Medtronic reports third quarter fiscal 2025 financial results

 
 

  Delivering durable revenue growth with strong earnings power; strength in Pulsed Field Ablation, Pacing, Structural Heart, Diabetes, and Neuromodulation  

 

Medtronic plc (NYSE: MDT) today announced financial results for its third quarter (Q3) of fiscal year 2025 (FY25), which ended January 24, 2025 .

 

   Key Highlights   

 
  • Revenue of $8.3 billion increased 2.5% as reported and 4.1% organic
    •  
  • GAAP diluted EPS of $1.01 increased 2%; non-GAAP diluted EPS of $1.39 increased 7%
    •  
  • Company reiterates full year revenue and EPS guidance
    •  
  • Cardiac Ablation Solutions revenue increased low-20s on strength of pulsed field ablation (PFA) products
    •  
  • U.S. Centers for Medicare and Medicaid (CMS) announced coverage for Renal Denervation for the treatment of Hypertension expected to become final on or before October 11, 2025  
    •  

   Financial Results
  Medtronic reported Q3 worldwide revenue of $8.292 billion , an increase of 2.5% as reported and 4.1% on an organic basis. Organic revenue growth comparison excludes:

 
  • Other revenue of $32 million in the current year and $53 million in the prior year; and
    •  
  • Foreign currency translation of - $103 million on the remaining segments.
    •  

As reported, Q3 GAAP net income and diluted earnings per share (EPS) were $1.294 billion and $1.01 , respectively, representing a decrease of 2% and an increase of 2%, respectively. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income and non-GAAP diluted EPS were $1.787 billion and $1.39 , respectively, representing increases of 3% and 7%, respectively.

 

"We delivered strong earnings this quarter, with significant improvements in both our gross margin and operating margin on the back of our ninth quarter in a row of mid-single digit organic revenue growth," said Geoff Martha , Medtronic chairman and chief executive officer. "We are starting to see the results from our long term investments in groundbreaking innovation, such as pulsed field ablation, to drive growth in some of the most attractive markets in MedTech."

 

   Cardiovascular Portfolio
  The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $3.037 billion increased 3.7% as reported and 5.0% organic, with mid-single digit increases in CRHF and SH&A, and a low-single digit increase in CPV, all on an organic basis.

 
  • CRHF results included mid-single digit growth in Cardiac Rhythm Management, driven by low-double digit growth in Cardiac Pacing Therapies, including mid-20s growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions achieved low-20s growth on rapid adoption of the PulseSelect™ and Affera™ Sphere-9™ PFA systems
    •  
  • SHA results driven by high-single digit Structural Heart growth, excluding congenital, on the continued strength of the Evolut™ FX+ TAVR system, and high-single digit growth in Cardiac Surgery
    •  
  • CPV growth driven by high-single digit growth in balloons and mid-single digit growth in guide catheters and drug-coated balloons
    •  
  • Recent U.S. FDA approval for additional pulsed field ablation manufacturing site in Galway; immediately boosts Affera™ supply
    •  
  • Expanded U.S. presence in fast-growing carotid market with exclusive Contego Medical distribution agreement; includes recently FDA approved carotid stenting system and option to acquire; Contego Medical running clinical trial on next-generation transcarotid artery revascularization (TCAR) system
    •  
  • Announced CMS opened a National Coverage Analysis (NCA) on Renal Denervation for the treatment of hypertension, with coverage expected to become final on or before October 11, 2025  
    •  

   Neuroscience Portfolio
  The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.458 billion increased 4.4% as 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.

 
  • CST driven by high-single digit Neurosurgery growth on continued adoption of the AiBLE™ ecosystem of enabling technology; CST in the U.S. grew high-single digits, winning share
    •  
  • Specialty Therapies results driven by mid-single digit growth in Pelvic Health on continued adoption of the InterStim X™ system; ENT grew low-single digits on strength in PTeye™ capital and disposables; Neurovascular, excluding China , grew mid-single digit with strength in flow diversion
    •  
  • Neuromodulation above market performance driven by low-double digit Pain Stim growth, including high-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-teens globally and mid-twenties in the U.S. on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology
    •  
  • Received CE Mark for BrainSense™ Adaptive Deep Brain Stimulation (aDBS), a real-time closed-loop system
    •  

   Medical Surgical Portfolio
  The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. Revenue of $2.072 billion decreased 1.9% as reported and decreased 0.4% organic, with flat organic result in SE and low-single digit organic decline in ACM.

 
  • SE results were affected by ongoing stapling segment pressures and a transient change in U.S. distributor buying patterns, partially offset by high-single digit growth in Emerging Markets and high-single digit growth in Advanced Energy on continued adoption of LigaSure™ vessel sealing technology
    •  
  • ACM performance included high-single digit declines in Nellcor™ blood oxygen management products on a 30% year-over-year market decline in U.S. respiratory-related hospitalizations in the quarter; this was partially offset by high-single digit growth in Perioperative Complications
    •  

   Diabetes
  Revenue of $694 million increased 8.4% as reported and 10.4% organic.

 
  • U.S. revenue grew mid-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 revenue grew low-double digits on increasing CGM attachment as users upgrade to the Simplera Sync™ sensor
    •  

   Guidance
  Medtronic today reiterated its revenue growth and EPS guidance for FY25.

 

The company continues to expect FY25 organic revenue growth in the range of 4.75% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY25 revenue growth would be in the range of 3.4% to 3.8%.

 

The company continues to expect FY25 diluted non-GAAP EPS in the range of $5.44 to $5.50 . This includes an estimated -5% impact from foreign currency exchange based on recent rates. The company's guidance represents FY25 diluted non-GAAP EPS growth in the range of 4.6% to 5.8%.

 

"EPS came in above the high end of our guidance range. We were pleased with the operational performance of the business this quarter, turning mid-single digit organic growth into leveraged earnings, highlighted by healthy gross margin improvement," said Gary Corona , Medtronic interim chief financial officer. "Looking ahead, our restored earnings power continues. We will accelerate both top and bottom line growth in Q4, resulting in high-single digit adjusted EPS growth in the back half of our fiscal year."

