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Mining Disrupt 2025: The Must-Attend Bitcoin Mining Event | March 25-27 – Get Tickets Now!

FORT LAUDERDALE, Fla., Feb. 18, 2025 /PRNewswire/ — March 25-27, 2025 – The world’s largest Bitcoin mining conference is back and bigger than ever! Mining Disrupt 2025 will take over the Broward Convention Center for an unforgettable two-day experience of innovation, networking, and industry-shaping discussions.

This 7th edition of Mining Disrupt promises to be our most exciting yet, with miners, innovators, investors, and blockchain enthusiasts from around the globe coming together to shape the future of Bitcoin mining.

What’s Happening at Mining Disrupt 2025?

  • World-Class Speakers – Industry leaders and disruptors sharing their insights on Bitcoin mining, blockchain, and finance.
  • Expert Panels & Discussions – Key topics include:
    • The latest mining hardware & software advancements
    • The energy debate: Tackling sustainability in mining
    • Bitcoin mining’s role in the global economy
  • Massive Expo Hall – 200+ exhibitors showcasing ASICs, cooling systems, renewable energy solutions, and software tools.
  • Bitcoin Mining Museum – Explore mining history with rare rigs, iconic artifacts, and milestones.
  • Networking Opportunities – Connect with industry leaders, sponsors, and fellow miners through lounges and casual meetups.
  • Epic Parties & Side Events – Start with our exclusive Pre-Party on March 25th at the Seminole Hard Rock Casino, plus two side events to keep the energy going.

Who’s Attending? Mining Disrupt 2025 will feature top companies and brands, including Bitmain, Canaan, Genesis Mining, Foundry, and more, all showcasing the latest advancements and forging new partnerships.

Tickets & VIP Perks: 

  • General Pass – Full access to keynotes, panels, expo, and networking events.
  • VIP Pass – Includes everything in the General Pass, plus VIP Lounge access with free food & drinks.
  • Whale Pass – Premium networking, backstage access, and a private lounge for VIPs and industry leaders.

Get your tickets now!

 – Bitcoin and crypto payments accepted!

About Mining Disrupt
Since 2018, Mining Disrupt has been the #1 Bitcoin mining conference, drawing attendees from 50+ countries. Whether you’re a seasoned miner, an investor, or just Bitcoin-curious, this is the place to be.

Got questions? Want to sponsor? Reach out to us at miningdisrupt.com/contact.

See you in Fort Lauderdale!

Frost & Sullivan Honors Forcepoint with the 2024 Global Company of the Year Award for Enabling “Data Security Everywhere”

Forcepoint is recognized for delivering a full lifecycle approach to data protection across endpoints, networks, cloud, SaaS, and hybrid environments.

SAN ANTONIO, Feb. 18, 2025 /PRNewswire/ — Frost & Sullivan recently assessed the data loss protection (DLP) industry and, based on its findings, recognizes Forcepoint with the Global Company of the Year Award for the second consecutive year. Driven by a “Data Security Everywhere” approach, Forcepoint delivers a full-lifecycle solution that provides real-time visibility and control over data across globally distributed enterprises and governments. Whether on-premises, in the cloud, or across hybrid environments, Forcepoint’s data security solutions adapt to modern business needs such as GenAI and other digital transformation initiatives. Protecting sensitive data across endpoints, SaaS applications, web, and email with a unified, automated policy engine and SaaS-based DLP solutions, Forcepoint has established its reputation as the architect of modern data security.

Forcepoint’s data security solutions adapt to modern business needs such as GenAI and other digital transformation initiatives.
Forcepoint’s data security solutions adapt to modern business needs such as GenAI and other digital transformation initiatives.

Georgia Edell, consultant at Frost & Sullivan, observed, “Forcepoint doesn’t just protect business data – it helps enable businesses to stay ahead of a growing threat landscape by simplifying security for the people who manage it. By simplifying workflows, enhancing user interfaces, and streamlining policy management, Forcepoint aims to empower security analysts to work more efficiently and effectively in safeguarding sensitive data across diverse digital environments.”

Why Forcepoint Stands Out in DLP
Consistently recognized among the top DLP and data security software providers by users and industry analysts, Forcepoint DLP prioritizes superior visibility and control over business data. Key features include:

  • Unified Security Policy Management: A single policy engine ensures consistent enforcement across all data channels, reducing complexity and manual intervention.
  • GenAI-Ready Protection: Forcepoint helps businesses secure AI-powered workflows, ensuring innovation doesn’t come at the cost of security.
  • Adaptive, Risk-Based Security: Risk-Adaptive Protection (RAP) enables automated remediation and dynamic access control based on user behavior, responding in real time to potential threats.
  • Forensic-Level Visibility: Built-in secure evidence lockers provide analysts with a clear, actionable trail of security incidents, from origin to resolution.

“Forcepoint continues to lead the DLP space, pushing the boundaries of what data security can achieve through its best-in-class data protection capabilities,” added Edell. “The evolution of its SaaS DLP solution ensures customers get the best of enterprise-grade security, now tailored for the modern cloud and AI-driven world.”

Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Tarini Singh
E: tarini.singh@frost.com

Hardware cybersecurity leader, X-PHY Inc, appoints US General Manager to strengthen presence and drive growth in North America

Wayne Maw joins company’s management team to head its US operations

SAN MATEO, Calif., Feb. 18, 2025 /PRNewswire/ — Hardware cybersecurity pioneer X-PHY Inc (the “Company“) today announced the appointment of Wayne Maw as its US General Manager. With extensive experience in technology leadership, business development, and cybersecurity, Wayne will spearhead X-PHY’s continued expansion in North America, focusing on driving adoption of its AI-embedded, hardware-based security solutions.

