Company and Industry Overview * **Company**: Medtronic plc (NYSE: MDT) * **Industry**: Medical technology (med tech) * **Event**: JP Morgan 42nd Annual Global Healthcare Conference, January 8, 2024 Key Points 1. Company Performance and Strategy * **Consistent Results**: Medtronic has delivered improved and durable results, with a focus on innovation and growth. * **Product Approvals**: Several major product approvals in key markets, including cardiac ablation, diabetes, and structural heart. * **Transformation**: Comprehensive transformation over the past few years, including changes to the operating model, incentives, culture, and leadership. * **Earnings Power**: Prioritizing the restoration of earnings power, driven by efficiency improvements and cost savings. 2. Portfolio Strategy * **Three Categories**: * **Highest-Growth**: 20% of revenue, growing faster than the overall company, receiving disproportionate capital investments. * **Synergistic**: Businesses with near-term catalysts, including M&A and organic R&D. * **Established Market Leaders**: Largest businesses with commanding market positions, responsible for half of revenue and profits. 3. Highest-Growth Opportunities * **Cardiac Ablation**: Significant investments in EP, leading in pulse field ablation with PulseSelect technology. * **Diabetes**: Transitioning from stand-alone CGM to smart dosing systems, with strong performance of 780G system and Simplera Sync CGM. * **Structural Heart**: Strong position in TAVR market with Evolut X technology and differentiated clinical data. 4. Synergistic Businesses * **M&A**: Acquisitions in ENT (Intersect ENT), cardiac surgery (Penditure LAA exclusion system), and neuromodulation (Percept RC recharge and Inceptiv). * **Innovation**: New devices and technologies in neuromodulation, endoscopy (GI Genius), and other areas. 5. Established Market Leaders * **CRM**: Disruptive EV-ICD launch, next-generation pacemakers, and 3830 lead. * **Cranial & Spine Technologies**: Strong position in enabling technology, with robotics, imaging, navigation, and preoperative planning software. * **Surgical**: Hugo robot, Touch Surgery, and market-leading surgical instruments. * **Symplicity Spyral renal denervation system**: Approved by FDA, with significant market opportunity. 6. Transformation Initiatives * **Operating Model**: Centralized operations and supply chain, with P&L responsibility to businesses. * **Leadership**: New leaders with domain expertise in areas like global operations and supply chain. * **Capital Allocation**: Focused on highest-growth opportunities. * **Incentives**: Performance-driven culture. 7. Global Operations and Supply Chain * **Efficiency Improvements**: Focus on cost of goods sold (COGS) efficiency, supplier performance, network optimization, and automation. * **Expected Impact**: Stabilization and improvement of margins, and earnings leverage. 8. AI and Machine Learning * **Applications**: Clinical decision support, new indications, personalized treatments, and improved patient outcomes. * **Examples**: GI Genius, Touch Surgery, Spine AI, Diabetes algorithms, and cardiology AI. 9. Future Outlook * **Revenue Growth**: Confident in the durability of top-line growth due to product approvals and technology pipeline. * **Earnings Power**: Focused on improving earnings power and delivering strong shareholder returns. * **Long-Term Vision**: Becoming an "and" company, balancing mission-driven and performance-driven approaches.

Company and Industry Overview * **Company**: Waters Corporation (NYSE: WAT) * **Industry**: Life Science Tools and Diagnostics * **Focus**: Serving regulated markets with large unmet needs, including pharmaceuticals, clinical, food and environmental, and materials testing. Key Points Business Model and Market * **Market Size**: Approximately $12 billion, growing mid-single digits. * **Pharmaceuticals**: Largest market, growing high single digits, driven by demand for high-quality medicines and biologics. * **Clinical**: Expected to grow high single digits, focused on early disease detection and biomarker identification. * **Food and Environmental**: Mid-single digit growth, driven by the need for more sensitive testing for PFAS and other impurities. * **Materials**: Mid-single digit growth, driven by the need for safe and renewable energy, particularly in batteries and electric vehicles. Business Model * **Deep understanding of customer needs**. * **Development of complex instruments into simple, yet sophisticated systems**. * **Focus on QA/QC in the pharmaceutical space**. * **High recurring revenue**. * **Industry-leading profitability**. Transformation and Execution * **Three-year transformation plan**: * Strengthen execution. * Revitalize innovation. * Enter faster-growing adjacencies. * **Revenue growth**: Flat year-to-date, despite China's decline, driven by strong performance outside of China, particularly in pharmaceuticals. * **Execution of commercial initiatives**: * Replacement of instruments. * Increase in service attachment rates. * Increase in e-commerce adoption of chemistry portfolio. * Increase in footprint with contract research and contract manufacturing customers. * Focus on innovation. * **Margin expansion**: Achieved through cost management and operational excellence. Innovation * **Liquid chromatography**: Alliance iS, reducing errors by over 50%. * **Mass spectrometry**: Xevo TQ Absolute, setting a new standard in sensitivity. * **Thermal analysis**: TAM IV battery cycler microcalorimeter, detecting early heat signatures of parasitic reactions in batteries. * **Precision chemistry**: MaxPeak Premier Column, growing well into the 20%. * **Acquisition of Wyatt Technology**: Adding capabilities in light scattering and expanding into new adjacencies. Adjacencies * **Biologics**: Revenue growth from large molecules exceeding 35%. * **Clinical**: Growth from low single digits to double digits. * **Battery**: Growth tenfold compared to three years ago. * **Other adjacencies**: Substantial progress in bioseparations, bioanalytical characterization, early disease detection, battery testing, and sustainable polymers. M&A * **Acquisition of Wyatt Technology**: Largest acquisition in Waters' history, adding capabilities in light scattering and expanding into new adjacencies. * **Integration of Wyatt Technology**: On track to deliver synergies, including increased attachment rates and integration of data and software. Future Outlook * **Growth drivers**: Secular tailwinds, including increased prescription growth, demand for high-volume testing, and new applications in biologics. * **Volume growth**: Expected from new therapies, PFAS testing, and biologics characterization. * **Pricing**: Expected to increase by 100 basis points. * **EPS growth**: Expected to benefit from revenue growth, margin expansion, and capital deployment, including M&A. ESG * **Renewable energy**: Over 75% of electricity comes from renewable low-carbon sources. * **Corporate Equality Index**: Scored 100 out of 100 in 2023 and 2024. * **Governance**: Board selected as the 2024 Public Company Board of the Year by the National Academy of Corporate Directors in New England.

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