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Calgary, Alberta May 24, 2024 - TheNewswire . Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) announces that it has completed the first tranche of the private placement of debentures previously announced by the Corporation on May 15, 2024.
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Calgary, Alberta TheNewswire - February 29, 2024 - Ocumetics Technology Corp. ("Ocumetics") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO), is pleased to invite investors and other interested parties to attend an upcoming interview with Market Radius Research.
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Calgary, Alberta TheNewswire - December 21, 2023 - Ocumetics Technology Corp. (" Ocumetics " or the " Corporation ") (TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) is pleased to announce that the TSX Venture Exchange has granted a 15-day extension to close the Corporation's non-brokered private placement announced on November 15, 2023. The new closing deadline for the private placement is January 15, 2024.
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Ocumetics Technology Corp. (" Ocumetics ") ( TSXV:OTC) (OTC:OTCFF) (FRA:2QBO) a pioneer in the field of ophthalmic innovation, announces a webinar to discuss the successful completion of its biocompatibility animal study and its upcoming first-in-human study, anticipated to commence in Q1 2024 in the Dominican Republic
Dean Burns, CEO of Ocumetics and 27-year Alcon veteran, will lead the presentation.
Click Image To View Full Size
Join the webinar to:
Learn more about the significance of the biocompatibility animal study;
Learn more about the upcoming first-in-human study; and
Ask questions regarding the Ocumetics Accommodating Lens and the company's plans.
Details are as follows:
Date: December 20, 2023
Time: 18:00 EST
RSVP: https://ocumetics.com/webinar-december-20-2023/
About Ocumetics
Ocumetics Technology Corp. ( TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO), headquartered in Calgary, Alberta, Canada, is an innovator in the field of ophthalmic technology, dedicated to developing and commercializing advanced vision correction solutions that enhance the quality of life for individuals worldwide.
Ocumetics is in the preclinical study stage of a game-changing technology for the ophthalmic industry. In its pursuit of a next generation interocular lens solution, Ocumetics has developed the Ocumetics Accommodating Lens, an expandable intraocular lens that fits within the natural lens compartment of the eye potentially to eliminate the need for corrective lenses. It is designed to allow the eye's natural muscle activity to seamlessly shift focus from distance to intermediate to near.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dean Burns
President and CEO
(817) 874-7564
Dayton Marks
Director
(778) 347-2500
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2023 TheNewswire - All rights reserved.
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- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced it will participate in Bernstein's 41st Strategic Decisions Conference on Thursday, May 29, 2025 .
Geoff Martha , Medtronic chairman and chief executive officer, will make a formal presentation beginning at 11:00 a.m. EDT ( 10:00 a.m. CDT ). Immediately following the presentation, Martha will be joined by Thierry Piéton, Medtronic executive vice president and chief financial officer, to answer questions about the company.
A live webcast of the presentation and Q&A session will be available on May 29, 2025 , by clicking on the Events link at http://investorrelations.medtronic.com . An archive of the presentation and Q&A session will be available on the same webpage later in the day.
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, visit www.Medtronic.com and follow Medtronic on LinkedIn .
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts
Erika Winkels
Public Relations
+1-763-526-8478
Ryan Weispfenning
Investor Relations
+1-763-505-4626
View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-chairman-and-ceo-geoff-martha-to-speak-at-bernsteins-strategic-decisions-conference-302464579.html
SOURCE Medtronic plc
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/23/c1651.html
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Building momentum in key franchises including Pulsed Field Ablation, TAVR, Cardiac Rhythm Management, Diabetes, Spine, and Neuromodulation
Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its fourth quarter (Q4) and fiscal year 2025 (FY25), which ended April 25, 2025 .
Q4 Key Highlights
Additional Key Highlights
Q4 Financial Results
Medtronic reported Q4 worldwide revenue of $8.927 billion , an increase of 3.9% as reported and 5.4% on an organic basis. The Q4 organic revenue growth comparison excludes:
Q4 GAAP operating profit and operating margin were $1.436 billion and 16.1%, respectively, increases of 36% and 380 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q4 non-GAAP operating profit and operating margin were $2.486 billion and 27.8%, respectively, increases of 8% and 90 basis points, respectively.
Q4 GAAP net income and diluted earnings per share (EPS) were $1.057 billion and $0.82 , respectively, increases of 62% and 67%, respectively. As detailed in the financial schedules included at the end of this release, Q4 non-GAAP net income and non-GAAP diluted EPS were $2.080 billion and $1.62 , respectively, increases of 8% and 11%, respectively. Included in Q4 non-GAAP diluted EPS was a -7 cent impact from foreign currency translation. Q4 non-GAAP diluted EPS on a constant currency basis increased 16%.
FY25 Financial Results
Medtronic reported FY25 worldwide revenue of $33.537 billion and adjusted revenue of $33.627 billion , an increase of 3.6% as reported and 4.9% on an organic basis. The FY25 organic revenue growth comparison excludes:
FY25 GAAP operating profit and operating margin were $5.955 billion and 17.8%, respectively, increases of 16% and 190 basis points respectively. As detailed in the financial schedules included at the end of the release, FY25 non-GAAP operating profit and operating margin were $8.648 billion and 25.7%, respectively, increases of 5% and 10 basis points, respectively. On a constant currency basis, FY25 non-GAAP operating profit and operating margin increased 9% and 100 basis points, respectively.
FY25 GAAP net income and diluted earnings per share (EPS) were $4.662 billion and $3.61 , respectively, representing increases of 27% and 31%, respectively. As detailed in the financial schedules included at the end of this release, fiscal year 2025 non-GAAP net income and non-GAAP diluted EPS were $7.079 billion and $5.49 , respectively, representing increases of 2% and 6%, respectively. Included in FY25 non-GAAP diluted EPS was a -22 cent impact from foreign currency translation. FY25 non-GAAP diluted EPS on a constant currency basis increased 10%.
FY25 cash from operations of $7.044 billion increased 4%. FY25 free cash flow of $5.185 billion was unchanged, representing free cash flow conversion from non-GAAP net earnings of 73%.
"We had a strong close to our fiscal year, and I'm excited to see the progress we are making as our growth drivers continue to build momentum. Operationally, we translated our accelerating revenue growth into earnings leverage, as we delivered at the upper end of the commitments that we laid out a year ago," said Geoff Martha , Medtronic chairman and chief executive officer. "The underlying fundamentals of our business are strong, and they are getting stronger. We are now at an inflection point as we accelerate our speed of travel to higher, more profitable growth."
Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. FY25 revenue of $12.481 billion increased 5.5% as reported and 6.3% organic, with high-single digit organic increases in CRHF and SH&A, and a low-single digit organic increase in CPV. Q4 revenue of $3.336 billion increased 6.6% as reported and 7.8% organic, with a low-double digit increase in CRHF, high-single digit increase in SH&A, and low-single digit increase in CPV, all on an organic basis.
Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. FY25 revenue of $9.846 billion increased 4.7% reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis. Q4 revenue of $2.620 billion increased 2.9% as reported and 3.7% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit decrease in Specialty Therapies, all on an organic basis.
Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. FY25 revenue of $8.407 decreased 0.1% reported and increased 0.8% organic, with low-single digit organic growth in both SE and ACM. Q4 revenue of $2.212 billion grew 0.6% as reported and 2.0% organic, with low-single digit organic growth in both SE and ACM.
Diabetes
Diabetes FY25 revenue of $2.755 billion increased 10.7% as reported and 11.5% organic. Q4 revenue of $728 million increased 10.4% as reported and 12.0% organic, the sixth consecutive quarter of double-digit organic growth.
Medtronic to Separate Diabetes Business
As part of its ongoing portfolio management strategy, Medtronic today announced its intent to separate its Diabetes business into a new standalone public company. The separation is expected to be completed within 18 months through a series of capital markets transactions, with a preferred path of an initial public offering (IPO) and subsequent split-off. Additional details are available in a separate press release and presentation. The press release is available at news.medtronic.com and a PDF of the presentation can be viewed by clicking here .
