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1、Q2 FY25Earnings PresentationNovember 19,2024Forward 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 competitive factors,difficult

2、ies and delays inherent in the development,manufacturing,marketing and sale of medical products,government regulation,geopolitical conflicts,general economic conditions,and other risks and uncertainties described in the companys periodic reports on file with the US Securities and Exchange Commission

3、 including the most recent Annual Report on Form 10-K of the company.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 circ

4、umstances.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 presentin

5、g 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 inf

6、ormation useful to investors in understanding the companys 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

7、information prepared in accordance with US 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 companys consolidated

8、financial statements and publicly filed reports in their entirety.All GAAP to non-GAAP reconciliations are provided on our website.Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures.

9、For instance,forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations,as well as significant acquisitions or divestitures.Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as non-GAAP adjust

10、ments to earnings during the fiscal year.Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to pr

11、edict and is unavailable without unreasonable efforts.In addition,the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors.Such items could have a substantial impact on GAAP measures of financial performance.Financial comparisons

12、References 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 foreign currency and second quarter revenue in the current and prior year reported as Other.Unless stated otherwise,q

13、uarterly and annual rates and ranges are given on an organic basis.References to sequential revenue changes are in comparison to the prior fiscal quarter and are made on an“as reported”basis.Unless stated otherwise,all references to share gains or losses are as of the most recently completed calenda

14、r quarter,on a revenue basis,and in comparison to the same period in the prior year.2Q2 FY25 Earnings Presentation|November 19,2024Table of contentsQ2 FY25 Executive SummaryPortfolioHighlightsFinancialHighlightsGuidance&AssumptionsImpactAppendixQ2 FY25Executive SummaryTable of ContentsExecutive Summ

15、aryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactOur momentum is building as we keep executing on our commitments,delivering yet another consecutive quarter of strong results that came in ahead of expectations.Innovation matters,and innovation is really driving our growth

16、 today.As we look ahead,were confident that this diversified growth will keep going,especially given the strength of our pipeline in high-impact markets that will allow us to benefit even more patients around the world.”Q2 FY25 HighlightsDelivering on commitments,executing ahead of expectations,and

17、raising guidanceGEOFF MARTHA,CHAIRMAN&CEOMomentum continues to build;executed and delivered 8th consecutive quarter of durable MSD organic revenue growthExceeded consensus organic revenue growth by 0.5%and EPS by$0.01Cardiovascular+MSD,Neuroscience+HSD,Diabetes+DD,and Medical Surgical+LSD Y/Y and 7%

18、Q/QFoundation of company much stronger;performance and mission-driven culture driving improved resultsWave of innovation driving growth across several franchises,including TAVR,PFA,Leadless Pacemakers,Diabetes,Spine and NeuromodulationPrioritizing investments in high growth areas,expected to sustain

19、 diversified growth;even greater waves of innovation coming(PFA,Surgical Robotics,Hypertension)Restoring earnings power;on track to deliver HSD reported EPS growth in H2EPS beat from higher operating profit on revenue beat,with operating margin in line with consensusAdj.gross margin up 40 bps Y/Y CC

20、;Adj.operating margin up 100 bps Y/Y CCFocused on COGS productivity,pricing discipline and optimization,particularly with new innovation,growing SG&A less than sales,and investing in pipeline and emerging growth driversRaising FY25 revenue and EPS guidanceOrganic revenue growth:4.75%to 5%vs.prior 4.

21、5%to 5%Adj.EPS:$5.44 to$5.50 vs.prior$5.42 to$5.50;implies growth of 4%to 6%Committed to creating significant,long-term value for our shareholdersContinue to drive durable MSD revenue growth,utilize our scale to deliver leveraged earnings,generate strong free cash flow,execute tuck-in M&A and grow o

22、ur dividend5Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactQ2 FY25 Financial summaryCardiovascular$3,102M+5.6%organicNeuroscience$2,451M+6.7%organicRevenue2 by segmentRevenue2 by geographyReven

23、ue$8.4B+5.0%organicAdj.Diluted EPS$1.26+0.8%+8.0%CCYTDOperating Cash Flow$1.9BFree Cash Flow1$1.0BDiabetes$686M+11.0%organicOther($37M)Medical Surgical$2,128M+0.7 organicInternational$4,099M+7.0%organicUnited States$4,304M+3.3%organic1)Operating cash flows less property,plant,and equipment additions