 

   Video Webcast Information
  Medtronic will host a video webcast today, February 18 , 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 FY25 fourth quarter results on Wednesday, May 21, 2025 . For fiscal year 2026, Medtronic plans to report its 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 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)    

 		 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY25 (4)  

 		 
 

  Adjusted
FY24 (4)  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY25 (5)  

 		 
 

  Adjusted
FY24 (5)  

 		 
 

  Growth  

 
 

    Cardiovascular    

 		 

   $     3,037   

 		 
 

   $     2,929   

 		 
 

   3.7 %   

 		 
 

   $        (38)   

 		 
 

   $     3,075   

 		 
 

   $     2,929   

 		 
 

   5.0 %   

 		 
 
 

   $     9,145   

 		 
 

   $     8,702   

 		 
 

   5.1 %   

 		 
 

   $        (62)   

 		 
 

   $     9,207   

 		 
 

   $     8,702   

 		 
 

   5.8 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  1,545  

 		 
 

  1,470  

 		 
 

  5.1  

 		 
 

  (18)  

 		 
 

  1,563  

 		 
 

  1,470  

 		 
 

  6.3  

 		 
 
 

  4,659  

 		 
 

  4,408  

 		 
 

  5.7  

 		 
 

  (26)  

 		 
 

  4,684  

 		 
 

  4,408  

 		 
 

  6.3  

 
 

  Structural Heart & Aortic  

 		 

  874  

 		 
 

  843  

 		 
 

  3.7  

 		 
 

  (13)  

 		 
 

  887  

 		 
 

  843  

 		 
 

  5.2  

 		 
 
 

  2,610  

 		 
 

  2,475  

 		 
 

  5.4  

 		 
 

  (21)  

 		 
 

  2,631  

 		 
 

  2,475  

 		 
 

  6.3  

 
 

  Coronary & Peripheral Vascular  

 		 

  618  

 		 
 

  616  

 		 
 

  0.3  

 		 
 

  (8)  

 		 
 

  626  

 		 
 

  616  

 		 
 

  1.6  

 		 
 
 

  1,876  

 		 
 

  1,818  

 		 
 

  3.2  

 		 
 

  (15)  

 		 
 

  1,891  

 		 
 

  1,818  

 		 
 

  4.0  

 
 

    Neuroscience    

 		 

   2,458   

 		 
 

   2,355   

 		 
 

   4.4   

 		 
 

   (21)   

 		 
 

   2,478   

 		 
 

   2,355   

 		 
 

   5.2   

 		 
 
 

   7,226   

 		 
 

   6,861   

 		 
 

   5.3   

 		 
 

   (29)   

 		 
 

   7,255   

 		 
 

   6,861   

 		 
 

   5.7   

 
 

  Cranial & Spinal Technologies  

 		 

  1,250  

 		 
 

  1,204  

 		 
 

  3.8  

 		 
 

  (9)  

 		 
 

  1,259  

 		 
 

  1,204  

 		 
 

  4.6  

 		 
 
 

  3,632  

 		 
 

  3,465  

 		 
 

  4.8  

 		 
 

  (15)  

 		 
 

  3,646  

 		 
 

  3,465  

 		 
 

  5.2  

 
 

  Specialty Therapies  

 		 

  732  

 		 
 

  726  

 		 
 

  0.8  

 		 
 

  (8)  

 		 
 

  740  

 		 
 

  726  

 		 
 

  1.9  

 		 
 
 

  2,181  

 		 
 

  2,126  

 		 
 

  2.6  

 		 
 

  (10)  

 		 
 

  2,191  

 		 
 

  2,126  

 		 
 

  3.1  

 
 

  Neuromodulation  

 		 

  476  

 		 
 

  425  

 		 
 

  12.0  

 		 
 

  (4)  

 		 
 

  480  

 		 
 

  425  

 		 
 

  12.9  

 		 
 
 

  1,413  

 		 
 

  1,270  

 		 
 

  11.2  

 		 
 

  (5)  

 		 
 

  1,417  

 		 
 

  1,270  

 		 
 

  11.6  

 
 

    Medical Surgical    

 		 

   2,072   

 		 
 

   2,112   

 		 
 

   (1.9)   

 		 
 

   (32)   

 		 
 

   2,104   

 		 
 

   2,112   

 		 
 

   (0.4)   

 		 
 
 

   6,196   

 		 
 

   6,219   

 		 
 

   (0.4)   

 		 
 

   (50)   

 		 
 

   6,246   

 		 
 

   6,219   

 		 
 

   0.4   

 
 

  Surgical & Endoscopy  

 		 

  1,596  

 		 
 

  1,616  

 		 
 

  (1.2)  

 		 
 

  (26)  

 		 
 

  1,622  

 		 
 

  1,616  

 		 
 

  0.4  

 		 
 
 

  4,790  

 		 
 

  4,803  

 		 
 

  (0.3)  

 		 
 

  (40)  

 		 
 

  4,829  

 		 
 

  4,803  

 		 
 

  0.5  

 
 

  Acute Care & Monitoring  

 		 

  476  

 		 
 

  495  

 		 
 

  (3.9)  

 		 
 

  (5)  

 		 
 

  481  

 		 
 

  495  

 		 
 

  (2.8)  

 		 
 
 

  1,406  

 		 
 

  1,416  

 		 
 

  (0.7)  

 		 
 

  (10)  

 		 
 

  1,417  

 		 
 

  1,416  

 		 
 

  —  

 
 

    Diabetes    

 		 

   694   

 		 
 

   640   

 		 
 

   8.4   

 		 
 

   (12)   

 		 
 

   706   

 		 
 

   640   

 		 
 

   10.4   

 		 
 
 

   2,027   

 		 
 

   1,829   

 		 
 

   10.8   

 		 
 

   (8)   

 		 
 

   2,035   

 		 
 

   1,829   

 		 
 

   11.3   

 
 

    Total Reportable Segments    

 		 

   8,260   

 		 
 

   8,035   

 		 
 

   2.8   

 		 
 

   (103)   

 		 
 

   8,363   

 		 
 

   8,035   

 		 
 

   4.1   

 		 
 
 

   24,593   

 		 
 

