Medtronic : Q2 FY21 Presentation

MEDTRONIC PLC Q2 FY21

EARNINGS PRESENTATION NOVEMBER 24, 2020

• Q2 FY21 CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS
• FREE CASH FLOW
• FY21 RTG REPORTING STRUCTURE

FORWARD LOOKING STATEMENTS

This 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 system, 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 Measures

Certain 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 Comparisons

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 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.

Q2 FY21 Earnings Results | November 24, 2020 | 2

Q2 FY21 CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS

MDT

Q2 FY21 HIGHLIGHTS

Revenue:

	DIAB			EM
		7%
				15%
			CVG
	RTG		36%			U.S.
27%			Non-U.S.	53%
					Dev
					32%
		MITG
		30%
		Revenue	As Rep	Organic2	As Rep3
		$M1	Y/Y %	Y/Y %			Q/Q %
	CVG	2,725	(4.6)	(5.5)			12.0
	MITG	2,285	6.7	6.2			26.9
	RTG	2,063	(2.3)	(2.9)			20.5
	Diabetes	574	(3.7)	(5.0)			2.1
	Total	$7,647	(0.8)	(1.5)			17.5
	U.S.	4,054	(1.8)	(1.8)			21.0
	Non-U.S. Dev 2,446	5.7	1.3			12.5
	EM	1,147	(9.1)	(5.7)			16.9
	Total	$7,647	(0.8)	(1.5)			17.5
Other Financial Highlights:
					YTD Cash Flow
		Diluted	As Rep	CC4	$2.1B
		EPS	Y/Y%	Y/Y%	from Ops
	GAAP	$0.36	(64.4%)	N/A	YTD Free5Cash	$1.5B
	Non-GAAP	$1.02	(22.1%)	(19.1%)
	Flow

PROCEDURE RECOVERY FASTER THAN EXPECTED; WINNING SHARE IN A NUMBER OF KEY BUSINESSES

• REVENUE: Declined -1.5% but grew 18% sequentially3 reflecting new product launches, share gains in several markets and continued procedure recovery around the globe
• • CVG: Declined -5.5%; disruptive Micra™ technology generating significant growth and High-Power platform Cobalt™ and Crome™ continue driving new implant share gains
  • MITG: Grew 6.2% strong ventilator demand drove low-30's RGR growth; share gains in Advanced Energy
  • RTG: Declined -2.9%; new products driving sequential share gains in Pelvic Health and Pain Stim
  • Diabetes: Declined -5.0%; 770G & 780G launches underway in US & EU, respectively
  • Geographies: Sequential improvement across all geographies; growth in Europe, Canada, South Korea, and Southeast Asia
• EPS: Non-GAAP EPS $1.02 declined -22.1%
• CAPITAL ALLOCATION & BALANCE SHEET:
• • 7 acquisitions announced in CY2020 to date: Digital Surgery, Medicrea, Companion Medical, Avenu, Laser Associated Sciences, Stimgenics and AI Biomed; combined present value total consideration ~$1.6B
  • Issued €6.25B Euro debt; annualized interest expense reduction of approximately $80M

1. Data has been intentionally rounded to the nearest million and, therefore, may not sum.
2. Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures and currency.
3. Figures represent comparison to Q1 FY21 on a reported basis.
4. Figures represent comparison to Q2 FY20 on a constant currency basis.
5. Operating cash flows less property, plant, and equipment additions.

Q2 FY21 Earnings Results | November 24, 2020 | 4

MDT

KEY PRODUCT APPROVALS CY2020: OVER 180 PRODUCT APPROVALS IN KEY GEOGRAPHIES1

JANUARY

NOVEMBER

Intellis™ DTM

(Stimgenics) (U.S.)

Percept™ PC

(EU)

InterStim™

Micro (EU)

Micra™ AV

(U.S.)

Cobalt™/Crome™

HP Platform (U.S.)

