Medtronic reports third quarter fiscal 2024 financial results

 
 

  Delivers on commitments with strong growth in Core Spine, Cardiac Surgery, Structural Heart, Cardiac Pacing, and across many international markets; Diabetes increases double digits as U.S. business returns to growth;   Raises full year guidance  

 

Medtronic plc (NYSE:MDT) today announced financial results for its third quarter (Q3) of fiscal year 2024 (FY24), which ended January 26, 2024 .

 

   Key Highlights   

 
  • Revenue of $8.1 billion increased 4.7% as reported and 4.6% organic

    •  
  • GAAP diluted earnings per share (EPS) of $0.99 ; non-GAAP diluted EPS of $1.30  

    •  
  • Raises FY24 organic revenue growth and EPS guidance

    •  
  • Company provides portfolio management update on Patient Monitoring and Respiratory Interventions businesses

    •  
  • Received U.S. FDA approval for PulseSelect™ pulsed field ablation (PFA) system and Percept™ RC neurostimulator with BrainSense™ technology; CE Mark for MiniMed™ 780G System with Simplera Sync™ CGM and Micra™ AV2 and Micra™ VR2 leadless pacemakers
    •  

   Financial Results
  Medtronic reported Q3 worldwide revenue of $8.089 billion , an increase of 4.7% as reported and 4.6% on an organic basis. The company's organic revenue results reflect continued momentum across the company, driven by strong growth in Diabetes, Core Spine, Cardiac Surgery, Structural Heart, and Cardiac Pacing, as well as strength in international markets. The organic revenue growth comparison excludes:

 

  • Revenue of $17 million and the associated $2 million unfavorable impact from foreign currency translation reported as Other, stemming from business separations; and

    •  
  • The favorable impact from foreign currency translation of $70 million on the remaining segments.
    •  

As reported, Q3 GAAP net income and diluted EPS were $1.322 billion and $0.99 , respectively, both representing increases of 8%. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income of $1.728 billion and non-GAAP diluted EPS of $1.30 were both flat. Included in non-GAAP diluted EPS was an 11 cent , or 8%, unfavorable impact from foreign currency translation.

 

"We're building momentum, with another quarter of solid execution on our commitments. We continue to deliver durable revenue growth, with particular strength in multiple businesses, as well as in international markets as we expand access to our innovative healthcare technologies around the globe," said Geoff Martha , Medtronic chairman and chief executive officer. "Our recent major product approvals – including transformative products in the diabetes, cardiac rhythm management, neuromodulation, hypertension, and pulsed field ablation spaces – increase our confidence in driving reliable growth over the coming quarters and years."

 

   Cardiovascular Portfolio
  The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $2.929 billion increased 6.1% as reported and 5.1% organic, with a low-double digit organic increase in SHA, mid-single digit organic increases in CPV, and low-single digit increase in CRHF.

 
  • CRHF results included low-single digit growth in Cardiac Rhythm Management, driven by high-single digit growth in Cardiac Pacing Therapies, including mid-teens growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions grew low-double digits in international markets

    •  
  • SHA driven by low-double digit growth in both Aortic and Cardiac Surgery; Structural Heart grew high-single digits, with double digit growth in Western Europe and Japan on the adoption of Evolut™ FX

    •  
  • CPV delivered high-single digit growth in Coronary on growth in guide catheters, balloons, and drug-eluting stents; Peripheral Vascular Health grew mid-single digits, with low-double digit growth in Vascular Embolization products, high-single digit growth in drug-coated balloons

    •  
  • Received U.S. FDA approval and CE Mark for PulseSelect™ pulsed field ablation (PFA) system, with first commercial cases occurring in fiscal Q4, and the Nitron CryoConsole™ system; Received CE Mark for Micra™ AV2 and Micra™ VR2 next generation leadless pacemakers
    •  

   Neuroscience Portfolio
  The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.355 billion increased 4.8% as reported and 4.3% organic, with a mid-single digit organic increase in CST, low-single digit organic increases in Specialty Therapies and flat organic results in Neuromodulation.

 
  • CST overall performance was driven by continued adoption of the company's AiBLE™ ecosystem, with high-single digit global and U.S. growth in Core Spine, mid-teens global and U.S. growth in Biologics, and mid-single digit growth in Neurosurgery

    •  
  • Specialty Therapies results driven by mid-single digit growth in Neurovascular, including double digit growth in flow diversion; ENT grew mid-single digits with strength in power capital and disposables and localized drug delivery sinus implants; Pelvic Health results driven by mid-single digit growth in sacral neuromodulation on the continued adoption of the InterStim X™ system, offset by a product line divestiture

    •  
  • Neuromodulation results included low-single digit growth in Brain Modulation, with mid-teens Western Europe growth on launch of the Percept™ RC neurostimulator with BrainSense™ technology; Pain Stim results were flat, with low-single digit growth in the U.S.
    •  

   Medical Surgical Portfolio
  The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Patient Monitoring & Respiratory Interventions (PMRI) divisions. Revenue of $2.148 billion increased 3.9% as reported and 2.9% organic, with low-single digit organic increases in both SE and PMRI. Excluding sales of ventilators, which declined mid-twenties, both Medical Surgical and PMRI grew mid-single digits organic.

 
  • SE results included mid-single digit growth in General Surgical Technologies, with strength in wound management and hernia products, low-single digit growth in Advanced Surgical Technologies, and mid-single growth in Endoscopy

    •  
  • PMRI results driven by mid-single digit growth in Patient Monitoring, with high twenties growth in Nellcor™ pulse oximetry monitors; Respiratory Interventions results declined mid-single digit, with low-single digit growth in Airways offset by declines in ventilator sales
    •  

   Diabetes
  Diabetes revenue of $640 million increased 12.3% as reported and 10.2% organic.

 
  • U.S. grew mid-single digits, returning to growth on the continued launch of the MiniMed™ 780G system; High-forties growth in U.S. insulin pump sales with continued sequential increases in customer base

    •  
  • Non-U.S. Developed Markets grew low-double digits on continued MiniMed™ 780G system adoption and increased CGM attachment rates

    •  
  • Received CE Mark for MiniMed™ 780G System with Simplera Sync™ CGM; limited European release expected in spring 2024 with phased European commercial launch in summer 2024
    •  

   Patient Monitoring and Respiratory Interventions (PMRI) Update
  Medtronic has decided to exit its ventilator product line and retain and combine the remaining PMRI businesses into one business unit called Acute Care and Monitoring (ACM). Exiting the increasingly unprofitable ventilator product line and combining the remaining businesses allows for increased investment in ACM with a focus on profitable growth. Given this increased investment along with an improved competitive landscape, the company has strong conviction in driving durable category leadership in this newly combined business. Medtronic will continue to honor existing ventilator contracts to serve the needs of its customers and their patients, and expects that existing manufacturers, who today account for the majority of the market, can meet customer demand for new ventilators moving forward.

 

   Guidance
  The company today raised its FY24 revenue growth and EPS guidance.

 

The company increased its FY24 organic revenue growth guidance from the prior 4.75% to the new range of 4.75% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue related to business separations reported as Other. Including Other revenue and the impact of foreign currency, if recent foreign currency exchange rates hold, FY24 revenue growth on a reported basis would be in the range of 2.9% to 3.3%.

