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HTX July Report: Tops Global Exchange Ranking in Trading Volume Growth, New Listing Delivers 25x Return

PANAMA CITY, Aug. 19, 2025 /PRNewswire/ — HTX, a leading global crypto exchange, achieved standout growth during July’s market rally, with significant increase in new users, trading volume, and stunning returns on new listings. The exchange demonstrated comprehensive upgrades across products, branding, security, and services, showcasing robust growth momentum and operational excellence.


Trading Volume Growth Ranks No.1 Among Top Exchanges

According to CoinGecko’s latest Q2 exchange report, HTX topped global rankings for trading volume growth, significantly outperforming industry averages. Additionally, CoinDesk’s July exchange market share report noted that HTX achieved the second-largest market share increase year-to-date, trailing only Binance—cementing its place among the top-tier global trading platforms.


In July, HTX achieved remarkable performance metrics, including a 45% surge in new user registrations and 33% growth in trading volume month-over-month. HTX’s native growth engine keeps firing on all cylinders, propelled by surging organic traffic and industrial rankings that are fostering an increasingly vibrant ecosystem.

HTX listed 12 new assets in July spanning AI, meme coin, and layer 1 sectors. Among them, token M debuted exclusively on the platform and soared as much as 25x, creating a significant wealth effect for early participants. The AI-focused ANI, buoyed by comments from Elon Musk, quickly became the hottest on-chain project in the humanoid AI category, posting a peak gain of 426% after listing. Other additions such as BLUM and COOKIE broadened HTX’s exposure to high-growth sectors.

HTX New Listing Winners
HTX New Listing Winners

Campaigns Drive Liquidity and Brand Reach

On the marketing operations front, HTX ran campaigns exclusive to stablecoins, centered on USD1, USDC, and USDD, generating over $400 million in spot trading volume. Additionally, the HTX 12th-Anniversary Carnival has begun and will run until September 12. Participants can light up “Task Planets” to earn rewards, including trading fee rebate vouchers, 0% margin interest vouchers, token airdrops, merchandise, and entries into lucky draws with grand prizes of 120 million $HTX and a $2,000 travel fund.

During Istanbul Blockchain Week, HTX achieved 48+ million impressions in the Turkey market alone, and built deeper ties with partners including 0G Labs, 100xLabs, and Castrum Capital, which facilitated the listing of COOKIE. Online exposure rose by 60.8% versus prior events, with registrations and deposits hitting 14-day highs.

Research and Product Upgrades Strengthen Platform

This July, HTX Research published the first part of its in-depth report “The New Stablecoin Order: Restructuring Global Payments, Regulatory Legitimization, and the Capital War,” offering a macro view of stablecoin dynamics and forward trends.

HTX also launched version 11.0 of its app, redesigning the homepage, assets page, and trading page with overhauled interfaces. Following the upgrade, homepage click-through rates jumped by 24%, streamlining the user experience.

DAO Vision Refreshes with New Whitepaper

HTX DAO released a newly updated Whitepaper, marking a pivotal declaration of strategic direction. The initiative signals HTX’s evolution—from a centralized exchange to a core force in on-chain financial governance—committed to building a user-led “Freeport of Finance.” Under this vision, all participants will not only share in the platform’s growth but also gain genuine decision-making power. Moving forward, the development of HTX DAO will be driven collectively by its community, opening a new chapter that blends decentralized governance with CeFi infrastructure.

Strong Security and Transparent Reserves

As a pioneer in implementing Merkle Tree Proof of Reserves, HTX has consistently demonstrated its dedication to transparency by publicly disclosing reserve data for 34 consecutive months. As of August 1, 2025, all reserve ratios stood at or above 100%, with full transparency via the Assets > PoR Reports section on its website.


From accelerating user and trading growth to delivering standout crypto returns, product innovation, and global brand engagement, the July performance numbers underscore HTX’s ability to execute across multiple fronts. The exchange continues to deepen its user-centric approach and advance product and service innovations to help more traders seize the opportunities of the next market cycle.

About HTX

Founded in 2013, HTX (formerly Huobi) has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord.

Delska’s New 10MW Data Center in Latvia Achieves Tier III Design Certification

RIGA, Latvia, Aug. 19, 2025 /PRNewswire/ — Northern European data center operator Delska’s upcoming facility, EU North Riga LV DC1, has been awarded the prestigious Uptime Institute Tier III Design Certification—an important milestone ahead of its planned launch at the end of this year. Once operational, it will be one of the greenest data centers in the Baltic region.

Delska's new 10MW data center in Latvia achieves Tier III Design Certification
Delska’s new 10MW data center in Latvia achieves Tier III Design Certification

 

The Tier III Design certification ensures the facility meets strict standards for redundancy, safety, and uninterrupted service, guaranteeing 99.982% uptime. “In a world where even a few seconds of downtime can cost thousands, Tier III means our infrastructure stays online—even during planned maintenance,” said Delska CEO Andris Gailitis.