Wayne Maw, X-PHY Inc's US General Manager
Wayne Maw, X-PHY Inc’s US General Manager

In this role, Wayne will oversee X-PHY’s business strategy, customer engagement, and partnerships in the US, ensuring that enterprises and government agencies have access to proactive, real-time cybersecurity solutions that eliminate reliance on traditional software defenses. His leadership will be instrumental in advancing the Company’s mission of delivering autonomous, hardware-layer security to protect critical digital assets.                                                                                                         

“I am thrilled to join X-PHY at such a pivotal moment for the cybersecurity industry,” said Wayne Maw, US General Manager, X-PHY Inc. “With cyber threats growing in complexity and scale, it is clear that a paradigm shift is needed or the war against cybercrime will be lost. Cybersecurity must move beyond reliance on human intervention and software patches. X-PHY’s hardware-based approach is a game changer, and I look forward to working closely with our partners and customers to establish this as the new standard for data protection.”

Camellia Chan, Co-Founder and CEO of X-PHY Inc, said, “We are excited to welcome Wayne to X-PHY’s leadership team as we accelerate our presence in the US. His deep understanding of technology, operations and business strategy will be invaluable as we drive forward our mission of reshaping cybersecurity with intelligent, hardware-embedded protection. With Wayne at the helm of our US operations, we are confident in our ability to scale our impact and support businesses and government entities in fortifying their cybersecurity infrastructure.”

Wayne brings over 20 years of experience in IT, cybersecurity, and leadership. He holds a Master’s in Business Administration and Leadership and a degree in Electrical Engineering Technology. He is also a Certified Information Systems Security Professional (CISSP).

Since its founding 2021, X-PHY Inc has expanded its presence in the United States with corporate offices in San Mateo, California, and Maryland, reinforcing the Company’s commitment to serving critical infrastructure, enterprise, and government sectors with next-generation security solutions that proactively detect, respond to, and prevent cyber threats at the hardware level.

About X-PHY Inc

X-PHY Inc is a pioneering cybersecurity company dedicated to hardware-based cybersecurity solutions that protect data at its core. Built on the principle of Security by Design, X-PHY embeds protection directly at the physical layer for proactive, autonomous, and real-time defense against evolving cyber threats. Headquartered in California, USA, X-PHY Inc was established in 2021 and has since developed a growing portfolio of 43 patents, reinforcing its commitment to innovative AI-embedded security at the hardware level. The company’s patented solutions safeguard endpoints, servers, and data centers, ensuring zero-trust resilience across industries.

X-PHY Inc is part of the Flexxon Group, a leader in hardware engineering and memory solutions, leveraging its legacy of innovation and expertise in secure storage to build cutting-edge cybersecurity technologies for the digital world.

For more information, please visit:
X-PHY: x-phy.com
Flexxon: flexxon.com 

Lichen China Limited Announces Receipt of Nasdaq Delisting Notice Subject to Hearing Request

XIAMEN, China, Feb. 18, 2025 /PRNewswire/ — Lichen China Limited (Nasdaq: LICN) (“Lichen China” or the “Company”), a dedicated financial and taxation service provider in China today announced that it has received a letter from The Nasdaq Stock Market LLC (“Nasdaq”), notifying that the Company is not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”), as the Company’s securities had a closing bid price of $0.10 or less for eleven consecutive trading days from January 28, 2025 through February 11, 2025. The letter indicated that, as a result, the Nasdaq staff has determined to delist the Company’s ordinary shares from The Nasdaq Capital Market (the “Delisting Determination”).

As previously reported, on January 23, 2025, Nasdaq notified the Company that the bid price of its listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2). The Company was provided 180 calendar days, or until July 22, 2025, to regain compliance with this rule. The Delisting Determination ended the aforementioned compliance period before its expiration because the Company’s stock prices have triggered the Low Priced Stocks Rule. The Company was provided until February 19, 2025 to request an appeal of the Delisting Determination to the hearing panel.

The Company intends to request such hearing to appeal the Delisting Determination before that date, which will stay the suspension of its securities from the date of the request, during which time such securities will continue to be listed on The Nasdaq Capital Market.

If the Company fails to request an appeal of the Delisting Determination by February 19, 2025, trading of the Company’s ordinary shares will be suspended at the opening of business on February 21, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.

The Company is considering all potential options available to it to regain compliance with the aforementioned rules, including seeking shareholders’ approval for a reverse stock split.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Tian Sun
Phone: +86-0592-5586999
Email: ir@lichenzx.com

Yiren Digital Integrates DeepSeek to Boost Innovation and Operational Excellence

BEIJING, Feb. 18, 2025 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), an AI-powered platform providing a comprehensive suite of financial and lifestyle services in China, has officially integrated with DeepSeek, marking a significant milestone in its technological transformation and reaffirming its commitment to pioneering AI-driven innovation.

The integration of DeepSeek will empower Yiren Digital with comprehensive AI capabilities to boost operational efficiencies and enhance the user experience. The initial focus is on enhancing workflows, including meeting management, schedule automation, and intelligent financial management, all aimed at streamlining collaboration and improving decision-making efficiency. As the integration progresses, Yiren Digital is also exploring the expansion of its collaboration with DeepSeek into additional key business development areas, such as marketing, customer service, and risk management. These efforts will focus on enhancing voice interactions, improving customer conversion rates, and reducing operational costs, with the goal of delivering smarter, more efficient services as the Company continues to refine these applications for broader business impact.

The integration of DeepSeek also strengthens Yiren Digital’s proprietary AI platforms, such as the FengChao Intelligent Voice Interaction Platform and the DiTing Intelligent Decision-Making Platform. Together, these technologies will create a cohesive AI ecosystem, enhancing user experiences and enabling more precise decision-making to support business growth.