Cardiovascular Leadership Transition
Sean Salmon , executive vice president and president, Cardiovascular Portfolio, will be leaving Medtronic. Skip Kiil , senior vice president and president of the Medtronic Cranial and Spinal Technologies (CST) business, has been promoted to executive vice president and president Cardiovascular Portfolio, effective immediately. Skip will report to Geoff Martha and will become a member of the Medtronic Executive Committee. Michael Carter , vice president and general manager, Spine, will succeed Kiil as senior vice president and president, CST.
"We are grateful to Sean for his more than 20 years of dedication to serving our Medtronic Mission – and for leading our Cardiovascular portfolio in developing some of the most exciting new technologies that are making an impact in the market today and accelerating our Cardiovascular growth," said Martha. "Skip's appointment comes at an exciting time for our Cardiovascular businesses. His global mindset, and proven track record of commercialization and market development will support our strong Cardiovascular team in further advancing the impact and momentum of these exciting therapies. Skip will be a great addition to both the Medtronic Executive Committee and our Cardiovascular leadership team."
Dividend Increase
The company today announced that effective May 20, 2025 , the Medtronic board of directors approved an increase in Medtronic's cash dividend for the first quarter of fiscal year 2026, raising the quarterly amount to $0.71 per ordinary share. This would translate into an annual amount of $2.84 per ordinary share. Today's announcement marks the 48th consecutive year of an increase in the dividend payment. The dividend is payable on July 11, 2025 , to shareholders of record at the close of business on June 27, 2025 .
Guidance
The company today issued its fiscal year 2026 (FY26) revenue growth and EPS guidance.
The company is guiding to FY26 organic revenue growth of approximately 5%. The organic revenue growth guidance excludes the impact of foreign currency exchange and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY26 revenue growth on a reported basis would be in the range of 4.8% to 5.1%.
Excluding the potential impacts from increased tariffs, Medtronic expects FY26 diluted non-GAAP EPS growth to be approximately 4%. This includes an expectation for non-GAAP operating profit to grow faster than organic revenue, partially offset by increased interest and tax expense. Including a potential impact from tariffs as detailed in the company's earnings presentation, Medtronic is guiding FY26 diluted non-GAAP EPS in the range of $5.50 to $5.60 . The lower end of the EPS range assumes that the bilateral US/ China tariffs resume at the higher rates following the 90 day pause, while the higher end of the EPS range assumes that the bilateral US/ China tariffs currently in effect during the pause remain in place through fiscal year 2026.
"Our fiscal 2026 guidance reflects increasing revenue growth contribution from our key growth drivers, and increased investment to support their growth, leading to leveraged operating profit growth pre-tariffs. In addition, the team has rallied to identify opportunities to offset a large portion of tariffs, and we have high confidence in our ability to execute additional mitigation efforts," said Thierry Piéton, Medtronic chief financial officer, who joined the company on March 3, 2025 . "This is an exciting time to join Medtronic. I am energized by the opportunities for durable growth and value creation ahead of us."
Video Webcast Information
Medtronic will host a video webcast today, May 21 , at 8:00 a.m. EDT ( 7:00 a.m. CDT ) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at 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 Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com .
Medtronic plans to report its FY26 first, second, third, and fourth quarter results on Tuesday, August 19, 2025 , November 18, 2025 , February 17, 2026 , and Wednesday, May 20, 2026 , respectively. Confirmation and additional details will be provided closer to the specific event.
Financial Schedules and Earnings Presentation
The fourth quarter and full year financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com . To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here . To view the fourth quarter earnings presentation, click here .
About 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, material acquisition and divestiture transactions, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.
NON-GAAP FINANCIAL 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. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis.
Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.
Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
Contacts:
Erika Winkels
Public Relations
+1-763-526-8478
Ryan Weispfenning
Investor Relations
+1-763-505-4626
WORLDWIDE REVENUE (1) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
FOURTH QUARTER | FISCAL YEAR | |||||||||||||||||||||||||||
REPORTED | ORGANIC | REPORTED | ORGANIC | |||||||||||||||||||||||||
(in millions) | FY25 | FY24 | Growth | Currency | FY25 (4) | FY24 (4) | Growth | FY25 | FY24 | Growth | Currency | FY25 (5) | FY24 (5) | Growth | ||||||||||||||
Cardiovascular | $ 3,336 | $ 3,130 | 6.6 % | $ (37) | $ 3,373 | $ 3,130 | 7.8 % | $ 12,481 | $ 11,831 | 5.5 % | $ (99) | $ 12,580 | $ 11,831 | 6.3 % | ||||||||||||||
Cardiac Rhythm & Heart Failure | 1,733 | 1,587 | 9.2 | (18) | 1,751 | 1,587 | 10.3 | 6,392 | 5,995 | 6.6 | (43) | 6,435 | 5,995 | 7.3 | ||||||||||||||
Structural Heart & Aortic | 944 | 883 | 7.0 | (11) | 955 | 883 | 8.3 | 3,554 | 3,358 | 5.8 | (32) | 3,587 | 3,358 | 6.8 | ||||||||||||||
Coronary & Peripheral Vascular | 659 | 660 | (0.1) | (8) | 667 | 660 | 1.0 | 2,535 | 2,478 | 2.3 | (23) | 2,558 | 2,478 | 3.2 | ||||||||||||||
Neuroscience | 2,620 | 2,545 | 2.9 | (18) | 2,638 | 2,545 | 3.7 | 9,846 | 9,406 | 4.7 | (47) | 9,893 | 9,406 | 5.2 | ||||||||||||||
Cranial & Spinal Technologies | 1,342 | 1,291 | 3.9 | (7) | 1,348 | 1,291 | 4.4 | 4,973 | 4,756 | 4.6 | (21) | 4,995 | 4,756 | 5.0 | ||||||||||||||
Specialty Therapies | 759 | 778 | (2.5) | (7) | 766 | 778 | (1.6) | 2,940 | 2,905 | 1.2 | (17) | 2,957 | 2,905 | 1.8 | ||||||||||||||
Neuromodulation | 520 | 475 | 9.3 | (4) | 524 | 475 | 10.2 | 1,932 | 1,746 | 10.7 | (9) | 1,941 | 1,746 | 11.2 | ||||||||||||||
Medical Surgical | 2,212 | 2,198 | 0.6 | (30) | 2,241 | 2,198 | 2.0 | 8,407 | 8,417 | (0.1) | (80) | 8,487 | 8,417 | 0.8 | ||||||||||||||
Surgical & Endoscopy | 1,709 | 1,705 | 0.2 | (25) | 1,734 | 1,705 | 1.7 | 6,498 | 6,508 | (0.2) | (65) | 6,563 | 6,508 | 0.8 | ||||||||||||||
Acute Care & Monitoring | 503 | 492 | 2.1 | (5) | 508 | 492 | 3.1 | 1,909 | 1,908 | — | (15) | 1,924 | 1,908 | 0.8 | ||||||||||||||
Diabetes | 728 | 660 | 10.4 | (11) | 739 | 660 | 12.0 | 2,755 | 2,488 | 10.7 | (18) | 2,774 | 2,488 | 11.5 | ||||||||||||||
Total Reportable Segments | 8,896 | 8,532 | 4.3 | (95) | 8,991 | 8,532 | 5.4 | 33,489 | 32,142 | 4.2 | (244) | 33,733 | 32,142 | 4.9 | ||||||||||||||
Other (2) | 31 | 57 | (45.7) | (1) | — | — | — | 48 | 221 | (78.5) | (3) | — | — | — | ||||||||||||||
TOTAL | $ 8,927 | $ 8,589 | 3.9 % | $ (96) | $ 8,991 | $ 8,532 | 5.4 % | $ 33,537 | $ 32,364 | 3.6 % | $ (247) | $ 33,733 | $ 32,142 | 4.9 % | ||||||||||||||
(1) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. |
(3) | The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. |
