Q4 2026 Medtronic PLC Earnings Call Transcript
Key Points
- Medtronic PLC (MDT) reported a strong revenue growth of 9.9% on a reported basis and 6.6% organically for Q4, marking the strongest top-line performance in 10 years.
- The Cardiac Ablation Solutions (CAS) segment delivered outstanding growth with a 78% increase worldwide and gained 8 points of US market share.
- The company made significant progress in its high-growth platforms, including Symplicity Spyral for hypertension, which is now annualizing at $100 million.
- Medtronic PLC (MDT) is investing heavily in innovation and M&A, with targeted investments in ICE catheter technology and other high-growth segments.
- The company successfully completed the MiniMed IPO, establishing it as a standalone publicly traded company, and reported strong growth in its diabetes business with 15% reported growth.
- The structural heart segment experienced flat performance, with a slowdown in the US due to low-risk data impacting the TAVR business.
- Tariffs impacted the business by $74 million, representing an 80 basis points headwind, and are expected to continue affecting gross margins.
- The diabetes business, while growing, is structurally less profitable, posing challenges for capital allocation within Medtronic PLC (MDT).
- Despite strong growth in CAS, there are concerns about its potential slowdown and its impact on overall company growth.
- The company faces ongoing challenges in China due to VBP (Volume-Based Procurement), although it remains a growth market.
Good morning, and welcome to our fiscal '26 fourth-quarter earnings webcast. I'm Ingrid Goldberg, Head of Medtronic Investor Relations. I'm joined by Geoff Martha, Chairman and Chief Executive Officer; and Thierry Piéton, Chief Financial Officer.
Geoff and Thierry will provide comments on the results of our fourth quarter, which ended on April 24, 2026, and our outlook for fiscal year '27. After our prepared remarks, we'll take questions from the sell-side analysts that cover the company.
Earlier this morning, we issued a press release discussing our quarterly results and several financial schedules. We also posted an earnings presentation that provides additional details on our performance. The presentation can be accessed in our earnings press release or on our website at investorrelations.medtronic.com.
During today's program, many of our statements will be forward looking, and actual results could differ materially as explained in our SEC filings. We undertake no obligation to update any forward
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