 

The company increased its FY24 diluted non-GAAP EPS guidance from the prior range of $5.13 to $5.19 to the new range of $5.19 to $5.21 , a 4 cent increase at the midpoint that is reflective of the company's third quarter outperformance.

 

"In addition to delivering durable sales growth, we also drove improvements to our margins, as our cost efficiency programs helped to offset the impact of inflation, tax, and currency, contributing to our EPS and cash flow performance in the quarter," said Karen Parkhill , Medtronic EVP & chief financial officer. "Based on our year-to-date performance, including another solid financial performance this quarter, we are raising our full-year guidance on both the top and bottom lines. We remain focused on restoring our earnings power and creating value for our shareholders."

 

   Video Webcast Information
  Medtronic will host a video webcast today, February 20 , at 8:00 a.m. EST ( 7:00 a.m. CST ) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com , and this earnings release will be archived at news.medtronic.com . 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 Events icon at investorrelations.medtronic.com .

 

Medtronic plans to report its FY24 fourth quarter results on Thursday, May 23, 2024 . For fiscal year 2025, Medtronic plans to report its first, second, third, and fourth quarter results on Tuesday, August 20, 2024 , November 19, 2024 , February 18, 2025 , and Thursday, May 22, 2025 , respectively. Confirmation and additional details will be provided closer to the specific event.

 

   Financial Schedules and Earnings Presentation
  The third quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com . To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here . To view the third quarter earnings presentation, click here .

 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 

   MEDTRONIC PLC   

 

   WORLD WIDE REVENUE (1)   

 

  (Unaudited)  

 
 
 
 

   THIRD QUARTER   

 		 
 
 

   YEAR-TO-DATE   

 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Currency
Impact (2)  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 		 
 
 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Currency
Impact (2)  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 
 

   Cardiovascular   

 		 

   $    2,929   

 		 
 

   $    2,760   

 		 
 

   6.1 %   

 		 
 

   $        28   

 		 
 

   $    2,901   

 		 
 

   $    2,760   

 		 
 

   5.1 %   

 		 
 
 

   $    8,702   

 		 
 

   $    8,219   

 		 
 

   5.9 %   

 		 
 

   $        40   

 		 
 

   $    8,662   

 		 
 

   $    8,219   

 		 
 

   5.4 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  1,470  

 		 
 

  1,419  

 		 
 

  3.6  

 		 
 

  16  

 		 
 

  1,454  

 		 
 

  1,419  

 		 
 

  2.5  

 		 
 
 

  4,408  

 		 
 

  4,217  

 		 
 

  4.5  

 		 
 

  27  

 		 
 

  4,381  

 		 
 

  4,217  

 		 
 

  3.9  

 
 

  Structural Heart & Aortic  

 		 

  843  

 		 
 

  760  

 		 
 

  10.9  

 		 
 

  10  

 		 
 

  833  

 		 
 

  760  

 		 
 

  9.6  

 		 
 
 

  2,475  

 		 
 

  2,259  

 		 
 

  9.6  

 		 
 

  17  

 		 
 

  2,458  

 		 
 

  2,259  

 		 
 

  8.8  

 
 

  Coronary & Peripheral Vascular  

 		 

  616  

 		 
 

  581  

 		 
 

  6.0  

 		 
 

  2  

 		 
 

  614  

 		 
 

  581  

 		 
 

  5.7  

 		 
 
 

  1,818  

 		 
 

  1,744  

 		 
 

  4.2  

 		 
 

  (3)  

 		 
 

  1,821  

 		 
 

  1,744  

 		 
 

  4.4  

 
 

   Neuroscience   

 		 

   2,355   

 		 
 

   2,248   

 		 
 

   4.8   

 		 
 

   10   

 		 
 

   2,345   

 		 
 

   2,248   

 		 
 

   4.3   

 		 
 
 

   6,861   

 		 
 

   6,549   

 		 
 

   4.8   

 		 
 

   5   

 		 
 

   6,856   

 		 
 

   6,549   

 		 
 

   4.7   

 
 

  Cranial & Spinal Technologies  

 		 

  1,204  

 		 
 

  1,128  

 		 
 

  6.7  

 		 
 

  3  

 		 
 

  1,201  

 		 
 

  1,128  

 		 
 

  6.5  

 		 
 
 

  3,465  

 		 
 

  3,253  

 		 
 

  6.5  

 		 
 

  —  

 		 
 

  3,465  

 		 
 

  3,253  

 		 
 

  6.5  

 
 

  Specialty Therapies  

 		 

  726  

 		 
 

  699  

 		 
 

  3.9  

 		 
 

  3  

 		 
 

  723  

 		 
 

  699  

 		 
 

  3.4  

 		 
 
 

  2,126  

 		 
 

  2,052  

 		 
 

  3.6  

 		 
 

  (3)  

 		 
 

  2,129  

 		 
 

  2,052  

 		 
 

  3.8  

 
 

  Neuromodulation  

 		 

  425  

 		 
 

  420  

 		 
 

  1.2  

 		 
 

  4  

 		 
 

  421  

 		 
 

  420  

 		 
 

  0.2  

 		 
 
 

  1,270  

 		 
 

  1,244  

 		 
 

  2.1  

 		 
 

  9  

 		 
 

  1,261  

 		 
 

  1,244  

 		 
 

  1.4  

 
 

   Medical Surgical   

 		 

   2,148   

 		 
 

   2,068   

 		 
 

   3.9   

 		 
 

   20   

 		 
 

   2,128   

 		 
 

   2,068   

 		 
 

   2.9   

 		 
 
 

   6,329   

 		 
 

   6,003   

 		 
 

   5.4   

 		 
 

   36   

 		 
 

   6,293   

 		 
 

   6,003   

 		 
 

   4.8   

 
 

  Surgical & Endoscopy  

 		 

  1,616  

 		 
 

  1,546  

 		 
 

  4.5  

 		 
 

  18  

 		 
 

  1,598  

 		 
 

  1,546  

 		 
 

  3.4  

 		 
 
 

  4,803  

 		 
 

  4,514  

 		 
 

  6.4  

 		 
 

  35  

 		 
 

  4,768  

 		 
 

  4,514  

 		 
 

  5.6  

 
 

  Patient Monitoring & Respiratory Interventions  

 		 

  532  

 		 
 

  522  

 		 
 

  1.9  

 		 
 

  2  

 		 
 

  530  

 		 
 

  522  

 		 
 

  1.5  

 		 
 
 

  1,526  

 		 
 

  1,489  

 		 
 

  2.5  

 		 
 

  1  

 		 
 

  1,525  

 		 
 

  1,489  

 		 
 

  2.4  

 
 

   Diabetes   

 		 

   640   

 		 
 

   570   

 		 
 

   12.3   

 		 
 

   12   

 		 
 

   628   

 		 
 

   570   

 		 
 

   10.2   

 		 
 
 

   1,829   

 		 
 

   1,667   

 		 
 

   9.7   

 		 
 

   32   

 		 
 

   1,797   

 		 
 

   1,667   

 		 
 

   7.8   

 
 

   Other (3)   

 		 

   17   

 		 
 

   81   

 		 
 

   (79.0)   

 		 
 

   (2)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   54   

 		 
 

   243   

 		 
 

   (77.8)   

 		 
 

   (7)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

   TOTAL   

 		 

   $    8,089   

 		 
 

   $    7,727   

 		 
 

   4.7 %   

 		 
 

   $        68   

 		 
 

   $    8,001   

 		 
 

   $    7,646   

 		 
 

   4.6 %   

 		 
 
 

   $  23,775   

 		 
 

   $  22,682   

 		 
 

   4.8 %   

 		 
 

   $      106   

 		 
 

   $  23,607   

 		 
 

   $  22,439   

 		 
 

   5.2 %   

 
 
 
 
        
 
 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.  

