments. FY25 GAAP operating profit and operating margin were $5.955 billion and 17.8%, respectively, increases of 16% and 190 basis points respectively. As detailed in the financial schedules included at the end of the release, FY25 non-GAAP operating profit and operating margin were $8.648 billion and 25.7%, respectively, increases of 5% and 10 basis points, respectively. On a constant currency basis, FY25 non-GAAP operating profit and operating margin increased 9% and 100 basis points, respectively. FY25 GAAP net income and diluted earnings per share (EPS) were $4.662 billion and $3.61, respectively, representing increases of 27% and 31%, respectively. As detailed in the financial schedules included at the end of this release, fiscal year 2025 non-GAAP net income and non-GAAP diluted EPS were $7.079 billion and $5.49, respectively, representing increases of 2% and 6%, respectively. Included in FY25 non-GAAP diluted EPS was a -22 cent impact from foreign currency translation. FY25 non-GAAP diluted EPS on a constant currency basis increased 10%. FY25 cash from operations of $7.044 billion increased 4%. FY25 free cash flow of $5.185 billion was unchanged, representing free cash flow conversion from non-GAAP net earnings of 73%. "We had a strong close to our fiscal year, and I'm excited to see the progress we are making as our growth drivers continue to build momentum. Operationally, we translated our accelerating revenue growth into earnings leverage, as we delivered at the upper end of the commitments that we laid out a year ago," said Geoff Martha, Medtronic chairman and chief executive officer. "The underlying fundamentals of our business are strong, and they are getting stronger. We are now at an inflection point as we accelerate our speed of travel to higher, more profitable growth." Cardiovascular PortfolioThe Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. FY25 revenue of $12.481 billion increased 5.5% as reported and 6.3% organic, with high-single digit organic increases in CRHF and SH&A, and a low-single digit organic increase in CPV. Q4 revenue of $3.336 billion increased 6.6% as reported and 7.8% organic, with a low-double digit increase in CRHF, high-single digit increase in SH&A, and low-single digit increase in CPV, all on an organic basis. CRHF Q4 results included near-30s growth in Cardiac Ablation Solutions (CAS) on rapid adoption of the PulseSelect™ and Affera™ mapping and ablation system with Sphere-9™ PFA catheter; Cardiac Rhythm Management grew high-single digits, driven by high-single digit growth in both Defibrillation Solutions and Cardiac Pacing Therapies, including high-teens growth in both Micra™ transcatheter pacing systems and SelectSecure™ 3830 leads for conduction system pacing SHA Q4 results driven by low-double digit Structural Heart growth, on the continued strength of the Evolut™ FX+ TAVR system, and low-double digit growth in Cardiac Surgery CPV Q4 growth driven by low-double digit growth in guide catheters and high-single digit growth in balloons SMART 2-year data demonstrating superior valve performance for Evolut TAVR™ system in small annulus patients published in Journal of the American College of Cardiology; positive 5-year outcomes from the Evolut Low Risk Trial presented as a Late Breaking Clinical Trial at ACC.25 in March Received U.S. FDA approval for the OmniaSecure™ lead, the smallest-diameter, lumenless defibrillation lead. OmniaSecure™ is based on the 3830 pacing lead, which has provided safe and reliable treatment to patients for more than 20 years. Published positive clinical outcomes from two studies in atrial fibrillation patients treated with the Affera™ family of technologies, including the next-generation Sphere-360™ single-shot PFA catheter and the Sphere-9™ combination mapping and dual-energy (RF/PF) focal catheter Neuroscience PortfolioThe Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. FY25 revenue of $9.846 billion increased 4.7% reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis. Q4 revenue of $2.620 billion increased 2.9% as reported and 3.7% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit decrease in Specialty Therapies, all on an organic basis. CST Q4 results driven by high-single digit U.S. growth on strong capital sales and implant