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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_____________________________ 
FORM 8-K
 _____________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2025
 _____________________________ 
Medtronic plc
(Exact name of Registrant as Specified in its Charter)
  _____________________________ 
 
Ireland 1-36820 98-1183488
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

Building Two
Parkmore Business Park West
Galway, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))












Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value $0.0001 per shareMDTNew York Stock Exchange
0.250% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
2.625% Senior Notes due 2025MDT/25BNew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
3.000% Senior Notes due 2028MDT/28ANew York Stock Exchange
3.650% Senior Notes due 2029MDT/29New York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.000% Senior Notes due 2031MDT/31ANew York Stock Exchange
3.125% Senior Notes due 2031MDT/31BNew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
3.375% Senior Notes due 2034MDT/34New York Stock Exchange
3.875% Senior Notes due 2036MDT/36New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.500% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
4.150% Senior Notes due 2043MDT/43ANew York Stock Exchange
1.750% Senior Notes due 2049MDT/49New York Stock Exchange
1.625% Senior Notes due 2050MDT/50New York Stock Exchange
4.150% Senior Notes due 2053MDT/53New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02.Results of Operations and Financial Condition

On February 18, 2025, Medtronic plc, a public limited company organized under the laws of Ireland, issued a press release announcing its third quarter fiscal year 2025 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01.Exhibits.
(d) List of Exhibits
Exhibit Number  Description
  
104
Cover Page Interactive Data File (embedded with the Inline XBRL document).







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   Medtronic plc
  By 
/s/ Gary Corona
Date: February 18, 2025
   
Gary Corona
   Senior Vice President and Interim Chief Financial Officer (Principal Financial Officer)






EXHIBIT INDEX
Exhibit Number  Description
  
104
Cover Page Interactive Data File (embedded with the Inline XBRL document).




Exhibit 99.1
image_0.jpg

NEWS RELEASE
 
Contacts:
  
 Erika Winkels  Ryan Weispfenning
 Public Relations  Investor Relations
 +1-763-526-8478  +1-763-505-4626

FOR IMMEDIATE RELEASE

Medtronic reports third quarter
fiscal 2025 financial results

Delivering durable revenue growth with strong earnings power; strength in Pulsed Field Ablation, Pacing, Structural Heart, Diabetes, and Neuromodulation

GALWAY, Ireland – Feb. 18, 2025 – Medtronic plc (NYSE: MDT) today announced financial results for its third quarter (Q3) of fiscal year 2025 (FY25), which ended January 24, 2025.

Key Highlights
•Revenue of $8.3 billion increased 2.5% as reported and 4.1% organic
•GAAP diluted EPS of $1.01 increased 2%; non-GAAP diluted EPS of
    $1.39 increased 7%
•Company reiterates full year revenue and EPS guidance
•Cardiac Ablation Solutions revenue increased low-20s on strength of pulsed field ablation (PFA) products
1

•U.S. Centers for Medicare and Medicaid (CMS) announced coverage for Renal Denervation for the treatment of Hypertension expected to become final on or before October 11, 2025

Financial Results
Medtronic reported Q3 worldwide revenue of $8.292 billion, an increase of 2.5% as reported and 4.1% on an organic basis. Organic revenue growth comparison excludes:
•Other revenue of $32 million in the current year and $53 million in the prior year; and
•Foreign currency translation of -$103 million on the remaining segments.

As reported, Q3 GAAP net income and diluted earnings per share (EPS) were $1.294 billion and $1.01, respectively, representing a decrease of 2% and an increase of 2%, respectively. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income and non-GAAP diluted EPS were $1.787 billion and $1.39, respectively, representing increases of 3% and 7%, respectively.

“We delivered strong earnings this quarter, with significant improvements in both our gross margin and operating margin on the back of our ninth quarter in a row of mid-single digit organic revenue growth,” said Geoff Martha, Medtronic chairman and chief executive officer. “We are starting to see the results from our long term investments in groundbreaking innovation, such as pulsed field ablation, to drive growth in some of the most attractive markets in MedTech.”