 
 

  (2)  

 		 

  The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.  

 
 

  (3)  

 		 

  Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                       
 

   MEDTRONIC PLC   

 

   U.S. (1)(2) REVENUE   

 

  (Unaudited)  

 
 
 
 

   THIRD QUARTER   

 		 
 
 

   YEAR-TO-DATE   

 
 
 

   REPORTED   

 		 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 		 
 
 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 
 

   Cardiovascular   

 		 

   $    1,373   

 		 
 

   $    1,363   

 		 
 

   0.7 %   

 		 
 

   $    1,373   

 		 
 

   $    1,363   

 		 
 

   0.7 %   

 		 
 
 

   $    4,149   

 		 
 

   $    4,059   

 		 
 

   2.2 %   

 		 
 

   $    4,149   

 		 
 

   $    4,059   

 		 
 

   2.2 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  745  

 		 
 

  753  

 		 
 

  (1.1)  

 		 
 

  745  

 		 
 

  753  

 		 
 

  (1.1)  

 		 
 
 

  2,247  

 		 
 

  2,233  

 		 
 

  0.6  

 		 
 

  2,247  

 		 
 

  2,233  

 		 
 

  0.6  

 
 

  Structural Heart & Aortic  

 		 

  363  

 		 
 

  337  

 		 
 

  7.7  

 		 
 

  363  

 		 
 

  337  

 		 
 

  7.7  

 		 
 
 

  1,087  

 		 
 

  997  

 		 
 

  9.0  

 		 
 

  1,087  

 		 
 

  997  

 		 
 

  9.0  

 
 

  Coronary & Peripheral Vascular  

 		 

  265  

 		 
 

  274  

 		 
 

  (3.3)  

 		 
 

  265  

 		 
 

  274  

 		 
 

  (3.3)  

 		 
 
 

  816  

 		 
 

  829  

 		 
 

  (1.6)  

 		 
 

  816  

 		 
 

  829  

 		 
 

  (1.6)  

 
 

   Neuroscience   

 		 

   1,556   

 		 
 

   1,507   

 		 
 

   3.3   

 		 
 

   1,556   

 		 
 

   1,507   

 		 
 

   3.3   

 		 
 
 

   4,614   

 		 
 

   4,437   

 		 
 

   4.0   

 		 
 

   4,614   

 		 
 

   4,437   

 		 
 

   4.0   

 
 

  Cranial & Spinal Technologies  

 		 

  875  

 		 
 

  824  

 		 
 

  6.2  

 		 
 

  875  

 		 
 

  824  

 		 
 

  6.2  

 		 
 
 

  2,560  

 		 
 

  2,404  

 		 
 

  6.5  

 		 
 

  2,560  

 		 
 

  2,404  

 		 
 

  6.5  

 
 

  Specialty Therapies  

 		 

  407  

 		 
 

  402  

 		 
 

  1.2  

 		 
 

  407  

 		 
 

  402  

 		 
 

  1.2  

 		 
 
 

  1,202  

 		 
 

  1,186  

 		 
 

  1.3  

 		 
 

  1,202  

 		 
 

  1,186  

 		 
 

  1.3  

 
 

  Neuromodulation  

 		 

  275  

 		 
 

  281  

 		 
 

  (2.1)  

 		 
 

  275  

 		 
 

  281  

 		 
 

  (2.1)  

 		 
 
 

  852  

 		 
 

  848  

 		 
 

  0.5  

 		 
 

  852  

 		 
 

  848  

 		 
 

  0.5  

 
 

   Medical Surgical   

 		 

   960   

 		 
 

   959   

 		 
 

   0.1   

 		 
 

   960   

 		 
 

   959   

 		 
 

   0.1   

 		 
 
 

   2,805   

 		 
 

   2,685   

 		 
 

   4.5   

 		 
 

   2,805   

 		 
 

   2,685   

 		 
 

   4.5   

 
 

  Surgical & Endoscopy  

 		 

  663  

 		 
 

  674  

 		 
 

  (1.6)  

 		 
 

  663  

 		 
 

  674  

 		 
 

  (1.6)  

 		 
 
 

  1,971  

 		 
 

  1,888  

 		 
 

  4.4  

 		 
 

  1,971  

 		 
 

  1,888  

 		 
 

  4.4  

 
 

  Patient Monitoring & Respiratory Interventions  

 		 

  297  

 		 
 

  285  

 		 
 

  4.2  

 		 
 

  297  

 		 
 

  285  

 		 
 

  4.2  

 		 
 
 

  834  

 		 
 

  797  

 		 
 

  4.6  

 		 
 

  834  

 		 
 

  797  

 		 
 

  4.6  

 
 

   Diabetes   

 		 

   224   

 		 
 

   215   

 		 
 

   4.2   

 		 
 

   224   

 		 
 

   215   

 		 
 

   4.2   

 		 
 
 

   629   

 		 
 

   650   

 		 
 

   (3.2)   

 		 
 

   629   

 		 
 

   650   

 		 
 

   (3.2)   

 
 

   Other (3)   

 		 

   7   

 		 
 

   17   

 		 
 

   (58.8)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   23   

 		 
 

   66   

 		 
 

   (65.2)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

   TOTAL   

 		 

   $    4,120   

 		 
 

   $    4,062   

 		 
 

   1.4 %   

 		 
 

   $    4,113   

 		 
 

   $    4,045   

 		 
 

   1.7 %   

 		 
 
 

   $   12,219   

 		 
 

   $   11,897   

 		 
 

   2.7 %   

 		 
 

   $   12,197   

 		 
 

   $   11,831   

 		 
 

   3.1 %   

 
 
 
 
        
 
 
 

  (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.  

 
 

  (3)  

 		 

  Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 

   MEDTRONIC PLC   

 

   WORLD WIDE REVENUE: GEOGRAPHIC (1)(2)   

 

  (Unaudited)  

 
 
 
 

   THIRD QUARTER   

 		 
 
 

   YEAR-TO-DATE   

 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 		 
 
 

   REPORTED   

 		 
 
 
 

   ORGANIC   

 
 

   (in millions)   

 		 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 		 
 
 

  FY24  

 		 
 

  FY23  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY24  

 		 
 

  Adjusted
FY23  

 		 
 

  Growth  

 
 

  U.S.  