24、.2)Data has been intentionally rounded to the nearest million and,therefore,may not sum6Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactKey product approvalsRecent rapid cadence of meaningful in

25、novative approvals;120 product approvals in last 12 months in key geographies1Note:Relative positioning is not intended to signify relative timing 1)Includes US,EU,Japan and China.Does not include all indication or partner approvals,though select additional approvals are displayedQ3 FY24Q2 FY25Sympl

26、icity Spyral Renal Denervation System(US)Symplicity Spyral Renal Denervation System(China)Nitron CryoConsoleSystem(Europe&US)Percept RC Neurostimulator with BrainSense(Europe&US)Micra AV2&Micra VR2(Europe)Avalus UltraSurgical Aortic Tissue Valve(US)MiniMed 780G System with Simplera Sync(Europe)Evolu

27、t FX+TAVR System(US)PulseSelect Pulse Field Ablation System(Europe&US)PulseSelect Pulse Field Ablation System(Japan)Inceptiv Spinal Cord Stimulator(US)OsteoCool 2.0 Bone Tumor Ablation System(US)Simplera CGM(US)Avalus UltraSurgical Aortic Tissue Valve(Europe)Evolut FX+TAVR System(Europe)VitalFlow EC

28、MO System(US)Affera Sphere-9 Catheter and Mapping&Ablation System(US)7Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactQ2 FY25Portfolio HighlightsTable of ContentsExecutive SummaryPortfolio Highl

29、ightsAppendixGuidance&AssumptionsFinancial HighlightsImpact21%CPV|$643M+4.9%Y/Y Rep+4.8%Y/Y Org$3,102M+6.1%Y/Y Rep+5.6%Y/Y Org28%SHA|$881M+7.6%Y/Y Rep+7.1%Y/Y Org51%CRHF|$1,578M+5.8%Y/Y Rep+5.0%Y/Y OrgCardiac Pacing Therapies:HSD growth;high-teens WW Micra growth driven by continued broad-based glob

30、al strength of Micra AV2 and VR2;high-20s WW SelectSecure 3830 lead growth,first lead approved for all types(HIS&LBBA)of conduction system pacing in USDefibrillation Solutions:HSD growth driven by Aurora EV-ICD,continued Tachy momentum,and continued strong growth in TYRXCardiac Ablation Solutions:st

31、rong PulseSelect growth;third-party component supplier experienced interruption,but capacity now expanded;rate of Cryo Q/Q decline significantly improved vs.Q1;secured FDA approval for Sphere-9,all-in-one wide-area focal catheter;ramp of commercial availability continuing over coming quarters;expect

32、 strong DD WW CAS growth in Q3Cardiac Rhythm&Heart Failure(CRHF)MSD growth driven by strong performance in TAVR,Cardiac Rhythm Management,and Cardiac SurgeryCardiovascularCoronary&Renal Denervation:MSD growth driven by HSD growth in guide catheters and LDD growth in balloons,partly offset by LSD dec

33、lines in stents;secured Transitional Pass-Through(TPT)payment for RDN in the outpatient setting;2-year ON MED data released at TCT demonstrated significantly greater reductions in 24-hr ambulatory systolic BP and office-based systolic BP compared to sham patientsPeripheral Vascular Health:MSD growth

34、 driven by MSD growth in both Peripheral Vascular and Vascular EmbolizationStructural Heart:HSD WW growth on momentum from SMART data and full US market release of Evolut FX+Aortic:LSD decline driven by pricing headwinds in China across AAA and Thoracic Cardiac Surgery:LDD growth on strength in surg

35、ical portfolio;US growth driven by strength in Penditure LAA closure system,Avalus Ultra surgical valve,and VitalFlow ECMO system launches;China growth driven by strong implant rates in surgical valves Structural Heart&Aortic(SHA)Coronary and Peripheral Vascular(CPV)Sphere-9 andPulseSelect Pulse Fie

36、ld Ablation(PFA)CathetersMicra AV2 and VR2 Transcatheter Pacing SystemAurora EV-ICD SystemEvolut FX+TAVR SystemAvalus Ultra Surgical Valve9Q2 FY25 Earnings Presentation|November 19,2024Core Spine:MSD WW;HSD US growth on continued adoption of the AiBLE ecosystem of spine implants,including ModuLeX sp

