medtronic plc q3 fy21

MEDTRONIC PLCQ3 FY21 EARNINGS PRESENTATIONFEBRUARY 23, 2021

• Q3 FY21 CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS

• FREE CASH FLOW

• FUTURE CHANGES TO REVENUE REPORTING STRUCTURE

FORWARD LOOKING STATEMENTSThis presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to the impact COVID-19 has had and is expected to continue to have on our business, operations and production, as well as demand for our offerings, and on our employees, medical professional and healthcare systems, communities in which we operate, and our financial results and condition, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company’s periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances.

Non-GAAP Financial MeasuresCertain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. GAAP to non-GAAP reconciliations are provided on our website and can be accessed using this link.

Financial ComparisonsReferences to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year. References to organic revenue growth exclude the impact of significant acquisitions or divestitures and currency. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. All references to share gains or losses are on a calendar quarter basis, unless otherwise stated.

2Q3 FY21 Earnings Results | February 23, 2021 |

https://medtronic.gcs-web.com/static-files/0761e2cf-7ef9-43d8-8c02-0789441d0af8

Q3 FY21 CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS

MDT

U.S.51%

Non-U.S. Dev32%

EM17%CVG

35%

MITG30%

RTG27%

DIAB8%

Q3 FY21 HIGHLIGHTS


GAINING MOMENTUM WITH SEQUENTIAL GROWTH;NEW PRODUCTS DRIVING SHARE GAINS

REVENUE: Declined -1.0% due to late December and January COVID-19 resurgence but grew 1.7% sequentially 3 (2.3% ex-Vents) reflecting new product launches and share gains in several markets

• MITG: Grew 4.6%; strong ventilator demand drove mid-20’s RGR growth; share gains across the portfolio

• RTG: Declined -0.8%; mid-teens growth and sequential share gains in Pelvic Health; LSD growth in Neuromodulation from strong launches of Percept™ with BrainSense™ technology and DTM™ Spinal Cord Stim

• CVG: Declined -5.9% driven by China DES tender; strong Micra™ growth

• Diabetes: Grew 0.8%; return to growth on 780G launch in EU and 770G launch in U.S.

• Geographies: Declines in U.S. -2.0% and Western Europe LSD due to COVID-19 resurgence; Emerging markets grew 0.8% with growth in Latin America, Southeast Asia, and China

EPS: Non-GAAP EPS $1.29 declined -10.4% Y/Y, improvement of 26% sequentially

CAPITAL ALLOCATION:

• Accelerating our tuck-in acquisitions; announced RIST Neurovascular, the eighth in a series of acquisitions announced since January 2020: Digital Surgery, Medicrea, Companion Medical, Avenu, Laser Associated Sciences, Stimgenics, AI Biomed, and RIST; combined present value total consideration ~$1.7B

Other Financial Highlights:

DilutedEPS

Y/Y%CC4

Y/Y%

GAAP $0.94 (33.8%) N/A

Non-GAAP $1.29 (10.4) (6.2)

Revenue:

Revenue$M1

As RepY/Y %

Organic2

Y/Y %As Rep3

Q/Q %

CVG 2,707 (4.0) (5.9) (0.7)

MITG 2,313 6.3 4.6 1.2

RTG 2,126 0.7 (0.8) 3.1

Diabetes 630 3.3 0.8 9.8

Total $7,775 0.8 (1.0) 1.7

U.S. 3,939 (2.0) (2.0) (2.8)

Non-U.S. Dev 2,522 6.1 (0.2) 3.1

EM 1,314 (0.3) 0.8 14.6

Total $7,775 0.8 (1.0) 1.7

1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.2 Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures and currency.3 Figures represent comparison to Q2 FY21 on a reported basis.4 Figures represent comparison to Q3 FY20 on a constant currency basis.5 Operating cash flows less property, plant, and equipment additions.

YTD Cash Flow from Ops $4.5B

YTD Free Cash Flow5 $3.5B

MDT

1 Includes U.S. , EU , Japan, and China

Note: Relative positioning is not intended to signify relative timing.

KEY PRODUCT APPROVALS SINCE JAN 2020: OVER 220 PRODUCT APPROVALS IN KEY GEOGRAPHIES1


JANUARY 2020 JANUARY 2021

LINQ II™ (U.S. & EU)

Micra™ AV (U.S.)

Intellis™ DTM (Stimgenics) (U.S.)

NIM® Vital Nerve Integrity Monitor (U.S.)