Innovation has long been a cornerstone of Yiren Digital’s strategy. By consistently investing in AI and transitioning from fintech to smart technology, the Company has established an “AI + Diversified Scenarios” approach to meet the evolving needs of its customers. The integration with DeepSeek further solidifies Yiren Digital’s position as a leader in AI-driven transformation and sets the foundation for long-term, sustainable growth.

About Yiren Digital

Yiren Digital Ltd. is an advanced, AI-powered platform providing a comprehensive suite of financial and lifestyle services in China. Our mission is to elevate customers’ financial well-being and enhance their quality of life by delivering digital financial services, tailor-made insurance solutions, and premium lifestyle services. We support clients at various growth stages, addressing financing needs arising from consumption and production activities, while aiming to augment the overall well-being and security of individuals, families, and businesses.

GoDaddy Airo®: An AI-Powered Revolutionary Solution for Pakistani Entrepreneurs and Small Business Owners

GoDaddy Airo Delivers website creation, logo design and digital marketing strategies for entrepreneurs to get started online quickly

ISLAMABAD, Feb. 18, 2025 /PRNewswire/ — GoDaddy, a global leader in empowering entrepreneurs, unveiled GoDaddy Airo®, an innovative AI-powered experience set to transform small and medium-sized businesses sector. This groundbreaking new AI-powered experience enables entrepreneurs to establish a comprehensive online presence within minutes, bridging the gap between vision and digital reality.

Selina Bieber, Vice President for International Markets at GoDaddy, emphasized the new experience’s significance, “GoDaddy Airo® provides accessible AI-powered tools for Pakistani entrepreneurs and business owners to realize the benefits of using AI technology to help build and grow their digital brands together effortlessly.”

The AI-driven features include instant brand creation, digital marketing tools, Search Engine Optimization, and a user-friendly interface that allows navigation of advanced features without technical expertise. GoDaddy Airo® generates custom logos, websites, and email addresses in moments, develops targeted social media calendar aligned with local events, and enhances online visibility with built-in email marketing campaigns.

Many small business owners feel they face challenges in leveraging new technologies, primarily due to high implementation costs and lack of in-house technical expertise. GoDaddy Airo® eliminates these obstacles by providing cost-effective solutions accessible to businesses of all sizes, an intuitive design requiring no specialized skills, and comprehensive support and resources to confidently embrace AI technology and realize its benefits to their business operations.

With the purchase of a domain name, GoDaddy Airo® leverages the power of AI to make it easy to start a business and take it to the next level with a user-friendly online interface that requires no technical expertise. 

Key features include: 

  • Logo Creation – Building a compelling visual identity is essential for any business but can be time-consuming and expensive. With GoDaddy Airo® entrepreneurs can generate unique, professional logos in minutes, providing a solid brand image without needing design expertise.  
  • Instant Website Development – One of the platform’s standout features is its ability to generate complete websites instantly. Entrepreneurs can publish a functional site with personalized content within minutes, simplifying digital presence creation without technical skills.   
  • Automated Search Engine Optimization – GoDaddy helps businesses enhance their search rankings by providing suggestions to optimize their websites with targeted keywords and descriptions. AI analyses and recommends improvements, increasing visibility in search engine results and helping small businesses attract more customers.   
  • Professional Email Services – A company domain-based email not only builds customer trust but also promotes the brand with every message sent. Additionally, it is backed by advanced email security through Microsoft 365, with features such as proactive protection, email backup, archiving, and seamless migration.   

“GoDaddy Airo® can offer business owners new opportunities, while saving valuable time, so they can focus on building their brand, engaging with their customers and growing,” added Bieber.

For more information on how GoDaddy Airo® can help your business, visit.

About GoDaddy
GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a website and logo, sell their products and services, and accept payments. GoDaddy Airo®, the company’s AI-powered experience, makes growing a small business faster and easier by enabling them to get their idea online in minutes, drive traffic and boost sales. GoDaddy’s expert guides are available 24/7 to provide assistance. To learn more about the company, visit www.GoDaddy.com

 

SC Asset Hosts Exclusive Agent Briefing in Taipei to Unlock Thailand’s Real Estate Potential

TAIPEI, Feb. 18, 2025 /PRNewswire/ — SC Asset, one of Thailand’s leading property developers, will host its first Exclusive Agent Briefing in Taipei on February 25, 2025, at Humble House Taipei, Orchid Room (5th floor). This event will provide real estate professionals with exclusive insights into Bangkok’s lucrative property market and introduce collaboration opportunities with SC Asset.

With over 20 years of innovation and success, SC Asset currently has more than 90 projects on sale, ranging from single detached houses and townhomes to premium freehold condominiums. Its diverse portfolio spans all market segments, from affordable homes to ultra-luxury residences.

Attendees will gain valuable insights into Thailand’s rapidly growing real estate sector and explore investment opportunities with properties priced between 3 million TWD and 550 million TWD. Real estate agents will also benefit from a high and fast commission structure, ensuring attractive returns. To facilitate seamless transactions, SC Asset provides comprehensive support from native-speaking professionals and offers exclusive privileges and incentives to its partners.

The event will feature an executive talk by Ms. Pitchakorn Meesak, Head of Global Network, SC Asset Corporation. In addition to sharing key market insights and partnership benefits, she will engage directly with attendees, offering opportunities for networking and business collaborations.

SC Asset is actively seeking real estate professionals in Taiwan region who are interested in expanding their portfolio with premium Thai properties. The company offers strong support and attractive incentives for agents looking to introduce Bangkok’s top-tier developments to their clients.

The event will take place on Tuesday, February 25, 2025, at 1:30 PM at Humble House Taipei, 5th Floor, Orchid Room. As seating is limited, advance registration is required to secure your spot.