37、inal systemBiologics:HSD growth driven by Grafton bone graft and MSD Infuse bone graft performanceNeurosurgery:HSD growth driven by AiBLE ecosystem including Mazor robotics,StealthStation navigation,O-arm imaging,strong CSF growth,and positive international Midas Rex powered surgical instruments per

38、formance;launched O-arm v4.3 Software In September,announced Siemens Healthineers partnership to co-market and integrate their Multitom Rax imaging system,expanding the AiBLE surgery ecosystem with new technologies30%ST|$737M+4.6%Y/Y Rep+3.9%Y/Y OrgNeuromodulation(NM)Cranial&Spinal Technologies(CST)

39、Spinal Cord Stimulation:LDD WW and US above market growth driven by continued launch of Inceptiv closed-loop spinal cord stimulatorBrain Modulation:High-teens above market growth driven by adoption of the Percept RC neurostimulator with BrainSense technology;secured FDA approval for expanded MRI lab

40、eling and Asleep DBS,the only system approved for DBS surgery while a patient is asleep or awakeHSD growth driven by continued strength in Spine and momentum from Neuromodulation innovationsNeuroscience20%NM|$480M+12.6%Y/Y Rep+12.1%Y/Y OrgSpecialty Therapies(ST)Neurovascular:MSD growth supported by

41、sustained momentum in hemorrhagic stroke productsEar,Nose&Throat:LSD growth with declines in Standard Tubes and strength in capital placementsPelvic Health:MSD growth on continued adoption of the InterStim X system50%CST|$1,234M+6.7%Y/Y Rep+6.4%Y/Y Org$2,451M+7.1%Y/Y Rep+6.7%Y/Y OrgInceptiv Recharge

42、ableClosed-Loop SCSInterStim X SystemRecharge-freeNeurostimulatorAiBLE Surgical EcosystemModuLeXSpinal System10Q2 FY25 Earnings Presentation|November 19,2024Percept RC DBSwith BrainSenseTechnologyMultitom Rax is a trademark of Siemens Healthcare GmbH.Surgical&Endoscopy(SE)LSD growth with HSD sequent

43、ial growth in Surgical;strength in Advanced Energy,Wound Management&Hernia;Continued progress on US Hugo IDE trialsMedical Surgical22%ACM|$478M+3.6%Y/Y Rep+3.3%Y/Y OrgAcute Care&Monitoring(ACM)Blood Oxygen Management:HSD growth in Nellcor pulse oximetry driven by strong sensor sales and continued ad

44、option of RespArray patient monitorPerioperative Complications:Strength in BIS on strong sensor sales and launch of BIS Advance MonitorSurgical flat result(HSD sequential growth)on difficult comparison from supply recovery in H1 FY24 and ongoing Korea physician strikes;expect Surgical to return to m

45、ore normalized growth in Q3 as comparisons ease Advanced Surgical Technologies:WW flat results(HSD sequential growth)with Advanced Energy/LigaSure growth,partly offset by declines in Advanced Stapling given market declines in US bariatric procedures General Surgical Technologies:WW LSD growth(HSD se

46、quential growth)driven by ProGrip Synthetic Mesh and V-Loc barbed sutures;both provide superior efficiency within MIS and robotic procedures Robotic Surgical Technologies:Preparing Hugo FDA de novo submission;fast enrollment in Hugo US Hernia and GYN indication studies;installed base expansion OUS c

47、ontinuesEndoscopy:Strength in esophageal segment driven by strong market adoption of Endoflip 300 system78%SE|$1,649M+0.5%Y/Y Rep+0.0%Y/Y OrgHugoRAS SystemRespArrayPatient MonitorHugo is not commercially available in the USProGripSelf-Fixating Mesh$2,128M+1.2%Y/Y Rep+0.7%Y/Y OrgEndoflip 300Impedance

48、 Planimetry SystemLigaSure XPMaryland Jaw Vessel Sealer/Divider11Q2 FY25 Earnings Presentation|November 19,2024$686M+12.4%Y/Y Rep+11.0%Y/Y OrgDouble-digit growth on strong CGM attachment and MiniMed 780G system adoptionDiabetesUnited StatesHSD growth on strong CGM attachment rates and increasing con