Resolute Onyx™ 1- mth DAPT Indication (EU)

MiniMed™ 780G (EU)

Micra™ AV	LINQ II™		Adaptix™
(EU)	(U.S. & EU)		Interbody
			System (U.S.)
Evolut™ Bicuspid		InterStim™	Abre™ Venous
& Low Risk		Micro (U.S.)
	Stent (U.S.)
Indications (EU)
Percept PC™		Vital Sync™
(U.S.)		remote control	NIM® Vital Nerve
		& access (U.S.)	Integrity Monitor
		MiniMed™	(U.S.)
Arctic Front™
770G (U.S)		Cobalt™ XT
Advance indication for

persistent AF (U.S.)	(U.S)

McGrath™ Video	InterStim™	Extended Wear	Signia™ Stapler Real
Laryngoscope	SureScan MRI	Infusion Set (EU)	Time Feedback
(U.S. , EU, Japan)	Leads (EU)		Display (U.S.)
1 Includes U.S. , EU , Japan, and China
Note: Relative positioning is not intended to signify relative timing.	Q2 FY21 Earnings Results | November 24, 2020 |	5

MDT

Q2 FY21 ORGANIC REVENUE GROWTH BY REGION*

U.S.	-1.8%		NON-U.S. DEVELOPED	1.3%
United States		Western		Japan		Australia &
	Europe			New Zealand

1.8%	LOW-SINGLE	LOW-SINGLE	LOW-SINGLE
	DIGITS	DIGITS	DIGITS

EMERGING MARKETS	5.7%
China	Middle East & Africa	Latin America	Eastern Europe &
Russia

MID-SINGLE	MID-TEENS	LOW-DOUBLE	MID-TEENS
DIGITS		DIGITS

*Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures and currency.

Q2 FY21 Earnings Results | November 24, 2020 | 6

Canada	South Korea

HIGH-SINGLE	HIGH-SINGLE
DIGITS	DIGITS

Southeast Asia	South Asia

HIGH-TEENS	LOW-30s

MDT

Q2 FY21 GAAP TO NON-GAAP SELECT FINANCIAL INFORMATION

Non-GAAP Adjustments

	Q2 FY21						(Gain)/Loss	Medical			Q2 FY21			Q2 FY20	Y/Y Growth
	Debt				Acquisition-	on	IPR&D	Certain Tax
	Amortization Restructuring	Litigation	Device
	GAAP	Premium	Related	Minority	Charges	Adjustments	Non-GAAP			Non-GAAP	/ Change
							Investment	Regulations
Net Sales ($M)	7,647										7,647			7,706	-0.8%
Cost of Products Sold	2,705			(32)		(2)		(11)			2,660			2,358	13%
Gross Margin	64.6%										65.2%			69.4%	-420 bps
SG&A	2,600			(49)		(2)					2,549			2,558	0%
% of Sales	34.0%										33.3%			33.2%	-10 bps
R&D	639							(9)			630			597	6%
% of Sales	8.4%										8.2%			7.7%	-50 bps
Other Expense, Net	149					(33)			(10)		106			28	279%
% of Sales	1.9%										1.4%			0.4%	-100 bps
Amortization of Intangible Assets	443		(443)								0			0	0
Restructuring Charges, Net	97			(97)							0			0	0
Certain Litigation Charges	84				(84)						0			0	0
Operating Profit	930	--	443	179	84	37	--	19	10	--	1,702			2,165	-21%
Operating Margin	12.2%										22.3%			28.1%	-580 bps
Other Non-Operating Income, Net	(65)						(1)				(66)			(96)	-31%
Net Income attributable to MDT ($M)	489	248	373	135	63	31	1	16	8	16	1,380			1,777	-22%
Diluted EPS ($)	0.36	0.18	0.28	0.10	0.05	0.02	0.00	0.01	0.01	0.01	1.02			1.31	-22.1%

1 The data in this row has been intentionally rounded to the nearest $0.01 and, therefore, may not sum.

Q2 FY21 Earnings Results | November 24, 2020 | 7

MITG

Q2 FY21 RESULTS

VENTILATOR DEMAND DRIVES RAPID RECOVERY

SURGICAL PROCEDURES SHOWING STRONG REBOUND

Robust Sequential Momentum Across

Products and Geographies

EM

RGR20% U.S. 43%

39%

SI

61%

Non-

U.S. Dev

37%

	Revenue	As Rep	Organic2	As Rep3
	$M1	Y/Y %	Y/Y %	Q/Q %
SI	1,393	(4.2)	(4.9)	29.0
RGR	893	29.8	29.7	24.0
Total	$2,285	6.7	6.2	26.9
U.S.	996	8.0	8.0	38.0
Non-U.S. Dev	837	7.0	3.1	16.4
EM	452	3.2	8.0	25.9
Total	$2,285	6.7	6.2	26.9