   23,610   

 		 
 

   4.2   

 		 
 

   (149)   

 		 
 

   24,742   

 		 
 

   23,610   

 		 
 

   4.8   

 
 

    Other (2)    

 		 

   32   

 		 
 

   53   

 		 
 

   (41.1)   

 		 
 

   (1)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   17   

 		 
 

   164   

 		 
 

   (89.9)   

 		 
 

   (3)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

    TOTAL    

 		 

   $     8,292   

 		 
 

   $     8,089   

 		 
 

   2.5 %   

 		 
 

   $      (104)   

 		 
 

   $     8,363   

 		 
 

   $     8,035   

 		 
 

   4.1 %   

 		 
 
 

   $    24,610   

 		 
 

   $    23,775   

 		 
 

   3.5 %   

 		 
 

   $      (152)   

 		 
 

   $    24,742   

 		 
 

   $    23,610   

 		 
 

   4.8 %   

 
 
 
 
            
 
 
 

  (1)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.  

 
 

  (2)  

 		 

  Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date 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 January 24, 2025 excludes $71 million of revenue adjustments related to $32 million of inorganic revenue for the transition activity noted in (2) and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $53 million of inorganic revenue related to the transition activity noted in (2).  

 
 

  (5)  

 		 

  The nine months ended January 24, 2025 excludes $132 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $106 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $164 million of inorganic revenue related to the transition activity noted in (2).  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                
 

   MEDTRONIC PLC   

 

   U.S. REVENUE   (1)(2)    

 

  (Unaudited)  

 
 
 
 

    THIRD QUARTER    

 		 
 
 

    YEAR-TO-DATE    

 
 
 

    REPORTED    

 		 
 

    ORGANIC    

 		 
 
 

    REPORTED    

 		 
 

    ORGANIC    

 
 

    (in millions)    

 		 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Adjusted
FY25  

 		 
 

  Adjusted
FY24  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Adjusted
FY25  

 		 
 

  Adjusted
FY24  

 		 
 

  Growth  

 
 

    Cardiovascular    

 		 

   $     1,405   

 		 
 

   $     1,373   

 		 
 

   2.4 %   

 		 
 

   $     1,405   

 		 
 

   $     1,373   

 		 
 

   2.4 %   

 		 
 
 

   $     4,242   

 		 
 

   $     4,149   

 		 
 

   2.2 %   

 		 
 

   $     4,242   

 		 
 

   $     4,149   

 		 
 

   2.2 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  775  

 		 
 

  745  

 		 
 

  4.1  

 		 
 

  775  

 		 
 

  745  

 		 
 

  4.1  

 		 
 
 

  2,309  

 		 
 

  2,247  

 		 
 

  2.8  

 		 
 

  2,309  

 		 
 

  2,247  

 		 
 

  2.8  

 
 

  Structural Heart & Aortic  

 		 

  372  

 		 
 

  363  

 		 
 

  2.6  

 		 
 

  372  

 		 
 

  363  

 		 
 

  2.6  

 		 
 
 

  1,129  

 		 
 

  1,087  

 		 
 

  3.9  

 		 
 

  1,129  

 		 
 

  1,087  

 		 
 

  3.9  

 
 

  Coronary & Peripheral Vascular  

 		 

  258  

 		 
 

  265  

 		 
 

  (2.8)  

 		 
 

  258  

 		 
 

  265  

 		 
 

  (2.8)  

 		 
 
 

  804  

 		 
 

  816  

 		 
 

  (1.4)  

 		 
 

  804  

 		 
 

  816  

 		 
 

  (1.4)  

 
 

    Neuroscience    

 		 

   1,689   

 		 
 

   1,556   

 		 
 

   8.5   

 		 
 

   1,689   

 		 
 

   1,556   

 		 
 

   8.5   

 		 
 
 

   4,931   

 		 
 

   4,614   

 		 
 

   6.9   

 		 
 

   4,931   

 		 
 

   4,614   

 		 
 

   6.9   

 
 

  Cranial & Spinal Technologies  

 		 

  943  

 		 
 

  875  

 		 
 

  7.8  

 		 
 

  943  

 		 
 

  875  

 		 
 

  7.8  

 		 
 
 

  2,724  

 		 
 

  2,560  

 		 
 

  6.4  

 		 
 

  2,724  

 		 
 

  2,560  

 		 
 

  6.4  

 
 

  Specialty Therapies  

 		 

  419  

 		 
 

  407  

 		 
 

  3.0  

 		 
 

  419  

 		 
 

  407  

 		 
 

  3.0  

 		 
 
 

  1,235  

 		 
 

  1,202  

 		 
 

  2.7  

 		 
 

  1,235  

 		 
 

  1,202  

 		 
 

  2.7  

 
 

  Neuromodulation  

 		 

  327  

 		 
 

  275  

 		 
 

  19.0  

 		 
 

  327  

 		 
 

  275  

 		 
 

  19.0  

 		 
 
 

  972  

 		 
 

  852  

 		 
 

  14.1  

 		 
 

  972  

 		 
 

  852  

 		 
 

  14.1  

 
 

    Medical Surgical    

 		 

   893   

 		 
 

   947   

 		 
 

   (5.8)   

 		 
 

   893   

 		 
 

   947   

 		 
 

   (5.8)   

 		 
 
 

   2,718   

 		 
 

   2,763   

 		 
 

   (1.6)   

 		 
 

   2,718   

 		 
 

   2,763   

 		 
 

   (1.6)   

 
 

  Surgical & Endoscopy  

 		 

  623  

 		 
 

  663  

 		 
 

  (6.1)  

 		 
 

  623  

 		 
 

  663  

 		 
 

  (6.1)  

 		 
 
 

  1,928  

 		 
 

  1,971  

 		 
 

  (2.2)  

 		 
 

  1,928  

 		 
 

  1,971  

 		 
 

  (2.2)  

 
 

  Acute Care & Monitoring  

 		 

  269  

 		 
 

  284  

 		 
 

  (5.1)  

 		 
 

  269  

 		 
 

  284  

 		 
 

  (5.1)  

 		 
 
 

  790  

 		 
 