Resolute Onyx™ 1-month DAPT Indication (EU)

Evolut™ Bicuspid & Low Risk Indications

(EU)

MiniMed™ 780G (EU)

Percept™ PC (EU)

Micra™ AV (EU)

InterStim™ Micro (U.S.)

InterStim™ Micro (EU)

Cobalt™/Crome™ HP Platform (U.S.)

Percept PC™ (U.S.)

Arctic Front™ Advance indication for

persistent AF (U.S.)

McGrath™ Video Laryngoscope

(U.S. , EU, Japan)

Vital Sync™ remote control & access (U.S.)

Extended Wear Infusion Set (EU)

InterStim™ SureScan MRI

Leads (EU)

Signia™ Stapler Real Time Feedback

Display (U.S.)

MiniMed™ 770G (U.S)

Adaptix™ Interbody

System (U.S.)

Abre™ Venous Stent

(U.S.)

Cobalt™ XT (U.S)

Midas Rex™ (U.S)

DiamondTemp™Ablation System

(U.S.)

MDTNON-U.S. DEVELOPED

Q3 FY21 ORGANIC REVENUE GROWTH BY REGION*


U.S. -2.0% -0.2%

2.0% LOW-SINGLE DIGITS

FLAT MID-SINGLE DIGITS

MID-SINGLE DIGITS

LOW-DOUBLE DIGITS

United StatesAustralia &

New ZealandCanada South Korea

EMERGING MARKETS

MID-SINGLE DIGITS

HIGH-SINGLE DIGITS

LOW-SINGLE DIGITS

MID-SINGLE DIGITS

LOW-20s

Middle East & Africa Latin AmericaEastern Europe &

RussiaSoutheast Asia South AsiaChina

LOW-DOUBLE DIGITS

0.8%

*Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures and currency.

Western Europe

Japan

MDT

Q3 FY21GAAP

Debt Premium

Amortization Restructuring LitigationAcquisition-

Related

Gain/Loss onMinority

Investment

Medical Device

Regulations

Certain Tax Adjustments

Q3 FY21 Non-GAAP

Q3 FY20Non-GAAP

Y/Y Growth / Change

Net Sales ($M) 7,775 7,775 7,717 0.8%

Cost of Products Sold 2,621 (36) (5) (11) 2,569 2,342 10%

Gross Margin 66.3% 67.0% 69.7% -270 bps

SG&A 2,537 (40) (1) (1) 2,494 2,530 -1%

% of Sales 32.6% 32.1% 32.8% 70 bps

R&D 601 (9) 591 566 4%

% of Sales 7.7% 7.6% 7.3% -30 bps

Other Operating Expense, Net 82 (29) 52 (42) -224%

% of Sales 1.1% 0.7% -0.5% -120 bps

Amortization of Intangible Assets 453 (453) 0 0 0

Restructuring Charges, Net 83 (83) 0 0 0

Certain Litigation Charges 122 (122) 0 0 0

Operating Profit 1,277 -- 453 160 122 35 -- 21 -- 2,068 2,321 -11%

Operating Margin 16.4% 26.6% 30.1% -350 bps

Other Non-Operating Income, Net (86) 18 (68) (96) -29%

Net Income attributable to MDT ($M) 1,270 380 117 101 32 (15) 17 (150) 1,753 1,949 -10%

Diluted EPS ($) 0.94 0.00 0.28 0.09 0.07 0.02 (0.01) 0.01 (0.11) 1.29 1.44 -10.4%

Q3 FY21 GAAP TO NON-GAAP SELECT FINANCIAL INFORMATION

1 The data in this table has been intentionally rounded and, therefore, may not sum.


Non-GAAP Adjustments

Q3 FY21 RESULTS


MITG

McGRATH™ Video Laryngoscope

Nellcor™ Pulse Oximetry

RGR Growth Offsetting COVID-19 Impact on SI Procedure Volumes

U.S.41%

Non-U.S. Dev

38%

EM21%

1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.2 Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures, and currency.3 Figures represent comparison to Q2 FY21 on a reported basis.