• Respiratory, Gastrointestinal, & Renal (RGR): 29.7% growth driven by increased manufacturing capacity and demand in Respiratory Interventions
• • Respiratory Interventions: Low 100s growth as ventilator revenues nearly quadrupled Y/Y
  • • Meeting global COVID-19 ventilator needs with rapid manufacturing expansion
    • PB980 driving strong performance in premium/high acuity segment
    • Airways LDD growth driven by McGRATH™ MAC Video Laryngoscope
  • Patient Monitoring: HSD growth driven by procedure recovery
  • • Strong pulse oximeter sensor growth due to higher procedure volumes and some hospital stocking
  • Renal Care Solutions: LDD growth driven by US and China demand for acute catheters and renal access
  • • Carpediem™ Pediatric System driving incremental U.S. growth in acute therapies
  • GI Solutions: LSD decline, benefitting from faster than expected recovery of procedures
  • • Esophageal Diagnostic products (EndoFlip™, Bravo™) returned to growth
• Surgical Innovations (SI): -4.9% decline with continued recovery in surgical procedures including backlog of previously delayed procedures; new products driving growth and share gains in Advanced Energy
• • Advanced Surgical: LSD decline improving sequentially with volume recovery; LSD growth in Advanced Energy and MSD decline in Advanced Stapling
  • • Winning share in Advanced Energy with Ligasure™ RF & Sonicision™ Curved Jaw; share recapture from instrument reprocessors
    • Developed markets leading procedure recovery with emerging markets lagging

Puritan

Bennett™

980

Sonicision™

Curved Jaw

McGRATH™ Video

Laryngoscope

Carpediem™ CRRT System (Pediatrics)

1. Data has been intentionally rounded to the nearest million and, therefore, may not sum.
2. Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures, and currency.
3. Figures represent comparison to Q1 FY21.

Q2 FY21 Earnings Results | November 24, 2020 | 8

RTG	NEW PRODUCT LAUNCHES DRIVE
Q2 FY21 RESULTS	ABOVE MARKET RECOVERY

Return to growth in Pelvic Health, Neurovascular, and Brain Modulation

		EM
Neuromod		11%
20%		Non-US
	CST
	Dev
	52%	U.S. 68%
	21%
Specialty
28%

Revenue

As Rep

Organic2

As Rep3

▪ Cranial & Spinal Technologies: -4.6% decline; gained share in WW Enabling	Percept™ PC DBS
Technologies

• Core Spine : WW LSD decline; LSD growth in US; double-digit growth for Titan™ Spine products
• Enabling Technologies: HSD decline; share gains resulting from continued demand for our differentiated capital equipment despite challenging environment

▪ Neuromodulation: -3.1% decline led by strength in Brain Modulation	Titan™ Spine

• Pain Therapies: MSD Decline; Pain Stim share gains led by strong adoption of DTM™, particularly among competitive accounts
• • New Pain Stim US implants grew HSD
  • Strong trialing for the quarter, supported by favorable DTMTM 12-month data
• Brain Modulation: LSD growth resulting from high customer interest for Percept™ with BrainSense™ technology

	$M1	Y/Y %	Y/Y %	Q/Q %
CST	1,071	(4.1)	(4.6)	13.5
NeuroMod	411	(2.1)	(3.1)	30.9
Specialty	581	1.0	0.3	28.3
Total	$2,063	(2.3)	(2.9)	20.5

• Specialty Therapies: 0.3% growth; strength in Pelvic Health and Neurovascular
• Neurovascular: LSD growth; share gains driven by Aspiration, Coils, Liquid Embolic, and Access products
• • LSD decline in Acute Ischemic Stroke associated with COVID-19 safeguards; procedural stabilization exiting quarter
  • Hemorrhagic: MSD growth driven by backlog of previously delayed procedures

InterStim™ Micro &

InterStim™

SureScan™ MRI Leads

U.S.	1,397	(3.0)	(3.0)	23.0
Non-U.S. Dev	426	2.4	(1.7)	13.3
EM	240	(6.3)	(4.7)	20.6
Total	$2,063	(2.3)	(2.9)	20.5

• ENT: HSD decline; October FDA clearance of NIM VitalTM for nerve monitoring
• Pelvic Health: MSD growth and sequential share gains following launch of InterStim™ Micro neurostimulator, world's smallest rechargeable SNM device, and InterStim™ SureScan™ MRI leads
• • Drove 8 point sequential share gain in US and 2 points in Europe
  • Share of US rechargeable market increased from 0% to over 50% in three months

DTM™ SCS Therapy on Intellis™ Platform

1. Data has been intentionally rounded to the nearest million and, therefore, may not sum.
2. Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures, and currency.
3. Figures represent comparison to Q1 FY21.