 		 

  $    1,373  

 		 
 

  $    1,363  

 		 
 

  0.7 %  

 		 
 

  $         —  

 		 
 

  $    1,373  

 		 
 

  $    1,363  

 		 
 

  0.7 %  

 		 
 
 

  $    4,149  

 		 
 

  $    4,059  

 		 
 

  2.2 %  

 		 
 

  $         —  

 		 
 

  $    4,149  

 		 
 

  $     4,059  

 		 
 

  2.2 %  

 
 

  Non-U.S. Developed  

 		 

  950  

 		 
 

  859  

 		 
 

  10.6  

 		 
 

  30  

 		 
 

  920  

 		 
 

  859  

 		 
 

  7.1  

 		 
 
 

  2,818  

 		 
 

  2,553  

 		 
 

  10.4  

 		 
 

  75  

 		 
 

  2,743  

 		 
 

  2,553  

 		 
 

  7.4  

 
 

  Emerging Markets  

 		 

  607  

 		 
 

  538  

 		 
 

  12.8  

 		 
 

  (2)  

 		 
 

  609  

 		 
 

  538  

 		 
 

  13.2  

 		 
 
 

  1,734  

 		 
 

  1,607  

 		 
 

  7.9  

 		 
 

  (34)  

 		 
 

  1,768  

 		 
 

  1,607  

 		 
 

  10.0  

 
 

   Cardiovascular   

 		 

   2,929   

 		 
 

   2,760   

 		 
 

   6.1   

 		 
 

   28   

 		 
 

   2,901   

 		 
 

   2,760   

 		 
 

   5.1   

 		 
 
 

   8,702   

 		 
 

   8,219   

 		 
 

   5.9   

 		 
 

   40   

 		 
 

   8,662   

 		 
 

   8,219   

 		 
 

   5.4   

 
 

  U.S.  

 		 

  1,556  

 		 
 

  1,507  

 		 
 

  3.3  

 		 
 

  —  

 		 
 

  1,556  

 		 
 

  1,507  

 		 
 

  3.3  

 		 
 
 

  4,614  

 		 
 

  4,437  

 		 
 

  4.0  

 		 
 

  —  

 		 
 

  4,614  

 		 
 

  4,437  

 		 
 

  4.0  

 
 

  Non-U.S. Developed  

 		 

  442  

 		 
 

  401  

 		 
 

  10.2  

 		 
 

  10  

 		 
 

  432  

 		 
 

  401  

 		 
 

  7.7  

 		 
 
 

  1,257  

 		 
 

  1,189  

 		 
 

  5.7  

 		 
 

  20  

 		 
 

  1,237  

 		 
 

  1,189  

 		 
 

  4.0  

 
 

  Emerging Markets  

 		 

  357  

 		 
 

  341  

 		 
 

  4.7  

 		 
 

  —  

 		 
 

  357  

 		 
 

  341  

 		 
 

  4.7  

 		 
 
 

  991  

 		 
 

  923  

 		 
 

  7.4  

 		 
 

  (15)  

 		 
 

  1,006  

 		 
 

  923  

 		 
 

  9.0  

 
 

   Neuroscience   

 		 

   2,355   

 		 
 

   2,248   

 		 
 

   4.8   

 		 
 

   10   

 		 
 

   2,345   

 		 
 

   2,248   

 		 
 

   4.3   

 		 
 
 

   6,861   

 		 
 

   6,549   

 		 
 

   4.8   

 		 
 

   5   

 		 
 

   6,856   

 		 
 

   6,549   

 		 
 

   4.7   

 
 

  U.S.  

 		 

  960  

 		 
 

  959  

 		 
 

  0.1  

 		 
 

  —  

 		 
 

  960  

 		 
 

  959  

 		 
 

  0.1  

 		 
 
 

  2,805  

 		 
 

  2,685  

 		 
 

  4.5  

 		 
 

  —  

 		 
 

  2,805  

 		 
 

  2,685  

 		 
 

  4.5  

 
 

  Non-U.S. Developed  

 		 

  758  

 		 
 

  725  

 		 
 

  4.6  

 		 
 

  15  

 		 
 

  743  

 		 
 

  725  

 		 
 

  2.5  

 		 
 
 

  2,270  

 		 
 

  2,144  

 		 
 

  5.9  

 		 
 

  36  

 		 
 

  2,234  

 		 
 

  2,144  

 		 
 

  4.2  

 
 

  Emerging Markets  

 		 

  429  

 		 
 

  384  

 		 
 

  11.7  

 		 
 

  5  

 		 
 

  424  

 		 
 

  384  

 		 
 

  10.4  

 		 
 
 

  1,254  

 		 
 

  1,174  

 		 
 

  6.8  

 		 
 

  —  

 		 
 

  1,254  

 		 
 

  1,174  

 		 
 

  6.8  

 
 

   Medical Surgical   

 		 

   2,148   

 		 
 

   2,068   

 		 
 

   3.9   

 		 
 

   20   

 		 
 

   2,128   

 		 
 

   2,068   

 		 
 

   2.9   

 		 
 
 

   6,329   

 		 
 

   6,003   

 		 
 

   5.4   

 		 
 

   36   

 		 
 

   6,293   

 		 
 

   6,003   

 		 
 

   4.8   

 
 

  U.S.  

 		 

  224  

 		 
 

  215  

 		 
 

  4.2  

 		 
 

  —  

 		 
 

  224  

 		 
 

  215  

 		 
 

  4.2  

 		 
 
 

  629  

 		 
 

  650  

 		 
 

  (3.2)  

 		 
 

  —  

 		 
 

  629  

 		 
 

  650  

 		 
 

  (3.2)  

 
 

  Non-U.S. Developed  

 		 

  322  

 		 
 

  274  

 		 
 

  17.5  

 		 
 

  13  

 		 
 

  309  

 		 
 

  274  

 		 
 

  12.8  

 		 
 
 

  947  

 		 
 

  792  

 		 
 

  19.6  

 		 
 

  36  

 		 
 

  911  

 		 
 

  792  

 		 
 

  15.0  

 
 

  Emerging Markets  

 		 

  94  

 		 
 

  80  

 		 
 

  17.5  

 		 
 

  (1)  

 		 
 

  95  

 		 
 

  80  

 		 
 

  18.8  

 		 
 
 

  253  

 		 
 

  226  

 		 
 

  11.9  

 		 
 

  (4)  

 		 
 

  257  

 		 
 

  226  

 		 
 

  13.7  

 
 

   Diabetes   

 		 

   640   

 		 
 

   570   

 		 
 

   12.3   

 		 
 

   12   

 		 
 

   628   

 		 
 

   570   

 		 
 

   10.2   

 		 
 
 

   1,829   

 		 
 

   1,667   

 		 
 

   9.7   

 		 
 

   32   

 		 
 

   1,797   

 		 
 

   1,667   

 		 
 

   7.8   

 
 

  U.S.  

 		 

  7  

 		 
 

  17  

 		 
 

  (58.8)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 
 

  23  

 		 
 

  66  

 		 
 

  (65.2)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Non-U.S. Developed  

 		 

  2  

 		 
 

  36  

 		 
 

  (94.4)  

 		 
 

  (1)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 
 

  14  

 		 
 

  101  

 		 
 

  (86.1)  

 		 
 

  (4)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Emerging Markets  

 		 

  8  

 		 
 

  28  

 		 
 

  (71.4)  

 		 
 

  (1)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 
 

  18  

 		 
 

  76  

 		 
 

  (76.3)  

 		 
 

  (3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

   Other (4)   

 		 

   17   

 		 
 

   81   

 		 
 

   (79.0)   

 		 
 

   (2)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   54   

 		 
 

   243   

 		 
 

   (77.8)   

 		 
 

   (7)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

  U.S.  