pull through related to the company's AiBLE™ spine surgery ecosystem Specialty Therapies Q4 results included low-single digit growth in ENT with strength in Navigation capital and Head & Neck disposable sales; Pelvic Health results were flat; Neurovascular decreased mid-single digits on volume-based procurement in China and the recall of the Pipeline™ Vantage flow diverter; Medtronic continues to offer the gold standard in flow diversion products with Pipeline™ Shield, which continues to be available globally Neuromodulation above market Q4 performance driven by low-double digit Pain Stim growth, including mid-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-single digit globally on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology Received U.S. FDA approval and began launch of BrainSense™ Adaptive Deep Brain Stimulation (aDBS), the largest ever commercial launch of brain-computer interface technology Medical Surgical PortfolioThe Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. FY25 revenue of $8.407 decreased 0.1% reported and increased 0.8% organic, with low-single digit organic growth in both SE and ACM. Q4 revenue of $2.212 billion grew 0.6% as reported and 2.0% organic, with low-single digit organic growth in both SE and ACM. SE Q4 results were driven by mid-single digit growth in both Advanced Energy, driven by continued adoption of LigaSure™ vessel sealing technology, and Emerging Markets, partially offset by ongoing bariatric market and competitive robotic pressures in Advanced Stapling ACM Q4 performance improved and included mid-teens growth in Respiratory Compromise and high-single digit growth in Perioperative Complications Results from Expand URO Investigational Device Exemption (IDE) clinical study of the Hugo™ robotic-assisted surgery (RAS) system presented at American Urologic Association (AUA) last month; submitted Hugo™ RAS system to the U.S. FDA for urologic indication in the first quarter of calendar 2025 DiabetesDiabetes FY25 revenue of $2.755 billion increased 10.7% as reported and 11.5% organic. Q4 revenue of $728 million increased 10.4% as reported and 12.0% organic, the sixth consecutive quarter of double-digit organic growth. U.S. Q4 revenue grew high-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system with an increase in the MiniMed™ 780G installed base and strong CGM attachment rates International Q4 revenue grew mid-teens driven by low-20s growth in pumps and increasing CGM attachment as users upgrade to the Simplera Sync™ sensor Secured U.S. FDA approval for Simplera Sync™ CGM for use with the MiniMed™ 780G system Submitted 510(k) applications to the FDA for an interoperable pump and algorithm, paving the way for system integration with an exclusive CGM based on Abbott's most advanced CGM platform Medtronic to Separate Diabetes BusinessAs part of its ongoing portfolio management strategy, Medtronic today announced its intent to separate its Diabetes business into a new standalone public company. The separation is expected to be completed within 18 months through a series of capital markets transactions, with a preferred path of an initial public offering (IPO) and subsequent split-off. Additional details are available in a separate press release and presentation. The press release is available at and a PDF of the presentation can be viewed by clicking here. Cardiovascular Leadership TransitionSean Salmon, executive vice president and president, Cardiovascular Portfolio, will be leaving Medtronic. Skip Kiil, senior vice president and president of the Medtronic Cranial and Spinal Technologies (CST) business, has been promoted to executive vice president and president Cardiovascular Portfolio, effective immediately. Skip will report to Geoff Martha and will become a member of the Medtronic Executive Committee. Michael Carter, vice president and general manager, Spine, will succeed Kiil as senior vice president and president, CST. "We are grateful to Sean for his more than 20 years of dedication to serving our Medtronic Mission – and for leading our Cardiovascular portfolio in developing some of the most exciting new technologies that are making an impact in the market today and accelerating our Cardiovascular growth," said Martha. "Skip's appointment comes at an exciting