New pacemakers offer 40% more battery life,1 extend Medtronic legacy of pacing leadership DUBLIN, Jan. 5, 2024 /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced it has received CE (Conformité Européenne) Mark for its Micra™ AV2 and Micra™ VR2, the next generation of its industry-leading miniature, leadless pacemakers. Micra AV2 and Micra VR2, the world's smallest pacemakers, provide longer battery life and easier programming than prior Micra pacemakers, whi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 27, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ Commission File Number 001-36820 ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State of incorporation) (I.R ...

Medtronic plc (NYSE:MDT) Q2 2024 Earnings Conference Call November 21, 2023 8:00 AM ET Company Participants Ryan Weispfenning - Vice President and Head, Investor Relations Geoff Martha - Chairman and Chief Executive Officer Karen Parkhill - Chief Financial Officer Brad Welnick - Vice President, Investor Relations Laura Mauri - Senior Vice President and Chief Scientific, Medical, and Regulatory Officer Que Dallara - EVP and President, Diabetes Sean Salmon - EVP and President, Cardiovascular Portfolio Brett W ...

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Financial Performance - Net income for the three months ended July 28, 2023, was $797 million, compared to $931 million in the same period last year[7] - Comprehensive income attributable to Medtronic for the three months ended July 28, 2023, was $616 million, down from $1,255 million in the same period last year[7] - Net income for the three months ended July 28, 2023, was $797 million, compared to $931 million in the same period last year[14] - Net cash provided by operating activities was $875 million, down from $1,083 million in the prior year period[14] - Total revenue for the three months ended July 28, 2023, was $7,702 million, up from $7,371 million in the same period last year[23] - Total revenue for the three months ended July 28, 2023 was $7.702 billion, up from $7.371 billion in the same period last year[23] - Net income attributable to ordinary shareholders was $791 million for the three months ended July 28, 2023, down from $929 million in the same period last year[107] - Basic and diluted earnings per share were $0.59 for the three months ended July 28, 2023, compared to $0.70 in the same period last year[107] - Total revenue for the three months ended July 28, 2023, was $7,702 million, compared to $7,371 million in the same period last year, representing a 4.5% increase[139] - Net income for the three months ended July 28, 2023, was $797 million, down from $931 million in the same period last year, a decrease of 14.4%[7] - Comprehensive income attributable to Medtronic for the three months ended July 28, 2023, was $616 million, compared to $1,255 million in the same period last year, a decrease of 50.9%[7] Segment Performance - Cardiovascular segment revenue increased to $2,850 million from $2,701 million year-over-year[23] - Neuroscience segment revenue rose to $2,219 million from $2,115 million in the prior year period[23] - Medical Surgical segment revenue grew to $2,039 million from $1,933 million year-over-year[23] - Cardiovascular segment revenue increased to $2.850 billion from $2.701 billion year-over-year[23] - Neuroscience segment revenue grew to $2.219 billion from $2.115 billion in the prior year period[23] - Medical Surgical segment revenue rose to $2.039 billion from $1.933 billion year-over-year[23] - The company's Cardiovascular segment operating profit was $1,092 million for the three months ended July 28, 2023, up from $979 million in the same period in 2022[137] - The company's Neuroscience segment operating profit was $929 million for the three months ended July 28, 2023, up from $841 million in the same period in 2022[137] Geographic Revenue - U.S. market revenue was $3,924 million, up from $3,766 million in the prior year period[24] - Non-U.S. developed markets revenue increased to $2,463 million from $2,328 million year-over-year[24] - Emerging markets revenue rose to $1,314 million from $1,276 million in the same period last year[24] - U.S. revenue was $3.924 billion, up from $3.766 billion in the same period last year[24] - Non-U.S. developed markets revenue increased to $2.463 billion from $2.328 billion year-over-year[24] - Emerging markets revenue grew to $1.314 billion from $1.276 billion in the prior year period[24] Balance Sheet - Total assets as of July 28, 2023, were $90.776 billion, slightly down from $90.948 billion as of April 28, 2023[9] - Total liabilities as of July 28, 2023, were $39.410 billion, up from $39.283 billion as of April 28, 2023[9] - Total shareholders' equity as of July 28, 2023, was $51.178 billion, down from $51.483 billion as of April 28, 2023[9] - Total equity as of July 28, 2023, was $51.366 billion, down from $51.665 billion as of April 28, 2023[9] - Noncontrolling interests as of July 28, 2023, were $188 million, up from $182 million as of April 28, 2023[9] - Total current assets as of July 28, 2023, were $21,869 million, slightly up from $21,675 million as of April 28, 2023[9] - Retained earnings as of July 28, 2023, were $30,265 million, down from $30,392 million as of April 28, 2023[9] Shareholder Returns - Dividends to shareholders for the three months ended July 28, 2023, were $0.69 per ordinary share, totaling $918 million[11] - Repurchase of ordinary shares during the three months ended July 28, 2023, amounted to $148 million[11] - Stock-based compensation for the three months ended July 28, 2023, was $73 million[11] - Dividends to shareholders for the three months ended July 28, 2023, were $0.69 per ordinary share, totaling $918 million[11] - Repurchase of ordinary shares during the three months ended July 28, 2023, amounted to $148 million[11] - Stock-based compensation for the three