Register Now: https://forms.gle/ayp5jwTDuAnw9WAZ6 

For more information, please contact +66(0)65 050 5454 or email internationalbuyers@scasset.com

Medtronic reports third quarter fiscal 2025 financial results

Delivering durable revenue growth with strong earnings power; strength in Pulsed Field Ablation, Pacing, Structural Heart, Diabetes, and Neuromodulation

GALWAY, Ireland, Feb. 18, 2025 /PRNewswire/ — Medtronic plc (NYSE: MDT) today announced financial results for its third quarter (Q3) of fiscal year 2025 (FY25), which ended January 24, 2025.

Key Highlights

  • Revenue of $8.3 billion increased 2.5% as reported and 4.1% organic
  • GAAP diluted EPS of $1.01 increased 2%; non-GAAP diluted EPS of $1.39 increased 7%
  • Company reiterates full year revenue and EPS guidance
  • Cardiac Ablation Solutions revenue increased low-20s on strength of pulsed field ablation (PFA) products
  • U.S. Centers for Medicare and Medicaid (CMS) announced coverage for Renal Denervation for the treatment of Hypertension expected to become final on or before October 11, 2025

Financial Results
Medtronic reported Q3 worldwide revenue of $8.292 billion, an increase of 2.5% as reported and 4.1% on an organic basis. Organic revenue growth comparison excludes:

  • Other revenue of $32 million in the current year and $53 million in the prior year; and
  • Foreign currency translation of –$103 million on the remaining segments.

As reported, Q3 GAAP net income and diluted earnings per share (EPS) were $1.294 billion and $1.01, respectively, representing a decrease of 2% and an increase of 2%, respectively. As detailed in the financial schedules included at the end of this release, Q3 non-GAAP net income and non-GAAP diluted EPS were $1.787 billion and $1.39, respectively, representing increases of 3% and 7%, respectively.

“We delivered strong earnings this quarter, with significant improvements in both our gross margin and operating margin on the back of our ninth quarter in a row of mid-single digit organic revenue growth,” said Geoff Martha, Medtronic chairman and chief executive officer. “We are starting to see the results from our long term investments in groundbreaking innovation, such as pulsed field ablation, to drive growth in some of the most attractive markets in MedTech.”

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $3.037 billion increased 3.7% as reported and 5.0% organic, with mid-single digit increases in CRHF and SH&A, and a low-single digit increase in CPV, all on an organic basis.

  • CRHF results included mid-single digit growth in Cardiac Rhythm Management, driven by low-double digit growth in Cardiac Pacing Therapies, including mid-20s growth in Micra™ transcatheter pacing systems; Cardiac Ablation Solutions achieved low-20s growth on rapid adoption of the PulseSelect™ and Affera™ Sphere-9™ PFA systems
  • SHA results driven by high-single digit Structural Heart growth, excluding congenital, on the continued strength of the Evolut™ FX+ TAVR system, and high-single digit growth in Cardiac Surgery
  • CPV growth driven by high-single digit growth in balloons and mid-single digit growth in guide catheters and drug-coated balloons
  • Recent U.S. FDA approval for additional pulsed field ablation manufacturing site in Galway; immediately boosts Affera™ supply
  • Expanded U.S. presence in fast-growing carotid market with exclusive Contego Medical distribution agreement; includes recently FDA approved carotid stenting system and option to acquire; Contego Medical running clinical trial on next-generation transcarotid artery revascularization (TCAR) system
  • Announced CMS opened a National Coverage Analysis (NCA) on Renal Denervation for the treatment of hypertension, with coverage expected to become final on or before October 11, 2025

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.458 billion increased 4.4% as reported and 5.2% organic, with a low-double digit increase in Neuromodulation, mid-single digit increase in CST, and low-single digit increase in Specialty Therapies, all on an organic basis.

  • CST driven by high-single digit Neurosurgery growth on continued adoption of the AiBLE™ ecosystem of enabling technology; CST in the U.S. grew high-single digits, winning share
  • Specialty Therapies results driven by mid-single digit growth in Pelvic Health on continued adoption of the InterStim X™ system; ENT grew low-single digits on strength in PTeye™ capital and disposables; Neurovascular, excluding China, grew mid-single digit with strength in flow diversion
  • Neuromodulation above market performance driven by low-double digit Pain Stim growth, including high-teens U.S. growth, on the continued launch of the Inceptiv™ spinal cord stimulator; Brain Modulation grew mid-teens globally and mid-twenties in the U.S. on the continued launch of the Percept™ RC deep brain stimulator (DBS) with BrainSense™ technology
  • Received CE Mark for BrainSense™ Adaptive Deep Brain Stimulation (aDBS), a real-time closed-loop system

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Acute Care & Monitoring (ACM) divisions. Revenue of $2.072 billion decreased 1.9% as reported and decreased 0.4% organic, with flat organic result in SE and low-single digit organic decline in ACM.

  • SE results were affected by ongoing stapling segment pressures and a transient change in U.S. distributor buying patterns, partially offset by high-single digit growth in Emerging Markets and high-single digit growth in Advanced Energy on continued adoption of LigaSure™ vessel sealing technology
  • ACM performance included high-single digit declines in Nellcor™ blood oxygen management products on a 30% year-over-year market decline in U.S. respiratory-related hospitalizations in the quarter; this was partially offset by high-single digit growth in Perioperative Complications

Diabetes
Revenue of $694 million increased 8.4% as reported and 10.4% organic.

  • U.S. revenue grew mid-single digits on the continued adoption of the MiniMed™ 780G automated insulin delivery (AID) system, with an increase in the MiniMed™ 780G installed base and strong CGM attachment rates
  • International revenue grew low-double digits on increasing CGM attachment as users upgrade to the Simplera Sync™ sensor

Guidance
Medtronic today reiterated its revenue growth and EPS guidance for FY25.

The company continues to expect FY25 organic revenue growth in the range of 4.75% to 5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, if recent foreign currency exchange rates hold, FY25 revenue growth would be in the range of 3.4% to 3.8%.