time for our Cardiovascular businesses. His global mindset, and proven track record of commercialization and market development will support our strong Cardiovascular team in further advancing the impact and momentum of these exciting therapies. Skip will be a great addition to both the Medtronic Executive Committee and our Cardiovascular leadership team." Dividend IncreaseThe company today announced that effective May 20, 2025, the Medtronic board of directors approved an increase in Medtronic's cash dividend for the first quarter of fiscal year 2026, raising the quarterly amount to $0.71 per ordinary share. This would translate into an annual amount of $2.84 per ordinary share. Today's announcement marks the 48th consecutive year of an increase in the dividend payment. The dividend is payable on July 11, 2025, to shareholders of record at the close of business on June 27, 2025. GuidanceThe company today issued its fiscal year 2026 (FY26) revenue growth and EPS guidance. The company is guiding to FY26 organic revenue growth of approximately 5%. The organic revenue growth guidance excludes the impact of foreign currency exchange and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY26 revenue growth on a reported basis would be in the range of 4.8% to 5.1%. Excluding the potential impacts from increased tariffs, Medtronic expects FY26 diluted non-GAAP EPS growth to be approximately 4%. This includes an expectation for non-GAAP operating profit to grow faster than organic revenue, partially offset by increased interest and tax expense. Including a potential impact from tariffs as detailed in the company's earnings presentation, Medtronic is guiding FY26 diluted non-GAAP EPS in the range of $5.50 to $5.60. The lower end of the EPS range assumes that the bilateral US/China tariffs resume at the higher rates following the 90 day pause, while the higher end of the EPS range assumes that the bilateral US/China tariffs currently in effect during the pause remain in place through fiscal year 2026. "Our fiscal 2026 guidance reflects increasing revenue growth contribution from our key growth drivers, and increased investment to support their growth, leading to leveraged operating profit growth pre-tariffs. In addition, the team has rallied to identify opportunities to offset a large portion of tariffs, and we have high confidence in our ability to execute additional mitigation efforts," said Thierry Piéton, Medtronic chief financial officer, who joined the company on March 3, 2025. "This is an exciting time to join Medtronic. I am energized by the opportunities for durable growth and value creation ahead of us." Video Webcast InformationMedtronic will host a video webcast today, May 21, at 8:00 a.m. EDT (7:00 a.m. CDT) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at and this earnings release will be archived at Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at Medtronic plans to report its FY26 first, second, third, and fourth quarter results on Tuesday, August 19, 2025, November 18, 2025, February 17, 2026, and Wednesday, May 20, 2026, respectively. Confirmation and additional details will be provided closer to the specific event. Financial Schedules and Earnings PresentationThe fourth quarter and full year financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the fourth quarter earnings presentation, click here. About MedtronicBold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit and follow on LinkedIn. 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 2024, 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 or divestitures. 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 WORLDWIDE REVENUE(1) (Unaudited) FOURTH QUARTER FISCAL YEARREPORTEDORGANIC REPORTEDORGANIC (in millions) FY25FY24Growth Currency Impact(3)FY25(4)FY24(4)Growth FY25FY24Growth Currency Impact(3)FY25(5)FY24(5)Growth Cardiovascular $ 3,336$ 3,1306.6 %$ (37)$ 3,373$ 3,1307.8 % $ 12,481$ 11,8315.5 %$ (99)$ 12,580$ 11,8316.3 % Cardiac Rhythm & Heart Failure 1,7331,5879.2(18)1,7511,58710.3 6,3925,9956.6(43)6,4355,9957.3 Structural Heart & Aortic 9448837.0(11)9558838.3 3,5543,3585.8(32)3,5873,3586.8 Coronary & Peripheral Vascular 659660(0.1)(8)6676601.0 2,5352,4782.3(23)2,5582,4783.2 Neuroscience 2,6202,5452.9(18)2,6382,5453.7 