months ended July 28, 2023, was $73 million[11] - Total stock-based compensation expense was $73 million for the three months ended July 28, 2023, up from $62 million in the same period last year[109] Acquisitions and Divestitures - The company acquired Intersect ENT for a total consideration of $1.2 billion, including $1.1 billion in cash and $98 million in previously held investments[29] - Intersect ENT acquisition resulted in $615 million of goodwill, $635 million of technology-based intangible assets, and $35 million of customer-related intangible assets[29] - Other acquisitions during the three months ended July 29, 2022, had a fair value of net assets acquired of $123 million, including $66 million of goodwill and $57 million of technology-based intangible assets[32] - The company sold half of its Renal Care Solutions (RCS) business, receiving $45 million in cash consideration and recording $195 million in non-cash contingent consideration receivables[40] - The company acquired Intersect ENT for a total consideration of $1.2 billion, including $1.1 billion in cash and $98 million in previously held investments, resulting in $615 million of goodwill and $683 million of other intangible assets[29] - The fair value of net assets acquired from other acquisitions (excluding Intersect ENT) during the three months ended July 29, 2022, was $123 million, primarily consisting of $66 million in goodwill and $57 million in technology-based intangible assets[32] - The company sold half of its Renal Care Solutions (RCS) business, receiving $45 million in cash consideration and recording $195 million in non-cash contingent consideration receivables, with potential future payouts of up to $300 million based on milestones[38][40] Restructuring and Impairment - Restructuring and associated costs for the three months ended July 28, 2023, totaled $91 million, including $54 million in restructuring charges[46] - The company incurred $1.8 billion in pre-tax charges for the Enterprise Excellence restructuring program and $0.5 billion for the Simplification program[42] - The company recorded a non-cash pre-tax impairment of $67 million in the three months ended July 29, 2022, primarily related to goodwill[40] - The company recognized $61 million of goodwill impairment during the three months ended July 29, 2022, related to the RCS business[95] - The company incurred $91 million in restructuring and associated costs for the three months ended July 28, 2023, primarily related to employee termination benefits and facility consolidations[42][46] Investments and Securities - Investments in available-for-sale debt securities were remeasured on a recurring basis, with details provided in the consolidated balance sheet at July 28, 2023[50] - Total available-for-sale debt securities increased to $6,570 million as of July 28, 2023, up from $6,449 million as of April 28, 2023[51] - Corporate debt securities accounted for $4,053 million of the total available-for-sale debt securities as of July 28, 2023, with unrealized losses of $171 million[51] - U.S. government and agency securities totaled $845 million as of July 28, 2023, with unrealized losses of $52 million[51] - Mortgage-backed securities amounted to $518 million as of July 28, 2023, with unrealized losses of $56 million[51] - Interest income from available-for-sale debt securities was $111 million for the three months ended July 28, 2023, compared to $55 million for the same period in 2022[55] - Total equity and other investments decreased to $1,569 million as of July 28, 2023, from $1,607 million as of April 28, 2023[58] - Net unrealized losses on equity securities and other investments were $64 million for the three months ended July 28, 2023[58] - Proceeds from sales of available-for-sale debt securities were $1,747 million for the three months ended July 28, 2023, compared to $1,864 million for the same period in 2022[54] - Total unrealized losses on corporate debt securities held for more than 12 months were $165 million as of July 28, 2023[53] - Total available-for-sale debt securities as of July 28, 2023, amounted to $6,570 million, with unrealized losses of $326 million[51] - Corporate debt securities had unrealized losses of $165 million for positions held more than 12 months as of July 28, 2023[53] - Proceeds from sales of available-for-sale debt securities for the three months ended July 28, 2023, were $1,747 million, with gross realized losses of $12 million[54] - Interest income for the three months ended July 28, 2023, was $111 million, compared to $55 million for the same period in 2022[55] - Total equity and other investments as of July 28, 2023, were $1,569 million, with $64 million in net unrealized losses during the quarter[58] Debt and Financing - Commercial paper outstanding as of July 28, 2023 was $500 million, with a weighted average interest rate of 5.262%[60] - The company has a $3.5 billion five-year unsecured revolving credit facility, with no amounts outstanding as of July 28, 2023 and April 28, 2023[61] - Total long-term debt as of July 28, 2023 is $24.463 billion, compared to $24.344 billion as of April 28, 2023[63] - In September 2022, the company issued €3.5 billion in Euro-denominated Senior Notes, resulting in $3.4 billion in net proceeds[64] - In March 2023, the company issued $2.0 billion in USD-denominated Senior Notes, resulting in $2.0 billion in net proceeds[65] - The company borrowed ¥297 billion (approximately $2.3 billion) under a term loan agreement in May and June 2022, which was fully repaid by the end of fiscal year 2023[66] - The estimated fair value of the company's Senior Notes was $21.4 billion as of July 28, 2023, compared to a principal value of $24.6 billion[67] - Current debt obligations as of July 28, 2023 were $519 million, compared to $20 million as of April 28, 2023[63] - Total long-term debt as of July 28, 2023 was $24.463 