Medtronic said Cardiovascular net sales were $11.8 billion in fiscal year 2024, an increase of 3% from fiscal year 2023. The company cited strong performance from Micra, TAVR and Perfusion as the drivers of the increase.

10-KAnnual reportFiled Jun 20, 2024Period of report Apr 26, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Medtronic said Cardiovascular net sales were $11.8 billion in fiscal year 2024, an increase of 3% from fiscal year 2023. The company cited strong performance from Micra, TAVR and Perfusion as the drivers of the increase.
The company said Neuroscience net sales were $9.4 billion in fiscal year 2024, up 5% from fiscal year 2023. It cited growth in Cranial & Spinal Technologies and ENT as factors behind the increase.
The company said it received a one-time payment of $265 million in the fourth quarter of fiscal year 2023 under an intellectual property agreement with Edwards Lifesciences, which partially offset net sales growth in fiscal year 2024. It said Structural Heart & Aortic net sales were flat.
The company said it decided on February 20, 2024 to exit its ventilator product line, and that related charges of $439 million primarily include long-lived intangible asset impairments and inventory write-downs. It added that these charges are listed in the footnotes to the Non-GAAP Adjustments.

Key figures

Fiscal year ended April 26, 2024

Revenue: $32.4B
Operating income: $5.1B
Net income: $3.7B
EPS: $2.76
Operating cash flow: $6.8B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Cardiovascular Net Sales $11.8 billion

Medtronic said Cardiovascular net sales were $11.8 billion in fiscal year 2024, an increase of 3% from fiscal year 2023. The company cited strong performance from Micra, TAVR and Perfusion as the drivers of the increase.

Source · Based on the MD&A text of the filing

Neuroscience Net Sales $9.4 billion

The company said Neuroscience net sales were $9.4 billion in fiscal year 2024, up 5% from fiscal year 2023. It cited growth in Cranial & Spinal Technologies and ENT as factors behind the increase.

Source · Based on the MD&A text of the filing

Fiscal Year 2023 Q4 One-Time Payment of $265 million

The company said it received a one-time payment of $265 million in the fourth quarter of fiscal year 2023 under an intellectual property agreement with Edwards Lifesciences, which partially offset net sales growth in fiscal year 2024. It said Structural Heart & Aortic net sales were flat.

Source · Based on the MD&A text of the filing

Decision to Exit Ventilator Product Line in February 2024

The company said it decided on February 20, 2024 to exit its ventilator product line, and that related charges of $439 million primarily include long-lived intangible asset impairments and inventory write-downs. It added that these charges are listed in the footnotes to the Non-GAAP Adjustments.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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