  792  

 		 
 

  (0.2)  

 		 
 

  790  

 		 
 

  792  

 		 
 

  (0.2)  

 
 

    Diabetes    

 		 

   236   

 		 
 

   224   

 		 
 

   5.6   

 		 
 

   236   

 		 
 

   224   

 		 
 

   5.6   

 		 
 
 

   683   

 		 
 

   629   

 		 
 

   8.7   

 		 
 

   683   

 		 
 

   629   

 		 
 

   8.7   

 
 

    Total Reportable Segments    

 		 

   4,223   

 		 
 

   4,100   

 		 
 

   3.0   

 		 
 

   4,223   

 		 
 

   4,100   

 		 
 

   3.0   

 		 
 
 

   12,573   

 		 
 

   12,154   

 		 
 

   3.4   

 		 
 

   12,573   

 		 
 

   12,154   

 		 
 

   3.4   

 
 

    Other (3)    

 		 

   15   

 		 
 

   20   

 		 
 

   (26.4)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   51   

 		 
 

   65   

 		 
 

   (21.3)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

    TOTAL    

 		 

   $     4,237   

 		 
 

   $     4,120   

 		 
 

   2.8 %   

 		 
 

   $     4,223   

 		 
 

   $     4,100   

 		 
 

   3.0 %   

 		 
 
 

   $   12,624   

 		 
 

   $   12,219   

 		 
 

   3.3 %   

 		 
 

   $   12,573   

 		 
 

   $   12,154   

 		 
 

   3.4 %   

 
 
 
 
        
 
 
 

  (1)  

 		 

  U.S. includes the United States and U.S. territories.  

 
 

  (2)  

 		 

  The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.  

 
 

  (3)  

 		 

  Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.  

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
 

   MEDTRONIC PLC   

 

   INTERNATIONAL REVENUE   (1)    

 

  (Unaudited)  

 
 
 
 

    THIRD QUARTER    

 		 
 
 

    YEAR-TO-DATE    

 
 
 

    REPORTED    

 		 
 
 
 

    ORGANIC    

 		 
 
 

    REPORTED    

 		 
 
 
 

    ORGANIC    

 
 

    (in millions)    

 		 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY25 (4)  

 		 
 

  Adjusted
FY24 (4)  

 		 
 

  Growth  

 		 
 
 

  FY25  

 		 
 

  FY24  

 		 
 

  Growth  

 		 
 

  Currency
Impact (3)  

 		 
 

  Adjusted
FY25 (5)  

 		 
 

  Adjusted
FY24 (5)  

 		 
 

  Growth  

 
 

    Cardiovascular    

 		 

   $     1,632   

 		 
 

   $     1,556   

 		 
 

   4.9 %   

 		 
 

   $        (38)   

 		 
 

   $     1,670   

 		 
 

   $     1,556   

 		 
 

   7.3 %   

 		 
 
 

   $     4,904   

 		 
 

   $     4,552   

 		 
 

   7.7 %   

 		 
 

   $        (62)   

 		 
 

   $     4,966   

 		 
 

   $     4,552   

 		 
 

   9.1 %   

 
 

  Cardiac Rhythm & Heart Failure  

 		 

  770  

 		 
 

  726  

 		 
 

  6.1  

 		 
 

  (18)  

 		 
 

  788  

 		 
 

  726  

 		 
 

  8.6  

 		 
 
 

  2,350  

 		 
 

  2,161  

 		 
 

  8.7  

 		 
 

  (26)  

 		 
 

  2,376  

 		 
 

  2,161  

 		 
 

  9.9  

 
 

  Structural Heart & Aortic  

 		 

  502  

 		 
 

  480  

 		 
 

  4.6  

 		 
 

  (13)  

 		 
 

  515  

 		 
 

  480  

 		 
 

  7.2  

 		 
 
 

  1,482  

 		 
 

  1,389  

 		 
 

  6.7  

 		 
 

  (21)  

 		 
 

  1,503  

 		 
 

  1,389  

 		 
 

  8.2  

 
 

  Coronary & Peripheral Vascular  

 		 

  360  

 		 
 

  350  

 		 
 

  2.6  

 		 
 

  (8)  

 		 
 

  368  

 		 
 

  350  

 		 
 

  4.9  

 		 
 
 

  1,072  

 		 
 

  1,002  

 		 
 

  7.0  

 		 
 

  (15)  

 		 
 

  1,087  

 		 
 

  1,002  

 		 
 

  8.5  

 
 

    Neuroscience    

 		 

   769   

 		 
 

   799   

 		 
 

   (3.7)   

 		 
 

   (21)   

 		 
 

   790   

 		 
 

   799   

 		 
 

   (1.1)   

 		 
 
 

   2,295   

 		 
 

   2,248   

 		 
 

   2.1   

 		 
 

   (29)   

 		 
 

   2,324   

 		 
 

   2,248   

 		 
 

   3.4   

 
 

  Cranial & Spinal Technologies  

 		 

  307  

 		 
 

  329  

 		 
 

  (6.7)  

 		 
 

  (9)  

 		 
 

  316  

 		 
 

  329  

 		 
 

  (3.9)  

 		 
 
 

  907  

 		 
 

  905  

 		 
 

  0.3  

 		 
 

  (15)  

 		 
 

  922  

 		 
 

  905  

 		 
 

  1.9  

 
 

  Specialty Therapies  

 		 

  313  

 		 
 

  319  

 		 
 

  (2.0)  

 		 
 

  (8)  

 		 
 

  321  

 		 
 

  319  

 		 
 

  0.4  

 		 
 
 

  947  

 		 
 

  924  

 		 
 

  2.4  

 		 
 

  (10)  

 		 
 

  957  

 		 
 

  924  

 		 
 

  3.5  

 
 

  Neuromodulation  

 		 

  149  

 		 
 

  150  

 		 
 

  (0.7)  

 		 
 

  (4)  

 		 
 

  153  

 		 
 

  150  

 		 
 

  1.8  

 		 
 
 

  441  

 		 
 

  419  

 		 
 

  5.4  

 		 
 

  (5)  

 		 
 

  446  

 		 
 

  419  

 		 
 