Addressing power shortages in major European hubs, the 10 MW site, offering up to 250 kW per rack, is built for next-generation workloads, including AI and high-performance computing (HPC). Its modular 6,000 m² layout is fully scalable, with the ability to expand the data center campus site up to 30 MW.

Sustainability is at the core of the design. The facility will run entirely on 100% wind energy, with backup generators powered by Neste MY renewable diesel. Targeting a PUE of just 1.3, it will use advanced free-cooling systems, hot-aisle containment, an effective Weiss Technik wall cooling system and Trane Turbocor-based chillers. It supports both air cooling and high-density direct-to-chip cooling. Delska also aims for LEED green building certification, an achievement held by fewer than 15 buildings in Latvia.

Upon completion, LV DC1 will undergo Tier III Facility certification to confirm its construction and operations meet the same high standard as its design. This will be Delska’s third Tier III-certified data center and sixth overall, joining two Tier III Facility-certified sites in Lithuania. Plans include an additional Lithuanian data center and another facility in the region, strengthening Delska’s Baltic data centers’ network.

About Delska

Delska is one of the largest data center operators in the Baltics, with over 26 years in IT and network infrastructure. Operating fully green Tier III and PCI-DSS certified facilities in Riga and Vilnius with 19 MW capacity, Delska also maintains points of presence in Frankfurt, Amsterdam, and Stockholm. Its portfolio includes cloud, server rental, network, security, and managed services.

Since being acquired by Quaero European Infrastructure Fund II in 2020, Delska has significantly expanded its infrastructure and improved energy efficiency. In 2024, DEAC (Latvia) and DLC (Lithuania) merged under a new Delska brand, and this year RackRay (Lithuania) joined the group of companies.

 

Nature Medicine Publishes Results of Phase II Study of Sacituzumab Tirumotecan Plus Tagitanlimab as First-Line Therapy for NSCLC

CHENGDU, China, Aug. 19, 2025 /PRNewswire/ — Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (“Kelun-Biotech”, HKEX: 6990) announced that clinical data from a Phase II study evaluating novel TROP2 antibody-drug conjugate (ADC) sacituzumab tirumotecan (sac-TMT) in combination with PD-L1 monoclonal antibody (mAb) tagitanlimab for the first-line treatment of advanced or metastatic non-small cell lung cancer (NSCLC) have been published in Nature Medicine (Impact Factor: 58.7).

The publication highlighted initial findings from the Phase II OptiTROP-Lung01 study, evaluating the efficacy and safety results of sac-TMT in combination with tagitanlimab as a first-line treatment of advanced or metastatic NSCLC patients without actionable genomic alterations. The study was led by Prof. Zhang Li’s team at the Center for Cancer Prevention and Control, Sun Yat-sen University, China. Patients in Cohort 1A received sac-TMT (5 mg/kg, Q3W) plus tagitanlimab (1200 mg, Q3W) in a three-week cycle, while patients in Cohort 1B were treated with sac-TMT (5 mg/kg, Q2W) plus tagitanlimab (900 mg, Q2W) in a four-week cycle. Patients received sac-TMT in combination with tagitanlimab in a non-randomized manner until disease progression or unacceptable toxicity. Median follow-ups for Cohort 1A and Cohort 1B were 19.3 months and 13.0 months, respectively (Data cutoff date: May 27, 2024).

The study results demonstrated promising anti-tumor activity, and manageable safety of sac-TMT in combination with tagitanlimab as a first-line treatment for advanced or metastatic NSCLC patients. A total of 40 patients in Cohort 1A and 63 patients in Cohort 1B were included in the full analysis set (FAS) for efficacy assessment. In Cohort 1A and Cohort 1B, respectively, the confirmed objective response rates (ORRs) were 40.0% (95% CI: 24.9–56.7) and 66.7% (95% CI: 53.7–78.0), and the ORRs were:

  • 44.4% and 64.7% among patients with non-squamous carcinoma, 36.4% and 69.0% with squamous carcinoma;
  • 41.7% and 57.1% among patients with PD-L1 tumor proportion score (TPS) <1%;
  • 38.5% and 63.2% for TPS 1–49%;
  • 40.0% and 78.3% for TPS ≥50%.

The median progression-free survival (mPFS) for Cohort 1A was 15.4 months (95% CI: 6.7–17.9) and not reached (95% CI: 9.6–NE) for Cohort 1B.

The most common grade ≥3 treatment-related adverse events (TRAEs) for both Cohorts 1A and 1B were decreased neutrophil count, decreased white blood cell count and anemia. No treatment-related deaths were observed.

Subgroup analyses showed consistent efficacy across PD-L1 and TROP2 expression levels, as well as in both squamous and non-squamous histological subtypes.

