Medtronic Plc. · NYSE:MDT
Medtronic — Q2 2025 Earnings Presentation
25 slides from Medtronic's earnings presentation, Nov 19, 2024
Slide 1: Q2 FY25 Earnings Presentation
Q2 FY25 Earnings Presentation November 19, 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 contents Q2 FY25 Portfolio Financial Guidance & Executive Impact Appendix Highlights Highlights Assumptions Summary
Slide 4: Executive Summary
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Executive Summary
Slide 5: Q2 FY25 Highlights
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Highlights Delivering on commitments, executing ahead of expectations, and raising guidance Momentum continues to build; executed and delivered 8th consecutive quarter of dura
Slide 6: Q2 FY25 Financial summary
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Financial summary YTD Revenue Adj. Diluted EPS Operating Cash Flow $1.26 $1.9B $8.4B Free Cash Flow1 +5.0% organic +0.8% +8.0% CC $1.0B Revenue2 by segment Revenue2 by geograp
Slide 7: Key product approvals
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Key product approvals Recent rapid cadence of meaningful innovative approvals; ~120 product approvals in last 12 months in key geographies1 PulseSelect Percept RC Avalus Ultra OsteoCo
Slide 8: Portfolio Highlights
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Portfolio Highlights
Slide 9: Cardiovascular
Cardiovascular 21% CPV | $643M MSD growth driven by strong performance in TAVR, Cardiac Rhythm Management, and Cardiac Surgery $3,102M +4.9% Y/Y Rep +4.8% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) +6.1% Y/Y Rep +5.6% Y/Y Org • Cardiac Pacing Therapies: HSD growth; high-teens WW Micra growth driv
Slide 10: Neuroscience
Neuroscience 30% HSD growth driven by continued strength in Spine and momentum from Neuromodulation innovations ST | $737M +4.6% Y/Y Rep $2,451M +3.9% Y/Y Org Cranial & Spinal Technologies (CST) +7.1% Y/Y Rep +6.7% Y/Y Org • Core Spine: MSD WW; HSD US growth on continued adoption of the AiBLE ecosys
Slide 11: Medical Surgical
Medical Surgical 22% LSD growth with HSD sequential growth in Surgical; strength in Advanced Energy, Wound ACM | $478M Management & Hernia; Continued progress on US Hugo IDE trials +3.6% Y/Y Rep +3.3% Y/Y Org $2,128M +1.2% Y/Y Rep Surgical & Endoscopy (SE) +0.7% Y/Y Org • Surgical flat result (HSD s
Slide 12: Diabetes
Diabetes 66% Double-digit growth on strong CGM attachment and MiniMed 780G system adoption International $686M Markets +12.4% Y/Y Rep +11.0% Y/Y Org United States HSD growth on strong CGM attachment rates and increasing consumables revenue demonstrating the success of our comprehensive MiniMed 780G
Slide 13: Financial Highlights
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Financial Highlights
Slide 14: Q2 FY25 Income statement
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Income statement ($ in millions)1 Q2 FY24 Q2 FY25 Y/Y Revenue $7,984 $8,403 5.3% Organic revenue growth 5.0% Gross Margin 65.9% 65.2% (70 bps) +40 bps CC SG&A 32.9% 32.5% (40
Slide 15: Fiscal Year 2025 Guidance & Assumptions
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Fiscal Year 2025 Guidance & Assumptions
Slide 16: Guidance and assumptions
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Guidance and assumptions Organic Implied FY25 FY24 base revenue growth FX1 Inorganic Other2 adjusted REVENUE guidance revenue range2 Q4 Earnings Call FY24 Reported $32,364M May 23, 20
Slide 17: Impact
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Impact
Slide 18: Leading in engagement, citizenship & innovation
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Leading in engagement, citizenship & innovation Dow Jones Sustainability Index Ethisphere 3BLnews Just Capital DJSI World Index for 2 consecutive years One of the 2024 World's Most DJ
Slide 19: Near and long-term sustainability objectives
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Near and long-term sustainability objectives Progress key: Robust governance structures and processes underpin our sustainability strategy Achieved On target In progress Baseline End
Slide 20: Appendix
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Appendix
Slide 21: Q2 FY25 Revenue by portfolio and geography
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 Revenue by portfolio and geography Worldwide U.S. INTL Revenue ($M)1 As reported Y/Y% Organic Y/Y% Revenue ($M)1 As reported Y/Y% Organic Y/Y% Revenue ($M)1 As reported Y/Y% O
Slide 22: Q2 FY25 GAAP to non-GAAP reconciliations
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Q2 FY25 GAAP to non-GAAP reconciliations (Gain) / Loss on Q2 FY25 Acquisition and Medical Device Certain Tax Q2 FY25 Q2 FY24 Y/Y Growth / E Amortization Restructuring Minority GAAP Di
Slide 23: Medtronic business structure
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Medtronic business structure Cardiovascular Neuroscience Medical Surgical Diabetes Other Learn more Learn more Learn more Learn more Cardiac Rhythm & Heart Failure Cranial & Spinal Te
Slide 24: Abbreviations & acronyms
Table of Executive Portfolio Financial Guidance & Impact Appendix Contents Summary Highlights Highlights Assumptions Abbreviations & acronyms Growth Business specific Business specific Other CC Constant Currency AAA Abdominal Aortic Aneurysm HIS His-Purkinje System ACC American College of Cardiology
Slide 25: Investor Relations contact information
Investor Relations contact information Ryan Weispfenning Brad Welnick Vice President, Vice President, Head of Investor Relations Investor Relations & FP&A investor.relations@medtronic.com