STRONG VENTILATOR & AIRWAY DEMAND SHARE GAINS ACROSS PORTFOLIO

Respiratory, Gastrointestinal, & Renal (RGR): 25.4% growth on high demand for Respiratory and Patient Monitoring products

• Respiratory Interventions: Mid 70s growth as ventilator revenues nearly tripled Y/Y

• PB980 ventilator driving strong performance in premium/high acuity segment

• Ventilation demand expected to normalize in future quarters, still above pre-COVID-19 levels

• Airways high-teens growth driven by McGRATH™ MAC Video Laryngoscope

• Patient Monitoring: LDD growth driven by Nellcor™ pulse oximetry

• Strong pulse oximeter sensor growth with sequential share gains; COVID-19 also driving incremental capital sales

• Nellcor™ competitive study publication shows superior performance vs. Masimo in Neonatal transitionary care

• Renal Care Solutions: HSD growth on solid U.S. and China demand for renal access products, notable strength in MAHURKAR™* catheters

• Gastrointestinal: LSD decline, Esophageal Diagnostic product growth (EndoFlip™, ManoScan™, Bravo™) offset by slowed procedure recovery

• Partnering with the National Health Service England to help reduce large patient colorectal cancer screening backlogs with PillCam™ Colon

Surgical Innovations (SI): -5.3% decline as COVID-19 resurgence decelerated procedure recovery; share gains in Advanced Energy & Endo Stapling

• Advanced Surgical: MSD declines from reduced procedure volumes

• Winning share in Advanced Energy with Ligasure™ & Sonicision™ Curved Jaw

• Endo Stapling share gains from Endo GIA™ Reinforced Reload & Signia™ portfolio

• General Surgical: HSD declines due to slowed procedure recovery

Puritan Bennett™

980

SI62%

RGR38%

Sonicision™Curved Jaw

Revenue$M1

As RepY/Y %

Organic2

Y/Y %As Rep3

Q/Q %

SI 1,423 (3.5) (5.3) 2.2

RGR 890 26.8 25.4 (0.3)

Total $2,313 6.3 4.6 1.2

U.S. 959 2.7 2.7 (3.7)

Non-U.S. Dev 868 9.7 3.5 3.7

EM 486 7.8 10.4 7.5

Total $2,313 6.3 4.6 1.2

Q3 FY21 RESULTSRTG

Growth in NeuroMod & Specialty Therapies

CST51%

NeuroMod20%

Specialty29%

U.S. 66%

Non-US Dev21%

EM13%

DTM™ SCS Therapy on Intellis™ Platform

Titan™ Spine


Percept™ PC DBS

NEW PRODUCT MOMENTUMDRIVING SHARE GAINS


InterStim™ Micro & InterStim™

SureScan™ MRI Leads

Revenue$M1

As RepY/Y %

Organic2

Y/Y %As Rep3

Q/Q %

CST 1,081 (3.2) (4.5) 0.9

NeuroMod 426 4.9 3.4 3.6

Specialty 618 5.1 3.2 6.4

Total $2,126 0.7 (0.8) 3.1

U.S. 1,401 (0.6) (0.6) 0.3

Non-U.S. Dev 444 1.8 (4.1) 4.2

EM 280 5.3 3.4 16.7

Total $2,126 0.7 (0.8) 3.1

Cranial & Spinal Technologies: -4.5% decline; strong capital unit sales • Spine: MSD decline due to COVID-19 hospital restrictions; strength in Titan™ products & Infuse™• Enabling Technologies: LSD decline; share gains resulting from strong capital equipment sales, a good

leading indicator of increased hospital procedure volumes in the coming quarters• Record unit sales of Mazor™ spine robotic systems; near-record unit sales of StealthStation™

navigation and O-arm™ imaging systems

• Strengthened leadership position with FDA clearance of Midas Rex™ Drills and Navigated Disc Prep & Interbodies with Mazor™

Neuromodulation: 3.4% growth driven by new product launches• Brain Modulation: MSD growth; DBS share gains on rollout of Percept™ with BrainSense™ technology

• Launched Percept™ with BrainSense™ technology in Japan

• Pain Therapies: LSD growth; Pain Stim share gains driven by strong adoption of DTM™, particularly new implant share within competitive accounts

• Pain Stim new implants grew HSD; trialing up 10%

Specialty Therapies: 3.2% growth; strength in Pelvic Health & Neurovascular• Neurovascular: MSD growth; strong growth in Emerging Markets offsetting U.S. declines

• Hemorrhagic: MSD growth driven by Coils, capitalizing on competitive market share opportunity

• Ischemic: MSD growth on sales of Riptide™ aspiration system, React™ aspiration catheter and Solitaire™ X revascularization device

• Pelvic Health: Mid-teens growth; sequential share gains following launch of InterStim™ Micro neurostimulator, world’s smallest rechargeable SNM device, and InterStim™ SureScan™ MRI leads