(4) | The three months ended April 25, 2025 excludes $64 million of revenue adjustments related to $31 million of inorganic revenue for the transition activity noted in (2) and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $57 million of inorganic revenue related to the transition activity noted in (2). |
(5) | The twelve months ended April 25, 2025 excludes $196 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $137 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $221 million of inorganic revenue related to the transition activity noted in (2). |
U.S. REVENUE (1)(2) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
FOURTH QUARTER | FISCAL YEAR | |||||||||||||||||||||||
REPORTED | ORGANIC | REPORTED | ORGANIC | |||||||||||||||||||||
(in millions) | FY25 | FY24 | Growth | FY25 | FY24 | Growth | FY25 | FY24 | Growth | FY25 | FY24 | Growth | ||||||||||||
Cardiovascular | $ 1,563 | $ 1,448 | 8.0 % | $ 1,563 | $ 1,448 | 8.0 % | $ 5,804 | $ 5,597 | 3.7 % | $ 5,804 | $ 5,597 | 3.7 % | ||||||||||||
Cardiac Rhythm & Heart Failure | 875 | 791 | 10.7 | 875 | 791 | 10.7 | 3,184 | 3,037 | 4.8 | 3,184 | 3,037 | 4.8 | ||||||||||||
Structural Heart & Aortic | 404 | 366 | 10.2 | 404 | 366 | 10.2 | 1,532 | 1,453 | 5.5 | 1,532 | 1,453 | 5.5 | ||||||||||||
Coronary & Peripheral Vascular | 284 | 291 | (2.3) | 284 | 291 | (2.3) | 1,088 | 1,107 | (1.7) | 1,088 | 1,107 | (1.7) | ||||||||||||
Neuroscience | 1,782 | 1,692 | 5.3 | 1,782 | 1,692 | 5.3 | 6,713 | 6,305 | 6.5 | 6,713 | 6,305 | 6.5 | ||||||||||||
Cranial & Spinal Technologies | 999 | 936 | 6.7 | 999 | 936 | 6.7 | 3,723 | 3,495 | 6.5 | 3,723 | 3,495 | 6.5 | ||||||||||||
Specialty Therapies | 431 | 439 | (1.8) | 431 | 439 | (1.8) | 1,666 | 1,641 | 1.5 | 1,666 | 1,641 | 1.5 | ||||||||||||
Neuromodulation | 352 | 317 | 11.1 | 352 | 317 | 11.1 | 1,324 | 1,169 | 13.3 | 1,324 | 1,169 | 13.3 | ||||||||||||
Medical Surgical | 946 | 954 | (0.9) | 946 | 954 | (0.9) | 3,664 | 3,717 | (1.4) | 3,664 | 3,717 | (1.4) | ||||||||||||
Surgical & Endoscopy | 668 | 679 | (1.7) | 668 | 679 | (1.7) | 2,595 | 2,650 | (2.1) | 2,595 | 2,650 | (2.1) | ||||||||||||
Acute Care & Monitoring | 278 | 275 | 1.1 | 278 | 275 | 1.1 | 1,068 | 1,067 | 0.2 | 1,068 | 1,067 | 0.2 | ||||||||||||
Diabetes | 240 | 223 | 7.2 | 240 | 223 | 7.2 | 923 | 852 | 8.3 | 923 | 852 | 8.3 | ||||||||||||
Total Reportable Segments | 4,530 | 4,317 | 4.9 | 4,530 | 4,317 | 4.9 | 17,104 | 16,471 | 3.8 | 17,104 | 16,471 | 3.8 | ||||||||||||
Other (3) | 17 | 26 | (35.1) | — | — | — | 68 | 91 | (25.2) | — | — | — | ||||||||||||
TOTAL | $ 4,547 | $ 4,343 | 4.7 % | $ 4,530 | $ 4,317 | 4.9 % | $ 17,171 | $ 16,562 | 3.7 % | $ 17,104 | $ 16,471 | 3.8 % | ||||||||||||
(1) | U.S. includes the United States and U.S. territories. |
(2) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(3) | Includes operations and ongoing transition agreements from businesses the Company has exited or divested. |
INTERNATIONAL REVENUE (1) | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
FOURTH QUARTER | FISCAL YEAR | |||||||||||||||||||||||||||
REPORTED | ORGANIC | REPORTED | ORGANIC | |||||||||||||||||||||||||
(in millions) | FY25 | FY24 | Growth | Currency | FY25 (4) | FY24 (4) | Growth | FY25 | FY24 | Growth | Currency | FY25 (5) | FY24 (5) | Growth | ||||||||||||||
Cardiovascular | $ 1,773 | $ 1,682 | 5.4 % | $ (37) | $ 1,810 | $ 1,682 | 7.6 % | $ 6,677 | $ 6,234 | 7.1 % | $ (99) | $ 6,775 | $ 6,234 | 8.7 % | ||||||||||||||
Cardiac Rhythm & Heart Failure | 858 | 797 | 7.7 | (18) | 876 | 797 | 9.9 | 3,208 | 2,958 | 8.4 | (43) | 3,251 | 2,958 | 9.9 | ||||||||||||||
Structural Heart & Aortic | 541 | 516 | 4.7 | (11) | 552 | 516 | 6.9 | 2,022 | 1,905 | 6.1 | (32) | 2,054 | 1,905 | 7.8 | ||||||||||||||
Coronary & Peripheral Vascular | 375 | 369 | 1.6 | (8) | 382 | 369 | 3.7 | 1,447 | 1,371 | 5.5 | (23) | 1,470 | 1,371 | 7.2 | ||||||||||||||
Neuroscience | 838 | 853 | (1.8) | (18) | 856 | 853 | 0.3 | 3,133 | 3,101 | 1.0 | (47) | 3,180 | 3,101 | 2.6 | ||||||||||||||
Cranial & Spinal Technologies | 343 | 356 | (3.5) | (7) | 350 | 356 | (1.6) | 1,250 | 1,260 | (0.8) | (21) | 1,272 | 1,260 | 0.9 | ||||||||||||||
Specialty Therapies | 328 | 339 | (3.5) | (7) | 335 | 339 | (1.4) | 1,274 | 1,264 | 0.9 | (17) | 1,291 | 1,264 | 2.2 | ||||||||||||||
Neuromodulation | 167 | 158 | 5.6 | (4) | 171 | 158 | 8.2 | 608 | 577 | 5.4 | (9) | 617 | 577 | 7.0 | ||||||||||||||
Medical Surgical | 1,266 | 1,244 | 1.8 | (30) | 1,295 | 1,244 | 4.2 | 4,744 | 4,700 | 0.9 | (80) | 4,823 | 4,700 | 2.6 | ||||||||||||||
Surgical & Endoscopy | 1,041 | 1,026 | 1.4 | (25) | 1,066 | 1,026 | 3.9 | 3,903 | 3,858 | 1.2 | (65) | 3,967 | 3,858 | 2.8 | ||||||||||||||
Acute Care & Monitoring | 225 | 217 | 3.3 | (5) | 230 | 217 | 5.5 | 841 | 842 | (0.1) | (15) | 856 | 842 | 1.7 | ||||||||||||||
Diabetes | 489 | 436 | 12.1 | (11) | 499 | 436 | 14.5 | 1,832 | 1,636 | 12.0 | (18) | 1,851 | 1,636 | 13.1 | ||||||||||||||
Total Reportable Segments | 4,365 | 4,215 | 3.6 | (95) | 4,461 | 4,215 | 5.8 | 16,386 | 15,671 | 4.6 | (244) | 16,630 | 15,671 | 6.1 | ||||||||||||||
Other (2) | 14 | 31 | (54.3) | (1) | — | — | — | (20) | 131 | (115.4) | (3) | — | — | — | ||||||||||||||
TOTAL | $ 4,380 | $ 4,246 | 3.1 % | $ (96) | $ 4,461 | $ 4,215 | 5.8 % | $ 16,365 | $ 15,802 | 3.6 % | $ (247) | $ 16,630 | $ 15,671 | 6.1 % | ||||||||||||||
(1) | The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely. |
(2) | Includes operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting fiscal year 2025 figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. |
(3) | The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates. |
(4) | The three months ended April 25, 2025 excludes $81 million of revenue adjustments related to $14 million of inorganic revenue for the transition activity noted in (2), and $95 million of unfavorable currency impact on the remaining segments. The three months ended April 26, 2024 excludes $31 million of inorganic revenue related to the transition activity noted in (2). |
(5) | The twelve months ended April 25, 2025 excludes $264 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $70 million of inorganic revenue related to the transition activity noted in (2), and $244 million of unfavorable currency impact on the remaining segments. The twelve months ended April 26, 2024 excludes $131 million of inorganic revenue related to the transition activity noted in (2). |
CONSOLIDATED STATEMENTS OF INCOME | |||||||
(Unaudited) | |||||||
Three months ended | Fiscal year ended | ||||||
(in millions, except per share data) | April 25, 2025 | April 26, 2024 | April 25, 2025 | April 26, 2024 | |||
Net sales | $ 8,927 | $ 8,589 | $ 33,537 | $ 32,364 | |||
Costs and expenses: | |||||||
Cost of products sold, excluding amortization of intangible assets | 3,147 | 3,044 | 11,632 | 11,216 | |||
Research and development expense | 684 | 675 | 2,732 | 2,735 | |||
Selling, general, and administrative expense | 2,721 | 2,765 | 10,849 | 10,736 | |||
Amortization of intangible assets | 564 | 419 | 1,807 | 1,693 | |||
Restructuring charges, net | 147 | 112 | 267 | 226 | |||
Certain litigation charges, net | 214 | 44 | 317 | 149 | |||
Other operating expense (income), net | 15 | 477 | (23) | 464 | |||
Operating profit | 1,436 | 1,053 | 5,955 | 5,144 | |||
Other non-operating expense (income), net | 1 | (4) | (402) | (412) | |||
Interest expense, net | 174 | 202 | 729 | 719 | |||
Income before income taxes | 1,261 | 856 | 5,628 | 4,837 | |||
Income tax provision | 199 | 196 | 936 | 1,133 | |||
Net income | 1,061 | 659 | 4,691 | 3,705 | |||
Net income attributable to noncontrolling interests | (5) | (5) | (29) | (28) | |||
Net income attributable to Medtronic | $ 1,057 | $ 654 | $ 4,662 | $ 3,676 | |||
