Medtronic reports first quarter fiscal 2027 results; delivers broad-based portfolio performance and raises fiscal 2027 guidance (Form 8-K)

Medtronic reports first quarter fiscal 2027 results; delivers broad-based portfolio performance and raises fiscal 2027 guidance

Strength across the company's largest franchises, new growth platforms, and recent portfolio investments support the long-term growth trajectory

GALWAY, Ireland - September 1, 2026 - Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its first quarter (Q1) of fiscal year 2027 (FY27), which ended July 31, 2026.

Key Highlights

•Revenue of $9.8 billion, increased 13.7% as reported and 13.7% organic, roughly 200 basis points above guidance midpoint

•GAAP diluted EPS of $1.14; non-GAAP diluted EPS of $1.45, ahead of guidance

•Raising FY27 organic revenue growth guidance 50 basis points to 7.25% to 7.75%, and FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00

•Cardiovascular grew 18.9%, led by 15% growth in Cardiac Rhythm Management and 88% growth in Cardiac Ablation Solutions

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•Announced expanded CE Mark indication for Affera™ Mapping and Ablation System and Sphere-9™ Catheter for treatment of ventricular arrhythmias

•Announces strategic investment in Pi-Cardia, a pioneer in leaflet modification technology

•Neuroscience grew 9.3%, driven by 13% growth in Cranial and Spinal Technologies, including low-20s growth in enabling technology; Altaviva meaningfully contributed to 15% growth in Pelvic Health

•Medical Surgical reported strong performance, up 10.2%, led by 9% growth in Surgical and 14% growth in Acute Care & Monitoring

•Announces strategic partnership with Cornerstone Robotics to further expand global access to robotic-assisted surgery

•Announced FDA clearance for Touch Surgery™ Aide next generation computing platform

•Completed acquisitions of Scientia Vascular and SPR Therapeutics, Inc.

"We are off to a strong start in fiscal 2027. What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses and the increasing contributions from newer growth platforms," said Geoff Martha, Medtronic chairman and chief executive officer. "Our execution, alongside our innovation engine, positions us to serve more patients and deliver durable growth. The strength of our portfolio and pipeline gives us confidence in the opportunities ahead."

Financial Results

Medtronic reported Q1 worldwide revenue of $9.756 billion, an increase of 13.7% as reported and 13.7% on an organic basis. The Q1 FY27 organic revenue growth comparison excludes:

•Other revenue of $29 million in the current year versus $72 million in the prior year

•Revenue from the Dutch Obesity Clinic (NOK) divestiture with no revenue in the current year and $17 million in the prior year

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•Scientia revenue of $14 million (closed June 12) and SPR Therapeutics revenue of $5 million in the current year (closed July 16)

•Foreign exchange benefit of $57 million on the remaining net sales

Results were impacted by the extra fiscal week, which occurred in Medtronic's first quarter of FY27. The company estimates the impact of the extra week benefited Q1 organic growth by approximately $570 million.

Q1 revenue included:

•Cardiovascular Portfolio revenue of $3.927 billion increased 19.5% as reported and 18.9% organic, with high-20s increase in Electrophysiology Therapies, high-single digit increase in Interventional Cardiology Therapies, high-single digit increase in CardioVascular Surgery, and low-double digit increase in Peripheral Vascular Health, all on an organic basis

•Neuroscience Portfolio revenue of $2.678 billion increased 10.3% reported and 9.3% organic, with low-double digit increase in Cranial & Spinal Technologies, high-single digit increase in Specialty Therapies, and low-single digit increase in Neuromodulation, all on an organic basis

•Medical Surgical Portfolio revenue of $2.279 billion increased 10.0% as reported and 10.2% organic, with high-single digit increase in Surgical & Endoscopy, and mid-teens increase in Acute Care & Monitoring, all on an organic basis

•Diabetes business revenue of $843 million increased 16.9% as reported and 14.9% organic1

Q1 GAAP operating profit and operating margin were $1.764 billion and 18.1%, respectively, an increase of 22.1% and 120 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q1 non-GAAP operating profit and operating margin were $2.316 billion and 23.7%, respectively, an increase of 14.9% and 10 basis points, respectively.

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Q1 GAAP net income and diluted earnings per share (EPS) were $1.470 billion and $1.14, respectively, representing increases of 41.4% and 40.7%, respectively. As detailed in the financial schedules included at the end of this release, Q1 non-GAAP net income and non-GAAP diluted EPS were $1.860 billion and $1.45 respectively, representing increases of 14.4% and 15.1%, respectively.

Guidance

The company today raised its FY27 organic revenue growth and EPS guidance. The company raised its FY27 organic revenue growth guidance to 7.25% to 7.75%, an increase from the prior guidance of 6.75% to 7.25%. The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00. This guidance includes an estimated neutral to 1% accretive impact from foreign currency exchange based on recent rates.

"We continue to make targeted investments in innovation, portfolio development, and commercial execution that will support sustainable long-term value creation," said Thierry Piéton, Medtronic chief financial officer. "The combination of strong operating performance and disciplined financial management drove revenue and adjusted EPS ahead of expectations, enabling us to raise our fiscal 2027 guidance."

Video Webcast Information

Medtronic will host a video webcast today, September 1, at 7:45 a.m. EST (6:45 a.m. CST) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com.

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Financial Schedules

The first quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Quarterly Earnings link at investorrelations.medtronic.com.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission - to alleviate pain, restore health, and extend life - unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.