49、sumables revenue demonstrating the success of our comprehensive MiniMed 780G AID systemSustained new patient growth among MDI and competitive switchersQ2 dQ&A survey shows MiniMed 780G system ranks highest in overall satisfaction and burden reduction,outscoring competitors on glucose control and“les

50、s effort managing diabetes”InternationalSustained DD growth on expanding installed base and sensor attachment rates in an increasingly competitive marketLDD CGM growth in Western Europe with Simplera Sync now launched in 16 countries,including top growth markets in Western Europe Improved performanc

51、e in France following reimbursement headwindsPipelineAdvancing next-gen pipeline to offer the largest portfolio of diabetes solutionsSecured FDA clearance of new InPen app for use with Simplera CGM,paving the way for the US launch of our Smart MDI system-the first system to recommend corrections for

52、 missed or inaccurate insulin doses,providing real-time,personalized insightsComparative meta-analysis in Diabetes/Metabolism Research and Reviews demonstrates MiniMed 780G system delivers highest TIR and best results among AID systems1 Submitted CE Mark application for MiniMed 780G system expanded

53、labeling in type 2 diabetes,pregnancy and pediatrics(2+);US FDA submission for expanded labeling in type 2 diabetes,pregnancy,and biosimilars on track for H1 CY25Advanced CGM portfolio refresh with initiation of new Abbott partnership in August;Simplera Sync pending FDA approval66%International Mark

54、ets34%US 1.doi:10.1002/dmrr.3842MiniMed 780G system InPen/Simplera smart MDI system12Q2 FY25 Earnings Presentation|November 19,2024Q2 FY25Financial HighlightsTable of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactQ2 FY25 Income statement($in milli

55、ons)1Q2 FY24Q2 FY25Y/YRevenue Organic revenue growth$7,984$8,4035.3%5.0%Gross Margin65.9%65.2%(70 bps)+40 bps CCSG&A%of Sales32.9%32.5%(40 bps)R&D%of Sales8.6%8.2%(40 bps)Operating Margin25.2%24.3%(90 bps)+100 bps CCNet Income$1,667$1,620(2.8%)Diluted EPS$1.25$1.260.8%+8.0%CC1)The data in this table

56、 has been intentionally rounded and,therefore,may not sum;Dollars in millions except for EPS;Full GAAP to non-GAAP reconciliation in Appendix14Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactFis

57、cal Year 2025Guidance&AssumptionsTable of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactGuidance and assumptionsNote:EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal ye

58、ar1)While FX rates are fluid,assumptions above are based on rates as of the beginning of November 20242)Includes Mozarc Medical Manufacturing&Servicing Agreements,Cardinal Health Manufacturing Agreements,Ventilation Service Solutions;does not include impact from Italian MedTech PaybackFY25EPSFY24 ba

59、seImplied constant currency growthFX1FY25 EPSguidanceQ4 Earnings CallMay 23,2024$5.20+9%to+11%(5%)$5.40 to$5.50Q1 Earnings Call August 20,2024+9%to+11%(5%)$5.42 to$5.50Q2 Earnings Call November 19,2024+10%to+11%(5%)$5.44 to$5.50FY25REVENUEFY24 baseOrganic revenue growth guidanceFX1InorganicOther2Imp

60、lied adjusted revenue range2Q4 Earnings CallMay 23,2024FY24 Reported$32,364M4.0%to 5.0%($375M)to($275M)$0$80M$33.1B to$33.6BLess Other1($221M)Q1 Earnings Call August 20,20244.5%to 5.0%($210M)to($110M)$0$100M$33.5B to$33.7BFY24 base$32,143MQ2 Earnings CallNovember 19,20244.75%to 5.0%($325M)to($225M)$

61、0$115M$33.5B to$33.6B16Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactImpactTable of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactLeading i

62、n engagement,citizenship&innovationTo learn more,visit our awards page2024 Hispanic Association on Corporate Responsibility 5-star awards across all 4 pillars Employment,Philanthropy,Procurement,&Governance 3nd consecutive yearBloomberg Gender-Equality IndexOf the 559 companies submitting data,only

63、418 met the threshold to be considered GEI membersEthisphereOne of the 2024 Worlds Most Ethical CompaniesIR Magazine2024 Best Investor Targeting strategy;Finalist for Best IR in Healthcare3BLnewsRanked#13100 Best Corporate Citizens List 2024Just CapitalOne of Americas Most JUST Companies in 2024Dow