 		 

  4,120  

 		 
 

  4,062  

 		 
 

  1.4  

 		 
 

  —  

 		 
 

  4,113  

 		 
 

  4,045  

 		 
 

  1.7  

 		 
 
 

  12,219  

 		 
 

  11,897  

 		 
 

  2.7  

 		 
 

  —  

 		 
 

  12,197  

 		 
 

  11,831  

 		 
 

  3.1  

 
 

  Non-U.S. Developed  

 		 

  2,473  

 		 
 

  2,294  

 		 
 

  7.8  

 		 
 

  67  

 		 
 

  2,403  

 		 
 

  2,258  

 		 
 

  6.4  

 		 
 
 

  7,305  

 		 
 

  6,779  

 		 
 

  7.8  

 		 
 

  162  

 		 
 

  7,125  

 		 
 

  6,678  

 		 
 

  6.7  

 
 

  Emerging Markets  

 		 

  1,495  

 		 
 

  1,371  

 		 
 

  9.0  

 		 
 

  2  

 		 
 

  1,484  

 		 
 

  1,343  

 		 
 

  10.5  

 		 
 
 

  4,251  

 		 
 

  4,006  

 		 
 

  6.1  

 		 
 

  (56)  

 		 
 

  4,285  

 		 
 

  3,929  

 		 
 

  9.1  

 
 

   TOTAL   

 		 

   $    8,089   

 		 
 

   $    7,727   

 		 
 

   4.7 %   

 		 
 

   $         68   

 		 
 

   $    8,001   

 		 
 

   $    7,646   

 		 
 

   4.6 %   

 		 
 
 

   $   23,775   

 		 
 

   $   22,682   

 		 
 

   4.8 %   

 		 
 

   $       106   

 		 
 

   $   23,607   

 		 
 

   $   22,439   

 		 
 

   5.2 %   

 
 
 
 
          
 
 
 

  (1)  

 		 

  U.S. includes the United States and U.S. territories. Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries within Western Europe. Emerging Markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as previously defined.  

 
 

  (2)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.  

 
 

  (3)  

 		 

  The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.  

 
 

  (4)  

 		 

  Includes inorganic revenue from the divested Renal Care Solutions business and Transition Manufacturing Agreements from previously divested businesses.  

 
 
 

 

 
 
                                                                                                                                                                                      
 

   MEDTRONIC PLC   

 

   CONSOLIDATED STATEMENTS OF INCOME   

 

  (Unaudited)  

 
 
 
 

   Three months ended   

 		 
 

   Nine months ended   

 
 

   (in millions, except per share data)   

 		 

   January 26,
2024   

 		 
 

   January 27,
2023   

 		 
 

   January 26,
2024   

 		 
 

   January 27,
2023   

 
 

   Net sales   

 		 

  $            8,089  

 		 
 

  $            7,727  

 		 
 

  $          23,775  

 		 
 

  $          22,682  

 
 

   Costs and expenses:   

 		 
 
 
 
 
 
 
 

  Cost of products sold, excluding amortization of intangible assets  

 		 

  2,782  

 		 
 

  2,689  

 		 
 

  8,172  

 		 
 

  7,740  

 
 

  Research and development expense  

 		 

  695  

 		 
 

  688  

 		 
 

  2,060  

 		 
 

  2,055  

 
 

  Selling, general, and administrative expense  

 		 

  2,673  

 		 
 

  2,615  

 		 
 

  7,971  

 		 
 

  7,799  

 
 

  Amortization of intangible assets  

 		 

  419  

 		 
 

  431  

 		 
 

  1,274  

 		 
 

  1,275  

 
 

  Restructuring charges, net  

 		 

  20  

 		 
 

  38  

 		 
 

  114  

 		 
 

  81  

 
 

  Certain litigation charges  

 		 

  —  

 		 
 

  —  

 		 
 

  105  

 		 
 

  —  

 
 

  Other operating expense (income), net  

 		 

  17  

 		 
 

  (125)  

 		 
 

  (13)  

 		 
 

  (187)  

 
 

   Operating profit   

 		 

  1,483  

 		 
 

  1,392  

 		 
 

  4,091  

 		 
 

  3,920  

 
 

  Other non-operating income, net  

 		 

  (177)  

 		 
 

  (149)  

 		 
 

  (407)  

 		 
 

  (342)  

 
 

  Interest expense, net  

 		 

  188  

 		 
 

  167  

 		 
 

  517  

 		 
 

  449  

 
 

   Income before income taxes   

 		 

  1,472  

 		 
 

  1,375  

 		 
 

  3,982  

 		 
 

  3,813  

 
 

   Income tax provision   

 		 

  135  

 		 
 

  146  

 		 
 

  936  

 		 
 

  1,218  

 
 

   Net income   

 		 

  1,337  

 		 
 

  1,229  

 		 
 

  3,045  

 		 
 

  2,595  

 
 

   Net income attributable to noncontrolling interests   

 		 

  (15)  

 		 
 

  (6)  

 		 
 

  (23)  

 		 
 

  (17)  

 
 

   Net income attributable to Medtronic   

 		 

  $            1,322  

 		 
 

  $            1,222  

 		 
 

  $            3,022  

 		 
 

  $            2,579  

 
 

   Basic earnings per share   

 		 

  $               0.99  

 		 
 

  $               0.92  

 		 
 

  $               2.27  

 		 
 

  $               1.94  

 
 

   Diluted earnings per share   

 		 

  $               0.99  

 		 
 

  $               0.92  

 		 
 

  $               2.27  

 		 
 

  $               1.94  

 
 

   Basic weighted average shares outstanding   

 		 

  1,329.7  

 		 
 

  1,330.2  

 		 
 

  1,330.1  

 		 
 

  1,329.6  

 
 

   Diluted weighted average shares outstanding   

 		 

  1,331.7  

 		 
 

  1,332.0  

 		 
 

  1,332.4  

 		 
 

  1,332.8  

 
 
 
 
  
 
 

   The 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 January 26, 2024   

 
 

   (in millions, except per share data)   

 		 

   Net Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

  $  8,089  

 		 
 

  $   2,782  

 		 
 

  65.6 %  

 		 
 

  $     1,483  

 		 
 

  18.3 %  

 		 
 

  $    1,472  

 		 
 

  $       1,322  

 		 
 

  $     0.99  

 		 
 

  9.2 %  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  419  

 		 
 

  5.2  

 		 
 

  419  

 		 
 

  354  

 		 
 

  0.27  

 		 
 

  15.5  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (12)  

 		 
 

  0.1  

 		 
 

  55  

 		 
 

  0.7  

 		 
 

  55  

 		 
 

  46  

 		 
 

  0.03  

 		 
 

  16.4  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (12)  

 		 
 

  0.1  

 		 
 

  58  

 		 
 

  0.7  

 		 
 

  58  

 		 
 

  52  

 		 
 

  0.04  

 		 
 

  10.3  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  24  

 		 
 

  24  

 		 
 

  0.02  

 		 
 

  —  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (18)  

 		 
 

  0.2  

 		 
 

  26  

 		 
 

  0.3  

 		 
 

  26  

 		 
 

  21  

 		 
 

  0.02  

 		 
 

  19.2  

 
 

  Certain tax adjustments, net (6)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (92)  

 		 
 

  (0.07)  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

  $  8,089  

 		 
 

  $   2,740  

 		 
 

  66.1 %  

 		 
 

  $     2,042  

 		 
 

  25.2 %  

 		 
 

  $    2,055  

 		 
 

  $       1,728  

 		 
 

  $     1.30  

 		 
 

  15.2 %  

 
 

  Currency impact  

 		 

  (68)  

 		 
 

  (66)  

 		 
 

  0.6  

 		 
 

