Medtronic (MDT) 19 Nov 242025 Q2 Earnings call transcript

Good morning. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations, and I appreciate that you're joining us for our Fiscal '25 Second Quarter Video Earnings Webcast.

Before we go inside to hear our prepared remarks,

I'll share a few details about today's webcast.

Joining me are Geoff Martha, Chairman and Chief Executive Officer; and Gary Corona, Interim Chief Financial Officer. of will which on XXXX, ended outlook the Gary our results and and for quarter, 'XX. second on remainder Geoff provide the comments of our year fiscal October XX, our segments join the X sell-side remarks, of questions cover that we'll will executive from us, VPs . After each prepared the our analysts take and from the company. an Today's program should hour. last about

non-GAAP divisional issued Earlier release statements, revenue press we financial a and this reconciliations. summaries and morning, our containing geographic

provides that earnings additional on We on also presentation posted be our an The performance. in our can press details presentation investorrelations.medtronic.com. earnings our or website accessed at release

many During may program, considered materially forward-looking we and of today's statement. make differ may in be the statements projected from results actual those statements, forward-looking any

could is cause to update undertake and that results any the make reports periodic not statement. factors contained our filings and actual differ that other we to forward-looking SEC, with our concerning information do in we Additional

the say made losses All to quarter our of are a compared changes compare second Unless revenue and as-reported our the foreign we are quarter. quarter on sequential and currency reported and references which current prior as competitors' and calendar to on revenue impact year are fiscal and against organic quarter made revenue a 'XX revenue on References Other. to excludes of and fiscal second are on share basis, first third or basis. an basis gains year-over-year year-over-year basis the an in otherwise, all comparisons comparisons

does non-GAAP the head to on the our into reported let's finally, and investorrelations.medtronic.com. about found that charges earnings financial be release With in our not fiscal or quarter. adjustments all as or any And non-GAAP that, be gains of Reconciliations studio during at include the would our earnings hear year. measures EPS guidance can website press

thanks for today. tuning Hello, everyone, and in

in we came another now a momentum results quarter This executing it is in expectations and another top high the to yet guidance especially like delivering that X% just will And and We're a raise. our a hypertension, organic is mid-single-digit this revenue innovation areas. EPS strength matters. on fiscal what on that growth markets growth that deliver We is a reported to of keep our confident row growth half in back constant leadless is from like pipeline performance And of keep driving Our X% of growth. solid in the basis growth TAVR, of ahead growth organic we name few. on into strong And strong spine diabetes, a we're opportunity for know makes innovation translated high-impact and us. commitments, which exciting really on track diversified going, currency neuromodulation, quarters with big, building the today of single-digit basis we franchises across EPS that X remain pacemakers, as PFA, our line year. multiple seeing

alongside it's If the much continue our as dividend, returns drive for We've generate to difference. real earnings, And flow, mission-driven M&A, The stronger. a shareholders. leveraged cash of scale pursue look use recent durable growth, up free grow and mindset strong long-term is smart and company to top create our line a integrated strong our our tuck-in performance, setting deliver our we're performance ourselves at you making culture it's clear. to foundation we

business Now of let's turn QX our discuss to and the performance. our details results

of on In strong and quarter X% grew TAVR we growth seeing again first up at grew our of revenue. Looking they businesses. launched U.S., digits the we're customer FX+, high Evolut Combined, this our made XX% we Heart, franchise. highest Starting with adoption. and the our strength Structural single

Europe last offers, FX+ for but creates in for Mark additional to CE for is lifetime began benefit not us only important FX+ it month week. our received results. an because the reiterate of trial also We also SMART last opportunity commercializing management and positive

performance market superior about that XX% in data FX+, we annulus small grow they and at recall demonstrated and or quarters make valve TAVR of up continue primarily the With ahead. patients you'll women, Now are now to low-risk smart of who segment. combination SMART our the to expect this data, above in

Next, in Ablation Solutions. Cardiac

significantly Our expanding the meet with both growing catheters. and focal of well and the we're capacity pulse to single ablation. We've rapid technology drive shift market helping this demand our only as to shot is to field PFA company manufacturing positioned the been

is drive versus PFA sequential improved what our to growth our we and declines continue We offsetting PulseSelect rate of QX. in decline saw significantly This our cryoablation cryo single-shot catheter. of

PFA component third-party in With of nearly physicians expanded we doubled cash quarter, than They've the new our using continue ramp treated not due number That this now availability quarter as PulseSelect to catheter QX. this us allowing supplier growth of PulseSelect we more total and did with activate doubled accelerate capacity, accounts. overall to and to interruption. this number a patients expected the said,

On activations. pulse demand. from ablations. receive rapidly PulseSelect, RF having U.S. this continue focal to mapping catheters, of in FDA X entered perform and mapping of RF account accelerate specialists This was catheter field per Sphere for giving centers, centers case. top increase we commercial well advance the ground competitors confidence Fera and volume of Sphere and all-in-one mapping by already and mapping ablation to our and ramping the ability And we last significant the catheter. allowing month us our our as X to new availability coming entering weeks high-density replaces designed as us approval to some to quarters hire were and in accelerate now, late over the system, top will revenue We're to pleased up meet

to including cardiac double-digit ablation growth through in back customer to of reach QX, the year, growth expect CASK new strong and then billion this $X our we in half the the the space. our large and and rate With accelerate to expect growth we exceed market strong of portfolio, fast-growing overall response breadth PFA fiscal