64、Jones Sustainability IndexDJSI World Index for 2 consecutive yearsDJSI North American Index for 15 consecutive years18Q2 FY25 Earnings Presentation|November 19,2024Fortune 2024 Change the World listTable of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial Highlights

65、ImpactNear and long-term sustainability objectivesRobust governance structures and processes underpin our sustainability strategyFY30Carbon neutral in Operations(scope 1 and 2)FY45Net-zero emissionsPillarKey issueTargetBaseline dateEnd dateFY24 statusPatientProduct innovationFlow 20%of revenue from

66、products and therapies released in the prior 36 months(vitality index)N/AFY2520.70%Access&affordabilityServe 79M patients annually through strategies that increase healthcare access N/AFY2578M+Patient safety&product qualityReduce aggregate product complaint rate by 10%for identified product families

67、FY20FY2533%PeopleInclusion,diversity&equitySustain$1B+spend with certified diverse-owned businesses,and increase impact with small businessesFY22N/A$3.1BAchieve 45%representation of women in manager-and-above roles globallyN/AFY2644%Achieve 30%representation of people from ethnically diverse groups

68、in manager-and-above roles in the U.S.N/AFY2628%PlanetOperational emissions,energy,water,and wasteAchieve net carbon neutrality across our operations(Scope 1 and 2)FY20FY3044%Reduce greenhouse gas emissions intensity by 50%FY20FY2551.7%Reduce energy intensity by 20%FY20FY2514%Source 50%of energy fro

69、m renewable and alternative sourcesFY20FY2542%Reduce water usage intensity by 15%FY20FY2528%Reduce waste intensity by 15%FY20FY2519%Product and packaging life cycle and circularityReduce packaging waste by 25%for four targeted high-volume product familiesFY21FY2590%Minimize impact of instructions fo

70、r use(IFUs)through a 35%paper reductionFY21FY2715%Publish partial LCAs for 100%of products FY21FY305%Publish full LCAs for 50%of productsFY21FY305%Convert 50%of eligible product codes to electronic IFUs(eIFUs)within applicable regionsFY21FY305%Integrate circularity and eco-design criteria into the N

71、ew Product Development processFY21FY3020%Reduce packaging for 20 additional high-volume products for a total of 50%reductionFY21FY301015%Achieve one of the following qualities for 95%of eligible plastic packaging:is industrially recyclable,contains post-industrial recycled content,demonstrates optim

72、ized design(by volume,weight,or thickness)FY21FY3020%AchievedOn targetIn progressProgress key:19Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactAppendixTable of ContentsExecutive SummaryPortfoli

73、o HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactQ2 FY25 Revenue by portfolio and geography1)Data has been intentionally rounded to the nearest million and,therefore,may not sumWorldwideU.S.INTLRevenue($M)1As reported Y/Y%Organic Y/Y%Revenue($M)1As reported Y/Y%Organic Y/Y%Revenue($

74、M)1As reported Y/Y%Organic Y/Y%Cardiovascular3,1026.1%5.6%1,4340.5%0.5%1,66811.5%10.4%Cardiac Rhythm&Heart Failure1,5785.8%5.0%Structural Heart&Aortic8817.6%7.1%Coronary&Peripheral Vascular6434.9%4.8%Neuroscience2,4517.1%6.7%1,6777.5%7.5%7746.3%5.0%Cranial&Spinal Technologies1,2346.7%6.4%Specialty T

75、herapies7374.6%3.9%Neuromodulation48012.6%12.1%Medical Surgical2,1281.2%0.7%944-0.4%-0.4%1,1832.5%1.6%Surgical&Endoscopy1,6490.5%0.0%Acute Care&Monitoring4783.6%3.3%Diabetes68612.4%11.0%2326.9%6.9%45515.5%13.2%Other37-38.9%-18-22.2%-19-49.4%-Total Medtronic8,4035.3%5.0%4,3043.1%3.3%4,0997.6%7.0%21Q2

76、 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactQ2 FY25 GAAP to non-GAAP reconciliationsEQ2 FY25GAAPAmortizationRestructuringAcquisition and Divestiture-Related Items(Gain)/Loss onMinority Investm