Basic earnings per share | $ 0.82 | $ 0.49 | $ 3.63 | $ 2.77 | |||
Diluted earnings per share | $ 0.82 | $ 0.49 | $ 3.61 | $ 2.76 | |||
Basic weighted average shares outstanding | 1,282.3 | 1,322.3 | 1,285.6 | 1,327.7 | |||
Diluted weighted average shares outstanding | 1,287.7 | 1,325.4 | 1,289.9 | 1,330.2 | |||
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. |
GAAP TO NON-GAAP RECONCILIATIONS (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended April 25, 2025 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $ 8,927 | $ 3,147 | 64.7 % | $ 1,436 | 16.1 % | $ 1,261 | $ 1,057 | $ 0.82 | 15.8 % | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets (2) | — | — | — | 564 | 6.3 | 564 | 455 | 0.35 | 19.3 | ||||||||
Restructuring and associated costs (3) | — | (2) | — | 149 | 1.7 | 149 | 114 | 0.09 | 23.5 | ||||||||
Acquisition and divestiture-related items (4) | — | (21) | 0.2 | 109 | 1.2 | 109 | 97 | 0.08 | 11.0 | ||||||||
Certain litigation charges, net | — | — | — | 214 | 2.4 | 214 | 163 | 0.13 | 23.4 | ||||||||
(Gain)/loss on minority investments (5) | — | — | — | — | — | 172 | 170 | 0.13 | 0.6 | ||||||||
Medical device regulations (6) | — | (10) | 0.1 | 14 | 0.2 | 14 | 12 | 0.01 | 21.4 | ||||||||
Certain tax adjustments, net | — | — | — | — | — | — | 13 | 0.01 | — | ||||||||
Non-GAAP | $ 8,927 | $ 3,113 | 65.1 % | $ 2,486 | 27.8 % | $ 2,483 | $ 2,080 | $ 1.62 | 16.0 % | ||||||||
Currency impact | 96 | (25) | 0.7 | 123 | 1.1 | 0.07 | |||||||||||
Currency Adjusted | $ 9,023 | $ 3,088 | 65.8 % | $ 2,609 | 28.9 % | $ 1.69 | |||||||||||
Three months ended April 26, 2024 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $ 8,589 | $ 3,044 | 64.6 % | $ 1,053 | 12.3 % | $ 856 | $ 654 | $ 0.49 | 22.9 % | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets | — | — | — | 419 | 4.9 | 419 | 357 | 0.27 | 15.0 | ||||||||
Restructuring and associated costs (3) | — | (13) | 0.2 | 152 | 1.8 | 152 | 125 | 0.09 | 17.8 | ||||||||
Acquisition and divestiture-related items (7) | — | (76) | 0.9 | 611 | 7.1 | 611 | 515 | 0.39 | 15.9 | ||||||||
Certain litigation charges, net | — | — | — | 44 | 0.5 | 44 | 37 | 0.03 | 15.9 | ||||||||
(Gain)/loss on minority investments (5) | — | — | — | — | — | 195 | 197 | 0.15 | (1.0) | ||||||||
Medical device regulations (6) | — | (21) | 0.2 | 31 | 0.4 | 31 | 27 | 0.02 | 12.9 | ||||||||
Certain tax adjustments, net | — | — | — | — | — | — | 17 | 0.01 | — | ||||||||
Non-GAAP | $ 8,589 | $ 2,934 | 65.8 % | $ 2,311 | 26.9 % | $ 2,309 | $ 1,929 | $ 1.46 | 16.2 % | ||||||||
See description of non-GAAP financial measures contained in the press release dated May 21, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. |
(2) | The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment. |
(3) | Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the three months ended April 25, 2025, contract terminations. |
(4) | The charges primarily include changes in fair value of contingent consideration and exit of business-related charges. |
(5) | We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. |
(6) | The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific period. |
(7) | The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration. |
GAAP TO NON-GAAP RECONCILIATIONS (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Fiscal year ended April 25, 2025 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $ 33,537 | $ 11,632 | 65.3 % | $ 5,955 | 17.8 % | $ 5,628 | $ 4,662 | $ 3.61 | 16.6 % | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets (2) | — | — | — | 1,807 | 5.3 | 1,807 | 1,471 | 1.14 | 18.5 | ||||||||
Restructuring and associated costs (3) | — | (26) | 0.1 | 303 | 0.9 | 303 | 238 | 0.18 | 21.5 | ||||||||
Acquisition and divestiture-related items (4) | — | (38) | 0.1 | 124 | 0.4 | 124 | 101 | 0.08 | 18.5 | ||||||||
Certain litigation charges, net | — | — | — | 317 | 0.9 | 317 | 249 | 0.19 | 21.5 | ||||||||
(Gain)/loss on minority investments (5) | — | — | — | — | — | 213 | 185 | 0.14 | 12.2 | ||||||||
Medical device regulations (6) | — | (38) | 0.1 | 52 | 0.2 | 52 | 42 | 0.03 | 19.2 | ||||||||
Other (7) | 90 | — | 0.2 | 90 | 0.3 | 90 | 70 | 0.05 | 22.2 | ||||||||
Certain tax adjustments, net (8) | — | — | — | — | — | — | 62 | 0.05 | — | ||||||||
Non-GAAP | $ 33,627 | $ 11,530 | 65.7 % | $ 8,648 | 25.7 % | $ 8,533 | $ 7,079 | $ 5.49 | 16.7 % | ||||||||
Currency impact | 245 | (98) | 0.5 | 365 | 0.9 | 0.22 | |||||||||||
Currency Adjusted | $ 33,872 | $ 11,432 | 66.2 % | $ 9,013 | 26.6 % | $ 5.71 | |||||||||||
Fiscal year ended April 26, 2024 | |||||||||||||||||
(in millions, except per share data) | Net | Cost of | Gross | Operating | Operating | Income | Net Income | Diluted | Effective | ||||||||
GAAP | $ 32,364 | $ 11,216 | 65.3 % | $ 5,144 | 15.9 % | $ 4,837 | $ 3,676 | $ 2.76 | 23.4 % | ||||||||
Non-GAAP Adjustments: | |||||||||||||||||
Amortization of intangible assets | — | — | — | 1,693 | 5.2 | 1,693 | 1,435 | 1.08 | 15.2 | ||||||||
Restructuring and associated costs (3) | — | (55) | 0.2 | 389 | 1.2 | 389 | 323 | 0.24 | 17.0 | ||||||||
Acquisition and divestiture-related items (9) | — | (100) | 0.3 | 777 | 2.4 | 777 | 664 | 0.50 | 14.5 | ||||||||
Certain litigation charges, net | — | — | — | 149 | 0.5 | 149 | 118 | 0.09 | 20.8 | ||||||||
(Gain)/loss on minority investments (5) | — | — | — | — | — | 308 | 305 | 0.23 | 0.6 | ||||||||
Medical device regulations (6) | — | (81) | 0.3 | 119 | 0.4 | 119 | 97 | 0.07 | 18.5 | ||||||||
Certain tax adjustments, net (10) | — | — | — | — | — | — | 299 | 0.22 | — | ||||||||
Non-GAAP | $ 32,364 | $ 10,980 | 66.1 % | $ 8,272 | 25.6 % | $ 8,273 | $ 6,918 | $ 5.20 | 16.0 % | ||||||||
See description of non-GAAP financial measures contained in the press release dated May 21, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. |
(2) | The Company recognized $151 million of accelerated amortization on certain intangible assets related to product line exits within the Cardiovascular Segment. |
(3) | Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and for the fiscal year ended April 25, 2025, contract terminations. |
(4) | The charges primarily include exit of business-related charges, changes in fair value of contingent consideration, business combination costs, and gains related to certain business or asset sales. |
(5) | We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. |
(6) | The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period. |
(7) | Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. |
(8) | Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions. |
(9) | The charges predominantly include $439 million of charges related to the February 2024 decision to exit the Company's ventilator product line, which primarily includes long-lived intangible asset impairments and inventory write-downs. In addition, other charges primarily consist of changes in fair value of contingent consideration and associated costs related to the previously contemplated separation of the PMRI businesses. |
(10) | The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes. |
GAAP TO NON-GAAP RECONCILIATIONS (1) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended April 25, 2025 | |||||||||||||||
(in millions) | Net Sales | SG&A | SG&A | R&D | R&D | Other | Other | Other Non- | |||||||
GAAP | $ 8,927 | $ 2,721 | 30.5 % | $ 684 | 7.7 % | $ 15 | 0.2 % | $ 1 | |||||||
Non-GAAP Adjustments: | |||||||||||||||
Acquisition and divestiture-related items (2) | — | (21) | (0.2) | — | — | (67) | (0.8) | — | |||||||
Medical device regulations (3) | — | — | — | (4) | — | — | — | — | |||||||