billion, compared to $24.344 billion as of April 28, 2023[63] - In September 2022, the company issued €3.5 billion of Euro-denominated Senior Notes, with maturities ranging from 2026 to 2035, resulting in $3.4 billion in net proceeds[64] - In March 2023, the company issued $2.0 billion of USD-denominated Senior Notes, with maturities ranging from 2028 to 2033, resulting in $2.0 billion in net proceeds[65] - In May 2022, the company entered into a ¥300 billion term loan agreement, borrowing ¥297 billion (approximately $2.3 billion) to fund early redemptions of senior notes[66] - The estimated fair value of the company's Senior Notes was $21.4 billion as of July 28, 2023, compared to a principal value of $24.6 billion[67] - The company uses derivative instruments and foreign currency denominated debt to manage currency exchange rate and interest rate risks[68] Derivatives and Hedging - The company had $63 million in after-tax unrealized gains from cash flow hedging instruments as of July 28, 2023, with $122 million expected to be recognized in the next 12 months[70] - The company recognized $49 million in after-tax gains from net investment hedges in the three months ended July 28, 2023[71] - The company had $10.0 billion in currency exchange rate contracts designated as cash flow hedges as of July 28, 2023, compared to $9.1 billion as of April 28, 2023[76] - The company had $17.7 billion in foreign currency-denominated debt designated as net investment hedges as of July 28, 2023, compared to $17.6 billion as of April 28, 2023[76] - Currency exchange rate contracts resulted in a gain of $4 million in July 2023, compared to a loss of $342 million in July 2022[78] - Total derivatives designated as hedging instruments had a fair value of $353 million in July 2023, slightly up from $351 million in April 2023[83] - Net investment hedges for foreign currency-denominated debt showed a gain of $114 million in July 2023, compared to a loss of $945 million in July 2022[78] - Total return swaps resulted in a loss of $19 million in July 2023, compared to a loss of $1 million in July 2022[81] - Derivative assets measured at fair value on a recurring basis totaled $421 million in July 2023, up from $368 million in April 2023[84] Intangible Assets and Goodwill - Goodwill for the Cardiovascular segment increased to $7,880 million in July 2023 from $7,873 million in April 2023, with a $13 million increase due to currency translation[91] - The Patient Monitoring & Respiratory Interventions reporting unit had $3.0 billion of goodwill allocated as of July 28, 2023[93] - Intangible assets totaled $29,229 million in July 2023, with accumulated amortization of $15,027 million[97] - Intangible asset amortization expense for the three months ended July 28, 2023 was $429 million, compared to $423 million in the same period last year[99] - Estimated aggregate amortization expense for fiscal year 2024 is $1.256 billion, increasing to $1.654 billion in 2025[100] Taxes - The company recorded a $187 million income tax charge due to a court decision regarding intellectual property transfer[101] - The effective tax rate for the three months ended July 28, 2023 was 33.4%, up from 10.7% in the same period last year[101] - Gross unrecognized tax benefits were $2.8 billion at July 28, 2023, up from $2.7 billion at April 28, 2023[102] - The company is evaluating whether to appeal a U.S. Tax Court opinion related to income allocation between Medtronic, Inc. and its Puerto Rico subsidiary for fiscal years 2005 and 2006[129] Litigation and Contingencies - The company recognized $40 million in litigation charges during the three months ended July 28, 2023, compared to no charges in the same period in 2022[119] - Accrued litigation was approximately $0.3 billion as of July 28, 2023 and April 28, 2023[119] - The company is involved in patent litigation with Colibri Heart Valve LLC, with a jury verdict of approximately $106 million against the company in February 2023[122] - The company has settled approximately 15,900 out of 16,200 claims related to pelvic mesh litigation, with $121 million received from Bard in fiscal year 2016[123] - The company is named in lawsuits filed by approximately 7,450 individual plaintiffs related to hernia mesh products, with 6,400 cases consolidated in Massachusetts state court[124] - 63 individual plaintiffs have filed lawsuits related to defective insulin pump retainer rings, with potential for thousands of additional claims[125] - The company is involved in environmental remediation projects, including a settlement related to mercury contamination in the Penobscot River and Bay[127] Other Financial Metrics - Deferred revenue at July 28, 2023, was $425 million, up from $405 million at April 28, 2023[25] - The fair value of contingent consideration liabilities at July 28, 2023, was $206 million, with $33 million recorded in other accrued expenses and $173 million in other liabilities[35] - The fair value of contingent consideration receivable related to the RCS sale was $152 million at July 28, 2023, down from $195 million at April 28, 2023[39] - Inventory balances increased to $5,668 million in July 2023 from $5,293 million in April 2023, with finished goods accounting for $3,723 million[89] - Net periodic benefit cost for U.S. defined benefit pension plans was a credit of $6 million for the three months ended July 28,

Medtronic plc (NYSE:MDT) Q1 2024 Earnings Call Transcript August 22, 2023 8:00 AM ET Company Participants Ryan Weispfenning - VP and Head of IR Geoff Martha - Chairman and CEO Karen Parkhill - CFO Brad Welnick - VP, IR Que Dallara - EVP and President, Diabetes Mike Marinaro - EVP and President, Surgical and Endoscopy Sean Salmon - EVP and President, Cardiovascular Conference Call Participants Vijay Kumar - Evercore ISI Robbie Marcus - JPMorgan Larry Biegelsen - Wells Fargo Securities Danielle Antalffy - UBS ...

