Building momentum in key franchises including Pulsed Field Ablation, TAVR, Cardiac Rhythm Management, Diabetes, Spine, and Neuromodulation
GALWAY, Ireland, May 21, 2025 /CNW/ -- Medtronic plc $(MDT)$, a global leader in healthcare technology, today announced financial results for its fourth quarter (Q4) and fiscal year 2025 (FY25), which ended April 25, 2025.
Q4 Key Highlights
-- Q4 revenue of $8.9 billion increased 3.9% as reported and 5.4% organic
-- Q4 GAAP diluted EPS of $0.82 increased 67%; non-GAAP diluted EPS of $1.62
increased 11%
-- Q4 operating margin increased 380 basis points; Q4 non-GAAP operating
margin increased 90 basis points
-- Q4 operating profit of $1.4 billion increased 36%; Q4 non-GAAP operating
profit of $2.5 billion increased 8%
-- Cardiac Ablation Solutions Q4 revenue increased nearly 30% on strength of
pulsed field ablation (PFA) products; business delivered $1.0 billion in
FY25 revenue
-- Submitted Hugo$(TM)$ RAS system to the U.S. Food and Drug Administration
(FDA) for a urologic indication in the first quarter of calendar 2025
-- Commenced largest brain-computer interface launch following U.S. FDA
approval of BrainSense(TM) Adaptive Deep Brain Stimulation (aDBS)
Additional Key Highlights
-- FY25 revenue of $33.5 billion, adjusted revenue of $33.6 billion,
increased 3.6% as reported and 4.9% organic
-- FY25 GAAP diluted EPS of $3.61 increased 31%; non-GAAP diluted EPS of
$5.49 increased 6%
-- FY25 operating margin increased 190 basis points; FY25 non-GAAP operating
margin increased 10 basis points, 100 basis points constant currency
-- FY25 operating profit of $6.0 billion increased 16%; FY25 non-GAAP
operating profit of $8.7 billion increased 5%, 9% constant currency
-- FY25 cash from operations of $7.0 billion; FY25 free cash flow of $5.2
billion
-- Company returned $6.3 billion to shareholders in FY25
-- Dividend for Q1 FY26 increased to $0.71 per share, implying annual $2.84
per share; 48th consecutive year of dividend increases
-- Announced today intent to separate Diabetes business into new standalone
public company
Q4 Financial 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:
-- Other revenue of $31 million in the current year and $57 million in the
prior year; and
-- Foreign currency translation of -$95 million on the remaining segments.
Q4 GAAP operating profit and operating margin were $1.436 billion and 16.1%, respectively, increases of 36% and 380 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q4 non-GAAP operating profit and operating margin were $2.486 billion and 27.8%, respectively, increases of 8% and 90 basis points, respectively.
Q4 GAAP net income and diluted earnings per share (EPS) were $1.057 billion and $0.82, respectively, increases of 62% and 67%, respectively. As detailed in the financial schedules included at the end of this release, Q4 non-GAAP net income and non-GAAP diluted EPS were $2.080 billion and $1.62, respectively, increases of 8% and 11%, respectively. Included in Q4 non-GAAP diluted EPS was a -7 cent impact from foreign currency translation. Q4 non-GAAP diluted EPS on a constant currency basis increased 16%.
FY25 Financial 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:
-- Other revenue of $48 million in the current year and $221 million in the
prior year; and
-- Foreign currency translation of -$244 million on the remaining segments.
FY25 GAAP operating profit and operating margin were $5.955 billion and 17.8%, respectively, increases of 16% and 190 basis points respectively. As detailed in the financial schedules included at the end of the release, FY25 non-GAAP operating profit and operating margin were $8.648 billion and 25.7%, respectively, increases of 5% and 10 basis points, respectively. On a constant currency basis, FY25 non-GAAP operating profit and operating margin increased 9% and 100 basis points, respectively.
FY25 GAAP net income and diluted earnings per share (EPS) were $4.662 billion and $3.61, respectively, representing increases of 27% and 31%, respectively. As detailed in the financial schedules included at the end of this release, fiscal year 2025 non-GAAP net income and non-GAAP diluted EPS were $7.079 billion and $5.49, respectively, representing increases of 2% and 6%, respectively. Included in FY25 non-GAAP diluted EPS was a -22 cent impact from foreign currency translation. FY25 non-GAAP diluted EPS on a constant currency basis increased 10%.