Next, in robotics. surgical

in invest our in to completed urology first our in FDA a X indication for the data building U.S., We're future for and strong U.S. foundation submission hernia necessary file growth. In fast expect and capturing with of gynecology. calendar continue platform. enrollment the the quarter we've the seeing We to Hugo also 'XX. next studies,

across of operating our to technologies and progress Touch advanced commenced we to live U.S. bringing rooms stream connectivity we're the digital, Europe rollout remote as making Western solution we In surgical digitize continue our And commercial globally. Hugo. Surgery

adding certain technology sealing followed calendar to LigaSure by be Hugo vessel countries soon, our in market-leading We expect ICG fluorescent imaging to next available year.

XXXG launch Next, quarter difficult last growing delivered growth, another double-digit year. U.S. in diabetes, despite more from of the comparisons we XX%

grew the in CGM the international U.S. XXXG. and CGM sales over Our rates both to the markets, driven XX% by attachment high

Sync In apply and markets. is is the half acceptance easier addition, size in our sensor, Simplera than international sensor previous our much which to gaining strong

front, just CGM. U.S. On for for the the which clearance Simplera paves app, MDI InPen our with Smart FDA MDI our our secured we system Smart limited release way of a

to this from of with control highest XXXG from new our MDI, So to coming attracted commercial XXXG's range system. with less AID success we're time burden. Patients are majority are the seeing also competitive and patients and and we switch achieving any programs. add The continue system

We're X,XXX had on Abbott the than to heavily over highest dQ&A is expand with of users in and the ecosystem robust scoring on investing survey partnership U.S., including manufacturing user the activities focused with integrated Tandem AID be system that combination. points technology our burden. any the of in XXXG These the better capacity advance and including XX control Insulin XX with higher achieving DexCom In support DexCom the an combination in higher the fast-growing our AID a our to percentage and less satisfaction sensor. #X MDI diabetes space than technology pipeline, AID Smart strategy points

turning take CMS the and long-term hypertension that procedure month pleased efficacy track pass-through to safety outpatient hypertension, large Now the this X. future a will effect poised on payment, blood is this proven We're innovative record with management. opportunity which and design, our unique January growth earlier of of transitional pressure transform to Simplicity solution finalized and

to patients cardiovascular payment adoption key of to CMS front, to this coverage continue as standardized working to facilitate sufficient health payers Hypertension is important with establish well. cause engage access advance worldwide. challenge is therapy. global a private for premature with And coverage. death this coding leading the we're With the we disease broader and and Medicare place, in for and to step On now

the U.S. it it impacts a million are X $XXX nearly X the billion U.S. care U.S. adults, for massive, and fact, adults the system more numerous under despite of somewhere In people and the all half in in only have medications to availability billion including cost of direct $XXX control, globally, hypertension than hypertension with health X year. between

play improving role a important So in our very Simplicity procedure cost-effectively public can health.

at to our looking mid-single to invest years, and model, established business we and us growth. a past our of to up cases, flow. amount they these and and consistently they durable profit helping cash They deliver the In market leaders. businesses over made grew nearly the digits. technology Combined, revenue innovated half the we've models our on Now many reinvent are and key part a contribute on continue line, them top disproportionate financial of in to of few ensure

and X% spine worldwide, Biologics. growth by powered of in a including leading enabling market surgical scale, Smile continuing ecosystem that able Core and software, grew planning preop navigation In our we're In This including implants imaging, Cranial and to and instruments. technologies, U.S. Spine AI-driven, robotics, Technologies, rewards X% is driven win. we differentiated

announced installed spine, Our able continue the a conference we and large its and expand integrate imaging a September, dynamics features to in capabilities. NASS new Healthineers changing technologies co-market to the global At partnership its and we care. in base Siemens spine for competitive with is

sales join able competition sustained We attracting with but also the surgeons around expect continue best continue world, our not team. who only distributors solutions, winning differentiated to deliver above-market to growth the the to reps spine and to leave its CST best-in-class and

we results. had flat Surgical, in Next,

sequential We adoption recovery in from advanced given basis, a energy strength had sealer. single-digit as U.S. had worth in Surgical last Maryland globally ongoing the well that XP As physician high by noting growth, market quarter, outsized strong vessel I LigaSure the last as and both of mentioned strikes. on we the year-over-year year slowdown difficult Korean our It's the comparisons supply driven had accelerated

continue in expect as we next Management, growing Rhythm cardiac in more In defibrillation to both solutions including growth single-digit return another high quarter, strong ease. had these growth Cardiac we digits, Surgical comparisons to in therapies. normalized pacing starting and quarter mid-single Overall, to the

with grew Our around broad pacemaker strength led franchise, Micra high world. less teens the

growth accelerated growth mid-single In which the in to highlight managing cord grew of where dose The represented their pain grew our stim and including to transforming the the pain businesses, to XX% chronic the we and including well U.S. again business the and stimulator. Inceptive focus continued over to optimal above digits chronic collectively product We're XX% patients. was XX%, lines, on spinal therapy synergistic automatically grow XX% this modulation. in across on stim, The growth for at treatment brain continues patients innovation closed-loop Now everyday seeing launch quarter revenue. the life, Inceptive our and is on of the of keeps market. pain. allows pain It turning neuromodulation, broad-based not