(Gain)/loss on minority investments (4) | — | — | — | — | — | — | — | (172) | |||||||
Non-GAAP | $ 8,927 | $ 2,699 | 30.2 % | $ 680 | 7.6 % | $ (52) | (0.6) % | $ (171) | |||||||
Fiscal year ended April 25, 2025 | |||||||||||||||
(in millions) | Net Sales | SG&A | SG&A | R&D | R&D Expense | Other | Other | Other Non- | |||||||
GAAP | $ 33,537 | $ 10,849 | 32.3 % | $ 2,732 | 8.1 % | $ (23) | (0.1) % | $ (402) | |||||||
Non-GAAP Adjustments: | |||||||||||||||
Restructuring and associated costs (5) | — | (10) | — | — | — | — | — | — | |||||||
Acquisition and divestiture-related items (2) | — | (60) | (0.2) | — | — | (25) | (0.1) | — | |||||||
Medical device regulations (3) | — | (1) | — | (14) | — | — | — | — | |||||||
Other (6) | 90 | — | — | — | — | — | — | — | |||||||
(Gain)/loss on minority investments (4) | — | — | — | — | — | — | — | (213) | |||||||
Non-GAAP | $ 33,627 | $ 10,778 | 32.1 % | $ 2,719 | 8.1 % | $ (47) | (0.1) % | $ (615) | |||||||
See description of non-GAAP financial measures contained in the press release dated May 21, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
(2) | The charges primarily include exit of business-related charges and changes in fair value of contingent consideration. The fiscal year ended April 25, 2025 includes business combination costs and gains related to certain business or asset sales. |
(3) | The charges represent estimated incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period. |
(4) | We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. |
(5) | Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, asset write-offs, and contract terminations. |
(6) | Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015. |
GAAP TO NON-GAAP RECONCILIATIONS (1) | |||||
(Unaudited) | |||||
Fiscal Year | |||||
(in millions) | 2025 | 2024 | 2023 | ||
Net cash provided by operating activities | $ 7,044 | $ 6,787 | $ 6,039 | ||
Additions to property, plant, and equipment | (1,859) | (1,587) | (1,459) | ||
Free Cash Flow (2) | $ 5,185 | $ 5,200 | $ 4,580 | ||
See description of non-GAAP financial measures contained in the press release dated May 21, 2025. | |
(1) | The data in this schedule has been intentionally rounded to the nearest million, and therefore, may not sum. |
(2) | Free cash flow represents operating cash flows less property, plant, and equipment additions. |
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited) | ||||
(in millions) | April 25, 2025 | April 26, 2024 | ||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 2,218 | $ 1,284 | ||
Investments | 6,747 | 6,721 | ||
Accounts receivable, less allowances and credit losses of $199 and $173, respectively | 6,515 | 6,128 | ||
Inventories | 5,476 | 5,217 | ||
Other current assets | 2,858 | 2,584 | ||
Total current assets | 23,814 | 21,935 | ||
Property, plant, and equipment, net | 6,837 | 6,131 | ||
Goodwill | 41,737 | 40,986 | ||
Other intangible assets, net | 11,667 | 13,225 | ||
Tax assets | 4,040 | 3,657 | ||
Other assets | 3,584 | 4,047 | ||
Total assets | $ 91,680 | $ 89,981 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Current debt obligations | $ 2,874 | $ 1,092 | ||
Accounts payable | 2,449 | 2,410 | ||
Accrued compensation | 2,514 | 2,375 | ||
Accrued income taxes | 1,358 | 1,330 | ||
Other accrued expenses | 3,683 | 3,582 | ||
Total current liabilities | 12,879 | 10,789 | ||
Long-term debt | 25,642 | 23,932 | ||
Accrued compensation and retirement benefits | 1,158 | 1,101 | ||
Accrued income taxes | 1,574 | 1,859 | ||
Deferred tax liabilities | 403 | 515 | ||
Other liabilities | 1,769 | 1,365 | ||
Total liabilities | 43,424 | 39,561 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,281,934,628 and | — | — | ||
Additional paid-in capital | 20,833 | 23,129 | ||
Retained earnings | 31,476 | 30,403 | ||
Accumulated other comprehensive loss | (4,284) | (3,318) | ||
Total shareholders' equity | 48,024 | 50,214 | ||
Noncontrolling interests | 232 | 206 | ||
Total equity | 48,256 | 50,420 | ||
Total liabilities and equity | $ 91,680 | $ 89,981 | ||
The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
Fiscal Year | |||||
(in millions) | 2025 | 2024 | 2023 | ||
Operating Activities: | |||||
Net income | $ 4,691 | $ 3,705 | $ 3,784 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 2,861 | 2,647 | 2,697 | ||
Provision for credit losses | 123 | 90 | 73 | ||
Deferred income taxes | (316) | (508) | (226) | ||
Stock-based compensation | 429 | 393 | 355 | ||
Loss on debt extinguishment | — | — | 53 | ||
Asset impairments and related inventory write-downs | — | 371 | — | ||
Other, net | 310 | 573 | 270 | ||
Change in operating assets and liabilities, net of acquisitions and divestitures: | |||||
Accounts receivable, net | (433) | (391) | (576) | ||
Inventories | (292) | (139) | (939) | ||
Accounts payable and accrued liabilities | 209 | 391 | 696 | ||
Other operating assets and liabilities | (538) | (345) | (148) | ||
Net cash provided by operating activities | 7,044 | 6,787 | 6,039 | ||
Investing Activities: | |||||
Acquisitions, net of cash acquired | (98) | (211) | (1,867) | ||
Additions to property, plant, and equipment | (1,859) | (1,587) | (1,459) | ||
Purchases of investments | (8,226) | (7,748) | (7,514) | ||
Sales and maturities of investments | 8,495 | 7,441 | 7,343 | ||
Other investing activities, net | (249) | (261) | 4 | ||
Net cash used in investing activities | (1,937) | (2,366) | (3,493) | ||
Financing Activities: | |||||
Change in current debt obligations, net | (1,070) | 1,073 | — | ||
Proceeds from short-term borrowings (maturities greater than 90 days) | — | — | 2,284 | ||
Repayments from short-term borrowings (maturities greater than 90 days) | — | — | (2,279) | ||
Issuance of long-term debt | 3,209 | — | 5,409 | ||
Payments on long-term debt | — | — | (6,012) | ||
Dividends to shareholders | (3,589) | (3,666) | (3,616) | ||
Issuance of ordinary shares | 508 | 284 | 308 | ||
Repurchase of ordinary shares | (3,235) | (2,138) | (645) | ||
Other financing activities | (184) | (3) | (409) | ||
Net cash used in financing activities | (4,361) | (4,450) | (4,960) | ||
Effect of exchange rate changes on cash and cash equivalents | 188 | (230) | 243 | ||
Net change in cash and cash equivalents | 934 | (259) | (2,171) | ||
Cash and cash equivalents at beginning of period | 1,284 | 1,543 | 3,714 | ||
Cash and cash equivalents at end of period | $ 2,218 | $ 1,284 | $ 1,543 | ||
Supplemental Cash Flow Information | |||||
Cash paid for: | |||||
Income taxes | $ 1,819 | $ 1,622 | $ 1,548 | ||
Interest | 762 | 826 | 606 | ||
The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. |
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SOURCE Medtronic plc
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Enables intense focus on highest margin growth drivers where Medtronic has leading core competencies
Leading, scaled, direct-to-consumer Diabetes business poised to become standalone company; only company with a complete ecosystem to address intensive insulin management
Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced its intent to separate its Diabetes business into a new standalone company ("New Diabetes Company"). This strategic decision for both Medtronic and New Diabetes Company will create a more focused Medtronic, with a more simplified portfolio in high margin growth markets. At the same time, it will create an independent, scaled leader in Diabetes, focused on accelerating innovation and differentiated as the only company to commercialize a complete ecosystem to address intensive insulin management.
