Medtronic Plc. · NYSE:MDT
Medtronic — Q4 2024 Earnings Presentation
32 slides from Medtronic's earnings presentation, May 23, 2024
Slide 1: Medtronic plc Q4 FY24 Earnings presentation
Not started Not started Work in progress Work in progress Update complete Update complete Medtronic plc Q4 FY24 Earnings presentation May 23, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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 developme
Slide 3: Table of contents
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Table of contents Q4 FY24 Portfolio FY24 Recap & Financial Guidance & Executive Sustainability Appendix Highlights Highlights Highlights Assumptions Summary
Slide 4: Q4 FY24 Executive Summary
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Q4 FY24 Executive Summary
Slide 5: Q4 FY24 Highlights
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Q4 FY24 Highlights Contents Summary Highlights Recap Highlights Assumptions Delivered a strong finish to fiscal year; broad-based durable growth across the company; gaining momentum as company enters new product cycles ac
Slide 6: Q4 FY24 Financial summary
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Q4 FY24 Financial summary Contents Summary Highlights Recap Highlights Assumptions Revenue1 by segment Revenue1 by geography Non-US Developed $2,674M +1.7% Y/Y Rep +4.2% Y/Y Org Cardiovascular $3,130M United States (5.2%)
Slide 7: Key product approvals
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Key product approvals Contents Summary Highlights Recap Highlights Assumptions Recent rapid cadence of meaningful innovative approvals; ~130 product approvals in last 12 months in key geographies1 Percept RC Avalus Ultra
Slide 8: Q4 FY24 Portfolio Highlights
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Q4 FY24 Portfolio Highlights
Slide 9: Cardiovascular $3,130M
Cardiovascular 21% CPV | $660M MSD growth driven by strong performance in Pacing, Structural Heart, and Cardiac Surgery +4.6% Y/Y Rep $3,130M +5.7% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) Micra AV2 and VR2 Transcatheter -5.2% Y/Y Rep • Cardiac Pacing Therapies: HSD growth; low-20s WW Micra gro
Slide 10: Neuroscience $2,545M
Neuroscience 31% 6.5% growth benefitting from strength in Spine and Neurosurgery ST | $778M +2.0% Y/Y Rep Cranial & Spinal Technologies (CST) AiBLE +3.1% Y/Y Org $2,545M Surgical Ecosystem +5.6% Y/Y Rep • Neurosurgery: DD WW, US and WE growth; strong DD growth of AiBLE ecosystem +6.5% Y/Y Org includ
Slide 11: Medical Surgical $2,198M
Medical Surgical 4.5% growth driven by General Surgical & Endoscopy; Continued progress on 22% US Hugo IDE trials $2,198M ACM | $492M +1.2% Y/Y Rep Surgical & Endoscopy (SE) +2.5% Y/Y Org +3.5% Y/Y Rep • Surgical driven by DD EM growth; comprises about a quarter of revenue ProGrip +4.5% Y/Y Org • Ge
Slide 12: Diabetes $660M
Diabetes Double-digit US and OUS growth on adoption of MiniMed 780G system 51% Non-US United States Developed $660M +10.9% Y/Y Rep High-40s pump growth led by strong new user adoption and CGM sales growth +11.1% Y/Y Org – More than doubled new user growth Y/Y; continued strong growth in both MDI use
Slide 13: FY24 Recap and Highlights
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions FY24 Recap and Highlights
Slide 14: FY24 Highlights
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix FY24 Highlights Contents Summary Highlights Recap Highlights Assumptions Delivering on commitments; meaningful step forward in FY24 Revenue1 by segment – MSD revenue growth every quarter; 5.2% organic growth for the year;
Slide 15: FY24 Financial summary
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix FY24 Financial summary Contents Summary Highlights Recap Highlights Assumptions Revenue1 by geography Non-US Developed 6.0% Non-US Developed Western Europe HSD $9,979M JPN Japan MSD +6.1% Y/Y Rep ~15% +6.0% Y/Y Org
Slide 16: Q4 and FY24 Financial Highlights
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Q4 and FY24 Financial Highlights
Slide 17: Q4 FY24 Income statement
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Q4 FY24 Income statement Contents Summary Highlights Recap Highlights Assumptions GAAP1 Non-GAAP1 ($ in millions) Q4 FY23 Q4 FY24 Y/Y ($ in millions) Q4 FY23 Q4 FY24 Y/Y Revenue $8,544 $8,589 0.5% Revenue $8,544 $8,589 0.