The company continues to expect FY25 diluted non-GAAP EPS in the range of $5.44 to $5.50. This includes an estimated -5% impact from foreign currency exchange based on recent rates. The company’s guidance represents FY25 diluted non-GAAP EPS growth in the range of 4.6% to 5.8%.

“EPS came in above the high end of our guidance range. We were pleased with the operational performance of the business this quarter, turning mid-single digit organic growth into leveraged earnings, highlighted by healthy gross margin improvement,” said Gary Corona, Medtronic interim chief financial officer. “Looking ahead, our restored earnings power continues. We will accelerate both top and bottom line growth in Q4, resulting in high-single digit adjusted EPS growth in the back half of our fiscal year.”

Video Webcast Information
Medtronic will host a video webcast today, February 18, at 8:00 a.m. EST (7:00 a.m. CST) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com, and this earnings release will be archived at news.medtronic.com. Within 24 hours of the webcast, a replay of the webcast and transcript of the company’s prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com.

Medtronic plans to report its FY25 fourth quarter results on Wednesday, May 21, 2025. For fiscal year 2026, Medtronic plans to report its first, second, third, and fourth quarter results on Tuesday, August 19, 2025, November 18, 2025, February 17, 2026, and Wednesday, May 20, 2026, respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules and Earnings Presentation
The third quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com. To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here. To view the third quarter earnings presentation, click here.

 

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

THIRD QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY25

FY24

Growth

Currency
Impact(3)

Adjusted
FY25(4)

Adjusted
FY24(4)

Growth

FY25

FY24

Growth

Currency
Impact(3)

Adjusted
FY25(5)

Adjusted
FY24(5)

Growth

Cardiovascular

$     3,037

$     2,929

3.7 %

$        (38)

$     3,075

$     2,929

5.0 %

$     9,145

$     8,702

5.1 %

$        (62)

$     9,207

$     8,702

5.8 %

Cardiac Rhythm & Heart Failure

1,545

1,470

5.1

(18)

1,563

1,470

6.3

4,659

4,408

5.7

(26)

4,684

4,408

6.3

Structural Heart & Aortic

874

843

3.7

(13)

887

843

5.2

2,610

2,475

5.4

(21)

2,631

2,475

6.3

Coronary & Peripheral Vascular

618

616

0.3

(8)

626

616

1.6

1,876

1,818

3.2

(15)

1,891

1,818

4.0

Neuroscience

2,458

2,355

4.4

(21)

2,478

2,355

5.2

7,226

6,861

5.3

(29)

7,255

6,861

5.7

Cranial & Spinal Technologies

1,250

1,204

3.8

(9)

1,259

1,204

4.6

3,632

3,465

4.8

(15)

3,646

3,465

5.2

Specialty Therapies

732

726

0.8

(8)

740

726

1.9

2,181

2,126

2.6

(10)

2,191

2,126

3.1

Neuromodulation

476

425

12.0

(4)

480

425

12.9

1,413

1,270

11.2

(5)

1,417

1,270

11.6

Medical Surgical

2,072

2,112

(1.9)

(32)

2,104

2,112

(0.4)

6,196

6,219

(0.4)

(50)

6,246

6,219

0.4

Surgical & Endoscopy

1,596

1,616

(1.2)

(26)

1,622

1,616

0.4

4,790

4,803

(0.3)

(40)

4,829

4,803

0.5

Acute Care & Monitoring

476

495

(3.9)

(5)

481

495

(2.8)

1,406

1,416

(0.7)

(10)

1,417

1,416

Diabetes

694

640

8.4

(12)

706

640

10.4

2,027

1,829

10.8

(8)

2,035

1,829

11.3

Total Reportable Segments

8,260

8,035

2.8

(103)

8,363

8,035

4.1

24,593

23,610

4.2

(149)

24,742

23,610

4.8

Other(2)

32

53

(41.1)

(1)

17

164

(89.9)

(3)

TOTAL

$     8,292

$     8,089

2.5 %

$      (104)

$     8,363

$     8,035

4.1 %

$    24,610

$    23,775

3.5 %

$      (152)

$    24,742

$    23,610

4.8 %

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(3)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4)

The three months ended January 24, 2025 excludes $71 million of revenue adjustments related to $32 million of inorganic revenue for the transition activity noted in (2) and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $53 million of inorganic revenue related to the transition activity noted in (2).

(5)

The nine months ended January 24, 2025 excludes $132 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $106 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $164 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

U.S. REVENUE(1)(2)

(Unaudited)

THIRD QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY25

FY24

Growth

Adjusted
FY25

Adjusted
FY24

Growth

FY25

FY24

Growth

Adjusted
FY25

Adjusted
FY24

Growth

Cardiovascular

$     1,405

$     1,373

2.4 %

$     1,405

$     1,373

2.4 %

$     4,242

$     4,149

2.2 %

$     4,242

$     4,149

2.2 %

Cardiac Rhythm & Heart Failure

775

745

4.1

775

745

4.1

2,309

2,247

2.8

2,309

2,247

2.8

Structural Heart & Aortic

372

363

2.6

372

363

2.6

1,129

1,087

3.9

1,129

1,087

3.9

Coronary & Peripheral Vascular

258

265

(2.8)

258

265

(2.8)

804

816

(1.4)

804

816

(1.4)

Neuroscience

1,689

1,556

8.5

1,689

1,556

8.5

4,931

4,614

6.9

4,931

4,614

6.9

Cranial & Spinal Technologies

943

875

7.8

943

875

7.8

2,724

2,560

6.4

2,724

2,560

6.4

Specialty Therapies

419

407

3.0

419

407

3.0

1,235

1,202

2.7

1,235

1,202

2.7

Neuromodulation

327

275

19.0

327

275

19.0

972

852

14.1

972

852

14.1

Medical Surgical

893

947

(5.8)

