MEDTRONIC PLC

MDT
Real-time Estimate Quote. Real-time Estimate  - 01/27 02:31:46 pm
116.2000USD -0.47%

Medtronic : Q2 FY21 Presentation

11/23/2020 | 06:05pm

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

Disclaimer

Medtronic plc published this content on 23 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 23:04:02 UTC

© Publicnow 2021
Copier lien
All news about MEDTRONIC PLC
7d ago
01/19
01/15
01/15
01/14