on patients therapy not delivers ongoing and built Percept RC tremor, dystonia it Percept of these conditional within the of a even third patients is In our to targets, the growth records XX brain This impact that close. them within double-digit the system really growth. X full-body is brain with epilepsy. is X modulation, having an movement like MRI This and the of accelerated with years. all Parkinson's, It is access XX%, technology. in row important MRI addition, isn't DBS market quarter specific has but and nearly competition for growth best disorders to brain on need launch given only the over need of that huge BrainSense the innovation-driven essential and captures a XX% signals. years only In

physicians the MRI Pain our in insights just personalize And this advantages Now data and like the therapy. with needed valuable equips devices have versus to DBS competition. the Stim, differentiated

in in accelerated Ultrasurgical our products other Health and Acute Penegor Cardiac In Vital the care addition oximetry, to surgery innovative Avalos growth system and flow grew performances Nalcor businesses. Neuromod, X%, grew XX%, strength from X%. had we and X% strong broad synergistic LAA valve, monitoring like pulse coming to its exclusion ecosystem. with including also Pelvic

outlook. to you. and Now our give that, who you Gary, with our financial performances look QX go let's a Gary, will to over deeper at

top strong XX guidance. X%, revenue above a performance Geoff. points this of Thanks, delivered line We growth again quarter our with basis

above bottom the EPS was adjusted our guidance. $X.XX $X.XX, midpoint of the line, On

revenue emerging while on currency pipeline by greater also offset revenue our operating in growth, diversified, behind invest from of by line sources which partially durability. EPS delivering and to confidence profit growth our our on $X.XX to bottom be a was X% The both was us driven and continue by The beat, constant We the beat business its growth up tax. from geography, in continue $X.XX which gives drivers basis.

return more From Geoff a next in grew X% MedSurg surgical growth segment cardiovascular. diabetes, to starting It's we surgical expected, in and and growth portfolio neuroscience year-over-year sequentially noting mid-single-digit that growth had quarter. growth in comparisons medical in single-digit perspective, we our to given high growth normalized that single-digit was The worth the double-digit low addressed. expect in

revenue a and growth From low in Europe and mid-single-digit including single markets. growth international high grew in perspective, double-digit digits, markets Japan geographic Western emerging our

margin points, a basis points XX the P&L, on was up our driven basis. XX.X%, currency our down Moving by currency in constant XX adjusted with as expectations. but adjusted gross was The entirely was line margin our gross foreign down basis decline

margin Medtronic our extremely factories underlying system the points. remains expectations. our driving improving line in consolidating network. We're XXX productivity on On Our operations, than The our driven focused XX operating basis and The basis across increased with centralizing doubling XX.X%, entirely through line suppliers constant manufacturing our was and organization was point basis, COGS year-over-year the adjusted margins operating in margins. a more performance also by currency decline FX.

laser also particularly our optimization, behind are our discipline focused on pricing innovation. and We new

the functions. aren't like as headwind at on in efficiency Affera, including focused and At quarter SG&A did than again productivity number at time, that us. we're the we back-office same in very sales we said, mix a growing for drive which a gains, launches particularly scale, early on and fully Simplera we're That new line, this can of Hugo, product less our create

our Given and line improving all have, while significant we we margins have investments the and organic our over to in prioritize pipeline to time product levers sight launches. make of continuing

capital regarding allocation. Now

growth, continue drive profitable primarily dividend while invest make our and to to shareholders to returning share time choices through future We and time, opportunistic repurchases. also to from capital

to our an We're active portfolio long-term As financial I mentioned last to portfolio. continuing quarter, evaluate on we on delivering our M&A. we've also increased strategic to Overall, our focus lever view objectives. work and as important tuck-in management

Now turning to guidance.

'XX Given and positive our continued raising we're outperformance We and guidance. the momentum, expect to of EPS an our revenue fiscal X.X% full range of X%, X.XX% X%. now growth prior from revenue organic to year increase

in $XXX the on fiscal million model expecting $XXX you an the For organic approximately $XXX to of line, including range third growth mid-single-digit growth $XXX revenue would and million, top FX million quarter rates, QX, another in million Based to on X.XX%. the of we'd have recent deliver to impact to of we're unfavorable have 'XX quarter.

expect as third less becomes gross an sequentially impact. currency and fourth we P&L, the much margins to down quarter improve Moving of our

We continue and product full driving operating our year expand expect in as long-term behind efficiencies balance pipeline. also with we to to our our investing launches margins

line, $X.XX. the non-GAAP an our diluted of the guidance to to we're $X.XX, On $X. raising of 'XX bottom range a $X.XX EPS XX prior to new increase fiscal from range

unfavorable $X.XX. to The fiscal unfavorable EPS currency guidance quarter, QX. include $X.XX the impact range in an of foreign expect X% For including X% third impact 'XX continues to we an from year

in our guidance Further can slide found be details annual in our presentation. guidance on the

a quarter focused remain another we leveraged constant just restoring having power growth basis. conclude, currency earnings our to on on of So EPS delivered

half deliver in our commitment the Geoff, in leverage. back with high We report continue long-term organic year revenue single-digit expect our with mid-single-digit you. back fiscal to line to adjusted durable EPS to of growth to growth EPS

