# MDT earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/MDT) · [Earnings tab](https://www.lopjlb.com/stock/MDT?tab=earnings) Updated: 2026-09-01T06:45:53 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for MDT, management tone moved from +0.60 (2025 Q1) to +0.70 (2026 Q4). Latest guidance stance: maintained. Latest desk line: Medtronic posted a strong Q4 FY26 with 9.9% revenue growth, highlighted progress in CAS, Symplicity, Hugo and Altaviva, and guided FY27 organic revenue growth around 5.8% with flat‑to‑slightly‑up margins despite tariff and MiniMed separation headwinds. ## Latest CallCard · Q4 Medtronic posted a strong Q4 FY26 with 9.9% revenue growth, highlighted progress in CAS, Symplicity, Hugo and Altaviva, and guided FY27 organic revenue growth around 5.8% with flat‑to‑slightly‑up margins despite tariff and MiniMed separation headwinds. **Guidance:** maintained — FY27 organic revenue growth guidance remains at the midpoint of prior guidance (≈5.8%). **Tone:** mgmt 0.7 · Q&A pressure 0.5 · divergence 0.5 Prepared remarks emphasized disciplined execution, record top‑line performance and confidence in growth platforms. ### Demand visibility Demand remains robust across EP, hypertension, robotics and pelvic health. CAS saw 78% worldwide growth; Symplicity physician network now 200 doctors; Altaviva trained ~1,000 physicians; Hugo installations expanding globally. ### Margins / costs Margins expected to be flat to slightly up excluding tariffs. Tariff impact of ~$250 M (≈65 M in Q1) will be offset by pricing lift and COGS cost‑out programs; gross margin flat overall, modest upside in H2. ### Capital allocation Continued investment in M&A, ventures and growth initiatives. ~$150 M inorganic revenue contribution expected FY27; $250 M venture investments this year; capex up ~$50 M; increased SG&A to fuel commercial firepower. ### Milestones - **CAS worldwide growth** [on_track]: 78% growth globally and +8 pts US share in Q4. - **Sphere‑9 launch in Japan** [delivered]: New market entry announced in Q4. - **Sphere‑360 catheter Europe launch** [delivered]: CE marked and launching in Europe. - **Hugo urology launch US** [on_track]: Systems placed at leading institutions; FDA 510(k) submissions for General Surgery and Gynecologic. - **Altaviva physician training** [on_track]: ~1,000 physicians trained; active implanters up 3×. - **MiniMed IPO completion** [delivered]: Spin‑off finalized during Q4. - **CathWorks acquisition** [delivered]: Closed during quarter, adding FFRangio platform. - **Planned Scientia acquisition** [new]: Will expand neurovascular guidewire portfolio. ### Fears / risks - **Tariffs**: Expected $250 M impact on COGS this year, with $65 M in the first half. - **Macro environment**: Dynamic macro backdrop creates headwinds despite structural resilience. - **MiniMed separation**: Uncertainty around timing of spin‑off could affect FY27 guidance. - **TAVR market**: U.S. slowdown tied to low‑risk trial data, affecting near‑term growth. - **Pricing mix**: Diabetes business mix pressure on margins; separation could lift gross margin. - **Regulatory timing**: FDA submissions for Hugo new indications and other devices could delay revenue. - **Competition**: Mechanical thrombectomy market has entrenched rivals; Liberant differentiation uncertain. - **Currency**: FX expected to be neutral to modest headwind (~$100 M) for FY27. ### Key quotes > “we delivered $9.8 billion in revenue, up 9.9% on a reported basis and [ up ] 6.6% organically.” > “CAS delivered another outstanding quarter, with 78% worldwide growth and gaining an additional 8 points of U.S. share.” > “We expect our fiscal '27 margin to be roughly in line with the previous year, excluding tariffs.” > “the impact of CAS to our growth will be very similar next year to this year.” > “we did experience a slowdown in growth, and it really was tied, we believe, to the low-risk data that came out.” ## Quarter one-liners - **2026 Q4:** Medtronic posted a strong Q4 FY26 with 9.9% revenue growth, highlighted progress in CAS, Symplicity, Hugo and Altaviva, and guided FY27 organic revenue growth around 5.8% with flat‑to‑slightly‑up margins despite tariff and MiniMed separation headwinds. - **2026 Q3:** Medtronic posted 6% organic Q3 revenue growth, highlighted rapid CAS expansion and upcoming launches (Sphere‑9, Sphere‑360, Hugo, Stealth AXiS, Symplicity, Altaviva), reaffirmed FY26 guidance and expects margin improvement despite mix and tariff headwinds. - **2026 Q2:** — - **2026 Q1:** Medtronic Q1 FY26 delivered mid‑single‑digit organic revenue growth, EPS beat, raised FY EPS guidance, highlighted ~50% Q/Q growth in cardiac ablation, upcoming product launches and a MiniMed separation on track, while adding new board committees for growth and operations. - **2025 Q4:** Medtronic posted 5.4% Q4 growth, highlighted strong cardiovascular and neuromodulation performance, announced a diabetes spin‑off, and reaffirmed FY26 guidance of ~5% organic revenue growth and 4% EPS growth ex‑tariffs. - **2025 Q3:** Medtronic posted mid‑single‑digit organic revenue growth, EPS beat, margin expansion and highlighted strong demand for PFA, Diabetes, Neuromod and Hugo while noting a temporary U.S. surgical distributor impact and keeping FY ’25 guidance unchanged. - **2025 Q2:** Medtronic Q2 FY25 revenue rose 5% YoY, raised FY25 organic revenue to 4.75‑5% and EPS to $5.44‑$5.50, highlighted growth in TAVR, PFA, diabetes and hypertension while noting a resolved supplier issue and unchanged margin guidance. - **2025 Q1:** Medtronic Q1 FY2025 beat guidance, raised full‑year revenue and EPS outlook, highlighted strong demand for PulseSelect PFA, diabetes, neuromodulation and TAVR FX+, while noting FX headwinds and ongoing trial timelines. ## Theme arcs - **Management tone** (stable): Δ mgmt=+0.10 ## Fear persistence - **currency volatility** [resolved]: 2025 Q1 - **regulatory approvals** [resolved]: 2025 Q1 - **competitive pressure** [recurring]: 2025 Q1, 2025 Q3 - **market adoption uncertainty** [resolved]: 2025 Q1 - **trial outcomes risk** [resolved]: 2025 Q1 - **supply chain capacity** [resolved]: 2025 Q1 - **reimbursement risk** [recurring]: 2025 Q1, 2025 Q3 - **foreign‑currency headwind** [resolved]: 2025 Q2 - **supply‑chain disruption** [resolved]: 2025 Q2 - **coverage uncertainty** [resolved]: 2025 Q2 ## Guidance path 2025 Q1:raised → 2025 Q2:raised → 2025 Q3:maintained → 2025 Q4:maintained → 2026 Q1:raised → 2026 Q2:vague → 2026 Q3:maintained → 2026 Q4:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/MDT`