Post on 04-Oct-2021
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 |
Q3 FY21 CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS
MDT
U.S.51%
Non-U.S. Dev32%
EM17%CVG
35%
MITG30%
RTG27%
DIAB8%
Q3 FY21 HIGHLIGHTS
4Q3 FY21 Earnings Results | February 23, 2021 |
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 $3.5B
MDT
1 Includes U.S. , EU , Japan, and China
Note: Relative positioning is not intended to signify relative timing.
KEY PRODUCT APPROVALS SINCE JAN 2020: OVER 220 PRODUCT APPROVALS IN KEY GEOGRAPHIES1
5Q3 FY21 Earnings Results | February 23, 2021 |
JANUARY 2020 JANUARY 2021
LINQ II™ (U.S. & EU)
Micra™ AV (U.S.)
Intellis™ DTM (Stimgenics) (U.S.)
NIM® Vital Nerve Integrity Monitor (U.S.)
Resolute Onyx™ 1-month DAPT Indication (EU)
Evolut™ Bicuspid & Low Risk Indications
(EU)
MiniMed™ 780G (EU)
Percept™ PC (EU)
Micra™ AV (EU)
InterStim™ Micro (U.S.)
InterStim™ Micro (EU)
Cobalt™/Crome™ HP Platform (U.S.)
Percept PC™ (U.S.)
Arctic Front™ Advance indication for
persistent AF (U.S.)
McGrath™ Video Laryngoscope
(U.S. , EU, Japan)
Vital Sync™ remote control & access (U.S.)
Extended Wear Infusion Set (EU)
InterStim™ SureScan MRI
Leads (EU)
Signia™ Stapler Real Time Feedback
Display (U.S.)
MiniMed™ 770G (U.S)
Adaptix™ Interbody
System (U.S.)
Abre™ Venous Stent
(U.S.)
Cobalt™ XT (U.S)
Midas Rex™ (U.S)
DiamondTemp™Ablation System
(U.S.)
MDTNON-U.S. DEVELOPED
Q3 FY21 ORGANIC REVENUE GROWTH BY REGION*
6Q3 FY21 Earnings Results | February 23, 2021 |
U.S. -2.0% -0.2%
2.0% LOW-SINGLE DIGITS
FLAT MID-SINGLE DIGITS
MID-SINGLE DIGITS
LOW-DOUBLE DIGITS
United StatesAustralia &
New ZealandCanada South Korea
EMERGING MARKETS
MID-SINGLE DIGITS
HIGH-SINGLE DIGITS
LOW-SINGLE DIGITS
MID-SINGLE DIGITS
LOW-20s
Middle East & Africa Latin AmericaEastern Europe &
RussiaSoutheast Asia South AsiaChina
LOW-DOUBLE DIGITS
0.8%
*Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures and currency.
Western Europe
Japan
MDT
Q3 FY21GAAP
Debt Premium
Amortization Restructuring LitigationAcquisition-
Related
Gain/Loss onMinority
Investment
Medical Device
Regulations
Certain Tax Adjustments
Q3 FY21 Non-GAAP
Q3 FY20Non-GAAP
Y/Y Growth / Change
Net Sales ($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.
7Q3 FY21 Earnings Results | February 23, 2021 |
Non-GAAP Adjustments
Q3 FY21 RESULTS
8Q3 FY21 Earnings Results | February 23, 2021 |
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 $2,313 6.3 4.6 1.2
Q3 FY21 RESULTSRTG
Growth in NeuroMod & Specialty Therapies
CST51%
NeuroMod20%
Specialty29%
U.S. 66%
Non-US Dev21%
EM13%
DTM™ SCS Therapy on Intellis™ Platform
Titan™ Spine
1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.2 Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures, and currency.3 Figures represent comparison to Q2 FY21 on a reported basis.
Percept™ PC DBS
NEW PRODUCT MOMENTUMDRIVING SHARE GAINS
9Q3 FY21 Earnings Results | February 23, 2021 |
InterStim™ Micro & InterStim™
SureScan™ MRI Leads
Revenue$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
10Q3 FY21 Earnings Results | February 23, 2021 |
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 $2,707 (4.0) (5.9) (0.7)
1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.2 Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures, and currency.3 Figures represent comparison to Q2 FY21 on a reported basis.
Cobalt™ & Crome™ ICDs & CRT-Ds
Resolute Onyx™
IN.PACT™ AV DCB
International Revenue: Accounts for approximately half of total sales, saw +3.4% gain
• Driven by 780G launch across 26 countries and 4 continents and CGM growth
U.S. Revenue: -1.6% decline, strong pump growth on 770G launch offset by declines in CGM and consumables
Insulin Pumps: WW market share gains Q/Q; COVID-19 continues to delay new patient starts
• MiniMed™ 770G Insulin Pump System receiving positive feedback following launch as patients utilize smart phone connectivity
• MiniMed™ 780G Insulin Pump System continues geographic expansion; submitted to FDA; FDA review timelines remain delayed due to FDA resource limitations
CGM: Global growth driven by increased CGM penetration & new patient starts, partially offset by COVID-19 headwinds
Extended Wear Infusion Set: First seven-day infusion set in the market; EU limited launch expected in Q4
Companion Medical: Launching real-time CGM connectivity with InPen
DIABETES
11Q3 FY21 Earnings Results | February 23, 2021 |
1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.2 Figures represent comparison to Q3 FY20 after adjusting for significant acquisitions or divestitures, and currency.3 Figures represent comparison to Q2 FY21 on a reported basis.
Q3 FY21 RESULTS
MiniMed™
780G
Continued WW CGM Growth; Sequential Market Share Gains in
Pumps
Extended Wear Infusion Set
InPen™
U.S. 49%
Non-US Dev 42%
EM9%
RETURNED TO GROWTHOUTSTANDING FEEDBACK FROM SUCCESSFUL 770G AND 780G LAUNCHES
Revenue$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
13Q3 FY21 Earnings Results | February 23, 2021 |
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
15Q3 FY21 Earnings Results | February 23, 2021 |
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.
16Q3 FY21 Earnings Results | February 23, 2021 |
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
17Q3 FY21 Earnings Results | February 23, 2021 |
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