  6.5  

 
 

    Medical Surgical    

 		 

   1,180   

 		 
 

   1,164   

 		 
 

   1.3   

 		 
 

   (32)   

 		 
 

   1,211   

 		 
 

   1,164   

 		 
 

   4.0   

 		 
 
 

   3,478   

 		 
 

   3,456   

 		 
 

   0.6   

 		 
 

   (50)   

 		 
 

   3,528   

 		 
 

   3,456   

 		 
 

   2.1   

 
 

  Surgical & Endoscopy  

 		 

  973  

 		 
 

  953  

 		 
 

  2.1  

 		 
 

  (26)  

 		 
 

  999  

 		 
 

  953  

 		 
 

  4.9  

 		 
 
 

  2,862  

 		 
 

  2,832  

 		 
 

  1.1  

 		 
 

  (40)  

 		 
 

  2,902  

 		 
 

  2,832  

 		 
 

  2.5  

 
 

  Acute Care & Monitoring  

 		 

  206  

 		 
 

  211  

 		 
 

  (2.3)  

 		 
 

  (5)  

 		 
 

  212  

 		 
 

  211  

 		 
 

  0.2  

 		 
 
 

  616  

 		 
 

  624  

 		 
 

  (1.4)  

 		 
 

  (10)  

 		 
 

  626  

 		 
 

  624  

 		 
 

  0.3  

 
 

    Diabetes    

 		 

   457   

 		 
 

   416   

 		 
 

   9.9   

 		 
 

   (12)   

 		 
 

   470   

 		 
 

   416   

 		 
 

   12.9   

 		 
 
 

   1,344   

 		 
 

   1,200   

 		 
 

   12.0   

 		 
 

   (8)   

 		 
 

   1,351   

 		 
 

   1,200   

 		 
 

   12.6   

 
 

    Total Reportable Segments    

 		 

   4,038   

 		 
 

   3,935   

 		 
 

   2.6   

 		 
 

   (103)   

 		 
 

   4,141   

 		 
 

   3,935   

 		 
 

   5.2   

 		 
 
 

   12,020   

 		 
 

   11,456   

 		 
 

   4.9   

 		 
 

   (149)   

 		 
 

   12,169   

 		 
 

   11,456   

 		 
 

   6.2   

 
 

    Other (2)    

 		 

   17   

 		 
 

   34   

 		 
 

   (49.8)   

 		 
 

   (1)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 		 
 
 

   (35)   

 		 
 

   99   

 		 
 

   (134.8)   

 		 
 

   (3)   

 		 
 

   —   

 		 
 

   —   

 		 
 

   —   

 
 

    TOTAL    

 		 

   $     4,055   

 		 
 

   $     3,968   

 		 
 

   2.2 %   

 		 
 

   $      (104)   

 		 
 

   $     4,141   

 		 
 

   $     3,935   

 		 
 

   5.2 %   

 		 
 
 

   $   11,986   

 		 
 

   $   11,555   

 		 
 

   3.7 %   

 		 
 

   $      (152)   

 		 
 

   $   12,169   

 		 
 

   $   11,456   

 		 
 

   6.2 %   

 
 
 
 
            
 
 
 

  (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 historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date 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 January 24, 2025 excludes $86 million of revenue adjustments related to $17 million of inorganic revenue for the transition activity noted in (2), and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $34 million of inorganic revenue related to the transition activity noted in (2).  

 
 

  (5)  

 		 

  The nine months ended January 24, 2025 excludes $183 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $55 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $99 million of inorganic revenue related to the transition activity noted in (2).  

 
 
 

 

 
 
                                                                                                                                                                                      
 

   MEDTRONIC PLC   

 

   CONSOLIDATED STATEMENTS OF INCOME   

 

  (Unaudited)  

 
 
 
 

    Three months ended    

 		 
 

    Nine months ended    

 
 

    (in millions, except per share data)    

 		 

    January 24,
2025    

 		 
 

    January 26,
2024    

 		 
 

    January 24,
2025    

 		 
 

    January 26,
2024    

 
 

    Net sales    

 		 

  $            8,292  

 		 
 

  $            8,089  

 		 
 

  $          24,610  

 		 
 

  $          23,775  

 
 

    Costs and expenses:    

 		 
 
 
 
 
 
 
 

  Cost of products sold, excluding amortization of intangible assets  

 		 

  2,779  

 		 
 

  2,782  

 		 
 

  8,485  

 		 
 

  8,172  

 
 

  Research and development expense  

 		 

  675  

 		 
 

  695  

 		 
 

  2,048  

 		 
 

  2,060  

 
 

  Selling, general, and administrative expense  

 		 

  2,717  

 		 
 

  2,673  

 		 
 

  8,129  

 		 
 

  7,971  

 
 

  Amortization of intangible assets  

 		 

  416  

 		 
 

  419  

 		 
 

  1,243  

 		 
 

  1,274  

 
 

  Restructuring charges, net  

 		 

  43  

 		 
 

  20  

 		 
 

  120  

 		 
 

  114  

 
 

  Certain litigation charges, net  

 		 

  22  

 		 
 

  —  

 		 
 

  104  

 		 
 

  105  

 
 

  Other operating (income) expense, net  

 		 

  (5)  

 		 
 

  17  

 		 
 

  (38)  

 		 
 

  (13)  

 
 

    Operating profit    

 		 

  1,646  

 		 
 

  1,483  

 		 
 

  4,519  

 		 
 

  4,091  

 
 

  Other non-operating income, net  

 		 

  (72)  

 		 
 

  (177)  

 		 
 

  (403)  

 		 
 

  (407)  

 
 

  Interest expense, net  

 		 

  179  

 		 
 

  188  

 		 
 

  555  

 		 
 

  517  

 
 

    Income before income taxes    

 		 

  1,540  

 		 
 

  1,472  

 		 
 

  4,367  

 		 
 

  3,982  

 
 

    Income tax provision    

 		 

  237  

 		 
 

  135  

 		 
 

  737  

 		 
 

  936  

 
 

    Net income    

 		 

  1,303  

 		 
 

  1,337  

 		 
 

  3,630  

 		 
 