FY25 cash from operations of $7.044 billion increased 4%. FY25 free cash flow of $5.185 billion was unchanged, representing free cash flow conversion from non-GAAP net earnings of 73%.
"We had a strong close to our fiscal year, and I'm excited to see the progress we are making as our growth drivers continue to build momentum. Operationally, we translated our accelerating revenue growth into earnings leverage, as we delivered at the upper end of the commitments that we laid out a year ago," said Geoff Martha, Medtronic chairman and chief executive officer. "The underlying fundamentals of our business are strong, and they are getting stronger. We are now at an inflection point as we accelerate our speed of travel to higher, more profitable growth."
Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic $(SHA.AU)$, and Coronary & Peripheral Vascular $(CPV.AU)$ divisions. FY25 revenue of $12.481 billion increased 5.5% as reported and 6.3% organic, with high-single digit organic increases in CRHF and SH&A, and a low-single digit organic increase in CPV. Q4 revenue of $3.336 billion increased 6.6% as reported and 7.8% organic, with a low-double digit increase in CRHF, high-single digit increase in SH&A, and low-single digit increase in CPV, all on an organic basis.
-- CRHF Q4 results included near-30s growth in Cardiac Ablation Solutions
$(CAS)$ on rapid adoption of the PulseSelect(TM) and Affera(TM) mapping and
ablation system with Sphere-9(TM) PFA catheter; Cardiac Rhythm Management
grew high-single digits, driven by high-single digit growth in both
Defibrillation Solutions and Cardiac Pacing Therapies, including
high-teens growth in both Micra(TM) transcatheter pacing systems and
SelectSecure(TM) 3830 leads for conduction system pacing
-- SHA Q4 results driven by low-double digit Structural Heart growth, on the
continued strength of the Evolut(TM) FX+ TAVR system, and low-double
digit growth in Cardiac Surgery
-- CPV Q4 growth driven by low-double digit growth in guide catheters and
high-single digit growth in balloons
-- SMART 2-year data demonstrating superior valve performance for Evolut
TAVR(TM) system in small annulus patients published in Journal of the
American College of Cardiology; positive 5-year outcomes from the Evolut
Low Risk Trial presented as a Late Breaking Clinical Trial at ACC.25 in
March
-- Received U.S. FDA approval for the OmniaSecure(TM) lead, the
smallest-diameter, lumenless defibrillation lead. OmniaSecure(TM) is
based on the 3830 pacing lead, which has provided safe and reliable
treatment to patients for more than 20 years.
-- Published positive clinical outcomes from two studies in atrial
fibrillation patients treated with the Affera(TM) family of technologies,
including the next-generation Sphere-360(TM) single-shot PFA catheter and
the Sphere-9(TM) combination mapping and dual-energy (RF/PF) focal
catheter
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.
-- CST Q4 results driven by high-single digit U.S. growth on strong capital
sales and implant pull through related to the company's AiBLE(TM) spine
surgery ecosystem
-- Specialty Therapies Q4 results included low-single digit growth in ENT
with strength in Navigation capital and Head & Neck disposable sales;
Pelvic Health results were flat; Neurovascular decreased mid-single
digits on volume-based procurement in China and the recall of the
Pipeline(TM) Vantage flow diverter; Medtronic continues to offer the gold
standard in flow diversion products with Pipeline(TM) Shield, which
continues to be available globally
-- Neuromodulation above market Q4 performance driven by low-double digit
Pain Stim growth, including mid-teens U.S. growth, on the continued
launch of the Inceptiv(TM) spinal cord stimulator; Brain Modulation grew
mid-single digit globally on the continued launch of the Percept(TM) RC
deep brain stimulator $(DBS)$ with BrainSense(TM) technology
-- Received U.S. FDA approval and began launch of BrainSense(TM) Adaptive
Deep Brain Stimulation (aDBS), the largest ever commercial launch of
brain-computer interface technology
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.