77、entsMedical Device RegulationsCertain Tax AdjustmentsQ2 FY25Non-GAAPQ2 FY24Non-GAAPY/Y Growth/ChangeNet Sales8,403-8,4037,9845.3%Cost of Products Sold2,946-(11)(5)-(9)-2,9212,7207.4%Gross Margin64.9%-0.1%0.1%-0.1%-65.2%65.9%(70 bps)SG&A2,757-(6)(19)-2,7322,6234.2%of Sales32.8%-(0.1%)(0.2%)-32.5%32.9

78、%(40 bps)R&D697-(4)-6936880.7%of Sales8.3%-8.2%8.6%(40 bps)Other Operating Expense(Income),Net(34)-50-16(57)(128.1%)%of Sales(0.4%)-0.6%-0.2%(0.7%)(90 bps)Amortization ofIntangible Assets413(413)-Restructuring Charges,Net30-(30)-Operating Profit1,59541346(25)-12-2,0412,0091.6%Operating Margin19.0%4.

79、9%0.5%(0.3%)-0.1%-24.3%25.2%(90 bps)Other Non-Operating Income,Net(173)-10-(163)(179)(8.9%)Net Income Attributable to MDT($M)1,27033837(30)(21)10161,6201,667(2.8%)Diluted EPS($)(1)0.990.260.03(0.02)(0.02)0.010.011.261.25(0.8%)1)Data has been intentionally rounded to the nearest million or$0.01 for E

80、PS figures and,therefore,may not sum22Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactMedtronic business structureCardiovascularNeuroscienceDiabetesMedical SurgicalOtherLearn moreLearn moreLearn

81、 moreLearn moreCardiac Rhythm&Heart FailureCardiac Rhythm ManagementCardiac Ablation SolutionsStructural Heart&AorticStructural Heart&AorticCardiac SurgeryCoronary&Peripheral VascularCoronary&Renal DenervationPeripheral Vascular HealthCranial&Spinal TechnologiesSpecialty TherapiesNeurovascularEars,N

82、ose&Throat(ENT)Pelvic HealthNeuromodulationTherapies and services for insulin-dependent people who have Type 1 and Type 2 Surgical&EndoscopySurgicalEndoscopyAcute Care&MonitoringCardinal Health Manufacturing AgreementsMozarc Medical Manufacturing&Servicing AgreementsVentilation Service Solutions23Q2

83、 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactGrowthBusiness specificBusiness specificOtherCCConstant CurrencyAAAAbdominal Aortic AneurysmHISHis-Purkinje SystemACCAmerican College of CardiologyW

84、AMGRWeighted Average Market Growth RateAIDAutomated Insulin DeliveryICDImplantable Cardioverter DefibrillatorEMEmerging Markets LSDLow-single digitBPBlood PressureLAALeft Atrial AppendageFIHFirst-In-HumanMSDMid-single digitCASCardiac Ablation Solutions LBBALeft Bundle Branch AreaHCPHealth Care Provi

85、derHSDHigh-single digitCGMContinuous Glucose MonitoringMDIMultiple Daily Injections IDEInvestigational Device ExemptionLDDLow-double digitCRMCardiac Rhythm ManagementPFAPulse Field AblationID&EInclusion,Diversity and EquityDDDouble digitDBSDeep Brain StimulationRASRobot-Assisted SurgeryLMRLimited Ma

86、rket ReleaseDCBDrug Coated BalloonRDNRenal DenervationNEJMNew England Journal of MedicineDESDrug Eluting StentSCSSpinal Cord StimulationNMPANational Medical Products Admin.DTMDifferential Target Multiplexed WaveformTARTime Above RangeOUOperating UnitECLSExtracorporeal life supportTAAThoracic Aortic

87、AneurysmVBPVolume-Based ProcurementENTEar,Nose,&ThroatTAVRTranscatheter Aortic Valve ReplacementWEWestern EuropeEV-ICDExtravascular Implantable Cardioverter DefibrillatorTIRTime In RangeWWWorld WideGIGastrointestinalTV TachyTransvenous tachycardia GYNGynecologyUROUrologyAbbreviations&acronyms24Q2 FY25 Earnings Presentation|November 19,2024Table of ContentsExecutive SummaryPortfolio HighlightsAppendixGuidance&AssumptionsFinancial HighlightsImpactRyan WeispfenningVice President,Head of Investor RelationsBrad WelnickVice President,Investor Relations&FP&AInvestor Relations contact