  3,045  

 
 

    Net income attributable to noncontrolling interests    

 		 

  (9)  

 		 
 

  (15)  

 		 
 

  (24)  

 		 
 

  (23)  

 
 

    Net income attributable to Medtronic    

 		 

  $            1,294  

 		 
 

  $            1,322  

 		 
 

  $            3,606  

 		 
 

  $            3,022  

 
 

    Basic earnings per share    

 		 

  $              1.01  

 		 
 

  $              0.99  

 		 
 

  $              2.80  

 		 
 

  $              2.27  

 
 

    Diluted earnings per share    

 		 

  $              1.01  

 		 
 

  $              0.99  

 		 
 

  $              2.79  

 		 
 

  $              2.27  

 
 

    Basic weighted average shares outstanding    

 		 

  1,282.4  

 		 
 

  1,329.7  

 		 
 

  1,286.7  

 		 
 

  1,330.1  

 
 

    Diluted weighted average shares outstanding    

 		 

  1,286.2  

 		 
 

  1,331.7  

 		 
 

  1,290.6  

 		 
 

  1,332.4  

 
 
 
 
  
 
 

   The data in the schedule above has been intentionally rounded to the nearest million.   

 
 
 

 

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 

   MEDTRONIC PLC   

 

   GAAP TO NON-GAAP RECONCILIATIONS   (1)    

 

  (Unaudited)  

 
 
 
 

    Three months ended January 24, 2025    

 
 

    (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    

 		 

   $  8,292   

 		 
 

   $   2,779   

 		 
 

   66.5 %   

 		 
 

   $     1,646   

 		 
 

   19.9 %   

 		 
 

   $    1,540   

 		 
 

   $       1,294   

 		 
 

   $     1.01   

 		 
 

   15.4 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  416  

 		 
 

  5.0  

 		 
 

  416  

 		 
 

  339  

 		 
 

  0.26  

 		 
 

  18.5  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (4)  

 		 
 

  —  

 		 
 

  46  

 		 
 

  0.6  

 		 
 

  46  

 		 
 

  37  

 		 
 

  0.03  

 		 
 

  19.6  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (1)  

 		 
 

  —  

 		 
 

  28  

 		 
 

  0.3  

 		 
 

  28  

 		 
 

  23  

 		 
 

  0.02  

 		 
 

  17.9  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  22  

 		 
 

  0.3  

 		 
 

  22  

 		 
 

  18  

 		 
 

  0.01  

 		 
 

  22.7  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  68  

 		 
 

  52  

 		 
 

  0.04  

 		 
 

  22.1  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (8)  

 		 
 

  0.1  

 		 
 

  11  

 		 
 

  0.1  

 		 
 

  11  

 		 
 

  9  

 		 
 

  0.01  

 		 
 

  18.2  

 
 

  Certain tax adjustments, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  15  

 		 
 

  0.01  

 		 
 

  —  

 
 

    Non-GAAP    

 		 

   $  8,292   

 		 
 

   $   2,766   

 		 
 

   66.6 %   

 		 
 

   $     2,169   

 		 
 

   26.2 %   

 		 
 

   $    2,130   

 		 
 

   $       1,787   

 		 
 

   $     1.39   

 		 
 

   15.7 %   

 
 

  Currency impact  

 		 

  104  

 		 
 

  61  

 		 
 

  (0.3)  

 		 
 

  (4)  

 		 
 

  (0.4)  

 		 
 
 
 
 
 

  (0.01)  

 		 
 
 

    Currency Adjusted    

 		 

   $  8,396   

 		 
 

   $   2,827   

 		 
 

   66.3 %   

 		 
 

   $     2,165   

 		 
 

   25.8 %   

 		 
 
 
 
 
 

   $     1.38   

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

    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 %   

 
 
 
 
               
 
 
 

  See description of non-GAAP financial measures contained in the press release dated February 18, 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)  

 		 

  Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.  

 
 

  (3)  

 		 

  The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges.  

 
 

  (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 24, 2025    

 
 

    (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    

 		 

   $ 24,610   

 		 
 

   $   8,485   

 		 
 

   65.5 %   

 		 
 

   $     4,519   

 		 
 

   18.4 %   

 		 
 

   $    4,367   

 		 
 

   $         3,606   

 		 
 

   $     2.79   

 		 
 

   16.9 %   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Amortization of intangible assets  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  1,243  

 		 
 

  4.9  

 		 
 

  1,243  

 		 
 

  1,017  

 		 
 

  0.79  

 		 
 

  18.3  

 
 

  Restructuring and associated costs (2)  

 		 

  —  

 		 
 

  (24)  

 		 
 

  0.1  

 		 
 

  154  

 		 
 

  0.6  

 		 
 

  154  

 		 
 

  124  

 		 
 

  0.10  

 		 
 

  19.5  

 
 

  Acquisition and divestiture-related items (3)  

 		 

  —  

 		 
 

  (17)  

 		 
 

  —  

 		 
 

  15  

 		 
 

  0.1  

 		 
 

  15  

 		 
 

  3  

 		 
 

  —  

 		 
 

  73.3  

 
 

  Certain litigation charges, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  104  

 		 
 

  0.4  

 		 
 

  104  

 		 
 

  86  

 		 
 

  0.07  

 		 
 

  17.3  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  41  

 		 
 

  14  

 		 
 

  0.01  

 		 
 

  61.0  

 
 

  Medical device regulations (5)  

 		 

  —  

 		 
 

  (27)  

 		 
 

  0.1  

 		 
 

  38  

 		 
 

  0.2  

 		 
 

  38  

 		 
 

  30  

 		 
 

  0.02  

 		 
 

  21.1  

 
 

  Other (6)  

 		 

  90  

 		 
 

  —  

 		 
 

  0.2  

 		 
 

  90  

 		 
 

  0.4  

 		 
 

  90  

 		 
 

  70  

 		 
 

  0.05  

 		 
 

  22.2  

 
 

  Certain tax adjustments, net (7)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  49  

 		 
 

  0.04  

 		 
 

  —  

 
 

    Non-GAAP    

 		 

   $ 24,700   

 		 
 

   $   8,417   

 		 
 