  164  

 		 
 

  2.3  

 		 
 
 
 
 
 

  0.11  

 		 
 
 

   Currency Adjusted   

 		 

  $  8,021  

 		 
 

  $   2,674  

 		 
 

  66.7 %  

 		 
 

  $     2,206  

 		 
 

  27.5 %  

 		 
 
 
 
 
 

  $     1.41  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Three months ended January 27, 2023   

 
 

   (in millions, except per share data)   

 		 

   Net Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

  $  7,727  

 		 
 

  $   2,689  

 		 
 

  65.2 %  

 		 
 

  $     1,392  

 		 
 

  18.0 %  

 		 
 

  $    1,375  

 		 
 

  $       1,222  

 		 
 

  $     0.92  

 		 
 

  10.6 %  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  431  

 		 
 

  5.6  

 		 
 

  431  

 		 
 

  367  

 		 
 

  0.28  

 		 
 

  15.1  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (26)  

 		 
 

  0.3  

 		 
 

  104  

 		 
 

  1.3  

 		 
 

  104  

 		 
 

  83  

 		 
 

  0.06  

 		 
 

  20.2  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (9)  

 		 
 

  0.1  

 		 
 

  34  

 		 
 

  0.4  

 		 
 

  34  

 		 
 

  29  

 		 
 

  0.03  

 		 
 

  26.7  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (8)  

 		 
 

  (8)  

 		 
 

  (0.01)  

 		 
 

  —  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (23)  

 		 
 

  0.3  

 		 
 

  37  

 		 
 

  0.5  

 		 
 

  37  

 		 
 

  31  

 		 
 

  0.02  

 		 
 

  18.9  

 
 

  Certain tax adjustments, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  3  

 		 
 

  —  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

  $  7,727  

 		 
 

  $   2,630  

 		 
 

  66.0 %  

 		 
 

  $     1,998  

 		 
 

  25.9 %  

 		 
 

  $    1,973  

 		 
 

  $       1,727  

 		 
 

  $     1.30  

 		 
 

  12.1 %  

 
 
 
 
              
 
 

  See description of non-GAAP financial measures contained in the press release dated February 20, 2024.  

 
 

  (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)  

 		 

  Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.  

 
 

  (3)  

 		 

  The charges primarily include business combination costs, changes in fair value of contingent consideration, and charges related to the potential separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio.  

 
 

  (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)  

 		 

  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, which are limited to a specific time period.  

 
 

  (6)  

 		 

  The net tax benefit primarily relates to a 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)  

 
 
 
 

   Nine months ended January 26, 2024   

 
 

   (in millions, except per share data)   

 		 

   Net Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

  $  23,775  

 		 
 

  $   8,172  

 		 
 

  65.6 %  

 		 
 

  $     4,091  

 		 
 

  17.2 %  

 		 
 

  $    3,982  

 		 
 

  $         3,022  

 		 
 

  $     2.27  

 		 
 

  23.5 %  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  1,274  

 		 
 

  5.4  

 		 
 

  1,274  

 		 
 

  1,078  

 		 
 

  0.81  

 		 
 

  15.4  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (43)  

 		 
 

  0.2  

 		 
 

  237  

 		 
 

  1.0  

 		 
 

  237  

 		 
 

  198  

 		 
 

  0.15  

 		 
 

  16.5  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (24)  

 		 
 

  0.1  

 		 
 

  165  

 		 
 

  0.7  

 		 
 

  165  

 		 
 

  149  

 		 
 

  0.11  

 		 
 

  9.7  

 
 

  Certain litigation charges  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  105  

 		 
 

  0.4  

 		 
 

  105  

 		 
 

  81  

 		 
 

  0.06  

 		 
 

  22.9  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  113  

 		 
 

  109  

 		 
 

  0.08  

 		 
 

  4.4  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (60)  

 		 
 

  0.3  

 		 
 

  88  

 		 
 

  0.4  

 		 
 

  88  

 		 
 

  70  

 		 
 

  0.05  

 		 
 

  20.5  

 
 

  Certain tax adjustments, net (6)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  282  

 		 
 

  0.21  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

  $  23,775  

 		 
 

  $   8,046  

 		 
 

  66.2 %  

 		 
 

  $     5,961  

 		 
 

  25.1 %  

 		 
 

  $    5,965  

 		 
 

  $         4,988  

 		 
 

  $     3.74  

 		 
 

  16.0 %  

 
 

  Currency impact  

 		 

  (106)  

 		 
 

  (132)  

 		 
 

  0.4  

 		 
 

  406  

 		 
 

  1.8  

 		 
 
 
 
 
 

  0.27  

 		 
 
 

   Currency Adjusted   

 		 

  $  23,669  

 		 
 

  $   7,914  

 		 
 

  66.6 %  

 		 
 

  $     6,367  

 		 
 

  26.9 %  

 		 
 
 
 
 
 

  $     4.01  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

   Nine months ended January 27, 2023   

 
 

   (in millions, except per share data)   

 		 

   Net Sales   

 		 
 

   Cost of
Products
Sold   

 		 
 

   Gross
Margin
Percent   

 		 
 

   Operating
Profit   

 		 
 

   Operating
Profit
Percent   

 		 
 

   Income
Before
Income
Taxes   

 		 
 

   Net Income
attributable
to
Medtronic   

 		 
 

   Diluted
EPS   

 		 
 

   Effective
Tax Rate   

 
 

   GAAP   

 		 

  $  22,682  

 		 
 

  $   7,740  

 		 
 

  65.9 %  

 		 
 

  $     3,920  

 		 
 

  17.3 %  

 		 
 

  $    3,813  

 		 
 

  $         2,579  

 		 
 

  $     1.94  

 		 
 

  31.9 %  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  1,275  

 		 
 

  5.6  

 		 
 

  1,275  

 		 
 

  1,082  

 		 
 

  0.81  

 		 
 

  15.2  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (67)  

 		 
 

  0.3  

 		 
 

  275  

 		 
 

  1.2  

 		 
 

  275  

 		 
 

  219  

 		 
 

  0.16  

 		 
 

  20.0  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (59)  

 		 
 

  0.3  

 		 
 

  207  

 		 
 

  0.9  

 		 
 

  207  

 		 
 

  186  

 		 
 

  0.14  

 		 
 

  32.3  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (23)  

 		 
 

  (23)  

 		 
 

  (0.02)  

 		 
 

  —  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (62)  

 		 
 

  0.3  

 		 
 

  107  

 		 
 

  0.5  

 		 
 

  107  

 		 
 

  87  

 		 
 

  0.07  

 		 
 

  18.7  

 
 

  Debt redemption premium and other charges (7)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  53  

 		 
 

  42  

 		 
 

  0.03  

 		 
 

  20.8  

 
 

  Certain tax adjustments, net (8)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  783  

 		 
 

  0.59  

 		 
 

  —  

 
 

   Non-GAAP   

 		 

  $  22,682  

 		 
 

  $   7,551  

 		 
 

  66.7 %  

 		 
 

  $     5,783  

 		 
 

  25.5 %  

 		 
 

  $    5,706  

 		 
 

  $         4,953  

 		 
 

  $     3.72  

 		 
 

  12.9 %  

 
 
 
 
                  
 
 

  See description of non-GAAP financial measures contained in the press release dated February 20, 2024.  

 
 

  (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)  

 		 

  Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.  