The separation is expected to be completed within 18 months through a series of capital markets transactions, with a preferred path of an initial public offering (IPO) and subsequent split-off. The separation is expected to unlock value for Medtronic and its shareholders, as it creates a New Diabetes Company shareholder base more aligned with its financial profile and is expected to be accretive to Medtronic gross margin, operating margin, and earnings per share (EPS).
Medtronic
Medtronic, a global leader in MedTech, has leading franchises in attractive MedTech markets and following this separation, it will become even more focused on innovation-driven growth and category leadership for healthcare systems and physician customers. Medtronic is taking action with decisive ongoing portfolio management and capital allocation to shift more focus to its highest profitable growth drivers tied to its core strengths. The company is building momentum with its growth drivers, advancing its innovation pipeline and "in the moment" product launches, including pulsed field ablation, renal denervation, implantable tibial neuromodulation, and soft tissue robotics. Following the separation, Medtronic will have enhanced benefit from its scale and strategic commercial, manufacturing, and technology synergies. Combined, these are expected to drive durable, mid-single digit or higher organic revenue growth and accelerate earnings leverage.
New Diabetes Company
New Diabetes Company will be a leading, scaled direct-to-consumer Diabetes business—uniquely positioned as the only company to commercialize a complete intensive insulin management ecosystem—giving people the freedom to forget diabetes and live their best lives. This separation is expected to enable more focused investment into New Diabetes Company's pipeline, as well as manufacturing scale and automation, positioning the company for success in Automated Insulin Delivery and Smart MDI, while driving margin expansion over time. The independent New Diabetes Company will have a shareholder base aligned with its business and financial profile.
The Diabetes business is currently a team of more than 8,000 employees worldwide, with a global commercial footprint and dedicated innovation, manufacturing, clinical, and quality systems. Que Dallara, current EVP and president of Medtronic Diabetes, will become CEO of New Diabetes Company.
"This marks a significant milestone in driving both Medtronic and the Diabetes business to achieve lasting value for Medtronic, our shareholders, customers, and patients," said Geoff Martha , chairman and CEO of Medtronic. "Active portfolio management is an important lever to delivering on our ongoing growth and success, and this decision shifts the Medtronic portfolio to have intense focus on our highest margin growth drivers where we have our strongest core competencies. I'm also excited about what the future holds for the Diabetes business. Que's impressive track record in driving growth and innovation has set Diabetes on a path to continued success, ensuring the needs of individuals with diabetes are met around the globe."
"I'm incredibly grateful to Geoff for his vision and commitment to investing in the Diabetes business — we wouldn't be where we are without his unwavering support," said Dallara. "As we embark on this exciting new chapter, we celebrate the tireless efforts and dedication of our teams. Their passion and perseverance have brought us to this pivotal moment. Together, we're poised to transform lives, giving people the freedom to forget diabetes and live their best lives."
Financial Details
The Diabetes business represented 8% of Medtronic revenue and 4% of Medtronic segment operating profit in fiscal year 2025. Upon completion, the separation is expected to improve Medtronic adjusted gross margin by approximately 50 basis points, adjusted operating margins by approximately 100 basis points, and be immediately accretive to adjusted EPS. The separation is expected to provide the ability to retire Medtronic shares outstanding without reducing cash, resulting in EPS accretion and a reduction in the dividend liability for Medtronic, enabling increased growth-accretive investment. Medtronic expects its dividend per share to remain unchanged pre- and post-transaction with no change to its dividend policy.
Transaction Details
The capital markets separation will create an independent, publicly traded company. The company's preferred path for the separation is an IPO of New Diabetes Company, with a subsequent split-off transaction. This is expected to appropriately capitalize New Diabetes Company and provide the ability to retire shares in Medtronic. The separation is generally expected to be tax-free to Medtronic shareholders for U.S. federal income tax purposes. The separation will include the Diabetes business employees, product portfolio, pipeline, intellectual property, strategic partnerships, and global manufacturing facilities.
Medtronic is targeting completion of the planned separation within 18 months, subject to customary conditions, including favorable market conditions, consultations with works councils and other employee representative bodies, final approval from the Medtronic Board of Directors, receipt of a favorable opinion with respect to the tax-free nature of the transaction for U.S. federal income tax purposes, and receipt of applicable regulatory approvals.
Goldman Sachs & Co. LLC and BofA Securities, Inc. are acting as financial advisors to Medtronic in its review of strategic alternatives for the New Diabetes Company. Cleary Gottlieb Steen & Hamilton LLP and Baker McKenzie are acting as legal counsel, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as special tax counsel, to Medtronic, and Davis Polk & Wardwell LLP is acting as legal counsel to the financial advisors.
Presentation
A presentation containing details on the proposed separation can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com . To view a PDF of the separation presentation, click here .
Video Webcast Information
Medtronic will host a video webcast today, May 21 , at 8:00 a.m. EDT ( 7:00 a.m. CDT ) to discuss this planned separation together with its fourth quarter and fiscal year 2025 financial results. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.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 Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com .
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 .
Cautions Regarding 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 Medtronic's ability to satisfy the necessary conditions to consummate the separation of its Diabetes business on a timely basis or at all, Medtronic's ability to successfully separate its Diabetes business and realize the anticipated benefits from the separation (including consummating the transaction on a basis that is generally tax-free to shareholders), New Diabetes Company's ability to succeed as a standalone publicly traded company, 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. While a split-off is the company's current preferred separation structure, a final decision has not been reached at this time. The separation is expected to occur through a series of capital markets transactions, which may include a spin-off, split-off, offering, or combination thereof, of the company's remaining shareholding in New Diabetes Company.
Contacts
Erika Winkels
Public Relations
+1-763-526-8478
Ryan Weispfenning
Investor Relations
+1-763-505-4626
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SOURCE Medtronic plc
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Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO, "Orchestra BioMed" or the "Company"), a biomedical company accelerating high-impact technologies to patients through risk-reward sharing partnerships, today announced financial results for the first quarter ended March 31, 2025, and provided a business update highlighting continued regulatory momentum, disciplined operational execution, and a strengthening clinical development pipeline.