9,8469,4064.7(47)9,8939,4065.2 Cranial & Spinal Technologies 1,3421,2913.9(7)1,3481,2914.4 4,9734,7564.6(21)4,9954,7565.0 Specialty Therapies 759778(2.5)(7)766778(1.6) 2,9402,9051.2(17)2,9572,9051.8 Neuromodulation 5204759.3(4)52447510.2 1,9321,74610.7(9)1,9411,74611.2 Medical Surgical 2,2122,1980.6(30)2,2412,1982.0 8,4078,417(0.1)(80)8,4878,4170.8 Surgical & Endoscopy 1,7091,7050.2(25)1,7341,7051.7 6,4986,508(0.2)(65)6,5636,5080.8 Acute Care & Monitoring 5034922.1(5)5084923.1 1,9091,908—(15)1,9241,9080.8 Diabetes 72866010.4(11)73966012.0 2,7552,48810.7(18)2,7742,48811.5 Total Reportable Segments 8,8968,5324.3(95)8,9918,5325.4 33,48932,1424.2(244)33,73332,1424.9 Other(2) 3157(45.7)(1)——— 48221(78.5)(3)——— TOTAL $ 8,927$ 8,5893.9 %$ (96)$ 8,991$ 8,5325.4 % $ 33,537$ 32,3643.6 %$ (247)$ 33,733$ 32,1424.9 % (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 operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. (3) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. (4) The three months ended April 25, 2025 excludes $64 million of revenue adjustments related to $31 million of inorganic revenue for the transition activity noted in (2) and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $57 million of inorganic revenue related to the transition activity noted in (2). (5) The twelve months ended April 25, 2025 excludes $196 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $137 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $221 million of inorganic revenue related to the transition activity noted in (2). MEDTRONIC PLC U.S. REVENUE(1)(2) (Unaudited) FOURTH QUARTER FISCAL YEARREPORTEDORGANIC REPORTEDORGANIC (in millions) FY25FY24 GrowthFY25FY24Growth FY25FY24GrowthFY25FY24Growth Cardiovascular $ 1,563$ 1,4488.0 %$ 1,563$ 1,4488.0 % $ 5,804$ 5,5973.7 %$ 5,804$ 5,5973.7 % Cardiac Rhythm & Heart Failure 87579110.787579110.7 3,1843,0374.83,1843,0374.8 Structural Heart & Aortic 40436610.240436610.2 1,5321,4535.51,5321,4535.5 Coronary & Peripheral Vascular 284291(2.3)284291(2.3) 1,0881,107(1.7)1,0881,107(1.7) Neuroscience 1,7821,6925.31,7821,6925.3 6,7136,3056.56,7136,3056.5 Cranial & Spinal Technologies 9999366.79999366.7 3,7233,4956.53,7233,4956.5 Specialty Therapies 431439(1.8)431439(1.8) 1,6661,6411.51,6661,6411.5 Neuromodulation 35231711.135231711.1 1,3241,16913.31,3241,16913.3 Medical Surgical 946954(0.9)946954(0.9) 3,6643,717(1.4)3,6643,717(1.4) Surgical & Endoscopy 668679(1.7)668679(1.7) 2,5952,650(2.1)2,5952,650(2.1) Acute Care & Monitoring 2782751.12782751.1 1,0681,0670.21,0681,0670.2 Diabetes 2402237.22402237.2 9238528.39238528.3 Total Reportable Segments 4,5304,3174.94,5304,3174.9 17,10416,4713.817,10416,4713.8 Other(3) 1726(35.1)——— 6891(25.2)——— TOTAL $ 4,547$ 4,3434.7 %$ 4,530$ 4,3174.9 % $ 17,171$ 16,5623.7 %$ 17,104$ 16,4713.8 % (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 operations and ongoing transition agreements from businesses the Company has exited or divested. MEDTRONIC PLC INTERNATIONAL REVENUE(1) (Unaudited) FOURTH QUARTER FISCAL YEARREPORTEDORGANIC REPORTEDORGANIC (in millions) FY25FY24GrowthCurrency Impact(3)FY25(4)FY24(4)Growth FY25FY24GrowthCurrency Impact(3)FY25(5)FY24(5)Growth Cardiovascular $ 1,773$ 1,6825.4 %$ (37)$ 1,810$ 1,6827.6 % $ 6,677$ 6,2347.1 %$ (99)$ 6,775$ 6,2348.7 % Cardiac Rhythm & Heart Failure 8587977.7(18)8767979.9 3,2082,9588.4(43)3,2512,9589.9 Structural Heart & Aortic 5415164.7(11)5525166.9 2,0221,9056.1(32)2,0541,9057.8 Coronary & Peripheral Vascular 3753691.6(8)3823693.7 1,4471,3715.5(23)1,4701,3717.2 Neuroscience 838853(1.8)(18)8568530.3 3,1333,1011.0(47)3,1803,1012.6 Cranial & Spinal Technologies 343356(3.5)(7)350356(1.6) 1,2501,260(0.8)(21)1,2721,2600.9 Specialty Therapies 328339(3.5)(7)335339(1.4) 1,2741,2640.9(17)1,2911,2642.2 Neuromodulation 1671585.6(4)1711588.2 6085775.4(9)6175777.0 Medical Surgical 1,2661,2441.8(30)1,2951,2444.2 4,7444,7000.9(80)4,8234,7002.6 Surgical & Endoscopy 1,0411,0261.4(25)1,0661,0263.9 3,9033,8581.2(65)3,9673,8582.8 Acute Care & Monitoring 2252173.3(5)2302175.5 841842(0.1)(15)8568421.7 Diabetes 48943612.1(11)49943614.5 1,8321,63612.0(18)1,8511,63613.1 Total Reportable Segments 4,3654,2153.6(95)4,4614,2155.8 16,38615,6714.6(244)16,63015,6716.1 Other(2) 1431(54.3)(1)——— (20)131(115.4)(3)——— TOTAL $ 4,380$ 4,2463.1 %$ (96)$ 4,461$ 4,2155.8 % $ 16,365$ 15,8023.6 %$ (247)$ 16,630$ 15,6716.1 % (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 operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. (3) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. (4) The three months ended April 25, 2025 excludes $81 million of revenue adjustments related to $14 million of inorganic revenue for the transition activity noted in (2), and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $31 million of inorganic revenue related to the transition activity noted in (2). (5) The twelve months ended April 25, 2025 excludes $264 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $70 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $131 million of inorganic revenue related to the transition activity noted in (2). MEDTRONIC PLC CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three months endedFiscal year ended (in millions, except per share data) April 25, 2025April 26, 2024April 25, 2025April 26, 2024 Net sales $ 8,927$ 8,589$ 33,537$ 32,364 Costs and expenses:Cost of products sold, excluding amortization of intangible assets 3,1473,04411,63211,216 Research and development expense 6846752,7322,735 Selling, general, and administrative expense 2,7212,76510,84910,736 Amortization of intangible assets 5644191,8071,693 Restructuring charges, net 147112267226 Certain litigation charges, net 21444317149 Other operating expense (income), net 15477(23)464 Operating profit 1,4361,0535,9555,144 Other non-operating expense (income), net 1(4)(402)(412) Interest expense, net 174202729719 Income before income taxes 1,2618565,6284,837 Income tax provision 1991969361,133 Net income 1,0616594,6913,705 Net income attributable to noncontrolling interests (5)(5)(29)(28) Net income attributable to Medtronic $ 1,057$ 654$ 4,662$ 3,676 Basic earnings per share $ 0.82$ 0.49$ 3.63$ 2.77 Diluted earnings per share $ 0.82$ 0.49$ 3.61$ 2.76 Basic weighted average shares outstanding 1,282.31,322.31,285.61,327.7 Diluted weighted average shares outstanding 1,287.71,325.41,289.91,330.2The data in the schedule above has been intentionally rounded to the nearest million, and therefore, the quarterly amounts may not sum to the fiscal year-to-date amounts. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Three months ended April 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 $ 8,927$ 3,14764.7 %$ 1,43616.1 %$ 1,261$ 1,057$ 0.8215.8 % Non-GAAP Adjustments:Amortization of intangible assets(2) ———5646.35644550.3519.3 Restructuring and associated costs(3) —(2)—1491.71491140.0923.5 Acquisition and divestiture-related items(4) —(21)0.21091.2109970.0811.0 Certain litigation charges, net ———2142.42141630.1323.4 (Gain)/loss on minority investments(5) —————1721700.130.6 Medical device regulations(6) —(10)0.1140.214120.0121.4 Certain tax adjustments, net ——————130.01— Non-GAAP $ 8,927$ 3,11365.1 %$ 2,48627.8 %$ 2,483$ 2,080$ 1.6216.0 % Currency impact 96(25)0.71231.10.07 Currency Adjusted $ 9,023$ 3,08865.8 %$ 2,60928.9 %$ 1.69Three months ended April 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 $ 8,589$ 3,04464.6 %$ 1,05312.3 %$ 856$ 654$ 0.4922.9 % Non-GAAP Adjustments:Amortization of intangible assets ———4194.94193570.2715.0 Restructuring and associated costs(3) —(13)0.21521.81521250.0917.8 Acquisition and divestiture-related items(7) —(76)0.96117.16115150.3915.9 Certain litigation charges, net ———440.544370.0315.9 (Gain)/loss on minority investments(5) —————1951970.15(1.0) Medical device regulations(6) —(21)0.2310.431270.0212.9 Certain tax adjustments, net ——————170.01— Non-GAAP $ 8,589$ 2,93465.8 %$ 2,31126.9 %$ 2,309$ 1,929$ 1.4616.2 % See description of non-GAAP financial measures contained in the press release dated May 21, 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 $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment. (3) Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the three months ended April 25, 2025, contract terminations. (4) The charges primarily include changes in fair value of contingent consideration and exit of business-related charges. (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) The charges represent incremental costs of complying with the new European Union 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, which