Thank you, Gary.

our is X down with to to deliver performance this hard years questions, culture put Look, us, of it's position Now a tailwinds to this top we've implementing the before wave earnings, years. and we've and the back we've strong few start our result this it's the to a led the cash and . We've the for growth the changes I we We're few and to now it past company analyst show resiliency creates and our This in company on just recent in and to to drive fiscal reported it's delivering execute win our mid-single-digit with growth, that up we durable will revenue the made to been of a plans direct been of us earnings hasn't opportunities, want chain consistently working over go close we thoughts. doing revenue the been half this And of go also significant year, all a P&L, tailwind on position which of then our as work ourselves high-growth strong and organization has our power while. incentive and investing into free in results of had up been a markets, to in to strong product to We've savings approvals that across foundation. flow. businesses. in our supply now to up a cost to these ourselves operations many when translate people. exciting, to delivered from

and all we been of we've expect work for a returning This you significant value with this capital management, virtuous creates deliver shareholders. long-term when cycle to firepower shareholders. with our that the incremental with And to doing investment for our portfolio combine

that company you was years Finally, the much many of I XX since the you employees came those I in efforts this of before so because founded. it's want of world. are and Medtronic today your know has watching accomplished our to thank around that all and

the people think I XX inventing, when an our create doing this benefits engineering, that restore to incredible for That's and for And you're do. pain, the you're Thank you of lives accomplishment. about stakeholders. other the to health and work of Your of year. extend life directly people many create you and hundreds the work this million sell, preparing that millions innovations to future, value alleviate tremendous everything work potential over has manufacturing for

get move we many just we're possible, and you Q&A analysts if that related where ask yourself to limit let's to to question X a to only going that, so as try With follow-up. to needed as

can you you have the reach you the . With additional asking Relations call. and Brad, for Ryan give instructions a please team the out that, can to questions, If after question Investor

[Operator is Instructions] advised please this be session Lastly, Q&A that recorded. being

For today's joined by and Ryan and portfolio; and portfolio. EVP Surgical Neuroscience the EVP and of are President President portfolio; session, of Geoff, Dallara, Gary Wall, EVP and Medical of of Que Diabetes, the EVP Mike Brett Sean Salmon, the President and Cardiovascular President Marinaro,

Instructions] the take [Operator from Larry Wells question right. at We'll first All Fargo. Biegelsen

the on on opportunity I hypertension you Congrats here. this nice guys few quarter a call. about a talk heard times

I highlighting before think call real video the we saw innovation.

I are Sean, are the How you you just planning heard coverage to decision? use of on about wanted ask think you anticipating to And your a And much since reloadinovation are I it's in overall opportunity. have So the national the benefit from new thoughts Sean we've a you the January. TSAT kind process TPT when of for while And Sean that? been that? you that. expecting about beginning talk

make great appreciate reimbursement really Okay. to Thanks, question. front. the continue we on the progress Look, I

a outpatient pass-through be mentioned, the this that the is devices. the to you patients patient now going fee-for-service in And transitional roughly for coverage population, be the proportion certainly payment, is As an for on Medicare, would really half which addresses of of therapy. or TPT with Medicare covered those the accelerator what

get build the you you us have broader authorization of allowing been getting the out loop as already But of prior just to established. sort that to will codes noted, coverage

headway making is that important. So

payer We does private also to longer. go have further universe. take with the That

You go payer by state. state payer, by

efforts in the that, we'll for the are got be with In and no doing update we're pathways for incremental terms evidence update there numerous is that of I've giving on on what today. future. coverage an coverage, development, But going

. Bieg Thanks,

Bank at Marcus from The next question comes from Robbie question comes of America. Steed next at JPMorgan. The Travis

commitment could talk of grow potential, some term, earnings I a dollar have sounds about? a those there offset you've headwinds of initially, to potential guess upside for, got just your programs some Is of cushion grow kind want like single to maybe to about enough ability to potential I investors the despite of some stronger the that longer to those know productivity. some digits starting been on to COGS margins I kind maybe to flexibility tariff high negative your but be wanted headwinds? potential of on initial your of earnings just worry your continue despite potential on is and some it there

question. specifics walk Travis, the some earnings. questions. you are for And committed through . let thanks the Yes, definitely of we Gary yes, of your I'll to your

Geoff. and as excited to growth pleased the our kind both a There's driving move continue we We're of to on earnings the focused the revenue raise as about as to power guidance durable, well and EPS for lot revenue we're Thanks, momentum. year restoring both build company. be of on

margin want us I the what change from front, there's On hear no margin our is to to you expectations.