893

947

(5.8)

2,718

2,763

(1.6)

2,718

2,763

(1.6)

Surgical & Endoscopy

623

663

(6.1)

623

663

(6.1)

1,928

1,971

(2.2)

1,928

1,971

(2.2)

Acute Care & Monitoring

269

284

(5.1)

269

284

(5.1)

790

792

(0.2)

790

792

(0.2)

Diabetes

236

224

5.6

236

224

5.6

683

629

8.7

683

629

8.7

Total Reportable Segments

4,223

4,100

3.0

4,223

4,100

3.0

12,573

12,154

3.4

12,573

12,154

3.4

Other(3)

15

20

(26.4)

51

65

(21.3)

TOTAL

$     4,237

$     4,120

2.8 %

$     4,223

$     4,100

3.0 %

$   12,624

$   12,219

3.3 %

$   12,573

$   12,154

3.4 %

(1)

U.S. includes the United States and U.S. territories.

(2)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(3)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested.

 

MEDTRONIC PLC

INTERNATIONAL REVENUE(1)

(Unaudited)

THIRD QUARTER

YEAR-TO-DATE

REPORTED

ORGANIC

REPORTED

ORGANIC

(in millions)

FY25

FY24

Growth

Currency
Impact(3)

Adjusted
FY25(4)

Adjusted
FY24(4)

Growth

FY25

FY24

Growth

Currency
Impact(3)

Adjusted
FY25(5)

Adjusted
FY24(5)

Growth

Cardiovascular

$     1,632

$     1,556

4.9 %

$        (38)

$     1,670

$     1,556

7.3 %

$     4,904

$     4,552

7.7 %

$        (62)

$     4,966

$     4,552

9.1 %

Cardiac Rhythm & Heart Failure

770

726

6.1

(18)

788

726

8.6

2,350

2,161

8.7

(26)

2,376

2,161

9.9

Structural Heart & Aortic

502

480

4.6

(13)

515

480

7.2

1,482

1,389

6.7

(21)

1,503

1,389

8.2

Coronary & Peripheral Vascular

360

350

2.6

(8)

368

350

4.9

1,072

1,002

7.0

(15)

1,087

1,002

8.5

Neuroscience

769

799

(3.7)

(21)

790

799

(1.1)

2,295

2,248

2.1

(29)

2,324

2,248

3.4

Cranial & Spinal Technologies

307

329

(6.7)

(9)

316

329

(3.9)

907

905

0.3

(15)

922

905

1.9

Specialty Therapies

313

319

(2.0)

(8)

321

319

0.4

947

924

2.4

(10)

957

924

3.5

Neuromodulation

149

150

(0.7)

(4)

153

150

1.8

441

419

5.4

(5)

446

419

6.5

Medical Surgical

1,180

1,164

1.3

(32)

1,211

1,164

4.0

3,478

3,456

0.6

(50)

3,528

3,456

2.1

Surgical & Endoscopy

973

953

2.1

(26)

999

953

4.9

2,862

2,832

1.1

(40)

2,902

2,832

2.5

Acute Care & Monitoring

206

211

(2.3)

(5)

212

211

0.2

616

624

(1.4)

(10)

626

624

0.3

Diabetes

457

416

9.9

(12)

470

416

12.9

1,344

1,200

12.0

(8)

1,351

1,200

12.6

Total Reportable Segments

4,038

3,935

2.6

(103)

4,141

3,935

5.2

12,020

11,456

4.9

(149)

12,169

11,456

6.2

Other(2)

17

34

(49.8)

(1)

(35)

99

(134.8)

(3)

TOTAL

$     4,055

$     3,968

2.2 %

$      (104)

$     4,141

$     3,935

5.2 %

$   11,986

$   11,555

3.7 %

$      (152)

$   12,169

$   11,456

6.2 %

(1)

The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum. Percentages have been calculated using actual, non-rounded figures and, therefore, may not recalculate precisely.

(2)

Includes historical operations and ongoing transition agreements from businesses the Company has exited or divested, and specifically for the three months ended July 26, 2024, impacting year-to-date figures, $90 million of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(3)

The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4)

The three months ended January 24, 2025 excludes $86 million of revenue adjustments related to $17 million of inorganic revenue for the transition activity noted in (2), and $103 million of unfavorable currency impact on the remaining segments. The three months ended January 26, 2024 excludes $34 million of inorganic revenue related to the transition activity noted in (2).

(5)

The nine months ended January 24, 2025 excludes $183 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2), $55 million of inorganic revenue related to the transition activity noted in (2), and $149 million of unfavorable currency impact on the remaining segments. The nine months ended January 26, 2024 excludes $99 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three months ended

Nine months ended

(in millions, except per share data)

January 24,
2025

January 26,
2024

January 24,
2025

January 26,
2024

Net sales

$            8,292

$            8,089

$          24,610

$          23,775

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

2,779

2,782

8,485

8,172

Research and development expense

675

695

2,048

2,060

Selling, general, and administrative expense

2,717

2,673

8,129

7,971

Amortization of intangible assets

416

419

1,243

1,274

Restructuring charges, net

43

20

120

114

Certain litigation charges, net

22

104

105

Other operating (income) expense, net

(5)

17

(38)

(13)

Operating profit

1,646

1,483

4,519

4,091

Other non-operating income, net

(72)

(177)

(403)

(407)

Interest expense, net

179

188

555

517

Income before income taxes

1,540

1,472

4,367

3,982

Income tax provision

237

135

737

936

Net income

1,303

1,337

3,630

3,045

Net income attributable to noncontrolling interests

(9)

(15)

(24)

(23)