Slide 18: FY24 Income statement
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix FY24 Income statement Contents Summary Highlights Recap Highlights Assumptions GAAP1 Non-GAAP1 ($ in millions) FY23 FY24 Y/Y ($ in millions) FY23 FY24 Y/Y Revenue $31,227 $32,364 3.6% Revenue $31,227 $32,364 3.6% Gross Ma
Slide 19: Free Cash Flow
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Free Cash Flow Contents Summary Highlights Recap Highlights Assumptions Discipline in working capital delivering improved free cash flow Included in Free Cash Flow* Free Cash Flow: FY23 FY24 ($ in billions) Certain Litiga
Slide 20: Guidance & Assumptions
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Guidance & Assumptions
Slide 21: Guidance and assumptions
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Guidance and assumptions Contents Summary Highlights Recap Highlights Assumptions Organic Implied FY24 base revenue growth FX2 Inorganic Other1 reported guidance revenue range FY25 FY24 reported $32,364M REVENUE ($375M) t
Slide 22: Sustainability
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Sustainability
Slide 23: Leading in engagement, citizenship & innovation
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Leading in engagement, citizenship & innovation Contents Summary Highlights Recap Highlights Assumptions Fair360 Just Capital Great Place to Work ® certified Dow Jones Sustainability Index US Chamber of Commerce Foundatio
Slide 24: Near and long-term sustainability objectives
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Near and long-term sustainability objectives Contents Summary Highlights Recap Highlights Assumptions Robust governance structures and processes underpin our sustainability strategy Sustainability targets and progress Bas
Slide 25: Appendix
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Contents Summary Highlights Recap Highlights Assumptions Appendix
Slide 26: Q4 FY24 Revenue by portfolio and geography
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Q4 FY24 Revenue by portfolio and geography Contents Summary Highlights Recap Highlights Assumptions Worldwide US Non-US Developed Emerging Markets Revenue As reported Organic Revenue As reported Organic Revenue As reporte
Slide 27: Q4 FY24 GAAP to non-GAAP reconciliations
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Q4 FY24 GAAP to non-GAAP reconciliations Contents Summary Highlights Recap Highlights Assumptions Acquisition and (Gain) / Loss on Q4 FY24 Medical Device Certain Tax Q4 FY24 Q4 FY23 Y/Y Growth / Amortization Restructuring
Slide 28: FY24 Revenue by portfolio and geography
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix FY24 Revenue by portfolio and geography Contents Summary Highlights Recap Highlights Assumptions Worldwide US Non-US Developed Emerging Markets Revenue As reported Organic Revenue As reported Organic Revenue As reported O
Slide 29: FY24 GAAP to non-GAAP reconciliations
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix FY24 GAAP to non-GAAP reconciliations Contents Summary Highlights Recap Highlights Assumptions Acquisition and (Gain) / Loss on FY24 Medical Device Certain Tax FY24 FY23 Y/Y Growth / Amortization Restructuring Divestiture
Slide 30: Medtronic business structure
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Medtronic business structure Contents Summary Highlights Recap Highlights Assumptions Cardiovascular Neuroscience Medical Surgical Diabetes Other Learn more Learn more Learn more Learn more Learn more Cardiac Rhythm & Hea
Slide 31: Abbreviations & acronyms
Table of Executive Portfolio FY24 Financial Guidance & Sustainability Appendix Abbreviations & acronyms Contents Summary Highlights Recap Highlights Assumptions Growth Business specific Business specific Other Revenue Decreased Y/Y AID Automated Insulin Delivery ICD Implantable Cardioverter Defibr
Slide 32: Investor Relations contact information
Investor Relations contact information Ryan Weispfenning Brad Welnick Vice President, Vice President, Head of Investor Relations Investor Relations investor.relations@medtronic.com