Q2 FY21 Earnings Results | November 24, 2020 | 9

CVG

Q2 FY21 RESULTS

WINNING SHARE IN CRHF

STABLE PROCEDURE SHARE IN TAVR; STRONG PROCEDURE RECOVERY

Growth in Micra™, CRT-D and TYRX™

APV		EM
17%		15%
			U.S.
	CRHF	Non-	50%
CSH	52%
U.S. Dev
31%		35%

	Revenue	As Rep	Organic2	As Rep3
	$M1	Y/Y %	Y/Y %	Q/Q %
CRHF	1,426	0.0	(1.3)	14.4
CSH	831	(13.0)	(13.6)	6.5
APV	468	(1.3)	(1.9)	15.6
Total	$2,725	(4.6)	(5.5)	12.0
U.S.	1,377	(5.4)	(5.4)	14.2
Non-U.S. Dev	945	6.2	1.6	10.8
EM	404	(20.8)	(17.8)	8.0
Total	$2,725	(4.6)	(5.5)	12.0

• Cardiac Rhythm & Heart Failure: -1.3% decline; strong implant recovery strengthened by continued adoption of remote capabilities
• Arrhythmia Management: LSD decline
• • MSD Pacing growth; strong, mid-70s WW leadless pacing growth and Q/Q growth in China at low- 50s and high-teens U.S.; disruptive Micra AV™ continues strong launch
  • HSD ICD decline; Cobalt™/Crome™ expands to new geographies; SmartSync™ remote programming accounts low-20s sequential increase; continued replacement headwinds
  • LSD CAS decline; Arctic Front™ Advance persistent AF indication drove Q/Q U.S. share gains
  • HSD Diagnostics decline; strong U.S. implant recovery; LINQ™ II gaining momentum
• Heart Failure: LSD decline; CRT-D MSD growth; CRT-P flat; LVADs mid-20s decline
• Coronary & Structural Heart: -13.6% decline; TAVR procedure recovery continues; headwinds from China DES National Tender
• TAVR: HSD decline; maintained market share and leadership in Europe; stable sequential implant share in U.S.
• • U.S. field force expansion on track; continue to open new TAVR accounts
  • Announced head-to-head SMART trial vs EW to evaluate hemodynamic superiority
• Cardiac Surgery: LDD decline with strong ECMO demand and Avalus™ momentum in the U.S.
• Coronary: Low-20's decline; -$26M reserve from the China DES National Tender; Resolute Onyx™ received FDA approval for one-month DAPT treatment for high bleeding risk patients
• Renal Denervation: Granted Green Channel priority review in China
• Aortic, Peripheral & Venous: -1.9%decline
• LSD decline in Peripheral Vascular, strengthened by HSD DCB growth from continued paclitaxel recovery and IN.PACT™ AV DCB penetration bolstered by 6-month data publication in NEJM
• LSD Aortic growth; faster than expected recovery in AAA; mid-teens TAA growth driven by Valiant Navion™ resulting in Q/Q share gains
• HSD Venous decline as volume recovery continues; DD growth in VenaSeal™

Micra™ AV

Transcatheter

Pacing System

Cobalt™ & Crome™

ICDs & CRT-Ds

CoreValve™ Evolut™ PRO+

Resolute Onyx™

Valiant Navion™

IN.PACT™ AV DCB

1. Data has been intentionally rounded to the nearest million and, therefore, may not sum.
2. Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures, and currency.
3. Figures represent comparison to Q1 FY21.