XX we will XX.X%, up basis will of and basis by expect -- QX, our margins year-over-year. points. operating year-over-year year, be to Full we margins QX QX. in guidance. both up up be that Gross and points up XX both In deliver expect XX.X%, margins sequentially

make the front, before structural strong we'll leveraging that margin drive expenses a focus on discretionary drive through and priorities, have changes, our on help and leverage some On automation SG&A about digitization, talked highest we we'll our to we expansion. discipline what

to commercially the mentioned those, investing we're committed and You and behind both launches, in R&D. early

currency So basis. will of EPS on mid-single-digit taken together, constant growth that deliver upwards XX% revenue a

foreign to $X.XX headwind the will to line that today. the we with about X-point talked that and be $X.XX You us what exchange. in before. will we've gave a mentioned That guidance get

success. to overall, mentioning and wants us set good So up we worth guidance up feel for that sets

back go you you're to Otherwise, if move we'll on. we'll on. Robbie,

hear me you Yes. this time? Can

. Yes. Thanks, Robbie.

Great.

kind unmute counter to wanted I question. as a that. before. Travis' about ask to I forgot of to Sorry

sales, of especially products renal progressively the Some products launch denervation. then Maybe Select, and about, of the but Pulse on could growth mentioned that how you renal quarter, some to the Hugo Affera to or as early think next drivers were adding as you margin important some start this both life the cycle ongoing and on talk issue Sphere-X, launch, launch thinking expansion, robotic lower-margin growth these over the just upcoming their the these X denervation, supplier in margin some the implications products, of and you're which and XX of also and them months about we maybe cadence about of for most incremental had growth?

a Yes. continues Thanks, of -- obviously, a the Robbie. Yes, to be opportunity But mean, on the Thanks us. for you're side, around That's question. is that, I in to addition asking it. pricing an the question mix. look, margin for piece

have helping a positive kicked quarters. and been cost-down there's in couple in programs well. and over pricing, that's our are for more the think here there us I of as last And think upside I

So those us. are, I think, tailwinds both for

it a can side, to Ardian there to a how the of especially are do you're earlier would like big and And that details, want don't up. some the Neuromod's price margins. Affera now and we some them mix if can be capital Neuromod, But involve same. the then have on lower, Hugo -- out having you add cycle, on and a you little give positive mix is bit you Gary that, programs I be -- and as So in but of Gary. ramping mixed some the others impact pretty Ardian and -- on know our . bag. a which like our

contemplated say -- of really with these board, I all both we the success 'XX, on first expect and commercial I add, to talked all, headwinds, Yes, we're price, on our sequential point say, about of just constant be driving improving and not expecting Geoff some And X.X but QX to for guidance. laser-focused that fund launches. headwind. flat to our much exchange and talked the a across on the would we're in cost gross critical is about of our all improvement the also ensure of foreign from I of margins this especially there. about of the focus Geoff. investment behind stabilizing QX in innovation on to reduction currency .

The next comes ISI. question from Evercore Kumar Vijay at

Congratulations steady on I focus Geoff, here. execution a on here. maybe to ablation wanted

per some it strong due You issue? in the When in did that was out, do you disruption, What revenue of from When mentioned gives you resolved? in think it some cryo thought is was mentioned could double-digit cryo flattish you growth what catch-up quarter? was I is the quarter? in the confidence -- And growth versus interesting, that a third increase . third bottom the to revenue us second case Affera, is quarter that quarter, Xx

Yes.

experienced allowing supply. good quarter as -- doing accounts, more their double accounts, to as the as on which confidence PulseSelect So new And component is us in we PulseSelect, is resolved. physicians issue the activate I -- Like in is perspective so this it's supply the their capacity well. in open in That spot this well, saw expected the to a They've forward. that continue. literally track. from going and now and mentioned, unit we ablation said that mean That PulseSelect or interruption had commentary, have a I is QX. supplier we third-party I we'll close using did we to CAS, an double should our and because of business expanded supply didn't back and accelerate supplier ramp as

more got we of patients better number than doubled of and number then sequentially. treated, the procedures, as declines actually And a for the cryo,

better versus the QX declines QX got the wasn't cryo I'm -- so QX And versus sorry, because issue, in QX. QX than

the issue now to And have We expect to so ramp. supply resolved. -- it that's continue really we was PulseSelect been

the and should QX. strong -- this this now in we're seeing have demand. and combined issue being demand PulseSelect and what supplier gives on us in and double-digit Sphere-X, the fair have a the us We growth resolved we confidence gives that of all That

we're like It's positioned of important this the single area well for with and player both going So us. forward. the an shot single focus. an and shot focal feel area we is And only with

sorry, per is cryo? on the versus Affera And revenue case that Xx

handle you to Affera? do one? on Sean, per case want The that revenue

you PFA, be really nonthermal use just thermal the or catheter, do the cryo with mapping that you and patches a Vijay, when that So you're that when used, including like there's navigation components a is can doing system. you're balloon with catheter for RF additional using

So we that like And of needles use sell up. the technologies other also well. revenue goes there's the as case crossing

but more, that does certainly Xx case dedicated per money the too, catheter need hospital. per with go saves for you I it actually revenue the and the catheter, is So that quite, Sphere-X it's them up. don't case a think correlates don't mapping it's since to

having the it's So job really that the physicians. do appealing is X proposition with a value transseptal of to single entire across can stick catheter

as as conscious workflow are still they better the Better workflow them. for though And PFA, on price. and are even excited hospitals about

the so catheters, that helps. can And fact like the Sean that save just them you if mentioned,