 
 

  (3)  

 		 

  The charges primarily include business combination costs, changes in fair value of contingent consideration, and charges related to the potential separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio.  

 
 

  (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)  

 		 

  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.  

 
 

  (6)  

 		 

  The net charge primarily relates to an income tax reserve adjustment associated with the June 1, 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.  

 
 

  (7)  

 		 

  The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within interest expense, net within the consolidated statements of income.  

 
 

  (8)  

 		 

  The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico.  

 
 
 

 

 
 
                                                                                                                                                                    
 

   MEDTRONIC PLC   

 

   GAAP TO NON-GAAP RECONCILIATIONS (1)   

 

  (Unaudited)  

 
 
 
 

   Three months ended January 26, 2024   

 
 

   (in millions)   

 		 

   Net Sales   

 		 
 

   SG&A
Expense   

 		 
 

   SG&A
Expense as
a % of Net
Sales   

 		 
 

   R&D
Expense   

 		 
 

   R&D
Expense
as a % of
Net Sales   

 		 
 

   Other
Operating
(Income)
Expense,
net   

 		 
 

   Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales   

 		 
 

   Other Non-
Operating
Income, net   

 
 

   GAAP   

 		 

  $      8,089  

 		 
 

  $     2,673  

 		 
 

  33.0 %  

 		 
 

  $       695  

 		 
 

  8.6 %  

 		 
 

  $           17  

 		 
 

  0.2 %  

 		 
 

  $          (177)  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (23)  

 		 
 

  (0.3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (24)  

 		 
 

  (0.3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (23)  

 		 
 

  (0.3)  

 		 
 

  —  

 
 

  Medical device regulations (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (8)  

 		 
 

  (0.1)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (24)  

 
 

   Non-GAAP   

 		 

  $      8,089  

 		 
 

  $     2,625  

 		 
 

  32.5 %  

 		 
 

  $       687  

 		 
 

  8.5 %  

 		 
 

  $           (6)  

 		 
 

  (0.1) %  

 		 
 

  $          (201)  

 
 

  Currency impact  

 		 

  (68)  

 		 
 

  (25)  

 		 
 

  (0.1)  

 		 
 

  —  

 		 
 

  0.1  

 		 
 

  (142)  

 		 
 

  (1.7)  

 		 
 

  2  

 
 

   Currency Adjusted   

 		 

  $      8,021  

 		 
 

  $     2,600  

 		 
 

  32.4 %  

 		 
 

  $       687  

 		 
 

  8.6 %  

 		 
 

  $       (148)  

 		 
 

  (1.8) %  

 		 
 

  $          (199)  

 
 
 

 

 
 
                                                                                                                                                                  
 
 

   Nine months ended January 26, 2024   

 
 

   (in millions)   

 		 

   Net Sales   

 		 
 

   SG&A
Expense   

 		 
 

   SG&A
Expense as
a % of Net
Sales   

 		 
 

   R&D
Expense   

 		 
 

   R&D
Expense
as a % of
Net Sales   

 		 
 

   Other
Operating
(Income)
Expense,
net   

 		 
 

   Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales   

 		 
 

   Other Non-
Operating
Income, net   

 
 

   GAAP   

 		 

  $    23,775  

 		 
 

  $     7,971  

 		 
 

  33.5 %  

 		 
 

  $    2,060  

 		 
 

  8.7 %  

 		 
 

  $         (13)  

 		 
 

  (0.1) %  

 		 
 

  $          (407)  

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (80)  

 		 
 

  (0.3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (66)  

 		 
 

  (0.3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (76)  

 		 
 

  (0.3)  

 		 
 

  —  

 
 

  Medical device regulations (4)  

 		 

  —  

 		 
 

  (1)  

 		 
 

  —  

 		 
 

  (27)  

 		 
 

  (0.1)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (5)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (113)  

 
 

   Non-GAAP   

 		 

  $    23,775  

 		 
 

  $     7,824  

 		 
 

  32.9 %  

 		 
 

  $    2,033  

 		 
 

  8.6 %  

 		 
 

  $         (89)  

 		 
 

  (0.4) %  

 		 
 

  $          (520)  

 
 

  Currency impact  

 		 

  (106)  

 		 
 

  (56)  

 		 
 

  (0.1)  

 		 
 

  2  

 		 
 

  —  

 		 
 

  (327)  

 		 
 

  (1.4)  

 		 
 

  8  

 
 

   Currency Adjusted   

 		 

  $    23,669  

 		 
 

  $     7,768  

 		 
 

  32.8 %  

 		 
 

  $    2,035  

 		 
 

  8.6 %  

 		 
 

  $       (416)  

 		 
 

  (1.8) %  

 		 
 

  $          (512)  

 
 
 
 
            
 
 

  See description of non-GAAP financial measures contained in the press release dated February 20, 2024.  

 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.  

 
 

  (2)  

 		 

  Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program, consulting expenses, and asset write-offs.  

 
 

  (3)  

 		 

  The charges primarily include business combination costs, changes in fair value of contingent consideration, and charges related to the potential separation of the Patient Monitoring and Respiratory Interventions businesses within our Medical Surgical Portfolio.  

 
 

  (4)  

 		 

  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.  

 
 

  (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)  

 
 
 
 

   Nine months ended   

 
 

   (in millions)   

 		 

   January 26, 2024   

 		 
 

   January 27, 2023   

 
 

   Net cash provided by operating activities   

 		 

  $                      4,010  

 		 
 

  $                      3,579  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,161)  

 		 
 

  (1,081)  

 
 

   Free Cash Flow (2)   

 		 

  $                      2,849  

 		 
 

  $                      2,498  

 
 
 
 
      
 
 

  See description of non-GAAP financial measures contained in the press release dated February 20, 2024.  

 
 

  (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)   

 		 
 

   January 26, 2024   

 		 
 

   April 28, 2023   

 
 

    ASSETS    

 		 
 
 
 
 

   Current assets:   

 		 
 
 
 
 

  Cash and cash equivalents  

 		 
 

  $               1,623  

 		 
 

  $               1,543  

 
 

  Investments  

 		 
 

  6,698  

 		 
 

  6,416  

 
 

  Accounts receivable, less allowances and credit losses of $180 and $176, respectively  

 		 
 

  5,968  

 		 
 

  5,998  

 
 

  Inventories, net  

 		 
 

  5,726  

 		 
 

  5,293  

 
 

  Other current assets  

 		 
 

  2,499  

 		 
 

  2,425  

 
 

   Total current assets   

 		 
 

  22,513  

 		 
 

  21,675  

 
 

   Property, plant, and equipment, net   

 		 
 

  5,838  

 		 
 

  5,569  

 
 

   Goodwill   

 		 
 

  41,160  

 		 
 

  41,425  

 
 

   Other intangible assets, net   

 		 
 

  13,690  

 		 
 

  14,844  

 
 

   Tax assets   

 		 
 

  3,599  

 		 
 

  3,477  

 
 

   Other assets   

 		 
 

  4,036  

 		 
 

  3,959  

 
 

   Total assets   

 		 
 

  $             90,836  

 		 
 

  $             90,948  

 
 

    LIABILITIES AND EQUITY    

 		 
 
 
 
 

   Current liabilities:   

 		 
 
 
 
 

  Current debt obligations  

 		 
 

  $               1,029  

 		 
 

  $                     20  

 
 

  Accounts payable  

 		 
 

