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Core Viewpoint - Medtronic reported a stable revenue growth of 3.6% year-on-year for FY2025, with a total revenue of $33.5 billion, and a significant increase in net profit by 31% to approximately $4.66 billion, indicating strong operational performance despite potential tariff impacts [5][19]. Financial Performance - For FY2025, Medtronic's total revenue reached $33.5 billion, reflecting a 3.6% year-on-year growth, with organic growth at 4.9% [5][19]. - The net profit attributable to shareholders was approximately $4.66 billion, with a GAAP diluted earnings per share of $3.61, marking a 31% increase year-on-year [5][19]. - Adjusted operating margin improved to 27.8%, up by 0.9 percentage points from the previous year [5]. Segment Performance - Cardiovascular Segment: Generated approximately $12.48 billion in revenue, a year-on-year increase of 6%, driven by strong demand for minimally invasive devices [8]. - Neuroscience Segment: Achieved around $9.85 billion in revenue, growing approximately 5%, with significant contributions from spinal and neurostimulation products [9]. - Medical Surgical Segment: Reported revenue of about $8.41 billion, remaining stable with a slight organic increase of 0.8% [10]. - Diabetes Segment: Revenue reached $2.755 billion, showing a robust growth of over 10%, supported by the adoption of new insulin pumps and continuous glucose monitoring systems [11]. Business Split - Medtronic announced plans to spin off its diabetes business into a separate publicly traded company to optimize its business portfolio and focus on higher-margin segments [12][18]. - The split is expected to be completed within approximately 18 months, with the new diabetes company retaining all assets, product lines, and approximately 8,000 employees [15][18]. - The split aims to enhance the focus on high-profit growth areas for Medtronic while allowing the new diabetes entity to concentrate on innovations in insulin delivery and monitoring technologies [18]. Future Outlook - Medtronic provided cautious guidance for FY2026, expecting organic revenue growth of about 5%, with diluted earnings per share projected between $5.50 and $5.60, slightly below Wall Street expectations [19]. - The guidance reflects uncertainties regarding potential tariff changes, with management indicating that higher tariffs could increase product costs by $200 million to $350 million [19].