Thanks, . Vijay. We next go please, question, to the Brad.

at from next comes RBC Markets. Singh The question Capital Shagun

on could if under landscape, wondering the you administration. share your was the tech med I thoughts Geoff, Trump

on thoughts your And supply your you your tariffs, you do touch perhaps on from exposure are how can to imports chain? China? what Specifically, navigate plan to

these conduction a what's added, conversation patients things that's solution of just demographics. invasive growth, to forward, tech plus innovation, the medtech into med pacing and the this innovation pooling and innovation is or landscape, market all system of jump PFA whether going are think be that's driven Well, growth -- election this pacing first, underlying TAVR I healthy. procedure like before like minimally just a it we procedures by just good from is We're driving the seeing the drug we leadless and or we steady questions, -- really growth lot solution,

So going whether decades, any back whether happen or so of do and it's going healthy to specific still in under if we be President Elect election. to important I be any speculate early market, happen different the other you priority you think it's U.S. think administration, policy Trump I health what's good not it's to a policies, to countries, that it the and to I is come the bit government, feel do or think When exactly way. in care tariffs. with about a an it care health or for in, coming

it's running that speculation. for here, scenarios, but different get want -- I preparing in We're early. said, I like to scenarios It's still different too into obviously, don't

products though In less importing than of exposure our X% to our it's It's revenue. from small. terms China, of

next question, to Go the please, Brad. .

question Chris comes from next The Nephron. Pasquale .

your upcoming that be segment opportunity And wanted submission made priority up you factor, form maybe I label that's more how your seems installed much users. a for X is insulin current easier expansion, many of of U.S. type your pump about discrete X type base in to which Diabetes and without do FDA how to in about segment of a on-body the think patients? the ask for a those

on let the question Que. Diabetes, answer I'll Que

Type X, question. the enrollment. we for On Thanks finished

submit We FDA of to expect to calendar in with the half indication first expanded year. next

being do type the quite as see generated So base, we've very X a X installed large that X extremely type clinical a a business. good. Today, as We still and percentage well. of our progressing for that's is data type opportunity, largely are we

the actually opportunity. . we Type So X about optimistic are quite

you, Thank Chris.

Brad. question, please, Next

comes Pito question at Chickering next Deutsche The from Bank.

Going the our FX back guidance, guidance, absorbing EPS your guidance. updated on increasing more XXXX to in headwinds you're

Travis told think is you the guidance your for I year. that XX.X% margin

guidance FX versus is a it the half headwinds parts with tax up, quarter a end previous EPS the was of the moving moving XX.X% positive guidance? into bridge rate I . increasing, I'm or guidance raise of last back tail think to just little so revenue up the the EPS year trying bit,

that. Gary, do you want to take

What $X.XX I our basis at expectations. midpoint, on the year, as the in and investing the mentioned, and I all we're us power our Yes, commercially is navigating that's all power of happy guidance as are, say good a up essentially We're these both that. visibility. margins sharing But pleased as what taken today. with up, Revenue an R&D. all, with very EPS in much launches, Tax up we've up is giving And hedging in X. line bit. well program, FX is EPS really we've little would we been our of line is behind take Pillar gross to are

Peter. Thank you,

please, question, Brad. Next

Securities. from next Petrone Anthony at The question comes . Mizuho

uncontrolled to have looking CMS just here. quarter Back some hypertension, XX is data. at the on plus they're renal million denervation, also that XX patients, quoting Congrats but on medication.

maybe just a recap So here.

how to population and out go there need of an that much patient still you you NTAP much and place now, With NCD would can that TPT after is the how in that address of sort population? .

is one. Sean this going to take

is fee-for-service and include patients of TPT and payer on not those Medicare addresses Medicare-eligible those the Advantage. between Medicare, Medicaid, the mix that The Medicare those say. I'd in component does not the So Medicare roughly in XX-XX

So of the that's those. split evenly roughly between X

obviously those uncontrolled is large population with those base still elevated retention, drugs blood very taking pressure. high very, the having here So for

those minority As really Geoff actually get beginning, control patients the noted the of despite that drugs. the it's availability of in

Medicare than that's drug the more baseline, million, it's XXX the XX if that like are uncontrolled patients million treated. our numbers greater So are for $XX hypertension

with are say, of patients and be demand can suffice be procedure. centers population. issue. determination be therapy. like about there sure to establish that we going that state-by-state could is hey, to The this not Medicare Medicaid a that half would we the It's lot the and market be, coverage in The a really addressable the is to insurance but do outpatient going is with addressed making commercial get

Rich at from Truist comes question next The . Newitter Securities.

Spine. business going to just Maybe to a continues be strong That guys. you for

market been parse especially You're bit, out the U.S. a I growing guess, above has little in you here. market, the stronger can

recent market growth for high years So be? get in sustainable a how I'd how underlying to or just a quarters U.S. is profile to And core trying much just attributable of I'm or to sense hear spine single-digit for could the franchise the strength pickup that? your love

first -- is of let seeing look, a also -- bit seeing expansion of of it a of We're I'll tail spine There's large here. of Yes. market we're a consolidation. bit all, a market bit out of some the and details those But here. the into is towards Brett going And go market technology. as said leaning I there let away. commentary, with I'll scale in that are companies this .