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $3.037 billion increased 3.7% as reported and 5.0% organic, with mid-single digit increases in CRHF and SH&A, and a low-single digit increase in CPV, all on an organic basis.
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•CRHF results included mid-single digit growth in Cardiac Rhythm Management, driven by low-double digit growth in Cardiac Pacing Therapies, including mid-20s growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions achieved low-20s growth on rapid adoption of the PulseSelect™ and Affera™ Sphere-9™ PFA systems
•SHA results driven by high-single digit Structural Heart growth, excluding congenital, on the continued strength of the Evolut™ FX+ TAVR system, and high-single digit growth in Cardiac Surgery
•CPV growth driven by high-single digit growth in balloons and mid-single digit growth in guide catheters and drug-coated balloons
•Recent U.S. FDA approval for additional pulsed field ablation manufacturing site in Galway; immediately boosts Affera™ supply
•Expanded U.S. presence in fast-growing carotid market with exclusive Contego Medical distribution agreement; includes recently FDA approved carotid stenting system and option to acquire; Contego Medical running clinical trial on next-generation transcarotid artery revascularization (TCAR) system
•Announced CMS opened a National Coverage Analysis (NCA) on Renal Denervation for the treatment of hypertension, with coverage expected to become final on or before October 11, 2025

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.458 billion increased 4.4% as reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis.
•CST driven by high-single digit Neurosurgery growth on continued adoption of the AiBLE™ ecosystem of enabling technology; CST in the U.S. grew high-single digits, winning share
•Specialty Therapies results driven by mid-single digit growth in Pelvic Health on continued adoption of the InterStim X™ system; ENT grew low-single digits on
3

strength in PTeye™ capital and disposables; Neurovascular, excluding China, grew mid-single digit with strength in flow diversion
•Neuromodulation above market performance driven by low-double digit Pain Stim growth, including high-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-teens globally and mid-twenties in the U.S. on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology
•Received CE Mark for BrainSense™ Adaptive Deep Brain Stimulation (aDBS), a real-time closed-loop system

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. Revenue of $2.072 billion decreased 1.9% as reported and decreased 0.4% organic, with flat organic result in SE and low-single digit organic decline in ACM.
•SE results were affected by ongoing stapling segment pressures and a transient change in U.S. distributor buying patterns, partially offset by high-single digit growth in Emerging Markets and high-single digit growth in Advanced Energy on continued adoption of LigaSure™ vessel sealing technology
•ACM performance included high-single digit declines in Nellcor™ blood oxygen management products on a 30% year-over-year market decline in U.S. respiratory-related hospitalizations in the quarter; this was partially offset by high-single digit growth in Perioperative Complications

Diabetes
Revenue of $694 million increased 8.4% as reported and 10.4% organic.
•U.S. revenue grew mid-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system, with an increase in the MiniMed™ 780G installed base and strong CGM attachment rates
•International revenue grew low-double digits on increasing CGM attachment as users upgrade to the Simplera Sync™ sensor
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Guidance
Medtronic today reiterated its revenue growth and EPS guidance for FY25.

The company continues to expect FY25 organic revenue growth in the range of 4.75% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY25 revenue growth would be in the range of 3.4% to 3.8%.

The company continues to expect FY25 diluted non-GAAP EPS in the range of $5.44 to $5.50. This includes an estimated -5% impact from foreign currency exchange based on recent rates. The company’s guidance represents FY25 diluted non-GAAP EPS growth in the range of 4.6% to 5.8%.

“EPS came in above the high end of our guidance range. We were pleased with the operational performance of the business this quarter, turning mid-single digit organic growth into leveraged earnings, highlighted by healthy gross margin improvement,” said Gary Corona, Medtronic interim chief financial officer. “Looking ahead, our restored earnings power continues. We will accelerate both top and bottom line growth in Q4, resulting in high-single digit adjusted EPS growth in the back half of our fiscal year.”

Video Webcast Information
Medtronic will host a video webcast today, February 18, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com.

5

Medtronic plans to report its FY25 fourth quarter results on Wednesday, May 21, 2025. For fiscal year 2026, Medtronic plans to report its first, second, third, and fourth quarter results on Tuesday, August 19, 2025, November 18, 2025, February 17, 2026, and Wednesday, May 20, 2026, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules and Earnings Presentation
The third quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.

FORWARD LOOKING STATEMENTS
This press release 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 development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, general economic conditions, and other risks and uncertainties described in the company’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. In
6

some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2024, and references to sequential changes are in comparison to the prior fiscal quarter.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide
7

reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

-end-
8


9

MEDTRONIC PLC
WORLD WIDE REVENUE(1)
(Unaudited)
THIRD QUARTERYEAR-TO-DATE
REPORTEDORGANICREPORTEDORGANIC
(in millions)FY25FY24Growth
Currency Impact(3)
Adjusted FY25(4)
Adjusted FY24(4)
GrowthFY25FY24Growth
Currency Impact(3)
Adjusted FY25(5)
Adjusted FY24(5)
Growth
Cardiovascular$3,037 $2,929 3.7 %$(38)$3,075 $2,929 5.0 %$9,145 $8,702 5.1 %$(62)$9,207 $8,702 5.8 %
Cardiac Rhythm & Heart Failure1,545 1,470 5.1 (18)1,563 1,470 6.3 4,659 4,408 5.7 (26)4,684 4,408 6.3 
Structural Heart & Aortic874 843 3.7 (13)887 843 5.2 2,610 2,475 5.4 (21)2,631 2,475 6.3 
Coronary & Peripheral Vascular618 616 0.3 (8)626 616 1.6 1,876 1,818 3.2 (15)1,891 1,818 4.0 
Neuroscience2,458 2,355 4.4 (21)2,478 2,355 5.2 7,226 6,861 5.3 (29)7,255 6,861 5.7 
Cranial & Spinal Technologies1,250 1,204 3.8 (9)1,259 1,204 4.6 3,632 3,465 4.8 (15)3,646 3,465 5.2 
Specialty Therapies732 726 0.8 (8)740 726 1.9 2,181 2,126 2.6 (10)2,191 2,126 3.1 
Neuromodulation476 425 12.0 (4)480 425 12.9 1,413 1,270 11.2 (5)1,417 1,270 11.6 
Medical Surgical2,072 2,112 (1.9)(32)2,104 2,112 (0.4)6,196 6,219 (0.4)(50)6,246 6,219 0.4 
Surgical & Endoscopy1,596 1,616 (1.2)(26)1,622 1,616 0.4 4,790 4,803 (0.3)(40)4,829 4,803 0.5 
Acute Care & Monitoring476 495 (3.9)(5)481 495 (2.8)1,406 1,416 (0.7)(10)1,417 1,416 — 
Diabetes694 640 8.4 (12)706 640 10.4 2,027 1,829 10.8 (8)2,035 1,829 11.3 
Total Reportable Segments8,260 8,035 2.8 (103)8,363 8,035 4.1 24,593 23,610 4.2 (149)24,742 23,610 4.8 
Other(2)
32 53 (41.1)(1)— — — 17 164 (89.9)(3)— — — 
TOTAL$8,292 $8,089 2.5 %$(104)$8,363 $8,035 4.1 %$24,610 $23,775 3.5 %$(152)$24,742 $23,610 4.8 %

(1)The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2)Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(4)The three months ended January 24, 2025 excludes $71 million of revenue adjustments related to $32 million of inorganic revenue for the transition activity noted in (2) and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $53 million of inorganic revenue related to the transition activity noted in (2).
(5)The nine months ended January 24, 2025 excludes $132 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $106 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $164 million of inorganic revenue related to the transition activity noted in (2).

10

MEDTRONIC PLC
U.S. REVENUE(1)(2)
(Unaudited)
THIRD QUARTERYEAR-TO-DATE
REPORTEDORGANICREPORTEDORGANIC
(in millions)FY25FY24GrowthAdjusted FY25Adjusted FY24GrowthFY25FY24GrowthAdjusted FY25Adjusted FY24Growth
Cardiovascular$1,405 $1,373 2.4 %$1,405 $1,373 2.4 %$4,242 $4,149 2.2 %$4,242 $4,149 2.2 %
Cardiac Rhythm & Heart Failure775 745 4.1 775 745 4.1 2,309 2,247 2.8 2,309 2,247 2.8 
Structural Heart & Aortic372 363 2.6 372 363 2.6 1,129 1,087 3.9 1,129 1,087 3.9 
Coronary & Peripheral Vascular258 265 (2.8)258 265 (2.8)804 816 (1.4)804 816 (1.4)
Neuroscience1,689 1,556 8.5 1,689 1,556 8.5 4,931 4,614 6.9 4,931 4,614 6.9 
Cranial & Spinal Technologies943 875 7.8 943 875 7.8 2,724 2,560 6.4 2,724 2,560 6.4 
Specialty Therapies419 407 3.0 419 407 3.0 1,235 1,202 2.7 1,235 1,202 2.7 
Neuromodulation327 275 19.0 327 275 19.0 972 852 14.1 972 852 14.1 
Medical Surgical893 947 (5.8)893 947 (5.8)2,718 2,763 (1.6)2,718 2,763 (1.6)
Surgical & Endoscopy623 663 (6.1)623 663 (6.1)1,928 1,971 (2.2)1,928 1,971 (2.2)
Acute Care & Monitoring269 284 (5.1)269 284 (5.1)790 792 (0.2)790 792 (0.2)
Diabetes236 224 5.6 236 224 5.6 683 629 8.7 683 629 8.7 
Total Reportable Segments4,223 4,100 3.0 4,223 4,100 3.0 12,573 12,154 3.4 12,573 12,154 3.4 
Other(3)
15 20 (26.4)— — — 51 65 (21.3)— — — 
TOTAL$4,237 $4,120 2.8 %$4,223 $4,100 3.0 %$12,624 $12,219 3.3 %$12,573 $12,154 3.4 %

(1)U.S. includes the United States and U.S. territories.
(2)The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(3)Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.
11

MEDTRONIC PLC
INTERNATIONAL REVENUE(1)
(Unaudited)
THIRD QUARTERYEAR-TO-DATE
REPORTEDORGANICREPORTEDORGANIC
(in millions)FY25FY24Growth
Currency Impact(3)
Adjusted FY25(4)
Adjusted FY24(4)
GrowthFY25FY24Growth
Currency Impact(3)
Adjusted FY25(5)
Adjusted FY24(5)
Growth
Cardiovascular$1,632 $1,556 4.9 %$(38)$1,670 $1,556 7.3 %$4,904 $4,552 7.7 %$(62)$4,966 $4,552 9.1 %
Cardiac Rhythm & Heart Failure770 726 6.1 (18)788 726 8.6 2,350 2,161 8.7 (26)2,376 2,161 9.9 
Structural Heart & Aortic502 480 4.6 (13)515 480 7.2 1,482 1,389 6.7 (21)1,503 1,389 8.2 
Coronary & Peripheral Vascular360 350 2.6 (8)368 350 4.9 1,072 1,002 7.0 (15)1,087 1,002 8.5 
Neuroscience769 799 (3.7)(21)790 799 (1.1)2,295 2,248 2.1 (29)2,324 2,248 3.4 
Cranial & Spinal Technologies307 329 (6.7)(9)316 329 (3.9)907 905 0.3 (15)922 905 1.9 
Specialty Therapies313 319 (2.0)(8)321 319 0.4 947 924 2.4 (10)957 924 3.5 
Neuromodulation149 150 (0.7)(4)153 150 1.8 441 419 5.4 (5)446 419 6.5 
Medical Surgical1,180 1,164 1.3 (32)1,211 1,164 4.0 3,478 3,456 0.6 (50)3,528 3,456 2.1 
Surgical & Endoscopy973 953 2.1 (26)999 953 4.9 2,862 2,832 1.1 (40)2,902 2,832 2.5 
Acute Care & Monitoring206 211 (2.3)(5)212 211 0.2 616 624 (1.4)(10)626 624 0.3 
Diabetes457 416 9.9 (12)470 416 12.9 1,344 1,200 12.0 (8)1,351 1,200 12.6 
Total Reportable Segments4,038 3,935 2.6 (103)4,141 3,935 5.2 12,020 11,456 4.9 (149)12,169 11,456 6.2 
Other(2)
17 34 (49.8)(1)— — — (35)99 (134.8)(3)— — — 
TOTAL$4,055 $3,968 2.2 %$(104)$4,141 $3,935 5.2 %$11,986 $11,555 3.7 %$(152)$12,169 $11,456 6.2 %

(1)The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.
(2)Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(3)The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.
(4)The three months ended January 24, 2025 excludes $86 million of revenue adjustments related to $17 million of inorganic revenue for the transition activity noted in (2), and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $34 million of inorganic revenue related to the transition activity noted in (2).
(5)The nine months ended January 24, 2025 excludes $183 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $55 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $99 million of inorganic revenue related to the transition activity noted in (2).
12

MEDTRONIC PLC
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
 Three months endedNine months ended
(in millions, except per share data)January 24, 2025January 26, 2024January 24, 2025January 26, 2024
Net sales$8,292 $8,089 $24,610 $23,775 
Costs and expenses:
Cost of products sold, excluding amortization of intangible assets2,779 2,782 8,485 8,172 
Research and development expense675 695 2,048 2,060 
Selling, general, and administrative expense2,717 2,673 8,129 7,971 
Amortization of intangible assets416 419 1,243 1,274 
Restructuring charges, net43 20 120 114 
Certain litigation charges, net22 — 104 105 
Other operating (income) expense, net(5)17 (38)(13)
Operating profit1,646 1,483 4,519 4,091 
Other non-operating income, net(72)(177)(403)(407)
Interest expense, net179 188 555 517 
Income before income taxes1,540 1,472 4,367 3,982 
Income tax provision237 135 737 936 
Net income1,303 1,337 3,630 3,045 
Net income attributable to noncontrolling interests(9)(15)(24)(23)
Net income attributable to Medtronic$1,294 $1,322 $3,606 $3,022 
Basic earnings per share$1.01 $0.99 $2.80 $2.27 
Diluted earnings per share$1.01 $0.99 $2.79 $2.27 
Basic weighted average shares outstanding1,282.4 1,329.7 1,286.7 1,330.1 
Diluted weighted average shares outstanding1,286.2 1,331.7 1,290.6 1,332.4 
The data in the schedule above has been intentionally rounded to the nearest million.
13

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited) 
 
Three months ended January 24, 2025
(in millions, except per share data)Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate
GAAP$8,292 $2,779 66.5 %$1,646 19.9 %$1,540 $1,294 $1.01 15.4 %
Non-GAAP Adjustments:
Amortization of intangible assets— — — 416 5.0 416 339 0.26 18.5 
Restructuring and associated costs(2)
— (4)— 46 0.6 46 37 0.03 19.6 
Acquisition and divestiture-related items(3)
— (1)— 28 0.3 28 23 0.02 17.9 
Certain litigation charges, net— — — 22 0.3 22 18 0.01 22.7 
(Gain)/loss on minority investments(4)
— — — — — 68 52 0.04 22.1 
Medical device regulations(5)
— (8)0.1 11 0.1 11 9 0.01 18.2 
Certain tax adjustments, net— — — — — — 15 0.01 — 
Non-GAAP$8,292 $2,766 66.6 %$2,169 26.2 %$2,130 $1,787 $1.39 15.7 %
Currency impact104 61 (0.3)(4)(0.4)(0.01)
Currency Adjusted$8,396 $2,827 66.3 %$2,165 25.8 %$1.38 
 
Three months ended January 26, 2024
(in millions, except per share data)Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate
GAAP$8,089 $2,782 65.6 %$1,483 18.3 %$1,472 $1,322 $0.99 9.2 %
Non-GAAP Adjustments:
Amortization of intangible assets— — — 419 5.2 419 354 0.27 15.5 
Restructuring and associated costs(2)
— (12)0.1 55 0.7 55 46 0.03 16.4 
Acquisition and divestiture-related items(3)
— (12)0.1 58 0.7 58 52 0.04 10.3 
(Gain)/loss on minority investments(4)
— — — — — 24 24 0.02 — 
Medical device regulations(5)
— (18)0.2 26 0.3 26 21 0.02 19.2 
Certain tax adjustments, net(6)
— — — — — — (92)(0.07)— 
Non-GAAP$8,089 $2,740 66.1 %$2,042 25.2 %$2,055 $1,728 $1.30 15.2 %
See description of non-GAAP financial measures contained in the press release dated February 18, 2025.
(1)The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2)Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.
(3)The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges.
(4)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(6)The net tax benefit primarily relates to a change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.
14

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited) 
 Nine months ended January 24, 2025
(in millions, except per share data)Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate
GAAP$24,610 $8,485 65.5 %$4,519 18.4 %$4,367 $3,606 $2.79 16.9 %
Non-GAAP Adjustments:
Amortization of intangible assets— — — 1,243 4.9 1,243 1,017 0.79 18.3 
Restructuring and associated costs(2)
— (24)0.1 154 0.6 154 124 0.10 19.5 
Acquisition and divestiture-related items(3)
— (17)— 15 0.1 15 3 — 73.3 
Certain litigation charges, net— — — 104 0.4 104 86 0.07 17.3 
(Gain)/loss on minority investments(4)
— — — — — 41 14 0.01 61.0 
Medical device regulations(5)
— (27)0.1 38 0.2 38 30 0.02 21.1 
Other(6)
90 — 0.2 90 0.4 90 70 0.05 22.2 
Certain tax adjustments, net(7)
— — — — — — 49 0.04 — 
Non-GAAP$24,700 $8,417 65.9 %$6,162 24.9 %$6,051 $4,999 $3.87 17.0 %
Currency impact150 (72)0.5 241 0.9 0.15 
Currency Adjusted$24,850 $8,345 66.4 %$6,403 25.8 %$4.02 
 Nine months ended January 26, 2024
(in millions, except per share data)Net SalesCost of Products SoldGross Margin PercentOperating ProfitOperating Profit PercentIncome Before Income TaxesNet Income attributable to MedtronicDiluted EPSEffective Tax Rate
GAAP$23,775 $8,172 65.6 %$4,091 17.2 %$3,982 $3,022 $2.27 23.5 %
Non-GAAP Adjustments:
Amortization of intangible assets— — — 1,274 5.4 1,274 1,078 0.81 15.4 
Restructuring and associated costs(2)
— (43)0.2 237 1.0 237 198 0.15 16.5 
Acquisition and divestiture-related items(3)
— (24)0.1 165 0.7 165 149 0.11 9.7 
Certain litigation charges, net— — — 105 0.4 105 81 0.06 22.9 
(Gain)/loss on minority investments(4)
— — — — — 113 109 0.08 4.4 
Medical device regulations(5)
— (60)0.3 88 0.4 88 70 0.05 20.5 
Certain tax adjustments, net(8)
— — — — — — 282 0.21 — 
Non-GAAP$23,775 $8,046 66.2 %$5,961 25.1 %$5,965 $4,988 $3.74 16.0 %
See description of non-GAAP financial measures contained in the press release dated February 18, 2025.
(1)The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.
(2)Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.
(3)The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.
(4)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(6)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
(7)Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions.
(8)The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.
15

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited) 
 
Three months ended January 24, 2025
(in millions)Net SalesSG&A ExpenseSG&A Expense as a % of Net SalesR&D ExpenseR&D Expense as a % of Net SalesOther Operating (Income) Expense, netOther Operating (Inc.)/Exp., net as a % of Net SalesOther Non-Operating Income, net
GAAP$8,292 $2,717 32.8 %$675 8.1 %$(5)(0.1)%$(72)
Non-GAAP Adjustments:
Acquisition and divestiture-related items(2)
— (13)(0.2)— — (13)(0.2)— 
Medical device regulations(3)
— — — (3)— — — — 
(Gain)/loss on minority investments(4)
— — — — — — — (68)
Non-GAAP$8,292 $2,704 32.6 %$672 8.1 %$(18)(0.2)%$(140)
 
Nine months ended January 24, 2025
(in millions)Net SalesSG&A ExpenseSG&A Expense as a % of Net SalesR&D ExpenseR&D Expense as a % of Net SalesOther Operating (Income) Expense, netOther Operating (Inc.)/Exp., net as a % of Net SalesOther Non-Operating Income, net
GAAP$24,610 $8,129 33.0 %$2,048 8.3 %$(38)(0.2)%$(403)
Non-GAAP Adjustments:
Restructuring and associated costs(5)
— (10)(0.1)— — — — — 
Acquisition and divestiture-related items(2)
— (40)(0.3)— — 42 0.2 — 
Medical device regulations(3)
— — — (10)— — — — 
Other(6)
90 — — — — — — — 
(Gain)/loss on minority investments(4)
— — — — — — — (41)
Non-GAAP$24,700 $8,078 32.7 %$2,038 8.3 %$4 — %$(443)
See description of non-GAAP financial measures contained in the press release dated February 18, 2025.
(1)The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2)The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.
(3)The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.
(4)We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.
(5)Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.
(6)Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.
16

MEDTRONIC PLC
GAAP TO NON-GAAP RECONCILIATIONS(1)
(Unaudited)
Nine months ended
(in millions)January 24, 2025January 26, 2024
Net cash provided by operating activities$4,516 $4,010 
Additions to property, plant, and equipment(1,400)(1,161)
Free Cash Flow(2)
$3,116 $2,849 
See description of non-GAAP financial measures contained in the press release dated February 18, 2025.
(1)The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
(2)Free cash flow represents operating cash flows less property, plant, and equipment additions.
17

MEDTRONIC PLC
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(in millions)January 24, 2025April 26, 2024
ASSETS
Current assets:
Cash and cash equivalents$1,240 $1,284 
Investments6,682 6,721 
Accounts receivable, less allowances and credit losses of $204 and $173, respectively
6,115 6,128 
Inventories5,610 5,217 
Other current assets2,865 2,584 
Total current assets22,513 21,935 
Property, plant, and equipment, net6,593 6,131 
Goodwill40,819 40,986 
Other intangible assets, net12,184 13,225 
Tax assets3,614 3,657 
Other assets4,250 4,047 
Total assets$89,973 $89,981 
LIABILITIES AND EQUITY
Current liabilities:
Current debt obligations$2,622 $1,092 
Accounts payable2,286 2,410 
Accrued compensation2,281 2,375 
Accrued income taxes1,125 1,330 
Other accrued expenses3,526 3,582 
Total current liabilities11,840 10,789 
Long-term debt23,985 23,932 
Accrued compensation and retirement benefits1,063 1,101 
Accrued income taxes1,485 1,859 
Deferred tax liabilities452 515 
Other liabilities1,533 1,365 
Total liabilities40,358 39,561 
Commitments and contingencies
Shareholders’ equity:
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,283,266,154 and 1,311,337,531 shares issued and outstanding, respectively
— — 
Additional paid-in capital20,910 23,129 
Retained earnings31,317 30,403 
Accumulated other comprehensive loss(2,839)(3,318)
Total shareholders’ equity49,387 50,214 
Noncontrolling interests228 206 
Total equity49,615 50,420 
Total liabilities and equity$89,973 $89,981 

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
18

MEDTRONIC PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine months ended
(in millions)January 24, 2025January 26, 2024
Operating Activities:  
Net income$3,630 $3,045 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,021 1,993 
Provision for credit losses96 62 
Deferred income taxes(81)(250)
Stock-based compensation340 303 
Other, net14 265 
Change in operating assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net(184)(140)
Inventories(478)(530)
Accounts payable and accrued liabilities(157)(253)
Other operating assets and liabilities(685)(485)
Net cash provided by operating activities4,516 4,010 
Investing Activities:
Acquisitions, net of cash acquired(98)(74)
Additions to property, plant, and equipment(1,400)(1,161)
Purchases of investments(6,093)(5,422)
Sales and maturities of investments6,255 5,142 
Other investing activities, net(111)(155)
Net cash used in investing activities(1,447)(1,670)
Financing Activities:
Change in current debt obligations, net(1,070)1,010 
Issuance of long-term debt3,209 — 
Dividends to shareholders(2,692)(2,753)
Issuance of ordinary shares400 206 
Repurchase of ordinary shares(2,961)(510)
Other financing activities, net96 (44)
Net cash used in financing activities(3,018)(2,091)
Effect of exchange rate changes on cash and cash equivalents(95)(170)
Net change in cash and cash equivalents(44)80 
Cash and cash equivalents at beginning of period1,284 1,543 
Cash and cash equivalents at end of period$1,240 $1,623 
Supplemental Cash Flow Information  
Cash paid for:  
Income taxes$1,515 $1,403 
Interest567 568 