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Medtronic plc (NYSE:MDT) Analyst and Investor Briefing Conference Call Summary Company Overview - **Company**: Medtronic plc - **Industry**: Medical Technology, specifically Diabetes Management - **Event Date**: June 25, 2023 - **Location**: American Diabetes Association 83rd Scientific Sessions, San Diego Key Points Industry and Market Focus - Medtronic is focusing on the **Diabetes business**, particularly the **Smart Dosing segment**, which is expected to experience significant growth and is described as a multibillion-dollar market opportunity [6][7][11] - The company is positioning itself to leverage its unique **algorithm** and integrated product ecosystem to enhance patient outcomes and user experience [6][7][11] Product Launch and Performance - The **MiniMed 780G system** has been launched in the US, with early indications of success exceeding internal expectations [12][13][26] - The **Guardian Sensor 4** and the differentiated meal detection technology in the 780G are highlighted as key components driving better outcomes for patients [6][12][13] - The company reported **mid-teens organic growth** in Europe driven by the 780G system, with a **40% share of new pump starts** in competitive markets [25][26] Clinical Outcomes and Data - The 780G system is designed to improve glycemic control, with data showing that patients using the system achieve better outcomes compared to traditional methods [12][14][17] - A study indicated that only **30% of patients** using CGM achieved the ADA guidelines for A1C levels, highlighting the need for integrated systems like 780G to drive better results [16][17] - The system's ability to manage hypoglycemia effectively is emphasized, with data showing significant improvements in patient experiences [19][22] Strategic Initiatives - Medtronic has made organizational changes, bringing in new talent to enhance the Diabetes business and improve operational efficiency [8][10] - The company is committed to **R&D investments** and strategic partnerships, including the acquisition of EOFlow, to strengthen its product pipeline [10][11] - Future product developments include the **Simplera CGM**, which is designed to integrate with the 780G system and improve user experience [35][53] Business Model and Revenue - Medtronic's business model is characterized as a **razor/razor blade model**, with high recurring revenues from the combination of CGM and insulin delivery systems [14][41] - The company anticipates **double-digit growth** in the long term, driven by the expanding Smart Dosing market and the integration of new technologies [40][41] Challenges and Market Dynamics - The US market presents unique challenges, including the need to rebuild the installed base and educate healthcare providers and patients about the new system [51][54] - Medtronic acknowledges the competitive landscape and the importance of regaining physician trust and patient awareness following previous market exits [54][55] Future Outlook - The company is optimistic about the future of its Diabetes business, with plans to continue innovating and expanding its product offerings to meet diverse patient needs [39][40] - Medtronic aims to leverage its data and algorithmic capabilities to enhance patient outcomes and simplify diabetes management for a broader range of users [40][41] Additional Insights - The **Simplera CGM** is positioned as a stand-alone product that will also integrate with the InPen for improved insulin dosing [53][61] - The company is focused on reducing the physical, mental, and administrative burdens associated with diabetes management through its innovative technologies [22][23] This summary encapsulates the key discussions and insights from the Medtronic Analyst and Investor Briefing Conference Call, highlighting the company's strategic focus on diabetes management and its innovative product offerings.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. For the fiscal year ended April 28, 2023. ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from __________ to __________ Commission File No. 1-36820 ® Medtronic plc (Exact name of registrant as specified in its charter) Ireland 98-1183488 (State or other jurisdiction of in ...