Medtronic Plc. · NYSE:MDT
Medtronic — Q1 2024 Earnings Presentation
27 slides from Medtronic's earnings presentation, Aug 22, 2023
Slide 1: Medtronic plc Q1 FY24 Earnings presentation
Not started Not started Work in progress Work in progress Update complete Update complete Medtronic plc Q1 FY24 Earnings presentation August 22, 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: Q1 FY24 Executive Summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY24 Executive Summary
Slide 5: Q1 FY24 Key messages
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY24 Key messages Contents Summary Highlights Highlights Assumptions Solid results bolstered by combination of improving underlying fundamentals, innovation and execution Broad-based performance generated results ahead of e
Slide 6: Q1 FY24 Financial summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY24 Financial summary Contents Summary Highlights Highlights Assumptions Revenue1 by segment Revenue1 by geography Non-U.S. Developed $2,463M +5.8% Y/Y Rep +7.2% Y/Y Org Cardiovascular $2,850M United States +5.5% Y/Y Rep $
Slide 7: Q1 FY24 Regional organic revenue growth
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY24 Regional organic revenue growth Contents Summary Highlights Highlights Assumptions Breadth of performance with HSD growth in Non-U.S. Developed Markets and Emerging Markets and MSD in the U.S. United States Non-U.S. De
Slide 8: Key product approvals
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Key product approvals Contents Summary Highlights Highlights Assumptions Last 12 months: ~125 product approvals in key geographies1 Nexpowder™ Mazor X Radiant™ balloon- Endoscopic Hugo™ Aurora EV-ICD™ Stealth™ expandable Hemos
Slide 9: Q1 FY24 Portfolio Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY24 Portfolio Highlights
Slide 10: Cardiovascular $2,850M
Cardiovascular 21% 6% growth driven by strong performance in Pacing, TAVR, Aortic & Cardiac Surgery CPV | $589M +1.7% Y/Y Rep +3.1% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) Micra™ AV2 and VR2 $2,850M • Cardiac Pacing Therapies: MSD growth; mid-teens WW Micra™ growth driven by OUS +5.5% Y/Y Rep
Slide 11: Neuroscience $2,219M
Neuroscience 31% 6% growth with strength in Spine & Biologics and ENT ST | $695M +4.2% Y/Y Rep Cranial & Spinal Technologies (CST) $2,219M +5.4% Y/Y Org Aible™ • HSD Spine & Biologics growth, including in the U.S., on implant and biologic pull- Surgical Ecosystem +4.9% Y/Y Rep through fueled by Aibl
Slide 12: Medical Surgical $2,039M
Medical Surgical 6% growth driven by Advanced Surgical, Hugo™ momentum continues 24% $2,039M PMRI | $493M +2.9% Y/Y Rep Surgical & Endoscopy2 (SE) LigaSure XP™ +3.8% Y/Y Org • Surgical: HSD growth benefitted from product availability and improved procedure Maryland Jaw Sealer/Divider +5.5 Y/Y Rep vo
Slide 13: Diabetes $578M
Diabetes 54% High-teens Non-U.S. Developed Market growth on strength of MiniMed™ 780G system; Non-U.S. U.S. launch exceeds expectations with low 30s pump growth $578M Developed +6.8% Y/Y Rep • U.S. turnaround underway driven by strong adoption of MiniMed™ 780G system, the only system with Meal +6.3%
Slide 14: Q1 FY24 Financial Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY24 Financial Highlights
Slide 15: Q1 FY24 Income statement
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY24 Income statement Contents Summary Highlights Highlights Assumptions GAAP1 Non-GAAP1 ($ in millions) Q1 FY23 Q1 FY24 Y/Y ($ in millions) Q1 FY23 Q1 FY24 Y/Y Revenue $7,371 $7,702 4.5% Revenue $7,371 $7,702 4.5% 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 dividend returns to shareholders 5% CAGR $2.7B Minority in
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 FX3 Inorganic Other2 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: Leading in engagement, citizenship and innovation
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Sustainability Contents Summary Highlights Highlights Assumptions Leading in engagement, citizenship and innovation DiversityInc Human Rights Campaign Great Place to Work ® certified Dow Jones Sustainability Index 2022 Great P
Slide 21: Long-range objectives & targets
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Sustainability Contents Summary Highlights Highlights Assumptions Long-range objectives & targets Patient Safety & Inclusion, Climate Product Product Quality Diversity & Equity Stewardship Stewardship 10% Reduction in aggregat
Slide 22: Appendix
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Appendix
Slide 23: Q1 FY24 Revenue by portfolio and geography
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 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: Q1 FY24 GAAP to non-GAAP reconciliations
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY24 GAAP to non-GAAP reconciliations Contents Summary Highlights Highlights Assumptions Acquisition and (Gain) / Loss on Q1 FY24 Medical Device Certain Tax Q1 FY24 Q1 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 q 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