Dr. Michael Ge, CEO of Kelun-Biotech, commented: “The OptiTROP-Lung01 study supports the promising efficacy and safety of sacituzumab tirumotecan in combination with tagitanlimab as a first-line treatment for patients with advanced NSCLC. The results were observed across PD-L1/TROP2 expression levels and histological subtypes and support the advancement potential of sac-TMT from later-line to front-line therapy. The publication of results from several studies in top-tier international journals reflects the recognition of our innovation-driven development strategy. We will continue to work to address critical clinical challenges and unmet medical needs, striving to deliver more therapeutic options and improve quality of life for patients.”

About sac-TMT

Sac-TMT, a core product of the Company, is a novel human TROP2 ADC in which the Company has proprietary intellectual property rights, targeting advanced solid tumors such as NSCLC, breast cancer (BC), gastric cancer (GC), gynecological tumors among others. Sac-TMT is developed with a novel linker to conjugate the payload, a belotecan-derivative topoisomerase I inhibitor with a drug-to-antibody-ratio (DAR) of 7.4. Sac-TMT specifically recognizes TROP2 on the surface of tumor cells by recombinant anti-TROP2 humanized monoclonal antibodies, which is then endocytosed by tumor cells and releases KL610023 intracellularly. KL610023, as a topoisomerase I inhibitor, induces DNA damage to tumor cells, which in turn leads to cell-cycle arrest and apoptosis. In addition, it also releases KL610023 in the tumor microenvironment. Given that KL610023 is membrane permeable, it can enable a bystander effect, or in other words kill adjacent tumor cells.

In May 2022, the Company licensed the exclusive rights to MSD (the tradename of Merck & Co., Inc., Rahway, NJ, USA) to develop, use, manufacture and commercialize sac-TMT in all territories outside of Greater China (includes Mainland China, Hong Kong, Macao, and Taiwan).

To date, two indications for sac-TMT have been approved and marketed in China for the treatment of adult patients with unresectable locally advanced or metastatic TNBC who have received at least two prior systemic therapies (at least one of them for advanced or metastatic setting) and EGFR mutation-positive locally advanced or metastatic non-squamous NSCLC following progression on EGFR-TKI therapy and platinum-based chemotherapy. In addition, two new indication applications for sac-TMT for the treatment of adult patients with EGFR-mutant locally advanced or metastatic NSCLC who progressed after treatment with EGFR-TKI therapy and with unresectable locally advanced, metastatic HR+/HER2- BC who have received prior endocrine therapy and other systemic treatments in the advanced or metastatic setting were accepted by the CDE, and were included in the priority review and approval process. As of today, the Company has initiated 9 registrational clinical studies in China. MSD has initiated 14 ongoing Phase III global clinical studies of sac-TMT as a monotherapy or with pembrolizumab[1] or other agents for several types of cancer. These studies are sponsored and led by MSD.

About Tagitanlimab

Tagitanlimab is the first PD-L1 mAb globally to receive authorization for the first-line treatment of NPC. Previously, the NMPA has approved the marketing in China of tagitanlimab used in combination with cisplatin and gemcitabine for the first-line treatment of patients with R/M NPC and monotherapy for the treatment of patients with recurrent or metastatic NPC who have failed after prior 2L+ chemotherapy, respectively.

[1] Pembrolizumab (KEYTRUDA®) is a registered trademark of Merck Sharp & Dohme LLC (MSD), a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.

About Kelun-Biotech

Kelun-Biotech(6990.HK)is a holding subsidiary of Kelun Pharmaceutical (002422.SZ), which focuses on the R&D, manufacturing, commercialization and global collaboration of innovative biological drugs and small molecule drugs. The company focuses on major disease areas such as solid tumors, autoimmune, inflammatory, and metabolic diseases, and in establishing a globalized drug development and industrialization platform to address the unmet medical needs in China and the rest of world. The Company is committed to becoming a leading global enterprise in the field of innovative drugs. At present, the Company has more than 30 ongoing key innovative drug projects, of which 3 projects have been approved for marketing, 1 project is in the NDA stage and more than 10 projects are in the clinical stage. The company has established one of the world’s leading proprietary ADC platforms, OptiDC™, and has 1 ADC project approved for marketing, 1 ADC project in NDA stage and multiple ADC and novel DC assets in clinical or preclinical research stage. For more information, please visit https://kelun-biotech.com/.

https://doi.org/10.1038/s41591-025-03883-5

Media: klbio_pr@kelun.com 

Former Google Exec Outlines the High-Stakes Battle Behind Google Reviews on Maury Blackman’s Great Minds Think Data

Brad Wetherall, former Director for Google Business Profile, details survival tactics for businesses navigating Google’s review ecosystem

SAN FRANCISCO, Aug. 19, 2025 /PRNewswire/ — In The Data Behind the Stars, a new episode of Great Minds Think Data, Maury Blackman, CEO of The Transparency Company, interviews Brad Wetherall, former Director of Global Operations for Google My Business. This wide-ranging conversation uncovers the digital battleground of online reviews. What was once considered simple customer feedback has evolved into a high-stakes arena where misinformation, fraud, and invisibility can have devastating consequences for businesses.

