Medtronic Plc. · NYSE:MDT
Medtronic — Q1 2025 Earnings Presentation
25 slides from Medtronic's earnings presentation, Aug 20, 2024
Slide 1: Medtronic plc Q1 FY25 Earnings presentation
Not started Not started Work in progress Work in progress Update complete Update complete Medtronic plc Q1 FY25 Earnings presentation August 20th, 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 & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Table of contents Q1 FY25 Portfolio Financial Guidance & Executive Sustainability Appendix Highlights Highlights Assumptions Summary
Slide 4: Q1 FY25 Executive Summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY25 Executive Summary
Slide 5: Q1 FY25 Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Summary Highlights Q1 FY25 Highlights Contents Highlights Assumptions Exceeding commitments, increasing outlook for the year, and restoring earnings power; 7th quarter in a row of mid-single digit revenue growth; Continued exe
Slide 6: Q1 FY25 Financial summary
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY25 Financial summary YTD Adj. Diluted EPS Operating Cash Flow Adj. Revenue1 $1.23 $1.0B $8.0B Free Cash Flow2 $0.5B +2.5% +5.3% organic +7.5% CC Revenue3 by segment Reven
Slide 7: Key product approvals
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Key product approvals Contents Summary Highlights Highlights Assumptions Recent rapid cadence of meaningful innovative approvals; ~130 product approvals in last 12 months in key geographies1 ClosureFast SynchroMed III PulseSel
Slide 8: Q1 FY25 Portfolio Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY25 Portfolio Highlights
Slide 9: Cardiovascular
Cardiovascular 21% CPV | $616M HSD growth driven by strong performance in PFA, Pacing, High Power, TAVR, Cardiac Surgery, and Coronary $3,007M +4.5% Y/Y Rep +5.8% Y/Y Org Cardiac Rhythm & Heart Failure (CRHF) +5.5% Y/Y Rep +6.9% Y/Y Org • Cardiac Pacing Therapies: LDD growth; low-20s WW Micra growth
Slide 10: Neuroscience
Neuroscience 31% MSD growth on continued strength in Spine and innovation-driven acceleration in Neuromodulation ST | $713M +2.5% Y/Y Rep $2,317M +3.4% Y/Y Org Cranial & Spinal Technologies (CST) +4.4% Y/Y Rep +5.3% Y/Y Org • Core Spine: HSD growth driven by AiBLE ecosystem pull-through, including C
Slide 11: Medical Surgical
Medical Surgical 23% LSD growth on difficult comps in Surgical; strength in Wound Management, Hernia & Emerging ACM | $452M Markets; Continued progress on US Hugo IDE trials (1.5%) Y/Y Rep (0.1%) Y/Y Org $1,996M (0.4%) Y/Y Rep Surgical & Endoscopy (SE) +1.0% Y/Y Org • Surgical LSD growth on difficul
Slide 12: Diabetes
Diabetes 67% Continued double-digit US and OUS growth on strong Automated Insulin Delivery system adoption International $647M Markets +11.8% Y/Y Rep +12.6% Y/Y Org United States Continued adoption of the MiniMed780G system one year post launch driving strong performance in CGM and consumables retur
Slide 13: Q1 FY25 Financial Highlights
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Q1 FY25 Financial Highlights
Slide 14: Q1 FY25 Adjusted income statement
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY25 Adjusted income statement Contents Summary Highlights Highlights Assumptions ($ in millions)1 Q1 FY24 Q1 FY25 Y/Y Adj. Revenue $7,702 $8,004 3.9% Organic revenue growth 5.3% Gross Margin 66.4% 65.9% (50 bps) +30 bps CC
Slide 15: Guidance & Assumptions
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Guidance & Assumptions
Slide 16: Guidance and assumptions
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Guidance and assumptions Contents Summary Highlights Highlights Assumptions Organic Implied FY25 FY24 base revenue growth FX1 Inorganic Other2 adjusted REVENUE guidance revenue range2 Q4 Earnings Call FY24 Reported $32,364M Ma
Slide 17: Sustainability
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Sustainability
Slide 18: Leading in engagement, citizenship & innovation
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Leading in engagement, citizenship & innovation Contents Summary Highlights Highlights Assumptions Just Capital Great Place to Work ® certified Dow Jones Sustainability Index US Chamber of Commerce Foundation Ethisphere awarde
Slide 19: Near and long-term sustainability objectives
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Near and long-term sustainability objectives Contents Summary Highlights Highlights Assumptions Robust governance structures and processes underpin our sustainability strategy Sustainability targets and progress Baseline End d
Slide 20: Appendix
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Contents Summary Highlights Highlights Assumptions Appendix
Slide 21: Q1 FY25 Revenue by portfolio and geography
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY25 Revenue by portfolio and geography Contents Summary Highlights Highlights Assumptions Worldwide United States International Revenue ($M)1 As reported Y/Y% Organic Y/Y% Revenue ($M)1 As reported Y/Y% Organic Y/Y% Revenu
Slide 22: Q1 FY25 GAAP to non-GAAP reconciliations
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Q1 FY25 GAAP to non-GAAP reconciliations Contents Summary Highlights Highlights Assumptions Acquisition and (Gain) / Loss on Q1 FY25 Certain Medical Device Certain Tax Q1 FY25 Q1 FY24 Y/Y Growth / Amortization Restructuring Di
Slide 23: Medtronic business structure
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Medtronic business structure Contents Summary Highlights Highlights Assumptions Cardiovascular Neuroscience Medical Surgical Diabetes Other Learn more Learn more Learn more Learn more Cardiac Rhythm & Heart Failure Cranial & S
Slide 24: Abbreviations & acronyms
Table of Executive Portfolio Financial Guidance & Sustainability Appendix Abbreviations & acronyms Contents Summary Highlights Highlights Assumptions Growth Business specific Business specific Other CC Constant Currency AID Automated Insulin Delivery ICD Implantable Cardioverter Defibrillator ACC Am
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