The still look the benefits the technology you said, scale itself recruits opportunity, market world. it And Thanks, technology brings physicians. to it recruits with best system. the that of Yes. the because it And as across with bringing remains more consolidation And if reps, strong. able it together more this, really much the and the Geoff we're at Rich. market significant best opportunity companies

we So platform we to see this this as continue and sustainable that see a and will grow share this take continue business. . to we as

Okay. that. follow-up as a to just Maybe

of like in who's space the other You feels it now consolidator the main the could the the worst marketplace. anniversary approaching competitor be disruption have a what for right case in

about as front? disruption what talked seeing you're us on share consolidation . You opportunity to Can that unfolding. update is on take you just

Yes.

You bet, Rich.

develop, and significant a it opportunity the into and technology, and continuing that growth we we're good have that good other high-quality have there, and good benefits scale pipeline strong And see a reps continuing and companies there with towards with consolidation had . pipeline people future. to we pipeline have We a more to and Medtronic. coming once see and occur to of and happen. with benefits again, we And continuing

Next question at Antalffy comes from Danielle UBS.

on of are love very the from been TAVR of get market. from market. competitors I'd going at especially least in recent the here Thanks still question much. with entering the from data And -- There's last see of asymptomatic TAVR, grow trial. we nation lot on And guys here, potential few delayed you so benefiting weeks that where a a saw. do you TAVR. Just the state your that a U.S. SMART the the just also X to over data a

Sean, you to the want question? hit TAVR

Yes. Thanks, Danielle.

I is shape. in good market think the

in line quarters, single-digit opportunities in high in continued range growth, it's think the been I for the saying what there's with patient population, of we've prior that expansion for that.

fixes unlock moderate which that. help road class effect read that trials we and asymptomatic of or patient would I And the tab that therapy. also the growth would TAV along As think then the the global sort bigger would continued get our But with be of down increase you a stenosis expand indications there. out as population, mentioned, where there's with

aperture we've just longer-term we've base got, and got So use and what's data better our gets starts think look, markets, got, that And within eliminating in product, And that as the just with up are and the the the better. as strength what which Japan United launching evidence access we've like that really of conditions better. valve also coronary really opened I clearly, Europe, the certain small distinguish of into to product new quarter including us launched the we'll be really the began concerns the States, world for in FX technology we've pursuing other year. well this

of we a The room for positioned. long So market well for and I healthy, lots see growth think is we're still time.

Joan The next Citi. from Wuensch, question comes

just thinking well while, mitral and been I Good It's we've a update your an as heard give where on repair update us morning. tricuspid an sort programs. on . since as valve you're Could replacement about think, that you of opportunities

stick with Sean heart we'll the Well, questions. on structural

question. Yes. the Thanks for

approval that's study. the as as is and the continues for U.S. position in European position trial in Intrepid its the that valve well tricuspid which top So well in We're mitral in both the doing used trial.

XX than what which good regurgitation, we've the the transseptal think version to side very when trial seen by had is is of different going technologies. repair completely acceleration results a for the I we French really really eliminate And with that. see the of we really,

The have not annual taken outcomes are MAC. really population a can't clinical those mitral get We've and or clippable, excellent. severe patients who been of calcification on surgery those who with

to indication So be going that. that's really first the for

repair purpose make focus. front, include it have Intrepid we some early we tricuspid right the the in position study. regurgitation the for are is that valve fit technologies On more sizes well. elimination We are, that as The in modifications our And it better and But making continue making same, is been just that future. And existing believe some using that location. we primary for investments in tricuspid But well. feasibility in we're now, do iterations of that's the for to we'll other the and patients. the

last I kind of X think overall, the just just questions. recapping

for product the on in is this this And Heart pipeline, Structural us. in on data guy then Our business Intrepid. with good to he a our built tricuspid mix. and other It's good franchise very back Sean profitable It's is just is mentioned, as -- mitral with spot. our and a a getting through improvements, and went on mix, franchise we questions TAVR

underlying doing and it's to well the So well. also see doing market is it's good that

I think we for have questions. X time more

So Brad, question, next please. the

at from comes Barclays. question Matt next The . Miksic

to hoping here, things, a you from and of Q&A couple and during up was I get keep often in So questions Q&A clarify just investors. maybe the come

key programs. the just pipeline a So couple on of

pace timing in Affera maybe So and for U.S. the

what process in clear any RDN wasn't down, know tough sort you in think, now patch on get it's you about again half. pump tell us, to Sean, and think clarify a that's the calendar it and couple NCD, just can whether off diabetes, we timing? growth of earnings topic times and of is in when I but up I I and of for the the to a 'XX, is talked sort come that's back something, a

you got do color we EPS in can on us that EPS impact the help $X.XX about mechanics, the with first that's impact or of in win been or you I out think, or back the left So half math right, is I head if $X.XX, Gary. and of X% headwind the $X.XX, Just that and how on cadence the plays most guess and of that half? QX understand that QX. has about for any growth FX the

