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Medtronic
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Latest analysis
Updated Sep 3, 2026
Medtronic Q1 FY2027: EPT surges 30%, two tuck-in acquisitions closed, and tariff refunds neutralize cost pressure — broad-based acceleration across all four segments.
Medtronic's Q1 FY2027 results demonstrate the most broad-based quarterly acceleration in recent memory, with Cardiovascular up 20%, Neuroscience up 10%, Medical Surgical up 10%, and Diabetes up 17% — all against a prior-year quarter that included no extra week. The 30% growth in Electrophysiology Therapies, driven by pulsed field ablation, is the headline inflection: PFA is transitioning from early adoption to competitive differentiation at scale. Two neuroscience tuck-ins — Scientia Vascular ($681 million) and SPR Therapeutics ($654 million) — closed in Q1, extending Medtronic's pain and neurovascular platform while the Diabetes Business separation proceeds toward completion within FY2027.
Tone: bullishRevenue
$36.4B
MDT 10-K · FY 2026
Employees
95,000
Revenue FY2025
$33.5B
Founded
1949
Profile
MDT 10-K Item 1 · Jun 18, 2026Medtronic plc is the leading global healthcare technology company, founded in 1949 and headquartered in Galway, Ireland. The company develops, manufactures, and sells device-based medical therapies and services across cardiovascular, neuroscience, and medical surgical markets in more than 150 countries. Its strategic focus spans innovation-driven growth, superior patient and provider outcomes, and the integration of data, AI, and automation into care delivery.
Read filing description ↓ Collapse description ↑
Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us 'to contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life.' We have three reportable segments that primarily develop, manufacture, distribute, and sell device-based medical therapies and services: the Cardiovascular Portfolio, the Neuroscience Portfolio, and the Medical Surgical Portfolio. In May 2025, the Company announced its intent to separate the Diabetes Business, with the intention to create a new independent, publicly traded company, MiniMed Group, Inc. On March 9, 2026, MiniMed completed an initial public offering. Our business strategy is evolving in three key areas: accelerating innovation-driven growth through attractive end markets and robust pipeline; delivering superior outcomes and better experiences for patients and providers; and turning data, AI, and automation into action to tailor therapies in real-time, facilitate remote monitoring and care delivery, and create new standards of care. We sell our medical devices and therapies through a combination of direct sales representatives and third parties globally and are not dependent on any single customer for more than 10 percent of our total net sales.
Primary products
- Implantable cardiac pacemakers (Azure MRI SureScan, Micra transcatheter pacing system)
- Implantable cardioverter defibrillators (Aurora Extravascular-ICD, Cobalt/Crome family)
- Cardiac resynchronization therapy devices (Claria/Amplia/Compia CRT-D family)
- Cardiac ablation products (PulseSelect, Affera Sphere-360, Affera Sphere-9)
- Insertable cardiac monitoring systems (Reveal LINQ, LINQ II)
- TYRX absorbable antibacterial mesh envelope
Business segments
End markets
Geographies
Named customers
We are not dependent on any single customer for more than 10 percent of our total net sales.
Named competitors
“Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total net sales increased from $33,537 million in fiscal year 2025 to $36,364 million in fiscal year 2026, driven by growth across all three reportable segments as well as the Diabetes Business.
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