Q2 FY21 Earnings Results | November 24, 2020 | 10

DIABETES

Q2 FY21 RESULTS

EXPANDING PRODUCT OFFERINGS

NEXT GEN INSULIN PUMPS; SMART PEN INTEGRATED WITH CGM

Continued WW CGM Growth;

New Patient Pump Starts

Pressured by COVID-19

EM 9%

U.S. 50%

Non-US

Dev 41%

	Revenue	As Rep	Organic2	As Rep3
	$M1	Y/Y %	Y/Y %	Q/Q %
U.S.	284	(8.7)	(8.7)	(1.0)
Non-U.S. Dev	238	5.3	0.0	5.3
EM	51	(13.6)	(6.8)	6.3
Total	$574	(3.7)	(5.0)	2.1

• Companion Medical Acquisition Closed: Manufacturer of the InPen™, the only U.S. FDA-clearedsmart insulin pen system
• InPen™ system now integrated with real-time Guardian Connect™ CGM data
• International Revenue: Accounts for approximately half of total sales, saw - 1.1% decline due to COVID-19 pressure
• Strong EU launch of MiniMed™ 780G
• U.S. Revenue: -8.7% decline, due to delayed new patient starts and competitive challenges
• CGM: Growth driven by strength in both Stand Alone and Integrated CGM
• Stand Alone CGM: Guardian™ Connect Smart CGM system continues momentum with strong growth despite COVID-19
• Integrated CGM: Global growth driven by increased CGM penetration & new patient starts, partially offset by COVID-19 impacts
• Completed Synergy sensor pivotal trial
• Filed Zeus sensor with FDA in October
• Insulin Pumps: COVID-19 continues to delay new patient starts; competitive pressures persist in the U.S.
• Minimed™ 770G Insulin Pump System with smartphone connectivity for people with type 1 diabetes approved for ages 2+; limited release

InPen™

MiniMed™

780G

Guardian™

Connect w/

Sugar.IQ™

1. Data has been intentionally rounded to the nearest million and, therefore, may not sum.
2. Figures represent comparison to Q2 FY20 after adjusting for significant acquisitions or divestitures, and currency.
3. Figures represent comparison to Q1 FY21.

Q2 FY21 Earnings Results | November 24, 2020 | 11

FREE CASH FLOW

MDT

COMPONENTS OF FREE CASH FLOW

$ Billions

Operating Cash Flow

CAPEX

Free Cash Flow

Included in Operating Cash Flow:

-Tax	Certain Litigation Payments, net1,2
Restructuring Payments1
Pre	Other Payments1,3

Puerto Rico IRS Pre-Payment

Certain Other Tax Payments

FY16	FY17	FY18	FY19	FY20
$5.2	$6.9	$4.7	$7.0	$7.2
($1.0)	($1.3)	($1.1)	($1.1)	($1.2)
$4.2	$5.6	$3.6	$5.9	$6.0

$0.2	$0.3	$0.3	$0.5	$0.2
$0.2	$0.2	$0.2	$0.4	$0.5
$0.2	$0.3	$0.3	$0.2	$0.2
--	--	$1.1	--	--
$0.8	$0.4	$0.4	$0.4	$0.1

FY21

YTD

$2.1 ($0.6)

$1.5

$0.0 $0.2 $0.0

--

$0.2

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.

Q2 FY21 Earnings Results | November 24, 2020 | 13

FY21 RTG REPORTING STRUCTURE

MDT

FY21 REVENUE REPORTING CHANGES - RESTORATIVE THERAPIES GROUP

RESTORATIVE THERAPIES GROUP

FY20 Structure

	BRAIN			SPINE			SPECIALTY			PAIN
	THERAPIES					THERAPIES			THERAPIES
▪	Neurovascular	▪	Core Spine		▪	ENT	▪	Pain Stim
▪	Neurosurgery	▪	Biologics		▪	Pelvic Health	▪	Targeted Drug
▪	DBS	▪	Kanghui						Delivery
									▪	Interventional

RESTORATIVE THERAPIES GROUP

New FY21 Structure

1

2

3

CRANIAL & SPINAL		SPECIALTY	NEUROMODULATION
TECHNOLOGIES		THERAPIES
▪ Core Spine &		▪ Neurovascular	▪ Pain (Stim & Targeted
Biologics				Drug Delivery)

• ENT

▪ Enabling	▪	Brain Modulation
Technologies	▪ Pelvic Health	(DBS)
(Neurosurgery)	▪	Interventional

• China Orthopedics (Kanghui)

1	Combining Neurosurgery business		2	Moving Neurovascular business		3	Combining DBS business with
	with Spine division to form					Pain Therapies division to form
			to Specialty Therapies division
	Cranial & Spinal Technologies division					Neuromodulation division