I just on We process this it our QX Obviously, and beyond. PFA Look, ramping. And thanks we're put we're the exactly. got position, is the in But Affera, which that's story. that more where in part for a double-digit quantify of scale with growth is at you -- together when it's getting question, PulseSelect, that strong didn't we all Matt. of the think approval. the Yes, look, X

in when predict breaking we But point, difficult approval in coverage, that. is or Already the indication. are the FDA out strong on and the like, Affera we're strong when know, to exactly outs process a coverage, that. through of the broad indication we -- to how it scaling some your from -- gives you Matt, a indication got -- with of but CMS So it's not went Sean of -- specifically, ins as

we've got And to so see where ends up. CMS

on very hard and -- predict talked the don't have And publicize something. conversations -- back want to it's it's about, been as when us constructive. they'll to we've we to timing get But

couple diabetes on as look, other don't couple believe -- across the programs shots we've there. diabetes investing goal is timing not than, we X we've of be needs think I on far patch I the We've the that. goes, As that timing of heavily that got our entire but of to a we it's any given dynamic. patch that. been on remain part here, entire of given fact strengths in just have a a the We've got and have on ecosystem and shots goal --

-- And currency trend growth, then far a that? constant you as the the we see to commentary see the don't as in we a on that to growth as was earnings we if Gary of I digit, year, in as that realized earnings half the single-digit single digit, translating back well, high that that double saw add you half high see have EPS digit, into high we mentioned anything mentioned, back growth basis know single the even the of and -- we year,

Yes.

know this is part going for a thorn And of a been as spot key second folks' forward. We're a I we where the strategy mind. dime our global The much the and has hit Matt. foreign benefit half. headwind our is program. pretty you EPS, points it think year You hedging historically, about currencies see a on of X exchange in the of about on the a for the lot And it's company. us. But impact

around can looking And is devaluing our we're of looking in environments, business, grow the we're and in things dynamically cost results. we're we aggressively balancing at currency also also pricing the U.S. our seeing One best base our do at world. that

that see of So And single-digit action. we're in second EPS a It's half. priority we'll the Geoff as taking mine. high said,

mean, underlying like a in thing, lot as much. yes, prioritizing, what number No, on a him his pricing constant to can something committed with -- and and we program currency, devaluation more I from is yelling voice these this think of that also attacking this other exposed countries stability but it's the this mountain -- of . don't it's and delay as really whether just us reemphasize And our of hedging different whole much I impact want really help Gary This currency for like Gary tell issue it Yes. can to. a you a dynamic. call. said. priority mentioned, that's on investment Gary is I important tops some a the U.S. there, given so to in we for actions, regimen we're more into the putting really we championing is have that But devalued aren't that And year. this growth, from

our take please. We'll question, Okay. Thanks, last Matt.

question Patrick Morgan at Stanley. final from Our Wood comes

Beautiful. tied one. on it I'll this keep

the then repositioning on M&A, And radical . the of you're the running. kind years? you're business Given potential of the focus we expect tuck-in the coming assets language Should over of any obviously, curious, just most around interested I'm that that side. more there's for the on looking at portfolio slightly assets next

Patrick. Thanks, Okay.

areas at the really to -- we're areas approach at leadership where but be we're looking tuck-in, looking to of for more looking I is assets or we as about of algorithm. don't terms In well. type of last an priority the top-down where that prioritizing areas the prioritizing, for this want and our it to quarter want is is of important And M&A a our part mean exactly forecast M&A, to more the the that of talked this the growth team we here in do M&A. we're type those and is something

some to minimum time some high-growth high-growth counting and but disproportionate them our also because and going from on profits flow. also need markets, cash amount So amount a time about, growth talked businesses our from our well-established a to them support we've we're segments tuck-in keep of of but that of

make healthy. they're So sure we want to

getting of that's specific. within kind it's So more -- -- much that, not we're

looking ongoing of portfolio, at to how a mean aligned give our destination. in portfolio the align out got the mission, way We're and sure portfolio for I can't mid-single-digit financial sure in with constantly terms emphasize a with look, -- growth in management constructed our make constructed a is But we're it's that's competitive it's it our perspective, at can to is way that then strengths. that this We that reliable, a enough playing an it a want And management, to not just I process, important number innovation-driven world mid-single-digit strengths, there. those. a also is level. of we've to company performance from make durable us

and some the line, mix, On and that top are the on we up earnings shareholder dividend we the that return. down the the sure flow translation or with that of some you good the on you that can mix, a leverage points businesses that mix double-digit cash P&L that profitability are where through translate to to gets we mix guy have some like adds the the all to dynamics want negative to that make get to and went

it's constructed portfolio the to sure make way at that's I And as can to far on go actively a really portfolio. on So looking durably we in that. are about context . deliver as

we if to the to everyone in Thanks, Patrick. able apologize this queue And get morning. we weren't

on call. up team follow free after me the IR feel to or the with So anyone

please Geoff, that, with with closing . So ahead go your remarks.

your to thanks and we appreciate in Well, certainly analysts your support interest all that and, for to joined Medtronic us Okay. all continued you and of today, And the questions. like the always, long-term for we we'll you where on on commitments. hope earnings XX, progress you'll our against QX Tuesday, our February our join anticipate us which strategies holding update and continued we our broadcast,

for your day. Happy have you U.S., for a all thanks those a Thanksgiving that, us, and very the with in you And and of so rest -- wishing week. your again, next of So family joining is great

good and you, a day. So have thank