are limited to a specific period. (7) The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Fiscal year ended April 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 $ 33,537$ 11,63265.3 %$ 5,95517.8 %$ 5,628$ 4,662$ 3.6116.6 % Non-GAAP Adjustments:Amortization of intangible assets(2) ———1,8075.31,8071,4711.1418.5 Restructuring and associated costs(3) —(26)0.13030.93032380.1821.5 Acquisition and divestiture-related items(4) —(38)0.11240.41241010.0818.5 Certain litigation charges, net ———3170.93172490.1921.5 (Gain)/loss on minority investments(5) —————2131850.1412.2 Medical device regulations(6) —(38)0.1520.252420.0319.2 Other(7) 90—0.2900.390700.0522.2 Certain tax adjustments, net(8) ——————620.05— Non-GAAP $ 33,627$ 11,53065.7 %$ 8,64825.7 %$ 8,533$ 7,079$ 5.4916.7 % Currency impact 245(98)0.53650.90.22 Currency Adjusted $ 33,872$ 11,43266.2 %$ 9,01326.6 %$ 5.71Fiscal year ended April 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 $ 32,364$ 11,21665.3 %$ 5,14415.9 %$ 4,837$ 3,676$ 2.7623.4 % Non-GAAP Adjustments:Amortization of intangible assets ———1,6935.21,6931,4351.0815.2 Restructuring and associated costs(3) —(55)0.23891.23893230.2417.0 Acquisition and divestiture-related items(9) —(100)0.37772.47776640.5014.5 Certain litigation charges, net ———1490.51491180.0920.8 (Gain)/loss on minority investments(5) —————3083050.230.6 Medical device regulations(6) —(81)0.31190.4119970.0718.5 Certain tax adjustments, net(10) ——————2990.22— Non-GAAP $ 32,364$ 10,98066.1 %$ 8,27225.6 %$ 8,273$ 6,918$ 5.2016.0 % See description of non-GAAP financial measures contained in the press release dated May 21, 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 $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment. (3) Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the fiscal year ended April 25, 2025, contract terminations. (4) The charges primarily include exit of business-related charges, changes in fair value of contingent consideration, business combination costs, and gains related to certain business or asset sales. (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) The charges represent incremental costs of complying with the new European Union 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, which are limited to a specific time period. (7) Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. (8) Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions. (9) The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration and associated costs related to the previously contemplated separation of the PMRI businesses. (10) The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Three months ended April 25, 2025 (in millions) Net SalesSG&A ExpenseSG&A Expense as a % of Net SalesR&D ExpenseR&D Expense as a % of Net SalesOther Operating (Income) Expense, netOther Operating (Inc.)/Exp., net as a % of Net SalesOther Non-Operating Expense (Income), net GAAP $ 8,927$ 2,72130.5 %$ 6847.7 %$ 150.2 %$ 1 Non-GAAP Adjustments:Acquisition and divestiture-related items(2) —(21)(0.2)——(67)(0.8)— Medical device regulations(3) ———(4)———— (Gain)/loss on minority investments(4) ———————(172) Non-GAAP $ 8,927$ 2,69930.2 %$ 6807.6 %$ (52)(0.6) %$ (171) Fiscal year ended April 25, 2025 (in millions) Net SalesSG&A ExpenseSG&A Expense as a % of Net SalesR&D ExpenseR&D Expense as a % of Net SalesOther Operating (Income) Expense, netOther Operating (Inc.)/Exp., net as a % of Net SalesOther Non-Operating Income, net GAAP $ 33,537$ 10,84932.3 %$ 2,7328.1 %$ (23)(0.1) %$ (402) Non-GAAP Adjustments:Restructuring and associated costs(5) —(10)—————— Acquisition and divestiture-related items(2) —(60)(0.2)——(25)(0.1)— Medical device regulations(3) —(1)—(14)———— Other(6) 90——————— (Gain)/loss on minority investments(4) ———————(213) Non-GAAP $ 33,627$ 10,77832.1 %$ 2,7198.1 %$ (47)(0.1) %$ (615) See description of non-GAAP financial measures contained in the press release dated May 21, 2025. (1) The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. (2) The charges primarily include exit of business-related charges and changes in fair value of contingent consideration. The fiscal year ended April 25, 2025 includes business combination costs and gains related to certain business or asset sales. (3) The charges represent estimated