Medtronic Plc. · NYSE:MDT
Medtronic — Q3 2024 Earnings Presentation
30 slides from Medtronic's earnings presentation, Feb 20, 2024
Slide 1: Medtronic plc Q3 FY24 Earnings presentation
Not started Not started Work in progress Work in progress Update complete Update complete Medtronic plc Q3 FY24 Earnings presentation February 20, 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 Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Table of contents Executive Portfolio Financial Guidance & New Business Sustainability Appendix Summary Highlights Highlights Assumptions Structure
Slide 4: Q3 FY24 Executive Summary
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Q3 FY24 Executive Summary
Slide 5: Q3 FY24 Key messages
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 Key messages Contents Summary Highlights Highlights Assumptions Structure Delivering on commitments with strong growth in several businesses, and across many international markets; Diabetes increases doubl
Slide 6: Q3 FY24 Financial summary
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 Financial summary Contents Summary Highlights Highlights Assumptions Structure Revenue1 by segment Revenue1 by geography Non-U.S. Developed $2,473M +7.8% Y/Y Rep +6.4% Y/Y Org Cardiovascular $2,929M United
Slide 7: Q3 FY24 Regional organic revenue growth
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 Regional organic revenue growth Contents Summary Highlights Highlights Assumptions Structure MSD WW growth benefited from MSD growth in Non-U.S. Developed markets; growth in China helped offset Russia head
Slide 8: Key product approvals
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Key product approvals Contents Summary Highlights Highlights Assumptions Structure Recent rapid cadence of meaningful innovative approvals; ~130 product approvals in last 12 months in key geographies1 SynchroMed™
Slide 9: Q3 FY24 Portfolio Highlights
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Q3 FY24 Portfolio Highlights
Slide 10: Cardiovascular $2,929M
Cardiovascular 21% CPV | $616M 5% growth driven by strong performance in Pacing, Structural Heart, Aortic, Cardiac Surgery and Coronary +6.0% Y/Y Rep $2,929M +5.7% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) Micra™ AV2 and VR2 Transcatheter +6.1% Y/Y Rep • Cardiac Pacing Therapies: HSD growth; Mid
Slide 11: Neuroscience $2,355M
Neuroscience 31% 4% growth benefitting from strength in Spine & Biologics ST | $726M +3.9% Y/Y Rep $2,355M +3.4% Y/Y Org Cranial & Spinal Technologies (CST) AiBLE™ • Core Spine: HSD WW and U.S. growth driven by AiBLE™ ecosystem pull-through Surgical Ecosystem +4.8% Y/Y Rep +4.3% Y/Y Org • Biologics:
Slide 12: Medical Surgical $2,148M
Medical Surgical MSD growth ex-Vents driven by General Surgical Technologies & Patient Monitoring 25% $2,148M PMRI | $532M +1.9% Y/Y Rep Surgical & Endoscopy (SE) +1.5% Y/Y Org • General Surgical: WW MSD growth driven by Hernia performance on physician-preferred ProGrip™ +3.9% Y/Y Rep ProGrip™ synth
Slide 13: Diabetes $640M
Diabetes 50% DD growth including MSD U.S. growth on adoption of MiniMed™ 780G system Non-U.S. $640M Developed United States +12.3% Y/Y Rep High-40s pump growth led by strong new user adoption and CGM sales growth +10.2% Y/Y Org – Nearly doubled new user growth Y/Y; with strong growth in both MDI use
Slide 14: Q3 FY24 Financial Highlights
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Q3 FY24 Financial Highlights
Slide 15: Q3 FY24 Income statement
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 Income statement Contents Summary Highlights Highlights Assumptions Structure GAAP1 Non-GAAP1 ($ in millions) Q3 FY23 Q3 FY24 Y/Y ($ in millions) Q3 FY23 Q3 FY24 Y/Y Revenue $7,727 $8,089 4.7% Revenue $7,7
Slide 16: Exercising decisive capital allocation
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Exercising decisive capital allocation Contents Summary Highlights Highlights Assumptions Structure Prioritizing innovation-driven growth investments while delivering consistent dividends to shareholders 5% CAGR $
Slide 17: Guidance & Assumptions
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Guidance & Assumptions
Slide 18: Guidance and assumptions
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Guidance and assumptions Contents Summary Highlights Highlights Assumptions Structure Organic Implied FY24 FY23 base1 revenue growth FX2 Inorganic Other3 reported REVENUE guidance revenue range1 Q4 Earnings Call 4
Slide 19: New Business Structure
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure New Business Structure
Slide 20: Patient Monitoring & Respiratory Interventions Update
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Patient Monitoring & Respiratory Interventions Update Exiting vents and retaining remaining PMRI businesses to maximize shareholder value Exiting unprof
Slide 21: Recasted Medical Surgical and Other revenue
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Recasted Medical Surgical and Other revenue Contents Summary Highlights Highlights Assumptions Structure Ventilator revenue will be recorded in Other and excluded from organic growth calculations starting in Q4 FY
Slide 22: Sustainability
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Sustainability
Slide 23: Leading in engagement, citizenship & innovation
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Leading in engagement, citizenship & innovation Contents Summary Highlights Highlights Assumptions Structure DiversityInc Human Rights Campaign U.S. Chamber of Commerce Foundation 2022 Great Place To Work ® Great
Slide 24: Near and long-term sustainability objectives
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Near and long-term sustainability objectives Contents Summary Highlights Highlights Assumptions Structure Robust governance structures and processes underpin our sustainability strategy Sustainability targets and
Slide 25: Appendix
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Contents Summary Highlights Highlights Assumptions Structure Appendix
Slide 26: Q3 FY24 Revenue by portfolio and geography
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 Revenue by portfolio and geography Contents Summary Highlights Highlights Assumptions Structure Worldwide U.S. Non-U.S. Developed Emerging Markets Revenue As reported Organic Revenue As reported Organic Re
Slide 27: Q3 FY24 GAAP to non-GAAP reconciliations
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Q3 FY24 GAAP to non-GAAP reconciliations Contents Summary Highlights Highlights Assumptions Structure Acquisition and (Gain) / Loss on Q3 FY24 Medical Device Certain Tax Q3 FY24 Q3 FY23 Y/Y Growth / Amortization R
Slide 28: Medtronic business structure
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Medtronic business structure Contents Summary Highlights Highlights Assumptions Structure Beginning in Q4’FY24 Cardiovascular Neuroscience Medical Surgical Diabetes Other Learn more Learn more Learn more Learn mor
Slide 29: Abbreviations & acronyms
Table of Executive Portfolio Financial Guidance & New Business Sustainability Appendix Abbreviations & acronyms Contents Summary Highlights Highlights Assumptions Structure Growth Business specific Business specific Other Revenue Decreased Y/Y AAA Abdominal Aortic Aneurysm ICD Implantable Cardiove
Slide 30: 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