Medtronic opens the
books on Tuesday evening.

Q3 Revenue Growth Generational Drivers

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Medtronic achieved its highest revenue growth in 10 quarters with 6% organic growth, driven by strong end markets and four generational growth drivers, each with over $1 billion revenue potential.

"And Q3 marks the highest revenue growth Medtronic has achieved in 10 quarters with 6% organic revenue growth. Our end markets are strong, and we're leaning into multiple new opportunities for revenue growth with a continuous pipeline of new and innovative technologies, either developed internally or through venture and M&A in areas core to Medtronic. This includes 4 generational growth drivers: our PFA platform for AFib, Symplicity Spyral for hypertension, Altaviva for urge urinary incontinence and our Hugo surgical robot. Each one of these individual products could ultimately deliver well over $1 billion of revenue and each serves a large underpenetrated market where Medtronic is uniquely positioned to lead and to take share."

- Geoffrey Martha, Chairman and Chief Executive Officer - Q3 FY26 Earnings Call - February 17, 2026

PFA Platform Growth Outlook

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The Cardiac Ablation Solutions business, led by PFA, grew 80% year-over-year and is on track to double its revenue to $2 billion by the first half of fiscal year '27, with new product Sphere-360 receiving CE Mark and starting U.S. trials.

"With 80% growth year-over-year, our Cardiac Ablation Solutions business was once again the fastest growing in the segment, doubling the growth rate of our closest competitor. This quarter, PFA grew nearly 200% worldwide. We gained 4 points of share in this rapidly growing $13-plus billion market with our Affera platform in our Sphere-9 catheter. We have a long runway ahead to expand our footprint and deepen our penetration, and we remain on track to double our revenue in this business, delivering $2 billion trailing in total CAS revenue by first half of fiscal year '27. Last month, we received CE Mark and initiated the U.S. pivotal trial for Sphere-360, which is our next-gen single-shot all-in-one PFA and mapping catheter."

- Geoffrey Martha, Chairman and Chief Executive Officer - Q3 FY26 Earnings Call - February 17, 2026

FY26 Guidance Reiteration

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Medtronic is reiterating its fiscal '26 organic revenue growth guidance of approximately 5.5% and maintaining its adjusted EPS guidance in the range of $5.62 to $5.66, despite tax pressure.

"On the top line, we're reiterating fiscal '26 organic revenue growth guidance of approximately 5.5%. As we expect CRM and ACM to normalize and the tax pressure to carry into Q4, we are maintaining our fiscal '26 EPS guidance in the range of $5.62 to $5.66."

- Thierry Pieton, Chief Financial Officer - Q3 FY26 Earnings Call - February 17, 2026

Stealth AXiS AI Spine

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Medtronic secured FDA clearance for its Stealth AXiS Surgical System, a new transformative platform that unifies AI-powered planning, robotics, and navigation for spinal procedures, expected to contribute to growth as soon as Q4.

"Just last week, we secured FDA clearance for our Stealth AXiS Surgical System for spinal procedures. Stealth AXiS is a new transformative platform that unifies AI-powered planning, robotics and navigation into one seamless system, elevated by the entire AiBLE ecosystem. With FDA clearance achieved, we expect to see Stealth AXiS contribute Neurosurgery and CST overall as soon as the fourth quarter."

- Geoffrey Martha, Chairman and Chief Executive Officer - Q3 FY26 Earnings Call - February 17, 2026

Hugo Robot US Launch

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The Hugo surgical robot received FDA clearance for urologic procedures, enabling its U.S. launch with initial installations and cases already completed, while the AI-powered Touch Surgery digital ecosystem surpassed 1,000 global installations.

"This quarter, our Hugo robot received FDA clearance for urologic surgical procedures, enabling us to begin our purposeful U.S. launch. And today, I'm excited to share that we've already completed our first installations and initial cases. This quarter, Touch Surgery installations increased over 20% sequentially and have now surpassed 1,000 systems globally."

- Geoffrey Martha, Chairman and Chief Executive Officer - Q3 FY26 Earnings Call - February 17, 2026

FY27 EPS Diabetes Separation

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The company is committed to high single-digit EPS growth in fiscal year '27 and expects the MiniMed Diabetes business separation, via a two-step IPO and split, to be complete by the end of calendar year '26 and to be accretive.

"All told, we are committed to our guidance, and we maintain our expectation for high single-digit EPS growth in fiscal year '27. The planned separation of MiniMed is perfectly on track. Our preferred path continues to be a two-step, IPO and split. We continue to expect the separation to be complete by the end of calendar year '26. We fully expect the deal to be accretive."

- Thierry Pieton, Chief Financial Officer - Q3 FY26 Earnings Call - February 17, 2026