See following slide for restated historical revenue

Q2 FY21 Earnings Results | November 24, 2020 | 15

MDT

FY21 RTG REVENUE REPORTING CHANGES - RESTATED HISTORICAL REVENUE

Note: No Change from Q4 FY20 Communication

Recast to reflect new RTG reporting structure

All figures in $millions1

World Wide

Business Unit	Q1 FY20	Q2 FY20	Q3 FY20	Q4 FY20	FY20
	Cranial & Spinal Technologies	1,050	1,117	1,117	798	4,082
	Specialty Therapies	563	575	588	420	2,147
	Neuromodulation	398	420	406	272	1,497
	Restorative Therapies Group	2,012	2,112	2,111	1,490	7,725

		Q1 FY20	Q2 FY20	Q3 FY20	Q4 FY20	FY20
	Cranial & Spinal Technologies	742	802	790	546	2,879
U.S.	Specialty Therapies	336	351	350	217	1,253
	Neuromodulation	261	287	270	172	990
	Restorative Therapies Group	1,338	1,440	1,409	935	5,122

1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.

Q2 FY21 Earnings Results | November 24, 2020 | 16

MDT

FY20 RTG REVENUE GROWTH SCHEDULE

Recast to reflect new RTG reporting structure

All figures in $millions1

World Wide

Business Unit	Q1 FY20	Q2 FY20	Q3 FY20	Q4 FY20	FY20
	Cranial & Spinal Technologies	5.5%	8.4%	5.7%	-29.9%	-3.3%
	Specialty Therapies	9.8%	9.2%	8.4%	-28.5%	-1.1%
	Neuromodulation	-4.4%	0.0%	-3.4%	-40.7%	-12.8%
	Restorative Therapies Group	4.5%	6.8%	4.6%	-31.8%	-4.7%

		Q1 FY20	Q2 FY20	Q3 FY20	Q4 FY20	FY20
	Cranial & Spinal Technologies	6.2%	9.3%	5.9%	-32.4%	-3.6%
U.S.	Specialty Therapies	7.4%	6.1%	6.3%	-39.5%	-5.8%
	Neuromodulation	-8.2%	-1.8%	-3.4%	-44.0%	-14.9%
	Restorative Therapies Group	3.4%	6.1%	4.1%	-36.5%	-6.5%

1 Data has been intentionally rounded to the nearest million and, therefore, may not sum.

Q2 FY21 Earnings Results | November 24, 2020 | 17

APPENDIX

ACRONYMS / ABBREVIATIONS

	Growth
DD	Double Digit
HSD	High-Single Digit
LDD	Low-Double Digit
LSD	Low-Single Digit
MSD	Mid-Single Digit

	Other
~	Approximately
$M	Millions of Dollars
AF	Atrial Fibrillation
AI	Artificial Intelligence
bps	Basis Points
CAPEX	Capital Expenditures
CAS	Cardiac Ablation Solutions
COVID-19	Coronavirus Disease 2019
CY	Calendar Year
Dev	Developed
EM	Emerging Markets
EMEA	Europe, the Middle East & Africa
EW	Edwards Lifesciences Corp
EPS	Earnings Per Share
EU	European Union

	Other
Euro	European
FDA	Food and Drug Administration
FY	Fiscal Year
GAAP	Generally Accepted Accounting
Principles
IPR&D	In-Process Research & Development
IRS	Internal Revenue Service
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
AAA	Abdominal Aortic Aneurysm
APV	Aortic, Peripheral & Venous
CGM	Continuous Glucose Monitoring
CRHF	Cardiac Rhythm & Heart Failure
CRRT	Continuous Renal Replacement Therapy
CRT-D	Cardiac Resynchronization Therapy -
Defibrillator
CRT-P	Cardiac Resynchronization Therapy -
Pacemaker
CSH	Coronary & Structural Heart
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

	Business Specific
ENT	Ear, Nose, & Throat
GI	Gastrointestinal
HP	High Power
ICD	Implantable Cardioverter Defibrillator
LVAD	Left Ventricular Assist Device
MDT	Medtronic
Med	Medical
MITG	Minimally Invasive Therapies Group
MRI	Magnetic Resonance Imaging
RDN	Renal Denervation
RGR	Respiratory, Gastrointestinal, & Renal
RTG	Restorative Therapies Group
SCS	Spinal Cord Stimulation
SI	Surgical Innovations
SNM	Sacral Neuromodulation
Stim	Stimulation
TAA	Thoracic Aortic Aneurysm
TAVR	Transcatheter Aortic Valve Replacement

Q2 FY21 Earnings Results | November 24, 2020 | 18