• Drove 3 points of sequential share gain in U.S. and 1 point in Europe

• Share of U.S. rechargeable market continues to increase, up mid-teens sequentially

• ENT: MSD decline, reflecting pullback in ENT procedure recovery; NIM Vital™ launch momentum

Cardiac Rhythm & Heart Failure: -3.7% decline; implant share gains supported by new products and continued adoption of remote capabilities

• Arrhythmia Management: MSD decline

• MSD Pacing growth; strong, mid-60s WW leadless pacing growth and Q/Q growth in China at low-30s; disruptive Micra AV™ continues strong launch

• HSD ICD decline due to replacement headwinds and COVID-19 impact; Cobalt™/Crome™ expands to new geographies; Cobalt™ XT launches in U.S.; SmartSync™ remote programming accounts LDD Q/Q increase

• LSD Cardiac Ablation Solutions decline; DiamondTemp™ Ablation system receives FDA approval

• Mid-Teens Diagnostics decline; LINQ™ II demand momentum offset by supply constraints

• Heart Failure: LSD decline; CRT-D LSD growth; CRT-P LSD decline; LVAD mid-20s decline

Coronary & Structural Heart: -9.5% decline; Q/Q TAVR share gains; Coronary headwinds continue from China DES National Tender

• TAVR: MSD decline; sequential share gains from Boston Scientific’s exit

• U.S. field force expansion on track; continue to open new U.S. TAVR accounts

• Cardiac Surgery: LDD decline; Nautilus™ ECMO Oxygenator launch in U.S. and Europe; Avalus™ continues momentum in the U.S.

• Coronary: Mid-Teens decline; DES WW unit share gains Y/Y and Q/Q and impact of China national tender

Aortic, Peripheral & Venous: -5.0% decline• Peripheral Vascular: MSD decline; strengthened by HSD DCB growth; Y/Y and Q/Q WW DCB market share

gains; IN.PACT™ AV DCB penetration sees continued tailwinds from 6-month data publication in NEJM

• Aortic: LSD decline; MSD TAA growth; AAA HSD decline due to COVID-19

• Endovenous: LDD decline; due to COVID-19; LDD growth in VenaSeal™

Q3 FY21 RESULTS


CVG SEQUENTIAL SHARE GAINS IN CRM & TAVRSTRONG MICRA GROWTH CONTINUES

Micra™ AV Transcatheter Pacing System

CoreValve™ Evolut™ PRO+

VenaSeal™

CRHF51%CSH

32%

APV17%

U.S.47%

Non-U.S. Dev35%

EM18%

Growth in Micra™, CRT-D and TYRX™

Revenue$M1

As RepY/Y %

Organic2

Y/Y %As Rep3

Q/Q %

CRHF 1,371 (1.6) (3.7) (3.9)

CSH 873 (7.9) (9.5) 5.1

APV 463 (3.1) (5.0) (1.1)

Total $2,707 (4.0) (5.9) (0.7)

U.S. 1,272 (6.9) (6.9) (7.6)

Non-U.S. Dev 941 2.8 (3.4) (0.4)

EM 493 (8.4) (7.6) 22.0

Total $2,707 (4.0) (5.9) (0.7)


Cobalt™ & Crome™ ICDs & CRT-Ds

Resolute Onyx™

IN.PACT™ AV DCB

International Revenue: Accounts for approximately half of total sales, saw +3.4% gain

• Driven by 780G launch across 26 countries and 4 continents and CGM growth

U.S. Revenue: -1.6% decline, strong pump growth on 770G launch offset by declines in CGM and consumables

Insulin Pumps: WW market share gains Q/Q; COVID-19 continues to delay new patient starts

• MiniMed™ 770G Insulin Pump System receiving positive feedback following launch as patients utilize smart phone connectivity

• MiniMed™ 780G Insulin Pump System continues geographic expansion; submitted to FDA; FDA review timelines remain delayed due to FDA resource limitations

CGM: Global growth driven by increased CGM penetration & new patient starts, partially offset by COVID-19 headwinds

Extended Wear Infusion Set: First seven-day infusion set in the market; EU limited launch expected in Q4