   65.9 %   

 		 
 

   $     6,162   

 		 
 

   24.9 %   

 		 
 

   $    6,051   

 		 
 

   $         4,999   

 		 
 

   $     3.87   

 		 
 

   17.0 %   

 
 

  Currency impact  

 		 

  150  

 		 
 

  (72)  

 		 
 

  0.5  

 		 
 

  241  

 		 
 

  0.9  

 		 
 
 
 
 
 

  0.15  

 		 
 
 

    Currency Adjusted    

 		 

   $ 24,850   

 		 
 

   $   8,345   

 		 
 

   66.4 %   

 		 
 

   $     6,403   

 		 
 

   25.8 %   

 		 
 
 
 
 
 

   $     4.02   

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

    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, net  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  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 (8)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  282  

 		 
 

  0.21  

 		 
 

  —  

 
 

    Non-GAAP    

 		 

   $ 23,775   

 		 
 

   $   8,046   

 		 
 

   66.2 %   

 		 
 

   $     5,961   

 		 
 

   25.1 %   

 		 
 

   $    5,965   

 		 
 

   $         4,988   

 		 
 

   $     3.74   

 		 
 

   16.0 %   

 
 
 
 
                   
 
 
 

  See description of non-GAAP financial measures contained in the press release dated February 18, 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)  

 		 

  Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.  

 
 

  (3)  

 		 

  The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.  

 
 

  (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)  

 		 

  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.  

 
 

  (7)  

 		 

  Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions.  

 
 

  (8)  

 		 

  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 January 24, 2025    

 
 

    (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    

 		 

   $      8,292   

 		 
 

   $     2,717   

 		 
 

   32.8 %   

 		 
 

   $       675   

 		 
 

   8.1 %   

 		 
 

   $           (5)   

 		 
 

   (0.1) %   

 		 
 

   $           (72)   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Acquisition and divestiture-related items (2)  

 		 

  —  

 		 
 

  (13)  

 		 
 

  (0.2)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (13)  

 		 
 

  (0.2)  

 		 
 

  —  

 
 

  Medical device regulations (3)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (68)  

 
 

    Non-GAAP    

 		 

   $      8,292   

 		 
 

   $     2,704   

 		 
 

   32.6 %   

 		 
 

   $       672   

 		 
 

   8.1 %   

 		 
 

   $         (18)   

 		 
 

   (0.2) %   

 		 
 

   $          (140)   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

    Nine months ended January 24, 2025    

 
 

    (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    

 		 

   $    24,610   

 		 
 

   $     8,129   

 		 
 

   33.0 %   

 		 
 

   $    2,048   

 		 
 

   8.3 %   

 		 
 

   $         (38)   

 		 
 

   (0.2) %   

 		 
 

   $          (403)   

 
 

  Non-GAAP Adjustments:  

 		 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  Restructuring and associated costs (5)  

 		 

  —  

 		 
 

  (10)  

 		 
 

  (0.1)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Acquisition and divestiture-related items (2)  

 		 

  —  

 		 
 

  (40)  

 		 
 

  (0.3)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  42  

 		 
 

  0.2  

 		 
 

  —  

 
 

  Medical device regulations (3)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (10)  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  Other (6)  

 		 

  90  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 
 

  (Gain)/loss on minority investments (4)  

 		 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  —  

 		 
 

  (41)  

 
 

    Non-GAAP    

 		 

   $    24,700   

 		 
 

   $     8,078   

 		 
 

   32.7 %   

 		 
 

   $    2,038   

 		 
 

   8.3 %   

 		 
 

   $             4   

 		 
 

   — %   

 		 
 

   $          (443)   

 
 
 
 
               
 
 
 

  See description of non-GAAP financial measures contained in the press release dated February 18, 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 business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.  

 
 

  (3)  

 		 

  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.  

 
 

  (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, and asset write-offs.  

 
 

  (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)  

 
 
 
 

    Nine months ended    

 
 

    (in millions)    

 		 

    January 24, 2025    

 		 
 

    January 26, 2024    

 
 

    Net cash provided by operating activities    

 		 

  $                      4,516  

 		 
 

  $                      4,010  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,400)  

 		 
 

  (1,161)  

 
 

    Free Cash Flow (2)    

 		 

  $                      3,116  

 		 
 

  $                      2,849  

 
 
 
 
       
 
 
 

  See description of non-GAAP financial measures contained in the press release dated February 18, 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)    

 		 
 

    January 24, 2025    

 		 
 

    April 26, 2024    

 
 

     ASSETS     

 		 
 
 
 
 

    Current assets:    

 		 
 
 
 
 

  Cash and cash equivalents  

 		 
 

  $               1,240  

 		 
 

  $               1,284  

 
 

  Investments  

 		 
 

  6,682  

 		 
 

  6,721  

 
 

  Accounts receivable, less allowances and credit losses of $204 and $173, respectively  

 		 
 

  6,115  

 		 
 

  6,128  

 
 

  Inventories  

 		 
 

  5,610  

 		 
 

  5,217  

 
 

  Other current assets  

 		 
 

  2,865  

 		 
 

  2,584  

 
 

    Total current assets    

 		 
 

  22,513  

 		 
 

  21,935  

 
 

    Property, plant, and equipment, net    

 		 
 

  6,593  

 		 
 

  6,131  

 
 

    Goodwill    

 		 
 

  40,819  

 		 
 

  40,986  

 
 

    Other intangible assets, net    

 		 
 

  12,184  

 		 
 

  13,225  

 
 

    Tax assets    

 		 
 

  3,614  

 		 
 

  3,657  

 
 

    Other assets    

 		 
 

  4,250  

 		 
 

  4,047  

 
 

    Total assets    

 		 
 

  $             89,973  

 		 
 

  $             89,981  

 
 

     LIABILITIES AND EQUITY     

 		 
 
 
 
 

    Current liabilities:    

 		 
 
 
 
 

  Current debt obligations  

 		 
 

  $               2,622  

 		 
 

  $               1,092  

 
 

  Accounts payable  

 		 
 

  2,286  

 		 
 

  2,410  

 
 

  Accrued compensation  

 		 
 