Q1 2025 Highlights:
Key Chief Executive Officer ("CEO") Commentary:
David Hochman, Chairman and CEO of Orchestra BioMed, stated: "We continued to make meaningful progress during the first quarter with significant inflection points for both our AVIM therapy and Virtue SAB programs. We believe the FDA's Breakthrough Device Designation for AVIM therapy signals meaningful recognition of its potential to meet the clinical needs of millions living with hypertensive heart disease, a population in which chronic high blood pressure can lead to various heart problems like left ventricular hypertrophy, diastolic dysfunction, heart failure, and coronary artery disease. We believe that AVIM therapy has the potential to provide a potent additional therapeutic option for these patients. We are focused on execution of the BACKBEAT global pivotal study alongside our strategic partner Medtronic as the critical pathway toward making AVIM therapy available to patients globally."
Mr. Hochman continued, "In parallel, we secured full IDE approval to conduct the Virtue Trial, a U.S. pivotal coronary study that will evaluate Virtue SAB, our investigational, non-coated drug-eluting balloon designed to deliver a large liquid dose of proprietary extended-release sirolimus, head-to-head against the commercially available AGENT paclitaxel-coated balloon. We believe the updated design of the trial, which we currently plan to initiate in the second half of the year, offers the most direct path to regulatory approval while showcasing the distinctive pharmacokinetic and therapeutic advantages of our proprietary technology. Taken together, these milestones mark tangible progress on multiple fronts. We continue to execute methodically and remain focused on advancing our pivotal trials, generating clinical evidence, and building long-term value for patients, physicians, shareholders and strategic partners alike."
Financial Results for the First Quarter Ended March 31, 2025
About Orchestra BioMed
Orchestra BioMed (Nasdaq: OBIO) is a biomedical innovation company accelerating high-impact technologies to patients through risk-reward sharing partnerships with leading medical device companies. Orchestra BioMed's partnership-enabled business model focuses on forging strategic collaborations with leading medical device companies to drive successful global commercialization of products it develops. Orchestra BioMed's lead product candidate is AVIM therapy for the treatment of hypertension, the leading risk factor for death worldwide. Orchestra BioMed is also developing Virtue SAB for the treatment of atherosclerotic artery disease, the leading cause of mortality worldwide. Orchestra BioMed has a strategic collaboration with Medtronic, one of the largest medical device companies in the world, for development and commercialization of AVIM therapy for the treatment of hypertension in pacemaker-indicated patients, and a strategic partnership with Terumo, a global leader in medical technology, for development and commercialization of Virtue SAB for the treatment of artery disease. The Company has received four Breakthrough Device Designations from the U.S. FDA across these two core programs, reflecting the significant potential of its technologies to address high unmet needs in cardiovascular care. For further information about Orchestra BioMed, please visit www.orchestrabiomed.com , and follow us on LinkedIn .
References to Websites and Social Media Platforms
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation by reference of the information contained at or available through such websites or social media platforms, and you should not consider such information to be part of this press release.
About AVIM Therapy
AVIM therapy is an investigational therapy compatible with standard dual-chamber pacemakers designed to substantially and persistently lower blood pressure. It has been evaluated in pilot studies in patients with hypertension who are also indicated for a pacemaker. MODERATO II, a double-blind, randomized pilot study, showed that patients treated with AVIM therapy experienced net reductions of 8.1 mmHg in 24-hour ambulatory systolic blood pressure (aSBP) and 12.3 mmHg in office systolic blood pressure (oSBP) at six months when compared to control patients. In addition to reducing blood pressure, clinical results using AVIM therapy demonstrate improvements in cardiac function and hemodynamics. The BACKBEAT (BradycArdia paCemaKer with atrioventricular interval modulation for Blood prEssure treAtmenT) global pivotal study will further evaluate the safety and efficacy of AVIM therapy in lowering blood pressure in patients who have systolic blood pressure above target despite anti-hypertensive medication and who are indicated for or have recently received a dual-chamber cardiac pacemaker. AVIM therapy has been granted Breakthrough Device Designation by the FDA for the treatment of uncontrolled hypertension in patients who have increased cardiovascular risk.
About Virtue SAB
Virtue SAB is an investigational therapeutic combination drug-device designed to deliver a proprietary extended-release formulation of sirolimus, SirolimusEFR™ through a non-coated microporous AngioInfusion™ Balloon, protecting the drug in transit through the arteries and consistently delivering a large liquid dose, overcoming certain limitations of drug-coated balloons. SirolimusEFR delivered by Virtue SAB has been shown in published preclinical series involving hundreds of arterial deliveries to achieve sustained tissue levels well above the known required therapeutic tissue concentration for inhibiting restenosis (1 ng/mg tissue) for the entire critical healing period of approximately 30 days. Virtue SAB demonstrated positive three-year clinical data in coronary in-stent restenosis ("ISR") in the SABRE study, a multi-center prospective, independent core lab-adjudicated clinical study conducted in Europe. Virtue SAB has been granted Breakthrough Device Designation by the FDA for specific indications relating to coronary ISR, coronary small vessel disease and peripheral artery disease below-the-knee. The FDA granted IDE approval for Orchestra BioMed to evaluate the efficacy and safety of Virtue SAB in the Virtue Trial, a pivotal trial that will randomize Virtue SAB against commercially available AGENT TM DCB, a paclitaxel-coated balloon.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements relating to the initiation, enrollment, timing, implementation and design of the Company's planned and ongoing pivotal trials and reporting of top-line results, including the timing of initiation of the Virtue Trial, the potential benefits of BDD, including its ability to expedite FDA reviews and allow access to add-on reimbursement, realizing the clinical and commercial value of AVIM therapy and Virtue SAB, the potential safety and efficacy of the Company's product candidates, and the ability of the Company's partnerships to accelerate clinical development. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to regulatory approval of the Company's commercial product candidates and ongoing regulation of the Company's product candidates, if approved; the timing of, and the Company's ability to achieve expected regulatory and business milestones; the impact of competitive products and product candidates; and the risk factors discussed under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 31, 2025 and the risk factor discussed under the heading "Item 1A. Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, which was filed with the SEC on May 12, 2025.
The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements, which only speak as of the date of this press release. The Company does not plan and undertakes no obligation to update any of the forward-looking statements made herein, except as required by law.
Investor Contact
Silas Newcomb
Orchestra BioMed
Snewcomb@orchestrabiomed.com
Media Contact
Kelsey Kirk-Ellis
Orchestra BioMed
Kkirkellis@orchestrabiomed.com
| ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 18,348 | $ | 22,261 | ||||
| Marketable securities | 31,536 | 44,551 | ||||||
| Accounts receivable, net | 89 | 92 | ||||||
| Inventory | 135 | 173 | ||||||
| Prepaid expenses and other current assets | 1,795 | 2,094 | ||||||
| Total current assets | 51,903 | 69,171 | ||||||
| Property and equipment, net | 1,413 | 1,384 | ||||||
| Right-of-use assets | 1,956 | 2,103 | ||||||
| Strategic investments, less current portion | 2,495 | 2,495 | ||||||
| Deposits and other assets | 1,284 | 1,020 | ||||||
| TOTAL ASSETS | $ | 59,051 | $ | 76,173 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 5,563 | $ | 5,134 | ||||
| Accrued expenses and other liabilities | 5,392 | 6,084 | ||||||
| Operating lease liability, current portion | 590 | 550 | ||||||
| Deferred revenue, current portion | 3,944 | 4,439 | ||||||
| Total current liabilities | 15,489 | 16,207 | ||||||
| Deferred revenue, less current portion | 10,752 | 10,989 | ||||||
| Loan payable | 14,338 | 14,292 | ||||||
| Operating lease liability, less current portion | 1,516 | 1,687 | ||||||
| Other long-term liabilities | 99 | 40 | ||||||
| TOTAL LIABILITIES | 42,194 | 43,215 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized; none issued or outstanding at March 31, 2025 and December 31, 2024. | — | — | ||||||
| Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 38,312,512 and 38,194,442 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. | 4 | 4 | ||||||
| Additional paid-in capital | 345,449 | 342,780 | ||||||
| Accumulated other comprehensive income | 37 | 52 | ||||||
| Accumulated deficit | (328,633 | ) | (309,878 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 16,857 | 32,958 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 59,051 | $ | 76,173 | ||||
| ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue: | ||||||||
| Partnership revenue | $ | 732 | $ | 497 | ||||
| Product revenue | 136 | 123 | ||||||
| Total revenue | 868 | 620 | ||||||
| Expenses: | ||||||||
| Cost of product revenues | 44 | 34 | ||||||
| Research and development | 13,482 | 9,112 | ||||||
| Selling, general and administrative | 6,263 | 5,897 | ||||||
| Total expenses | 19,789 | 15,043 | ||||||
| Loss from operations | (18,921 | ) | (14,423 | ) | ||||
| Other income (expense): | ||||||||
| Interest income, net | 166 | 1,016 | ||||||
| Loss on fair value of strategic investments | — | (45 | ) | |||||
| Other expense | — | (11 | ) | |||||
| Total other income | 166 | 960 | ||||||
| Net loss | $ | (18,755 | ) | $ | (13,463 | ) | ||
| Net loss per share | ||||||||
| Basic and diluted | $ | (0.49 | ) | $ | (0.38 | ) | ||
| Weighted-average shares used in computing net loss per share, basic and diluted | 38,235,409 | 35,777,877 | ||||||
| Comprehensive loss | ||||||||
| Net loss | $ | (18,755 | ) | $ | (13,463 | ) | ||
| Unrealized (loss) gain on marketable securities | (15 | ) | 2 | |||||
| Comprehensive loss | $ | (18,770 | ) | $ | (13,461 | ) | ||
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- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced that it will report financial results for its fourth quarter and full fiscal year 2025 on Wednesday, May 21, 2025 . A news release will be issued at approximately 5:45 a.m. Central Daylight Time (CDT) and will be available at https:news.medtronic.com . The news release will include summary financial information for the company's fourth quarter and full fiscal year 2025, which ended on Friday, April 25, 2025 .
