Medtronic Plc

Strong results + accelerating growth (good): - Q4 FY’26 revenue: $9.8B, +9.9% reported and +6.6% organic (noted as a 60 bps acceleration vs prior quarter). - FY’26 revenue: $36.4B, +8.4% reported and +5.8% organic → described as strongest top-line performance in 10 years. - Profitability: Adjusted EPS Q4 $1.55; FY’26 adjusted EPS $5.53, ahead of expectations. - Cash flow: Free cash flow $5.4B in FY’26 (strongest since 2022), with $9.2B cash & investments at year-end.

CAS/Electrophysiology momentum remains the big engine (good, and a key outlook driver): - Cardiac Ablation Solutions (CAS): 78% worldwide growth in Q4 and additional +8 points of U.S. share. - Guidance framing: Management pushed back on “CAS slowing” concerns—expects mid-to-high teens CAS market growth in FY’27 while growing more than 2x the market; CAS is annualizing at ~$2B and expected to hit that level in Q1 FY’27. - EP platform expansion: Affera progress (including U.S. VT pivotal trial FDA approval with enrollment targeted H1 FY’27); rollout of Prism-2 mapping software; Sphere-9 launched in Japan; Sphere-360 CE marked with U.S. pivotal trial enrolling quickly (per remarks).

Full-year FY’27 outlook: steady mid-single-digit organic growth (forecast) with stated margin/EPS targets: - FY’27 organic revenue growth guidance: 6.75% to 7.25% (includes Diabetes tailwind ~25 bps), with ~11.5% to 12% organic growth in Q1. - Extra selling week benefit: ~150 bps to full year; Q1 contribution ~600–700 bps. - EPS guidance: $5.90 to $6.00 for FY’27. - Margin guidance: operating margin expected up ~60 bps, while gross margin ex-tariffs ~in line; including tariffs, gross margin down ~20 bps.