-- SE Q4 results were driven by mid-single digit growth in both Advanced
Energy, driven by continued adoption of LigaSure(TM) vessel sealing
technology, and Emerging Markets, partially offset by ongoing bariatric
market and competitive robotic pressures in Advanced Stapling
-- ACM Q4 performance improved and included mid-teens growth in Respiratory
Compromise and high-single digit growth in Perioperative Complications
-- Results from Expand URO Investigational Device Exemption $(IDE)$ clinical
study of the Hugo(TM) robotic-assisted surgery $(RAS.AU)$ system presented at
American Urologic Association $(AUA.AU)$ last month; submitted Hugo(TM) RAS
system to the U.S. FDA for urologic indication in the first quarter of
calendar 2025
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.
-- U.S. Q4 revenue grew high-single digits on the continued adoption of the
MiniMed(TM) 780G automated insulin delivery (AID) system with an increase
in the MiniMed(TM) 780G installed base and strong CGM attachment rates
-- International Q4 revenue grew mid-teens driven by low-20s growth in pumps
and increasing CGM attachment as users upgrade to the Simplera Sync(TM)
sensor
-- Secured U.S. FDA approval for Simplera Sync(TM) CGM for use with the
MiniMed(TM) 780G system
-- Submitted 510(k) applications to the FDA for an interoperable pump and
algorithm, paving the way for system integration with an exclusive CGM
based on Abbott's most advanced CGM platform
Medtronic to Separate Diabetes 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 $(IPO.UK)$ 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 $(CST.AU)$ 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
MEDTRONIC PLC
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
Impact(3) Impact(3)
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).
MEDTRONIC PLC
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.
MEDTRONIC PLC
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
Impact(3) Impact(3)
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).
MEDTRONIC PLC
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Fiscal year ended
(in millions, April 25, April 26, April 25, April 26,
except per 2025 2024 2025 2024
share data)
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.
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)
Three months ended April 25, 2025
(in millions, except Net Cost of Gross Operating Operating Income Net Income Diluted Effective
per share data) Sales Products Margin Profit Profit Before attributable EPS Tax Rate
Percent Percent Income
Sold Taxes to
Medtronic
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 Net Cost of Gross Operating Operating Income Net Income Diluted Effective
per share data) Sales Products Margin Profit Profit Before attributable EPS Tax Rate
Percent Percent Income
Sold Taxes to
Medtronic
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.
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)
Fiscal year ended April 25, 2025
(in millions, except Net Cost of Gross Operating Operating Income Net Income Diluted Effective
per share data) Sales Products Margin Profit Profit Before attributable EPS Tax Rate
Percent Percent Income
Sold Taxes to Medtronic
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 Net Cost of Gross Operating Operating Income Net Income Diluted Effective
per share data) Sales Products Margin Profit Profit Before attributable EPS Tax Rate
Percent Percent Income
Sold Taxes to Medtronic
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.
MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)
Three months ended April 25, 2025
(in millions) Net SG&A SG&A R&D R&D Other Other Other
Sales Expense Expense Expense Expense Operating Operating Non-
as Operating
a % of as a % (Income) (Inc.)/Ex
Net of Expense, p., Expense
Sales Net net net as a (Income),
Sales % of net
Net Sales
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 -- -- -- (4) -- -- -- --
regulations(3)
(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 SG&A SG&A R&D R&D Other Other Other
Sales Expense Expense Expense Expense Operating Operating Non-
as Operating
a % of as a % (Income) (Inc.)/Ex
Net of Expense, p., Income,
Sales Net net net as a net
Sales % of
Net Sales
GAAP $ 33,537 $ 10,849 32.3 % $ 2,732 8.1 % $ (23) (0.1) % $ (402)
Non-GAAP
Adjustments:
Restructuring and -- (10) -- -- -- -- -- --
associated costs(5)
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.
MEDTRONIC PLC
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.
MEDTRONIC PLC
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
1,311,337,531 shares issued and
outstanding, respectively
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.
MEDTRONIC PLC
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) $(508.SI)$ (226)
Stock-based compensation 429 393 355
Loss on debt extinguishment -- -- 53
Asset impairments and related inventory -- 371 --
write-downs
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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May 21, 2025 06:45 ET (10:45 GMT)
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