The company said net sales growth for the quarter ended July 26, 2024 was driven primarily by growth in most businesses, including Diabetes, Neuromodulation, and Cardiac Rhythm & Heart Failure. It said the increase was partially offset by $90 million in incremental Italian payback accruals resulting from the Constitutional Court of Italy rulings.

10-QQuarterly reportFiled Aug 27, 2024Period of report Jul 26, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said net sales growth for the quarter ended July 26, 2024 was driven primarily by growth in most businesses, including Diabetes, Neuromodulation, and Cardiac Rhythm & Heart Failure. It said the increase was partially offset by $90 million in incremental Italian payback accruals resulting from the Constitutional Court of Italy rulings.
Medtronic said Cardiovascular quarterly net sales were $3.0 billion, up 6% from the same period a year earlier. The company cited Pulsed Field Ablation, High Power, TAVR, Cardiac Surgery, and Coronary as drivers of the increase.
The company said Neuroscience quarterly net sales were $2.3 billion, up 4% from the prior-year period. It said Medical Surgical net sales were $2.0 billion, flat compared with the prior-year period.
The company said commercial paper outstanding as of July 26, 2024 was $449 million, down from $1.1 billion as of April 26, 2024. It said there were no amounts outstanding under the $3.5 billion Credit Facility at either date.

Key figures

Quarter ended July 26, 2024

Revenue: $7.9B
Operating income: $1.3B
Net income: $1.0B
EPS: $0.80
Operating cash flow: $986M

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.

Quarterly Net Sales Growth Drivers and Italian Payback Accruals

The company said net sales growth for the quarter ended July 26, 2024 was driven primarily by growth in most businesses, including Diabetes, Neuromodulation, and Cardiac Rhythm & Heart Failure. It said the increase was partially offset by $90 million in incremental Italian payback accruals resulting from the Constitutional Court of Italy rulings.

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

Cardiovascular Quarterly Net Sales $3.0 billion

Medtronic said Cardiovascular quarterly net sales were $3.0 billion, up 6% from the same period a year earlier. The company cited Pulsed Field Ablation, High Power, TAVR, Cardiac Surgery, and Coronary as drivers of the increase.

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

Neuroscience and Medical Surgical Net Sales

The company said Neuroscience quarterly net sales were $2.3 billion, up 4% from the prior-year period. It said Medical Surgical net sales were $2.0 billion, flat compared with the prior-year period.

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

Commercial Paper Balance and Credit Facility

The company said commercial paper outstanding as of July 26, 2024 was $449 million, down from $1.1 billion as of April 26, 2024. It said there were no amounts outstanding under the $3.5 billion Credit Facility at either date.

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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