Google’s local business ecosystem receives over 20 million new content submissions each day—including reviews, photos, and edits—forming the primary layer of trust that consumers rely on when making purchasing decisions. But as Wetherall explains, this data infrastructure is vulnerable to manipulation. “A business’s visibility in local search determines whether they survive or disappear. There’s no middle ground anymore,” said Wetherall. “If your listing is down, your revenue often goes with it.”

The episode explores the escalating threats posed by fraudulent reviews, synthetic content, and AI-generated business listings—elements that are rapidly distorting local search results and eroding consumer trust in the digital marketplace. Drawing from his extensive experience inside Google, Wetherall breaks down how these manipulated data signals are influencing purchasing decisions and damaging the reputations of legitimate businesses. He presents a five-part strategy designed to help business owners safeguard their online presence, maintain authenticity, and remain competitive in an increasingly unstable and opaque digital environment.

“This is one of the most transparent conversations we’ve had about how the review ecosystem works—and doesn’t work,” said Curtis Boyd, founder of The Transparency Company. “Every business owner who depends on Google should hear it. Fraud isn’t just coming from competitors anymore. It’s automated, it’s coordinated, and it’s attacking trust at scale.”

For host Maury Blackman, the conversation underscored a broader concern: the lack of institutional support for defrauded consumers and business owners. “There was a time when if you were defrauded, you called a regulatory agency or a state or federal office,” Blackman notes. “But today, those institutions are often boxed out. Most people don’t realize that Google isn’t just a platform—it’s the number one lead source and the most important digital asset for small businesses. When that system breaks, people have nowhere to turn.”

The Data Behind the Stars is more than a title—it’s a warning. This episode offers a wake-up call for business owners, marketers, policymakers, and consumers alike. As Wetherall explains, success in the review economy requires more than good service—it demands vigilance, verification, and an understanding of the complex systems shaping public perception.

Listen Now: https://podcasts.apple.com/us/podcast/great-minds-think-data-with-maury-blackman/id1636418804?i=1000722337450

Subscribe: Great Minds Think Data is available on Apple Podcasts, Spotify, and all major platforms.

About Great Minds Think Data

Great Minds Think Data is a podcast about the rising influence of data in business, government, and society. Hosted by tech executive and civic-tech pioneer Maury Blackman, each episode brings together thought leaders at the intersection of technology, policy, and ethics to examine how data is transforming our world.

Media Contact: maury@askfortransparency.com

accesso® Unveils accessoPay 3.0

Smart, Streamlined Checkout Experiences for the Next-Gen Guest

ORLANDO, Fla., Aug. 19, 2025 /PRNewswire/ — accesso Technology Group (AIM: ACSO), the premier technology solutions provider for attractions and venues worldwide, today announced the release of accessoPay 3.0, the latest evolution of its digital payment platform. Representing a pivotal step in accesso’s next-generation payment strategy, this release delivers a fully redesigned checkout experience: faster, smarter, and more secure; engineered to maximize conversion while meeting modern security and usability standards.

The future of payments, simplified with accessoPay 3.0.
The future of payments, simplified with accessoPay 3.0.

With a streamlined interface, refined guest journey, and robust integrations with Cybersource, part of Visa Acceptance Solutions, and with Accertify, accessoPay 3.0 empowers operators to deliver seamless eCommerce transactions, enhanced fraud protection, and greater guest confidence at every digital touchpoint.

“With AccessoPay 3.0, the team has redefined the checkout experience for attractions and venues,” said Michael Wiggins, Senior Director, Global Services, accesso. “This release is focused on creating an even smoother and more intuitive guest experience, while supporting our clients’ revenue goals through fast, smart and secure payment tools.”

Key Highlights of accessoPay 3.0:

  • Revamped checkout flow and UI, with intuitive progress indicators, fewer clicks, and a streamlined user journey.
  • Expanded digital wallet support, including updates to:
    • Apple Pay and Google Pay, enabling fast, secure payments across supported web and mobile browsers
    • PayPal, with full support for Venmo, Pay Later, and PayPal Credit
    • Trustly, offering direct bank payments for select global markets; no card or app required
  • Next-gen tokenization and payment security, including:
    • Token Management Service (TMS) by Cybersource, built on Visa’s infrastructure to securely capture and manage card data for recurring and one-click purchases
    • Network token support, boosting approval rates and reducing fraud exposure
  • