Core Points - Medtronic plc's board of directors approved a cash dividend of $0.70 per ordinary share for the fourth quarter of fiscal year 2025, consistent with a previous dividend increase announced in May 2024 [1] - Medtronic has a strong history of dividend payments, having increased its annual dividend for 47 consecutive years, and is part of the S&P 500 Dividend Aristocrats index [1] - The dividend will be payable on April 11, 2025, to shareholders of record as of March 28, 2025 [1] Company Overview - Medtronic, headquartered in Galway, Ireland, is a leading global healthcare technology company focused on addressing significant health challenges through innovative solutions [2] - The company's mission is to alleviate pain, restore health, and extend life, supported by a global workforce of over 95,000 employees across more than 150 countries [2] - Medtronic's technologies and therapies address 70 health conditions, including cardiac devices, surgical robotics, insulin pumps, and patient monitoring systems [2]

Financial Performance - Net income for the three months ended January 24, 2025, was $1,303 million, a decrease of 2.5% compared to $1,337 million for the same period last year[12]. - Comprehensive income attributable to Medtronic for the nine months ended January 24, 2025, was $4,085 million, up from $3,062 million, representing a 33.4% increase year-over-year[12]. - Net income for the nine months ended January 24, 2025, was $3,630 million, an increase from $3,045 million for the same period in the previous year, representing a growth of 19.2%[19]. - Basic earnings per share for the three months ended January 24, 2025, was $1.01, up from $0.99 for the same period in 2024, showing a 2.0% increase[99]. - The Company reported segment operating profit of $3,167 million for the three months ended January 24, 2025, compared to $3,014 million for the same period in 2024, reflecting a year-over-year increase of 5.1%[128]. Assets and Liabilities - Total current assets increased to $22,513 million as of January 24, 2025, compared to $21,935 million as of April 26, 2024, reflecting a growth of 2.6%[14]. - Current liabilities rose to $11,840 million, up from $10,789 million, indicating an increase of 9.7%[14]. - Long-term debt remained stable at $23,985 million as of January 24, 2025, compared to $23,932 million as of April 26, 2024[14]. - Total assets were reported at $89,973 million as of January 24, 2025, slightly down from $89,981 million as of April 26, 2024[14]. - Cash and cash equivalents decreased to $1,240 million from $1,284 million, a decline of 3.4%[14]. Revenue and Sales - Total net cash provided by operating activities increased to $4,516 million for the nine months ended January 24, 2025, compared to $4,010 million for the same period last year, reflecting a rise of 12.6%[19]. - Reportable segment net sales for the nine months ended January 24, 2025, reached $24,610 million, up from $23,775 million in the prior year, indicating a growth of 3.5%[30]. - Cardiac Rhythm & Heart Failure segment sales increased to $4,659 million for the nine months ended January 24, 2025, compared to $4,408 million in the previous year, marking a growth of 5.7%[30]. - Total net sales for the Company were $8,292 million for the three months ended January 24, 2025, compared to $8,089 million for the same period in 2024, indicating a growth of 2.5%[130]. - The company recognized $251 million of revenue from deferred revenue during the nine months ended January 24, 2025, compared to $274 million in the same period last year[33]. Investments and Securities - The total available-for-sale debt securities fair value as of January 24, 2025, was $6,696 million, with unrealized losses of $134 million[46]. - The Company recognized interest income of $114 million and $364 million for the three and nine months ended January 24, 2025, respectively, compared to $170 million and $429 million for the same periods in the prior year[50]. - The fair value of contingent consideration receivable at January 24, 2025, was $61 million, slightly up from $58 million at April 26, 2024[41]. - The Company had $432 million in after-tax unrealized gains associated with cash flow hedging instruments recorded in accumulated other comprehensive loss as of January 24, 2025[70]. - The total derivatives on the balance sheet amounted to $980 million as of January 24, 2025, with liabilities of $79 million[82]. Costs and Expenses - The Company incurred $154 million in restructuring costs for the nine months ended January 24, 2025, compared to $237 million for the same period in the previous year[43]. - The effective tax rate for the three months ended January 24, 2025, was 15.4%, compared to 9.2% for the same period in the previous year, indicating a significant increase[95]. - The Company recorded a $187 million income tax charge due to a court decision regarding a deemed taxable transfer of intellectual property[94]. - Total stock-based compensation expense for the three months ended January 24, 2025, was $98 million, an increase of 15.3% from $85 million for the same period in 2024[100]. - The income tax on unrealized gains and losses on cash flow hedges was an expense of $51 million for the nine months ended January 24, 2025, compared to $75 million for the same period in 2024[106]. Goodwill and Acquisitions - The acquisition date fair value of net assets acquired during the three months ended January 24, 2025, was $128 million, primarily consisting of $108 million in goodwill and $50 million in IPR&D[36]. - For the fiscal year ended April 26, 2024, the acquisition date fair value of net assets acquired was $335 million, including $131 million in goodwill and $150 million in IPR&D[37]. - Goodwill decreased to $40,819 million as of January 24, 2025, from $40,986 million on April 26, 2024, reflecting a reduction of $167 million[88]. - The goodwill recognized from acquisitions includes $51 million that is tax-deductible, while $80 million is not deductible for tax purposes[37]. - Currency translation and other adjustments led to a decrease in goodwill by $277 million across segments[88]. Litigation and Legal Matters - The company is involved in approximately 8,950 individual lawsuits related to hernia mesh products, with no recorded expense for damages as potential losses are not currently probable[110]. - The Company has 15 lawsuits filed on behalf of 35 individuals related to the Diabetes Pump Retainer Ring litigation as of January 28, 2025, with potential for additional claims from several thousand individuals[111]. - The Company filed an appeal regarding a $106 million verdict against it in patent litigation with Colibri Heart Valve LLC[109]. - The Company has not recorded any expenses related to the antitrust litigation with Applied Medical, as potential losses are not currently probable or reasonably estimable[112]. - As of January 24, 2025, accrued litigation was approximately $0.2 billion, indicating potential future financial impacts[108].

Core Viewpoint - Medtronic's mixed performance in Q3 fiscal 2025 led to a stock decline of over 7% due to revenue falling short of estimates, primarily impacted by a decline in medical-surgical unit sales [1][12]. Financial Performance - Q3 revenues were reported at $8.29 billion, slightly below the Zacks Consensus Estimate of $8.33 billion [1]. - The Diabetes segment grew by 8.4%, driven by strong demand for insulin delivery systems [2]. - Neuromodulation showed above-market performance, particularly in Pain Stim growth, with strong U.S. growth from the Inceptiv spinal cord stimulator launch [2]. - Year-to-date, the stock has gained 12.5%, outperforming the broader industry and sector [3]. Market Trends - Analysts have shown cautious optimism with mixed estimate revisions for fiscal 2025, with earnings estimates improving slightly to $5.46 per share [6]. - Medtronic's Q3 performance included a 22% surge in Cardiac Ablation Solutions and double-digit growth in leadless pacing and diabetes [8]. - The company expects revenue and EPS growth to accelerate in Q4, supported by its innovation pipeline and market expansion [10]. Competitive Position - Medtronic's stock is trading at a forward P/E of 15.60X, lower than the industry average of 22.58X, indicating a potentially attractive valuation [11]. - Key challenges include disruptions in the Medical Surgical segment due to shifts in U.S. distributor buying patterns, which impacted revenues by approximately 200 basis points [12]. - The company is facing competitive pressures in the stapling business but has seen growth in LigaSure Advanced Energy Products [13]. Operational Efficiency - Medtronic's trailing 12-month return on equity (ROE) is 14.07%, below the industry average of 16.71%, indicating less effective utilization of equity capital [15].

Core Viewpoint - Medtronic has received FDA approval for its BrainSense™ Adaptive deep brain stimulation (aDBS) technology, marking a significant advancement in personalized treatment for Parkinson's disease, which affects approximately one million people in the U.S. [1][9] Group 1: Product Innovation - The aDBS technology personalizes therapy based on real-time brain activity, enhancing symptom control and reducing the need for manual adjustments by patients [3][4] - Medtronic's BrainSense™ Electrode Identifier (EI) allows for faster and more accurate programming of DBS settings, improving efficiency by 85% compared to traditional methods [7][8] Group 2: Clinical Impact - The ADAPT-PD trial, led by prominent neurologists, demonstrated the safety and effectiveness of aDBS compared to continuous DBS, representing the largest assessment of its kind [5][6] - The adaptive nature of aDBS is expected to significantly improve symptom control for patients experiencing motor fluctuations and dyskinesias [6][7] Group 3: Market Position - Medtronic is the only company offering a real-time adaptive DBS system, positioning itself as a leader in integrating brain-computer interface technology into therapeutic solutions for neurological disorders [4][9] - With over 40,000 DBS patients served globally, the launch of BrainSense™ Adaptive DBS is the largest commercial rollout of BCI technology to date [4][9]

Core Insights - Medtronic's growth efforts in medical technology, particularly through its pulsed field ablation (PFA) technology, are beginning to yield results, although Q3 results fell short of consensus forecasts, indicating a longer timeline for stock price recovery [1][2] - The company reported Q3 net revenue of $8.3 billion, a 2.5% increase year-over-year, with organic growth of 4.1%, driven mainly by a nearly 10.5% increase in the Diabetes segment, while the Medical/Surgical segment contracted by 0.4% [2][4] - Improved gross and operating margins were reported, with adjusted EPS growing by 7%, outperforming expectations by 220 basis points, indicating enhanced operational efficiency and growth outlook [3][5] Financial Performance - Q3 results were described as decent but below analyst expectations, with revenue growth expected to accelerate in Q4, projecting an annual increase of 4.75% to 5% [4][5] - The company maintains a healthy balance sheet supported by strong cash flow, allowing for solid dividends and aggressive share buybacks, despite a 3% decline in equity [5][6] - Analysts have a positive sentiment towards Medtronic, with 40% of ratings at Buy and a consensus price target of $95, indicating a potential upside of 7.78% [7][8] Market Outlook - Medtronic's stock shows signs of reversal with bullish market bias due to growth prospects and capital returns, although it remains within a trading range [8] - The stock's current yield is near 3%, providing an attractive option for investors while waiting for a breakout to higher price levels [8]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 2025年2月18日，美敦力公司（纽约证券交易所代码：MDT）公布了其2025财年第三季度（Q3）的财务业绩。 *美敦力以每年的4月27日为财年结束日，因此，2025财年第三季度于2025年1月24日结束。 #财报亮点 美敦力董事长兼首席执行官 Geoff Martha 表示："本季度我们实现了强劲的盈利，在 连续第九个季度 实现中个位数有机收入增长的推动下， 毛 利率和营业利润率均显著提升。 我们开始看到在突破性创新领域的长期投资成果，例如脉冲场消融技术，这些投资正在推动增长。" # 心血管业务 心血管业务组合包括 心脏节律与心力衰竭（CRHF）、结构性心脏病与主动脉（SHA）以及冠状动脉与外周血管（CPV）部门 。营收为 30.37亿 美元 ，按报告基准增长 3.7% ，按有机基准增长 5.0% 。 其中，CRHF和SHA部门实现中个位数增长，CPV部门实现低个位数增长。 CRHF： 心脏节律管理业务实现中个位数增长，主要得益于 心脏起搏治疗业务 的 ...

Core Viewpoint - Medtronic's shares declined by 7.3% following the announcement of its fiscal 2025 third-quarter results, which revealed a revenue miss despite better-than-expected earnings [1][2]. Financial Performance - Medtronic reported third-quarter revenue of $8.3 billion, reflecting a year-over-year increase of 2.5%, but slightly below the Wall Street estimate of $8.33 billion [2]. - The diluted earnings per share (EPS) were reported at $1.01 under GAAP, while the adjusted EPS was $1.39, marking a 7% increase year-over-year and surpassing the analysts' average estimate of $1.35 [2]. Revenue Concerns - The revenue miss is attributed to a change in U.S. distributor buying patterns, as explained by CEO Geoff Martha, who indicated that this disruption is expected to be resolved soon [3]. - Despite the revenue miss, the company projects organic revenue growth for fiscal 2025 to be between 4.75% and 5% [4]. Future Outlook - Medtronic anticipates adjusted EPS for the current fiscal year to be in the range of $5.44 to $5.50, with the midpoint exceeding the consensus Wall Street EPS estimate of $5.45 [4]. Investment Considerations - The stock may not appeal to growth investors, but it could be attractive to income investors due to a forward dividend yield of 3.24% [5]. - Medtronic is close to potentially joining the Dividend Kings, having a track record of 47 consecutive years of dividend increases [5].

