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Edge2 May 2025
Intuitive Surgical: Enhancing Surgery with Robotic Precision
Intuitive Surgical has revolutionized surgery with robotics, building its dominant position through decades of innovation, validation, and expansion.
Medtronic
Medtronic (MDT) investor relations material
Medtronic 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary12 Jan, 2026
Strategic focus and portfolio transformation
Accelerating revenue and earnings growth through generational growth drivers like PFA, Symplicity, AltaViva, and Hugo, with a robust pipeline in thrombectomy, carotid, spinal navigation, robotics, and MMAe.
Hyper-focused on expanding margins to drive increased R&D and EPS leverage, with strategic portfolio management and capital allocation to enhance enterprise focus and MedTech market growth.
Intends to separate the $3B diabetes business via IPO or capital markets transaction by end of calendar year, sharpening focus on cardiovascular, neuroscience, and medical-surgical markets.
Medtronic Performance System implemented to improve execution, optimize operations, and sustain cost improvements, with backorder levels at all-time lows.
Four new multi-billion dollar opportunities unlocked in the past year, with CAS expected to deliver over $2B in revenue by FY 2027.
Innovation and product pipeline
CAS (cardiac ablation solutions) targets a $13B market, growing at 25% annually, with PFA revenue accelerating and next-gen products like Sphere-9 and Sphere-360 in development and expanding indications globally.
Symplicity offers a one-time, durable hypertension treatment, with over 30,000 patients treated and a 1% market penetration representing a multi-billion-dollar opportunity.
AltaViva neuromodulation device for UUI offers a 15-year battery life, MRI readiness, and ongoing clinical data expansion, with significant physician engagement and direct-to-consumer campaigns.
Hugo robotic-assisted surgery system recently received FDA clearance for urology, with a purposeful U.S. launch, plans to expand indications, and aims to increase the global use of robotics in surgery.
Broad innovation across the portfolio, including launches in SCS, DBS, leadless pacing, surgical suites, and robust pipeline with Aurora EV-ICD, AiBLE, Micra AV2/VR2, and LigaSure XP/RAS.
Financial strategy and capital allocation
R&D investment targeted to rise from 8.5% to 10% of revenue, prioritizing generational growth drivers, high-growth businesses, and core franchises.
Diabetes business spin-off will allow capital reallocation to higher-return areas.
Tuck-in M&A is a renewed priority, focusing on high-growth, near-commercialization areas, with robust pipeline and capacity for low- to mid-single-digit billion-dollar deals.
Dividend policy remains unchanged, with organic R&D and M&A as top capital allocation priorities.
Strategic M&A and portfolio management to create shareholder value and unlock new multi-billion-dollar opportunities.
Rationale for preferred Diabetes separation structure?
What drives PFA's projected $2B revenue by 1HFY27?
Impact of COGS efficiency on margin expansion?
How does diabetes spin enable R&D/M&A investment?
RDN vs PFA: How do market-building costs differ?
How does full surgical suite contracting aid Hugo uptake?
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Next Medtronic earnings date
Q3 202617 Feb, 2026
Medtronic
Next Medtronic earnings date
Q3 202617 Feb, 2026
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Frequently asked questions
A leader in global medtech industry
If you were to examine different hospitals' surgical imaging machines or pacemakers worldwide, the importance of Medtronic would soon become very clear. Medtronic is probably one of the most innovative companies in the world. Over their 70-year lifetime, Medtronic has grown from being a small electrical repair shop in a Minneapolis garage to a global leader in medical technology with a market cap north of $100 billion.
Owner of more than 49,000 patents
Medtronic treats more than 70 health conditions, from Parkinson’s and chronic heart conditions to diabetes, helping over 100 million people worldwide every year. They are one of the leaders in the global Medtech industry and are growing both organically and through M&A. In fact, Medtronic has done, on average, one acquisition every five months over the last decade.
Their four main business segments are:
Cardiac and Vascular
Minimally Invasive Therapies
Restorative Therapies
Diabetes
Medtronic is mainly known for their revolutionary cardiac devices – battery-powered miniature pacemakers – but have a wide product portfolio, including defibrillators, vessel sealing instruments, mesh and spinal implants, bone graft substitutes, highly advanced insulin pumps, and one of their most recent big investments – the surgical robot – Hugo. Together with the insulin pumps, Medtronic offers a sensor system that continuously monitors the level of glucose in a diabetes patient’s blood and automatically sends this data to the pump, which helps it dose insulin more correctly.
With a portfolio of over 49,000 patents and an impressive $2.5 billion annual spend on research and development, Medtronic is unmatched in their industry and continuously pursues new products and improves existing ones.
A dividend aristocrat with 25+ years of annual increases.
One thing with Medtronic is for certain - they take their dividends seriously. The company qualifies as a so-called Dividend Aristocrat, an entitlement earned by increasing your base dividend yearly for a minimum of 25 consecutive years.
Medtronic's publicly listed competitors include multinational medical technology companies such as Abbott Laboratories, Boston Scientific, and Johnson & Johnson.
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