Slide 1: Medtronic plc Q2 FY24 Earnings presentation
Not started Not started Work in progress Work in progress Update complete Update complete Medtronic plc Q2 FY24 Earnings presentation November 21, 2023
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 & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Table of contents Executive Portfolio Financial Guidance & Sustainability Appendix Summary Highlights Highlights Assumptions
Slide 4: Q2 FY24 Executive Summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q2 FY24 Executive Summary
Slide 5: Q2 FY24 Key messages
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 Key messages Contents Summary Highlights Highlights Assumptions Solid execution results in MSD revenue growth driven by broad-based strength across multiple businesses and geographies; Major innovative product approval
Slide 6: Q2 FY24 Financial summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 Financial summary Contents Summary Highlights Highlights Assumptions Revenue1 by segment Revenue1 by geography Non-U.S. Developed $2,368M +9.8% Y/Y Rep +6.4% Y/Y Org Cardiovascular $2,923M United States +5.9% Y/Y Rep $
Slide 7: Q2 FY24 Regional organic revenue growth
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 Regional organic revenue growth Contents Summary Highlights Highlights Assumptions 5.0% WW growth benefited from MSD growth in Non-U.S. Developed markets; rebound in China helped offset Russia headwinds United States N
Slide 8: Key product approvals
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Key product approvals Contents Summary Highlights Highlights Assumptions Last 12 months: ~130 product approvals in key geographies1 ClosureFast™ SynchroMed™ III Aurora EV-ICD™ Mazor X Stealth™ Aurora EV-ICD™ Radiofrequency Int
Slide 9: Q2 FY24 Portfolio Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q2 FY24 Portfolio Highlights
Slide 10: Cardiovascular $2,923M
Cardiovascular 21% CPV | $613M 5% growth driven by strong performance in Pacing, Diagnostics, Aortic, Cardiac Surgery and Coronary +5.0% Y/Y Rep $2,923M +4.6% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) Micra™ AV2 and VR2 Transcatheter Cardiac Pacing Therapies: HSD growth; LDD WW Micra™ growth dri
Slide 11: Neuroscience $2,288M
Neuroscience 31% 4% growth benefitting from strength in Core Spine & Neurosurgery ST | $705M +2.8% Y/Y Rep Cranial & Spinal Technologies (CST) $2,288M +2.6% Y/Y Org • Core Spine: HSD growth, including MSD in the U.S., driven by AiBLE™ ecosystem pull- AiBLE™ through +4.7% Y/Y Rep Surgical Ecosystem +
Slide 12: Medical Surgical $2,142M
Medical Surgical 6% growth driven by Advanced Surgical; GI Genius™ momentum continues 23% $2,142M PMRI | $501M +2.5% Y/Y Rep Surgical & Endoscopy (SE) +1.8% Y/Y Org Signia™ • Surgical: MSD Y/Y growth driven by supply expansion within Signia™ powered stapler, +7.0 Y/Y Rep LigaSure™ vessel sealing, an
Slide 13: Diabetes $610M
Diabetes 51% 7% growth fueled by exceptional U.S. adoption of MiniMed™ 780G system and Non-U.S. continued double digit international growth $610M Developed United States +9.7% Y/Y Rep Low 30s Q/Q revenue growth in 1st full quarter of MiniMed™ 780G system launch; new patient adds surpassed 3-year hig
Slide 14: Q2 FY24 Financial Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q2 FY24 Financial Highlights
Slide 15: Q2 FY24 Income statement
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 Income statement Contents Summary Highlights Highlights Assumptions GAAP1 Non-GAAP1 ($ in millions) Q2 FY23 Q2 FY24 Y/Y ($ in millions) Q2 FY23 Q2 FY24 Y/Y Revenue $7,585 $7,984 5.3% Revenue $7,585 $7,984 5.3% Gross Ma
Slide 16: Exercising decisive capital allocation
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Exercising decisive capital allocation Contents Summary Highlights Highlights Assumptions Prioritizing innovation-driven growth investments while delivering consistent dividends to shareholders 5% CAGR $2.7B Minority investmen
Slide 17: Guidance & Assumptions
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Guidance & Assumptions
Slide 18: Guidance and assumptions
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Guidance and assumptions Contents Summary Highlights Highlights Assumptions Organic Implied FY24 FY23 base1 revenue growth FX2 Inorganic Other3 reported REVENUE guidance revenue range FY23 Reported $31,227M Q4 Earnings Call 4.
Slide 19: Sustainability
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Sustainability
Slide 20: Sustainability
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Sustainability Contents Summary Highlights Highlights Assumptions Leading in engagement, citizenship and innovation DiversityInc Human Rights Campaign U.S. Chamber of Commerce Foundation 2022 Great Place To Work ® Great Place
Slide 21: Near and long-term sustainability objectives
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Near and long-term sustainability objectives Contents Summary Highlights Highlights Assumptions Robust governance structures and processes underpin our sustainability strategy Sustainability targets and progress Baseline End d
Slide 22: Appendix
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Appendix
Slide 23: Q2 FY24 Revenue by portfolio and geography
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 Revenue by portfolio and geography Contents Summary Highlights Highlights Assumptions Worldwide U.S. Non-U.S. Developed Emerging Markets Revenue As reported Organic Revenue As reported Organic Revenue As reported Organ
Slide 24: Q2 FY24 GAAP to non-GAAP reconciliations
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q2 FY24 GAAP to non-GAAP reconciliations Contents Summary Highlights Highlights Assumptions Acquisition and (Gain) / Loss on Q2 FY24 Medical Device Certain Tax Q2 FY24 Q2 FY23 Y/Y Growth / Amortization Restructuring Certain Li
Slide 25: FY24 Medtronic business structure
Table of Executive Portfolio Financial Guidance & Sustainability Appendix FY24 Medtronic business structure Contents Summary Highlights Highlights Assumptions Cardiovascular Neuroscience Medical Surgical Diabetes Other Learn more Learn more Learn more Learn more Learn more Cardiac Rhythm & Heart Fai
Slide 26: Abbreviations & acronyms
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Abbreviations & acronyms Contents Summary Highlights Highlights Assumptions Growth Business specific Business specific Other Revenue Decreased Y/Y AAA Abdominal Aortic Aneurysm ICD Implantable Cardioverter Defibrillator ADA
Slide 27: Investor Relations contact information
Investor Relations contact information Ryan Weispfenning Brad Welnick Gregory Hertz Vice President Vice President Senior Director Head of Investor Relations Investor Relations Investor Relations investor.relations@medtronic.com