Companion Medical: Launching real-time CGM connectivity with InPen

DIABETES



Q3 FY21 RESULTS

MiniMed™

780G

Continued WW CGM Growth; Sequential Market Share Gains in

Pumps

Extended Wear Infusion Set

InPen™

U.S. 49%

Non-US Dev 42%

EM9%

RETURNED TO GROWTHOUTSTANDING FEEDBACK FROM SUCCESSFUL 770G AND 780G LAUNCHES

Revenue$M1

As RepY/Y %

Organic2

Y/Y %As Rep3

Q/Q %

U.S. 307 (1.6) (1.6) 8.1

Non-U.S. Dev 268 13.6 5.9 12.6

EM 55 (12.7) (7.9) 7.8

Total $630 3.3 0.8 9.8

FREE CASH FLOW

MDT

$ BillionsFY16 FY17 FY18 FY19 FY20

FY21YTD

Operating Cash Flow $5.2 $6.9 $4.7 $7.0 $7.2 $4.5

CAPEX ($1.0) ($1.3) ($1.1) ($1.1) ($1.2) ($1.0)

Free Cash Flow $4.2 $5.6 $3.6 $5.9 $6.0 $3.5

Included in Operating Cash Flow:

Certain Litigation Payments, net1,2 $0.2 $0.3 $0.3 $0.5 $0.2 $0.1

Restructuring Payments1 $0.2 $0.2 $0.2 $0.4 $0.5 $0.3

Other Payments1,3 $0.2 $0.3 $0.3 $0.2 $0.2 $0.0

Puerto Rico IRS Pre-Payment -- -- $1.1 -- -- --

Certain Other Tax Payments $0.8 $0.4 $0.4 $0.4 $0.1 $0.2

COMPONENTS OF FREE CASH FLOW


1 Cash flow impact does not reflect associated tax cost / benefit, as timing and amount are difficult to estimate.2 Includes payments accrued as “Non-GAAP” charges, as well as COV acquisition opening balance sheet adjustments.3 Includes acquisition-related, divestiture-related, and European Union medical device regulations charges, as well as contributions to the Medtronic Foundation.

Pre-

Tax

FUTURE CHANGES TO REVENUE REPORTING STRUCTURE

MDT

CARDIOVASCULAR PORTFOLIO

CHANGES TO REVENUE REPORTING STRUCTURE – STARTS NEXT QUARTER


CRANIAL & SPINAL TECHNOLOGIES (CST)

NEUROMODULATIONSPECIALTY THERAPIES

Cranial & Spinal Technologies Neuromodulation Neurovascular Ear/Nose/Throat (ENT) Pelvic Health

Surgical Innovations Surgical Robotics

RESPIRATORY, GASTROINTESTINAL& RENAL (RGR)

SURGICAL INNOVATIONS (SI)

Respiratory Interventions Patient Monitoring Gastrointestinal Renal Care Solutions

NEUROSCIENCE PORTFOLIOCRANIAL & SPINAL

TECHNOLOGIES (CST)NEUROMODULATIONSPECIALTY THERAPIES

Cranial & Spinal Technologies Neuromodulation Neurovascular Ear/Nose/Throat (ENT) Pelvic Health

MEDICAL SURGICAL PORTFOLIORESPIRATORY, GASTROINTESTINAL

& RENAL (RGR)SURGICAL INNOVATIONS (SI)

Respiratory Interventions Patient Monitoring Gastrointestinal Renal Care Solutions

Surgical Innovations Surgical Robotics

DIABETES OPERATING UNIT

PRE-Q4 FY21 STARTING IN Q4 FY21

See next slide for restated Cardiovascular Portfolio historical revenue

CARDIAC RHYTHM & HEART FAILURE (CRHF)

AORTIC, PERIPHERAL & VENOUS (APV)

CORONARY &STRUCTURAL HEART (CSH)

Cardiac Rhythm Management Cardiac Ablation Solutions Cardiac Diagnostics Mechanical Circulatory Support

Aortic Peripheral & Endovenous

Coronary & Renal Denervation Structural Heart Cardiac Surgery

CARDIAC RHYTHM & HEART FAILURE (CRHF)

CORONARY, PERIPHERAL & ENDOVENOUS (CPE)

STRUCTURAL HEART& AORTIC (SHA)

Cardiac Rhythm Management Cardiac Ablation Solutions Cardiovascular Diagnostics Mechanical Circulatory Support

Coronary & Renal Denervation Peripheral & Endovenous

Structural Heart & Aortic Cardiac Surgery

CARDIAC & VASCULAR GROUP (CVG)

MINIMALLY INVASIVE THERAPIES GROUP (MITG)

CHANGES: Portfolio name Division names Aortic moves into SHA Coronary & Renal

Denervation moves into CPE

CHANGES: Portfolio name

RESTORATIVE THERAPIES GROUP (RTG)

CHANGES: Portfolio name

DIABETES GROUP

SEGMENTDIVISION

Operating Unit

No changes

Key

Revenue will be reported for the 4 segments and at the division levels. Qualitative performance color will be provided at the operating unit level.