  1,992  

 		 
 

  2,662  

 
 

  Accrued compensation  

 		 
 

  2,174  

 		 
 

  1,949  

 
 

  Accrued income taxes  

 		 
 

  1,109  

 		 
 

  840  

 
 

  Other accrued expenses  

 		 
 

  3,488  

 		 
 

  3,581  

 
 

   Total current liabilities   

 		 
 

  9,793  

 		 
 

  9,051  

 
 

   Long-term debt   

 		 
 

  24,153  

 		 
 

  24,344  

 
 

   Accrued compensation and retirement benefits   

 		 
 

  1,049  

 		 
 

  1,093  

 
 

   Accrued income taxes   

 		 
 

  1,821  

 		 
 

  2,360  

 
 

   Deferred tax liabilities   

 		 
 

  615  

 		 
 

  708  

 
 

   Other liabilities   

 		 
 

  1,410  

 		 
 

  1,727  

 
 

   Total liabilities   

 		 
 

  38,840  

 		 
 

  39,283  

 
 

   Commitments and contingencies   

 		 
 
 
 
 

   Shareholders' equity:   

 		 
 
 
 
 

  Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,329,653,024 and
1,330,809,036 shares issued and outstanding, respectively  

 		 
 

  —  

 		 
 

  —  

 
 

  Additional paid-in capital  

 		 
 

  24,589  

 		 
 

  24,590  

 
 

  Retained earnings  

 		 
 

  30,661  

 		 
 

  30,392  

 
 

  Accumulated other comprehensive loss  

 		 
 

  (3,459)  

 		 
 

  (3,499)  

 
 

   Total shareholders' equity   

 		 
 

  51,792  

 		 
 

  51,483  

 
 

  Noncontrolling interests  

 		 
 

  204  

 		 
 

  182  

 
 

   Total equity   

 		 
 

  51,996  

 		 
 

  51,665  

 
 

   Total liabilities and equity   

 		 
 

  $             90,836  

 		 
 

  $             90,948  

 
 
 
 
  
 
 

   The 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)  

 
 
 
 

   Nine months ended   

 
 

   (in millions)   

 		 

   January 26, 2024   

 		 
 

   January 27, 2023   

 
 

   Operating Activities:   

 		 
 
 
 

  Net income  

 		 

  $                3,045  

 		 
 

  $                2,595  

 
 

  Adjustments to reconcile net income to net cash provided by operating activities:  

 		 
 
 
 

  Depreciation and amortization  

 		 

  1,993  

 		 
 

  2,018  

 
 

  Provision for credit losses  

 		 

  62  

 		 
 

  54  

 
 

  Deferred income taxes  

 		 

  (250)  

 		 
 

  (78)  

 
 

  Stock-based compensation  

 		 

  303  

 		 
 

  280  

 
 

  Loss on debt extinguishment  

 		 

  —  

 		 
 

  53  

 
 

  Other, net  

 		 

  265  

 		 
 

  182  

 
 

  Change in operating assets and liabilities, net of acquisitions and divestitures:  

 		 
 
 
 

  Accounts receivable, net  

 		 

  (140)  

 		 
 

  (408)  

 
 

  Inventories, net  

 		 

  (530)  

 		 
 

  (936)  

 
 

  Accounts payable and accrued liabilities  

 		 

  (253)  

 		 
 

  163  

 
 

  Other operating assets and liabilities  

 		 

  (485)  

 		 
 

  (344)  

 
 

   Net cash provided by operating activities   

 		 

  4,010  

 		 
 

  3,579  

 
 

   Investing Activities:   

 		 
 
 
 

  Acquisitions, net of cash acquired  

 		 

  (74)  

 		 
 

  (1,867)  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,161)  

 		 
 

  (1,081)  

 
 

  Purchases of investments  

 		 

  (5,422)  

 		 
 

  (5,472)  

 
 

  Sales and maturities of investments  

 		 

  5,142  

 		 
 

  5,387  

 
 

  Other investing activities, net  

 		 

  (155)  

 		 
 

  15  

 
 

   Net cash used in investing activities   

 		 

  (1,670)  

 		 
 

  (3,018)  

 
 

   Financing Activities:   

 		 
 
 
 

  Change in current debt obligations, net  

 		 

  1,010  

 		 
 

  625  

 
 

  Proceeds from short-term borrowings (maturities greater than 90 days)  

 		 

  —  

 		 
 

  2,284  

 
 

  Issuance of long-term debt  

 		 

  —  

 		 
 

  3,430  

 
 

  Payments on long-term debt  

 		 

  —  

 		 
 

  (3,083)  

 
 

  Dividends to shareholders  

 		 

  (2,753)  

 		 
 

  (2,711)  

 
 

  Issuance of ordinary shares  

 		 

  206  

 		 
 

  209  

 
 

  Repurchase of ordinary shares  

 		 

  (510)  

 		 
 

  (548)  

 
 

  Other financing activities  

 		 

  (44)  

 		 
 

  (276)  

 
 

   Net cash used in financing activities   

 		 

  (2,091)  

 		 
 

  (70)  

 
 

  Effect of exchange rate changes on cash and cash equivalents  

 		 

  (170)  

 		 
 

  317  

 
 

   Net change in cash and cash equivalents   

 		 

  80  

 		 
 

  808  

 
 

  Cash and cash equivalents at beginning of period  

 		 

  1,543  

 		 
 

  3,714  

 
 

   Cash and cash equivalents at end of period   

 		 

  $                1,623  

 		 
 

  $                4,521  

 
 
 
 
 
 

   Supplemental Cash Flow Information   

 		 
 
 
 

  Cash paid for:  

 		 
 
 
 

  Income taxes  

 		 

  $                1,403  

 		 
 

  $                1,314  

 
 

  Interest  

 		 

  568  

 		 
 

  262  

 
 
 
 
  
 
 

   The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.   

 
 
 

 

 

   About Medtronic
  Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, 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 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 www.Medtronic.com and follow on X and LinkedIn .

 

   FORWARD LOOKING STATEMENTS
   This 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, 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 MEASURES
   This 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 2023.  

 

  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 Winkels  

 		 

  Ryan Weispfenning  

 
 

  Public Relations  

 		 

  Investor Relations  

 
 

  +1-763-526-8478  

 		 

  +1-763-505-4626  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-reports-third-quarter-fiscal-2024-financial-results-302065574.html  

 

SOURCE Medtronic plc

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/20/c3293.html  

 
 

News Provided by Canada Newswire via QuoteMedia

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ATCO Ltd. (TSX: ACO.X) (TSX: ACO.Y)

 
 

  2024 ATCO AGM (CNW Group/ATCO Ltd.) 

 

ATCO Ltd. (ATCO) will hold its 57th Annual General Meeting of share owners at 10 a.m. MDT on Wednesday , May 15, 2024. In addition to the formal business of the meeting, attendees will hear management's view of ATCO's full year 2023 and first quarter 2024 operational and financial performance.

 

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    •  
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    •  
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  Investor & Analyst Inquiries:  
Colin Jackson
Senior Vice President, Finance, Treasury & Sustainability
  Colin.Jackson@atco.com   
(403) 808 2636

 

  Media Inquiries:
  Kurt Kadatz  
Director, Corporate Communications
  Kurt.Kadatz@atco.com   
(587) 228 4571

 

SOURCE ATCO Ltd.

 

 

 

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