Net income attributable to Medtronic

$            1,294

$            1,322

$            3,606

$            3,022

Basic earnings per share

$              1.01

$              0.99

$              2.80

$              2.27

Diluted earnings per share

$              1.01

$              0.99

$              2.79

$              2.27

Basic weighted average shares outstanding

1,282.4

1,329.7

1,286.7

1,330.1

Diluted weighted average shares outstanding

1,286.2

1,331.7

1,290.6

1,332.4

The data in the schedule above has been intentionally rounded to the nearest million.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Three months ended January 24, 2025

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$  8,292

$   2,779

66.5 %

$     1,646

19.9 %

$    1,540

$       1,294

$     1.01

15.4 %

Non-GAAP Adjustments:

Amortization of intangible assets

416

5.0

416

339

0.26

18.5

Restructuring and associated costs(2)

(4)

46

0.6

46

37

0.03

19.6

Acquisition and divestiture-related items(3)

(1)

28

0.3

28

23

0.02

17.9

Certain litigation charges, net

22

0.3

22

18

0.01

22.7

(Gain)/loss on minority investments(4)

68

52

0.04

22.1

Medical device regulations(5)

(8)

0.1

11

0.1

11

9

0.01

18.2

Certain tax adjustments, net

15

0.01

Non-GAAP

$  8,292

$   2,766

66.6 %

$     2,169

26.2 %

$    2,130

$       1,787

$     1.39

15.7 %

Currency impact

104

61

(0.3)

(4)

(0.4)

(0.01)

Currency Adjusted

$  8,396

$   2,827

66.3 %

$     2,165

25.8 %

$     1.38

Three months ended January 26, 2024

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to
Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$  8,089

$   2,782

65.6 %

$     1,483

18.3 %

$    1,472

$       1,322

$     0.99

9.2 %

Non-GAAP Adjustments:

Amortization of intangible assets

419

5.2

419

354

0.27

15.5

Restructuring and associated costs(2)

(12)

0.1

55

0.7

55

46

0.03

16.4

Acquisition and divestiture-related items(3)

(12)

0.1

58

0.7

58

52

0.04

10.3

(Gain)/loss on minority investments(4)

24

24

0.02

Medical device regulations(5)

(18)

0.2

26

0.3

26

21

0.02

19.2

Certain tax adjustments, net(6)

(92)

(0.07)

Non-GAAP

$  8,089

$   2,740

66.1 %

$     2,042

25.2 %

$    2,055

$       1,728

$     1.30

15.2 %

See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The net tax benefit primarily relates to a change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Nine months ended January 24, 2025

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 24,610

$   8,485

65.5 %

$     4,519

18.4 %

$    4,367

$         3,606

$     2.79

16.9 %

Non-GAAP Adjustments:

Amortization of intangible assets

1,243

4.9

1,243

1,017

0.79

18.3

Restructuring and associated costs(2)

(24)

0.1

154

0.6

154

124

0.10

19.5

Acquisition and divestiture-related items(3)

(17)

15

0.1

15

3

73.3

Certain litigation charges, net

104

0.4

104

86

0.07

17.3

(Gain)/loss on minority investments(4)

41

14

0.01

61.0

Medical device regulations(5)

(27)

0.1

38

0.2

38

30

0.02

21.1

Other(6)

90

0.2

90

0.4

90

70

0.05

22.2

Certain tax adjustments, net(7)

49

0.04

Non-GAAP

$ 24,700

$   8,417

65.9 %

$     6,162

24.9 %

$    6,051

$         4,999

$     3.87

17.0 %

Currency impact

150

(72)

0.5

241

0.9

0.15

Currency Adjusted

$ 24,850

$   8,345

66.4 %

$     6,403

25.8 %

$     4.02

Nine months ended January 26, 2024

(in millions, except per share data)

Net
Sales

Cost of
Products
Sold

Gross
Margin
Percent

Operating
Profit

Operating
Profit
Percent

Income
Before
Income
Taxes

Net Income
attributable
to Medtronic

Diluted
EPS

Effective
Tax Rate

GAAP

$ 23,775

$   8,172

65.6 %

$     4,091

17.2 %

$    3,982

$         3,022

$     2.27

23.5 %

Non-GAAP Adjustments:

Amortization of intangible assets

1,274

5.4

1,274

1,078

0.81

15.4

Restructuring and associated costs(2)

(43)

0.2

237

1.0

237

198

0.15

16.5

Acquisition and divestiture-related items(3)

(24)

0.1

165

0.7

165

149

0.11

9.7

Certain litigation charges, net

105

0.4

105

81

0.06

22.9

(Gain)/loss on minority investments(4)

113

109

0.08

4.4

Medical device regulations(5)

(60)

0.3

88

0.4

88

70

0.05

20.5

Certain tax adjustments, net(8)

282

0.21

Non-GAAP

$ 23,775

$   8,046

66.2 %

$     5,961

25.1 %

$    5,965

$         4,988

$     3.74

16.0 %

See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(3)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

(7)

Primarily relates to amortization of previously established deferred tax assets from intercompany intellectual property transactions.