Medtronic will host a video webcast at 7:00 a.m. CDT on May 21, 2025 , to discuss results for its fourth quarter and full fiscal year 2025. The webcast can be accessed at https://investorrelations.medtronic.com .
Within 24 hours of the broadcast, a replay and transcript of the prepared remarks will be available by clicking on the Events link at https://investorrelations.medtronic.com .
Looking ahead to 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. For these events, confirmation and additional details will be provided closer to the specific event.
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 Medtronic on LinkedIn .
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts:
Erika Winkels
Public Relations
+1-763-526-8478
Ryan Weispfenning
Investor Relations
+1-763-505-4626
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SOURCE Medtronic plc
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Star Jones , award winning television personality & women's heart health advocate, helps kick off heart health conversations this Mother's Day with the Medtronic 'Letter to My Mother' campaign
A new Medtronic-sponsored survey of women ages 30-50 reveals a significant gap in awareness and discussion around heart health among women and their mother-figures. Despite cardiovascular disease being the #1 killer of women in the U.S. many women are still unaware of the risk and the importance of heart health.
The survey, endorsed by WomenHeart and conducted by Wakefield Research, found that nearly half of women (45%) were more likely to discuss sensitive topics such as politics, money, or relationships with their mother or grandmother before discussing family heart health history, despite the fact that as much as half of the risk for heart disease is hereditary.
For more than a century, heart disease has remained the leading cause of death in women, accounting for more deaths than all cancers combined. Yet, when it comes to serious heart concerns, women are up to 35% less likely to be treated with proven, minimally invasive solutions for heart valve failure than men, and women account for more than half (52%) of deaths caused by high blood pressure. 1 Additionally, women often experience heart attack symptoms differently, and heart disease disproportionately impacts women of color, with 43% of Hispanic women and 59% of Black women experiencing some form of cardiovascular disease.
The Medtronic Letter to My Mother campaign encourages women to make heart health a priority, starting with a conversation with their mother, or a woman in their life, about family history, risk factors, and the signs and symptoms of heart disease. The campaign, part of the company's ongoing commitment to leading and advancing clinical research for women's health, seeks to close the gap in awareness of heart disease and risks—particularly heart valve failure and high blood pressure—in women.
"The U.S. is at a tipping point when it comes to women's health, and heart health remains the deadliest concern of all," said Nina Goodheart , senior vice president and president, Structural Heart & Aortic, which is part of the Cardiovascular Portfolio at Medtronic. "At Medtronic, we're working relentlessly to ensure women receive personalized, evidence-based healthcare solutions, tailored to them. The launch of Letter to My Mother marks another step in our sustained commitment to improving health outcomes for all."
Results from the survey reveal a surprising disconnect between what women fear for their mothers or mother-figures as they age and the actual conversations happening around family health history:
"As women, we are our own best advocates, but without the confidence, knowledge, or resources to discuss our health history, we are missing out on potential life-saving conversations," said Star Jones , attorney, award-winning television personality & longtime women's heart health advocate. "I come from a family with a long history of heart disease, yet this was rarely a topic we talked about. If only I had acknowledged my risk for heart disease earlier, I could've potentially addressed my concerns with my cardiologist sooner before it led to needing open-heart surgery. That is why I am speaking out now to get all women talking about this disease and how addressing symptoms could save their life – like it did for me."
The survey also revealed that personal heart health is often overlooked by women in the sandwich generation, the population of women who bear the weight of making healthcare decisions for their children, parents, and family members. Almost all (94%) of women surveyed are responsible for making health-related decisions for loved ones, but over 60% of women find it hard to make their own health a priority.
"As physicians, we know heart health is not one size fits all. Women have a unique experience with heart disease and risk factors - like high blood pressure during pregnancy which may be the first sign of chronic high blood pressure persisting throughout their lifespan," said Dr. Raven Voora , hypertension specialist and nephrologist at UNC Health. "Too often, I've seen women present with risk factors or early signs of heart disease that they put on the backburner behind care for children and loved ones - or these signs and symptoms get brushed off as stress or anxiety. This survey shows us that patients need increased awareness and discussion surrounding heart health and to make sure they pay attention to their heart health."
This May, during Women's Health Month and timed to Mother's Day – Medtronic encourages people to take the pledge to talk to their mother or the women in their life about heart health today. For every pledge, Medtronic will make a donation to a cause that advances women's heart health.
Visit Alettertomymother.com to take the pledge and learn more.
About the Medtronic Letter to My Mother Survey:
Medtronic engaged Wakefield Research to conduct a nationally representative survey to gain insights into consumer perceptions and awareness of heart disease in women aged 30 through 50, targeted to the "daughters" who are sandwiched between taking care of their health, their children and parents. The survey was deployed among 1,000 U.S. women, ages 30 to 50, with a living mother and a living child, between March 13th and March 17th, 2025 , using an email invitation and an online survey.
Survey results are endorsed by WomenHeart: The National Coalition for Women with Heart Disease, the nation's leading voice for women living with or at risk of heart disease. WomenHeart is dedicated to promoting awareness, advocacy, and support for women with heart disease, empowering them to take charge of their heart health and improve outcomes.
About the Medtronic Letter to My Mother Campaign:
The Medtronic "Letter to My Mother" campaign aims to educate and close the gap in awareness of heart disease in women — the number one cause of death for more than a century. The campaign encourages people to start conversations with their mothers and loved ones about heart disease, including high blood pressure and heart valve failure, to better understand their family health history and risk factors. The campaign is part of the company's ongoing commitment to leading and advancing clinical research for women's health and was supported by the Medtronic Coronary & Renal Denervation and Structural Heart & Aortic businesses. To learn more about heart disease including signs, symptoms, treatment options and resources to start the conversation today, visit ALettertomyMother.com.
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 90,000+ 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 Medtronic on LinkedIn .
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts:
Kimberly Powell
Public Relations
+1-202-498-2601
Ryan Weispfenning
Investor Relations
+1-763-505-4626
1 Caoimhe T Rice, Sophie Barnett, Shea P O'Connell, Enoch Akowuah, Clare E Appleby, John B Chambers, Benoy N Shah, Daniel J Blackman - Impact of gender, ethnicity and social deprivation on access to surgical or transcatheter aortic valve replacement in aortic stenosis: a retrospective database study in England: Open Heart 2023;10:e002373. |
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SOURCE Medtronic plc
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