incremental costs of complying with the new European Union 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, which are limited to a specific time period. (4) 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. (5) Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and contract terminations. (6) Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS(1) (Unaudited) Fiscal Year (in millions) 202520242023 Net cash provided by operating activities $ 7,044$ 6,787$ 6,039 Additions to property, plant, and equipment (1,859)(1,587)(1,459) Free Cash Flow(2) $ 5,185$ 5,200$ 4,580 See description of non-GAAP financial measures contained in the press release dated May 21, 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 BALANCE SHEETS (Unaudited)(in millions)April 25, 2025April 26, 2024 ASSETS Current assets: Cash and cash equivalents$ 2,218$ 1,284 Investments6,7476,721 Accounts receivable, less allowances and credit losses of $199 and $173, respectively6,5156,128 Inventories5,4765,217 Other current assets2,8582,584 Total current assets23,81421,935 Property, plant, and equipment, net6,8376,131 Goodwill41,73740,986 Other intangible assets, net11,66713,225 Tax assets4,0403,657 Other assets3,5844,047 Total assets$ 91,680$ 89,981 LIABILITIES AND EQUITY Current liabilities: Current debt obligations$ 2,874$ 1,092 Accounts payable2,4492,410 Accrued compensation2,5142,375 Accrued income taxes1,3581,330 Other accrued expenses3,6833,582 Total current liabilities12,87910,789 Long-term debt25,64223,932 Accrued compensation and retirement benefits1,1581,101 Accrued income taxes1,5741,859 Deferred tax liabilities403515 Other liabilities1,7691,365 Total liabilities43,42439,561 Commitments and contingencies Shareholders' equity: Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and 1,311,337,531 shares issued and outstanding, respectively—— Additional paid-in capital20,83323,129 Retained earnings31,47630,403 Accumulated other comprehensive loss(4,284)(3,318) Total shareholders' equity48,02450,214 Noncontrolling interests232206 Total equity48,25650,420 Total liabilities and equity$ 91,680$ 89,981The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. MEDTRONIC PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Fiscal Year (in millions) 202520242023 Operating Activities:Net income $ 4,691$ 3,705$ 3,784 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 2,8612,6472,697 Provision for credit losses 1239073 Deferred income taxes (316)(508)(226) Stock-based compensation 429393355 Loss on debt extinguishment ——53 Asset impairments and related inventory write-downs —371— Other, net 310573270 Change in operating assets and liabilities, net of acquisitions and divestitures:Accounts receivable, net (433)(391)(576) Inventories (292)(139)(939) Accounts payable and accrued liabilities 209391696 Other operating assets and liabilities (538)(345)(148) Net cash provided by operating activities 7,0446,7876,039 Investing Activities:Acquisitions, net of cash acquired (98)(211)(1,867) Additions to property, plant, and equipment (1,859)(1,587)(1,459) Purchases of investments (8,226)(7,748)(7,514) Sales and maturities of investments 8,4957,4417,343 Other investing activities, net (249)(261)4 Net cash used in investing activities (1,937)(2,366)(3,493) Financing Activities:Change in current debt obligations, net (1,070)1,073— Proceeds from short-term borrowings (maturities greater than 90 days) ——2,284 Repayments from short-term borrowings (maturities greater than 90 days) ——(2,279) Issuance of long-term debt 3,209—5,409 Payments on long-term debt ——(6,012) Dividends to shareholders (3,589)(3,666)(3,616) Issuance of ordinary shares 508284308 Repurchase of ordinary shares (3,235)(2,138)(645) Other financing activities (184)(3)(409) Net cash used in financing activities (4,361)(4,450)(4,960) Effect of exchange rate changes on cash and cash equivalents 188(230)243 Net change in cash and cash equivalents 934(259)(2,171) Cash and cash equivalents at beginning of period 1,2841,5433,714 Cash and cash equivalents at end of period $ 2,218$ 1,284$ 1,543 Supplemental Cash Flow InformationCash paid for:Income taxes $ 1,819$ 1,622$ 1,548 Interest 762826606The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. 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