(8)

The net charge primarily relates to an income tax reserve adjustment associated with the June 2023, Israeli Central-Lod District Court decision and the establishment of a valuation allowance against certain net operating losses which were partially offset by a benefit from the change in a Swiss Cantonal tax rate associated with previously established deferred tax assets from intercompany intellectual property transactions and the step up in tax basis for Swiss Cantonal purposes.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Three months ended January 24, 2025

(in millions)

Net Sales

SG&A
Expense

SG&A
Expense as
a % of Net
Sales

R&D
Expense

R&D
Expense
as a % of
Net Sales

Other
Operating
(Income)
Expense,
net

Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales

Other Non-
Operating
Income, net

GAAP

$      8,292

$     2,717

32.8 %

$       675

8.1 %

$           (5)

(0.1) %

$           (72)

Non-GAAP Adjustments:

Acquisition and divestiture-related items(2)

(13)

(0.2)

(13)

(0.2)

Medical device regulations(3)

(3)

(Gain)/loss on minority investments(4)

(68)

Non-GAAP

$      8,292

$     2,704

32.6 %

$       672

8.1 %

$         (18)

(0.2) %

$          (140)

Nine months ended January 24, 2025

(in millions)

Net Sales

SG&A
Expense

SG&A
Expense as
a % of Net
Sales

R&D
Expense

R&D
Expense
as a % of
Net Sales

Other
Operating
(Income)
Expense,
net

Other
Operating
(Inc.)/Exp.,
net as a % of
Net Sales

Other Non-
Operating
Income, net

GAAP

$    24,610

$     8,129

33.0 %

$    2,048

8.3 %

$         (38)

(0.2) %

$          (403)

Non-GAAP Adjustments:

Restructuring and associated costs(5)

(10)

(0.1)

Acquisition and divestiture-related items(2)

(40)

(0.3)

42

0.2

Medical device regulations(3)

(10)

Other(6)

90

(Gain)/loss on minority investments(4)

(41)

Non-GAAP

$    24,700

$     8,078

32.7 %

$    2,038

8.3 %

$             4

— %

$          (443)

See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

The charges primarily include business combination costs, changes in fair value of contingent consideration, exit of business-related charges, and gains related to certain business or asset sales. The nine months ended January 24, 2025, also include gains related to certain business or asset sales.

(3)

The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

Associated costs primarily include salaries and wages for employees supporting the restructuring activities, consulting expenses, and asset write-offs.

(6)

Reflects the recognition of incremental Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court of Italy relating to certain prior years since 2015.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Nine months ended

(in millions)

January 24, 2025

January 26, 2024

Net cash provided by operating activities

$                      4,516

$                      4,010

Additions to property, plant, and equipment

(1,400)

(1,161)

Free Cash Flow(2)

$                      3,116

$                      2,849

See description of non-GAAP financial measures contained in the press release dated February 18, 2025.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

 

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(in millions)

January 24, 2025

April 26, 2024

ASSETS

Current assets:

Cash and cash equivalents

$               1,240

$               1,284

Investments

6,682

6,721

Accounts receivable, less allowances and credit losses of $204 and $173, respectively

6,115

6,128

Inventories

5,610

5,217

Other current assets

2,865

2,584

Total current assets

22,513

21,935

Property, plant, and equipment, net

6,593

6,131

Goodwill

40,819

40,986

Other intangible assets, net

12,184

13,225

Tax assets

3,614

3,657

Other assets

4,250

4,047

Total assets

$             89,973

$             89,981

LIABILITIES AND EQUITY

Current liabilities:

Current debt obligations

$               2,622

$               1,092

Accounts payable

2,286

2,410

Accrued compensation

2,281

2,375

Accrued income taxes

1,125

1,330

Other accrued expenses

3,526

3,582

Total current liabilities

11,840

10,789

Long-term debt

23,985

23,932

Accrued compensation and retirement benefits

1,063

1,101

Accrued income taxes

1,485

1,859

Deferred tax liabilities

452

515

Other liabilities

1,533

1,365

Total liabilities

40,358

39,561

Commitments and contingencies

Shareholders’ equity:

Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,283,266,154 and

1,311,337,531 shares issued and outstanding, respectively

Additional paid-in capital

20,910

23,129

Retained earnings

31,317

30,403

Accumulated other comprehensive loss

(2,839)

(3,318)

Total shareholders’ equity

49,387

50,214

Noncontrolling interests

228

206

Total equity

49,615

50,420

Total liabilities and equity

$             89,973

$             89,981

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine months ended

(in millions)

January 24, 2025

January 26, 2024

Operating Activities:

Net income

$                3,630

$                3,045

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,021

1,993

Provision for credit losses

96

62

Deferred income taxes

(81)

(250)

Stock-based compensation

340

303

Other, net

14

265

Change in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable, net

(184)

(140)

Inventories

(478)

(530)

Accounts payable and accrued liabilities

(157)

(253)

Other operating assets and liabilities

(685)

(485)

Net cash provided by operating activities

4,516

4,010

Investing Activities:

Acquisitions, net of cash acquired

(98)

(74)

Additions to property, plant, and equipment

(1,400)

(1,161)

Purchases of investments

(6,093)

(5,422)

Sales and maturities of investments

6,255

5,142

Other investing activities, net

(111)

(155)

Net cash used in investing activities

(1,447)

(1,670)

Financing Activities:

Change in current debt obligations, net

(1,070)

1,010

Issuance of long-term debt

3,209

Dividends to shareholders

(2,692)

(2,753)

Issuance of ordinary shares

400

206

Repurchase of ordinary shares

(2,961)

(510)

Other financing activities, net

96

(44)

Net cash used in financing activities

(3,018)

(2,091)

Effect of exchange rate changes on cash and cash equivalents

(95)

(170)

Net change in cash and cash equivalents

(44)

80

Cash and cash equivalents at beginning of period

1,284

1,543

Cash and cash equivalents at end of period

$                1,240

$                1,623

Supplemental Cash Flow Information

Cash paid for:

Income taxes

$                1,515

$                1,403

Interest

567

568

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow on LinkedIn.

FORWARD LOOKING STATEMENTS
This press release 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 competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, 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. In some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. 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 press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. References to quarterly or annual figures increasing, decreasing or remaining flat are in comparison to fiscal year 2024, and references to sequential changes are in comparison to the prior fiscal quarter.

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 net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basis for strategic planning. 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. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

-end-

Contacts:

Erika Winkels

Ryan Weispfenning

Public Relations

Investor Relations

+1-763-526-8478

+1-763-505-4626

 

 

FY25_Q3_Earnings_Social_Video_Draft_V9_ID

 

 

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