Core Insights - Medtronic reported revenue of $8.29 billion for the quarter ended January 2025, reflecting a year-over-year increase of 2.5% [1] - The earnings per share (EPS) was $1.39, up from $1.30 in the same quarter last year, resulting in an EPS surprise of +2.21% against the consensus estimate of $1.36 [1] Revenue Performance - U.S. Revenue reached $4.24 billion, slightly below the average estimate of $4.28 billion, with a year-over-year change of +2.8% [4] - Worldwide revenue from Diabetes was $694 million, exceeding the average estimate of $676.84 million, marking an increase of +8.4% year over year [4] - Worldwide revenue from Neuroscience was $2.46 billion, matching the six-analyst average estimate, with a year-over-year change of +4.4% [4] - Worldwide revenue from Cardiovascular was $3.04 billion, slightly below the estimated $3.05 billion, reflecting a +3.7% change year over year [4] - Worldwide revenue from Medical Surgical was $2.07 billion, below the average estimate of $2.13 billion, indicating a year-over-year decrease of -3.5% [4] Segment Performance - Neuroscience - Specialty Therapies generated $419 million, close to the average estimate of $419.80 million, with a +3% year-over-year change [4] - Cardiovascular - Cardiac Rhythm & Heart Failure revenue was $1.55 billion, slightly above the estimated $1.54 billion, showing a +5.1% increase year over year [4] - Medical Surgical - Surgical & Endoscopy revenue was $1.60 billion, below the average estimate of $1.62 billion, reflecting a -1.2% change year over year [4] Stock Performance - Medtronic shares returned +5.4% over the past month, outperforming the Zacks S&P 500 composite's +4.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Medtronic plc reported adjusted earnings per share (EPS) of $1.39 for Q3 fiscal 2025, reflecting a 6.9% increase year-over-year and surpassing the Zacks Consensus Estimate by 2.2% [1] - Worldwide revenues reached $8.29 billion, marking a 2.5% year-over-year increase on a reported basis, but fell short of the Zacks Consensus Estimate by 0.4% [3] - The company maintains its fiscal 2025 organic revenue growth projection at 4.75-5% [10] Financial Performance - Adjusted EPS for the quarter was $1.39, while GAAP EPS was reported at $1.01, a 2% improvement from the previous year [1][2] - Gross margin expanded by 88 basis points to 66.5%, with research and development expenses decreasing by 2.9% to $675 million [9] - Adjusted operating margin increased by 161 basis points year-over-year to 25.6% [9] Revenue Breakdown - Cardiovascular segment revenues grew 5% organically to $3.04 billion, with notable increases in Cardiac Rhythm & Heart Failure sales [5] - Medical Surgical revenues totaled $2.07 billion, down 0.4% year-over-year organically [6] - Neuroscience revenues rose 5.2% organically to $2.46 billion, driven by growth in Neuromodulation [7] - Diabetes segment revenues increased 10.4% organically to $694 million, supported by the adoption of the MiniMed 780G system [8] Future Outlook - For fiscal 2025, adjusted EPS is expected to be in the range of $5.44-$5.50, with the Zacks Consensus Estimate at $5.45 per share [12] - The company anticipates adjusted revenue growth of 3.4-3.8% for fiscal 2025, with worldwide revenues estimated at $33.56 billion [11]

Core Insights - Medtronic Plc reported third-quarter 2025 sales of $8.29 billion, slightly missing the consensus estimate of $8.32 billion, while adjusted EPS was $1.39, surpassing the consensus of $1.36 [1][2] - The company experienced a year-over-year revenue increase of 2.5% and an organic growth of 4.1% [1] Revenue Breakdown - Cardiovascular segment revenue reached $3.04 billion, reflecting a 3.7% increase year-over-year and a 5% organic growth, with mid-single digit increases in Cardiac Rhythm & Heart Failure and Structural Heart & Aortic segments [3] - Neuroscience revenues amounted to $2.46 billion, up 4.4% as reported and 5.2% organically, driven by low-double-digit growth in Neuromodulation [4] - Medical Surgical revenue was $2.07 billion, showing a decrease of 1.9% as reported and 0.4% organically, with flat results in Surgical & Endoscopy [4] - Diabetes revenue increased to $694 million, marking an 8.4% rise as reported and 10.4% organically [5] Guidance and Market Reaction - Medtronic reaffirmed its fiscal year 2025 organic revenue growth guidance of 4.75%-5%, with adjusted EPS expectations of $5.44-$5.50, compared to the consensus of $5.45 [5] - Following the earnings report, MDT stock declined by 5.94% to $87.30 in premarket trading [6]