Diabetes

MDTCARDIOVASCULAR PORTFOLIO – RESTATED HISTORICAL REVENUE

Recast to reflect new Cardiovascular Portfolio reporting structureAll figures in $millions1

World Wide

U.S.


Q4 FY20 FY20 Q1 FY21 Q2 FY21 Q3 FY21

Cardiac Rhythm & Heart Failure (CRHF) 940 5,141 1,247 1,426 1,371

Structural Heart & Aortic (SHA) 574 2842 627 733 730

Coronary, Peripheral & Endovenous (CPE) 490 2486 558 567 605

Cardiovascular Portfolio 2,004 10,468 2,433 2,725 2,707

Q4 FY20 FY20 Q1 FY21 Q2 FY21 Q3 FY21

Cardiac Rhythm & Heart Failure (CRHF) 436 2689 672 760 701

Structural Heart & Aortic (SHA) 225 1263 274 328 304

Coronary, Peripheral & Endovenous (CPE) 218 1109 260 289 267

Cardiovascular Portfolio 880 5,062 1,206 1,377 1,272

Data has been intentionally rounded to the nearest million and, therefore, may not sum.

NOTE: There are no changes to CRHF revenue or to overall Cardiovascular Portfolio revenue. Only SHA & CPE are restated.

ACRONYMS / ABBREVIATIONS


APPENDIX

Other

~ Approximately

$M Millions of Dollars

AF Atrial Fibrillation

AI Artificial Intelligence

B Billion

Bps Basis Points

CAPEX Capital Expenditures

CC Constant Currency

COVID-19 Coronavirus Disease 2019

CY Calendar Year

Dev Developed

EM Emerging Markets

EPS Earnings Per Share

EU European Union

Growth

DD Double Digit

HSD High-Single Digit

LDD Low-Double Digit

LSD Low-Single Digit

MSD Mid-Single Digit

Other

Ex Excluding

FDA Food and Drug Administration

FY Fiscal Year

GAAPGenerally Accepted Accounting Principles

IPR&D In-Process Research & Development

IRS Internal Revenue Service

JAN January

N/A Not Applicable

NEJM New England Journal of Medicine

Ops Operations

PLC Public Limited Company

Q Quarter

Q/Q Quarter-over-Quarter

R&D Research & Development

Rep Reported

SEC U.S. Securities & Exchange Commission

SG&A Selling, General & Administrative

Tech Technology

U.S. United States

WW Worldwide

YTD YTD

Y/Y Year-over-Year

Business Specific

ENT Ear, Nose, & Throat

HP High Power

ICD Implantable Cardioverter Defibrillator

LVAD Left Ventricular Assist Device

MDT Medtronic

Med Medical

MITG Minimally Invasive Therapies Group

Mod Modulation

MRI Magnetic Resonance Imaging

RGR Respiratory, Gastrointestinal, & Renal

RTG Restorative Therapies Group

SCS Spinal Cord Stimulation

SHA Structural Heart & Aortic

SI Surgical Innovations

SNM Sacral Neuromodulation

Stim Stimulation

TAA Thoracic Aortic Aneurysm

TAVR Transcatheter Aortic Valve Replacement

Business Specific

AAA Abdominal Aortic Aneurysm

APV Aortic, Peripheral & Venous

CGM Continuous Glucose Monitoring

CRHF Cardiac Rhythm & Heart Failure

CPE Coronary, Peripheral & Endovenous

CRT-DCardiac Resynchronization Therapy –Defibrillator

CRT-PCardiac Resynchronization Therapy –Pacemaker

CSH Coronary & Structural Heart

CST Cranial & Spinal Technologies

CVG Cardiac & Vascular Group

DAPT Dual Antiplatelet Therapy

DBS Deep Brain Stimulation

DCB Drug Coated Balloon

DES Drug Eluting Stents

DIAB Diabetes

DTM Differential Target Multiplexed Waveform

ECMO Extracorporeal Membrane Oxygenation

Endo Endoscopic

medtronic plc q3 fy21

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