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.
19
v3.25.0.1
Cover
Feb. 18, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 18, 2025
Entity Incorporation, State or Country Code L2
Entity File Number 1-36820
Entity Tax Identification Number 98-1183488
Entity Address, Address Line One Building Two
Entity Address, Address Line Two Parkmore Business Park West
Entity Address, City or Town Galway
Entity Address, Country IE
Country Region 353
City Area Code 1
Local Phone Number 438-1700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001613103
Entity Registrant Name Medtronic plc
Entity Address, Postal Zip Code H91 VY19
Amendment Flag false
Ordinary shares, par value $0.0001 per share  
Entity Information [Line Items]  
Title of 12(b) Security Ordinary shares, par value $0.0001 per share
Trading Symbol MDT
Security Exchange Name NYSE
0.250% Senior Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 0.250% Senior Notes due 2025
Trading Symbol MDT/25
Security Exchange Name NYSE
0.000% Senior Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 0.000% Senior Notes due 2025
Trading Symbol MDT/25A
Security Exchange Name NYSE
2.625% Senior Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 2.625% Senior Notes due 2025
Trading Symbol MDT/25B
Security Exchange Name NYSE
1.125% Senior Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.125% Senior Notes due 2027
Trading Symbol MDT/27
Security Exchange Name NYSE
0.375% Senior Notes due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 0.375% Senior Notes due 2028
Trading Symbol MDT/28
Security Exchange Name NYSE
3.000% Senior Notes due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 3.000% Senior Notes due 2028
Trading Symbol MDT/28A
Security Exchange Name NYSE
3.650% Senior Notes due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 3.650% Senior Notes due 2029
Trading Symbol MDT/29
Security Exchange Name NYSE
1.625% Senior Notes due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 1.625% Senior Notes due 2031
Trading Symbol MDT/31
Security Exchange Name NYSE
1.000% Senior Notes due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 1.000% Senior Notes due 2031
Trading Symbol MDT/31A
Security Exchange Name NYSE
3.125% Senior Notes due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 3.125% Senior Notes due 2031
Trading Symbol MDT/31B
Security Exchange Name NYSE
0.750% Senior Notes due 2032  
Entity Information [Line Items]  
Title of 12(b) Security 0.750% Senior Notes due 2032
Trading Symbol MDT/32
Security Exchange Name NYSE
3.375% Senior Notes due 2034  
Entity Information [Line Items]  
Title of 12(b) Security 3.375% Senior Notes due 2034
Trading Symbol MDT/34
Security Exchange Name NYSE
3.875% Senior Notes due 2036  
Entity Information [Line Items]  
Title of 12(b) Security 3.875% Senior Notes due 2036
Trading Symbol MDT/36
Security Exchange Name NYSE
2.250% Senior Notes due 2039  
Entity Information [Line Items]  
Title of 12(b) Security 2.250% Senior Notes due 2039
Trading Symbol MDT/39A
Security Exchange Name NYSE
1.500% Senior Notes due 2039  
Entity Information [Line Items]  
Title of 12(b) Security 1.500% Senior Notes due 2039
Trading Symbol MDT/39B
Security Exchange Name NYSE
1.375% Senior Notes due 2040  
Entity Information [Line Items]  
Title of 12(b) Security 1.375% Senior Notes due 2040
Trading Symbol MDT/40A
Security Exchange Name NYSE
4.150% Senior Notes due 2043  
Entity Information [Line Items]  
Title of 12(b) Security 4.150% Senior Notes due 2043
Trading Symbol MDT/43A
Security Exchange Name NYSE
1.750% Senior Notes due 2049  
Entity Information [Line Items]  
Title of 12(b) Security 1.750% Senior Notes due 2049
Trading Symbol MDT/49
Security Exchange Name NYSE
1.625% Senior Notes due 2050  
Entity Information [Line Items]  
Title of 12(b) Security 1.625% Senior Notes due 2050
Trading Symbol MDT/50
Security Exchange Name NYSE
4.150% Senior Notes due 2053  
Entity Information [Line Items]  
Title of 12(b) Security 4.150% Senior Notes due 2053
Trading Symbol MDT/53
Security Exchange Name NYSE
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