  2,281  

 		 
 

  2,375  

 
 

  Accrued income taxes  

 		 
 

  1,125  

 		 
 

  1,330  

 
 

  Other accrued expenses  

 		 
 

  3,526  

 		 
 

  3,582  

 
 

    Total current liabilities    

 		 
 

  11,840  

 		 
 

  10,789  

 
 

    Long-term debt    

 		 
 

  23,985  

 		 
 

  23,932  

 
 

    Accrued compensation and retirement benefits    

 		 
 

  1,063  

 		 
 

  1,101  

 
 

    Accrued income taxes    

 		 
 

  1,485  

 		 
 

  1,859  

 
 

    Deferred tax liabilities    

 		 
 

  452  

 		 
 

  515  

 
 

    Other liabilities    

 		 
 

  1,533  

 		 
 

  1,365  

 
 

    Total liabilities    

 		 
 

  40,358  

 		 
 

  39,561  

 
 

    Commitments and contingencies    

 		 
 
 
 
 

    Shareholders' equity:    

 		 
 
 
 
 

  Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,283,266,154 and  

 

  1,311,337,531 shares issued and outstanding, respectively  

 		 
 

  —  

 		 
 

  —  

 
 

  Additional paid-in capital  

 		 
 

  20,910  

 		 
 

  23,129  

 
 

  Retained earnings  

 		 
 

  31,317  

 		 
 

  30,403  

 
 

  Accumulated other comprehensive loss  

 		 
 

  (2,839)  

 		 
 

  (3,318)  

 
 

    Total shareholders' equity    

 		 
 

  49,387  

 		 
 

  50,214  

 
 

  Noncontrolling interests  

 		 
 

  228  

 		 
 

  206  

 
 

    Total equity    

 		 
 

  49,615  

 		 
 

  50,420  

 
 

    Total liabilities and equity    

 		 
 

  $             89,973  

 		 
 

  $             89,981  

 
 
 
 
  
 
 

   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 24, 2025    

 		 
 

    January 26, 2024    

 
 

    Operating Activities:    

 		 
 
 
 

  Net income  

 		 

  $                3,630  

 		 
 

  $                3,045  

 
 

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

 		 
 
 
 

  Depreciation and amortization  

 		 

  2,021  

 		 
 

  1,993  

 
 

  Provision for credit losses  

 		 

  96  

 		 
 

  62  

 
 

  Deferred income taxes  

 		 

  (81)  

 		 
 

  (250)  

 
 

  Stock-based compensation  

 		 

  340  

 		 
 

  303  

 
 

  Other, net  

 		 

  14  

 		 
 

  265  

 
 

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

 		 
 
 
 

  Accounts receivable, net  

 		 

  (184)  

 		 
 

  (140)  

 
 

  Inventories  

 		 

  (478)  

 		 
 

  (530)  

 
 

  Accounts payable and accrued liabilities  

 		 

  (157)  

 		 
 

  (253)  

 
 

  Other operating assets and liabilities  

 		 

  (685)  

 		 
 

  (485)  

 
 

    Net cash provided by operating activities    

 		 

  4,516  

 		 
 

  4,010  

 
 

    Investing Activities:    

 		 
 
 
 

  Acquisitions, net of cash acquired  

 		 

  (98)  

 		 
 

  (74)  

 
 

  Additions to property, plant, and equipment  

 		 

  (1,400)  

 		 
 

  (1,161)  

 
 

  Purchases of investments  

 		 

  (6,093)  

 		 
 

  (5,422)  

 
 

  Sales and maturities of investments  

 		 

  6,255  

 		 
 

  5,142  

 
 

  Other investing activities, net  

 		 

  (111)  

 		 
 

  (155)  

 
 

    Net cash used in investing activities    

 		 

  (1,447)  

 		 
 

  (1,670)  

 
 

    Financing Activities:    

 		 
 
 
 

  Change in current debt obligations, net  

 		 

  (1,070)  

 		 
 

  1,010  

 
 

  Issuance of long-term debt  

 		 

  3,209  

 		 
 

  —  

 
 

  Dividends to shareholders  

 		 

  (2,692)  

 		 
 

  (2,753)  

 
 

  Issuance of ordinary shares  

 		 

  400  

 		 
 

  206  

 
 

  Repurchase of ordinary shares  

 		 

  (2,961)  

 		 
 

  (510)  

 
 

  Other financing activities, net  

 		 

  96  

 		 
 

  (44)  

 
 

    Net cash used in financing activities    

 		 

  (3,018)  

 		 
 

  (2,091)  

 
 

  Effect of exchange rate changes on cash and cash equivalents  

 		 

  (95)  

 		 
 

  (170)  

 
 

    Net change in cash and cash equivalents    

 		 

  (44)  

 		 
 

  80  

 
 

  Cash and cash equivalents at beginning of period  

 		 

  1,284  

 		 
 

  1,543  

 
 

    Cash and cash equivalents at end of period    

 		 

  $                1,240  

 		 
 

  $                1,623  

 
 
 
 
 
 

    Supplemental Cash Flow Information    

 		 
 
 
 

  Cash paid for:  

 		 
 
 
 

  Income taxes  

 		 

  $                1,515  

 		 
 

  $                1,403  

 
 

  Interest  

 		 

  567  

 		 
 

  568  

 
 
 
 
  
 
 

   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 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 www.Medtronic.com and follow on 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, changing global trade policies, 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 2024, and references to sequential changes are in comparison to the prior fiscal quarter.  

 

  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.  

 

  -end-  

 
 
          
 

   Contacts:   

 		 
 
 
 

  Erika Winkels  

 		 

  Ryan Weispfenning  

 
 

  Public Relations  

 		 

  Investor Relations  

 
 

  +1-763-526-8478  

 		 

  +1-763-505-4626  

 
 
 

 

 
 

   

 
 
 

   

 

  

 

  (PRNewsfoto/Medtronic plc) 

 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-reports-third-quarter-fiscal-2025-financial-results-302378617.html  

 

SOURCE Medtronic plc

 
 

 

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

 
 

  2024 ATCO AGM (CNW Group/ATCO Ltd.) 

 

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    •  
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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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