Medtronic Plc

Q1 headline performance (very strong; ahead of expectations): Revenue was $9.8B, up 13.7% YoY on both reported and organic growth; U.S. ~16% and international ~12%. Adjusted EPS $1.45, about $0.06 above the guidance midpoint (and slightly above Street expectations). Management attributed upside partly to a 53-week extra selling week (~$570M / 670 bps uplift to organic enterprise growth), and said ex-extra-week results were their strongest quarter in ~8 years (excluding COVID comps).

Broad-based growth by segment (good news across the portfolio): - Cardiac Rhythm Management (CRM): +15% globally; 80 bps of global share gain. Conduction system pacing momentum added 200+ bps to CRM. - Cranial & Spinal Technologies (CST): +13% globally ( U.S. +14%, international +10% ); Stealth AXiS meaningfully outperformed in its early ramp. - Surgical: +9% globally (largest operating unit; over $6B annual revenue). - Cardiac Ablation Solutions (CAS): +88% worldwide, with 139% U.S. growth; management expects CAS to grow >2.5x the market rate this fiscal year.

Key “opportunity engines” and what management highlighted (surprising positives): - CAS share gains: Sphere-9 U.S. share +9 points in Q1; achieved > $2B trailing-12-month revenue ahead of the timeframe promised. Added CE Mark for Sphere-9 for ventricular arrhythmias (incl. VT) and U.S. VT pivotal trial enrollment is underway—management framed this as expanding addressable patient population that’s otherwise difficult to treat. - Symplicity/Ardian progress: Conversations shifting from awareness to access; SPYRAL AFFIRM accepted for a late-breaker at TCT; focus on coverage and integration; transradial catheter launch expected in 2H FY27. - Robotics ecosystem expansion: Hugo momentum—by year-end expected to surpass 50,000 completed procedures and continue 2x market-rate procedure growth; Touch Surgery used in 1,500+ ORs and Touch Surgery Aide launched with 300x more computing power; Cornerstone Sentire deal announced (outside U.S. select markets) to broaden robotics portfolio and access/choice globally.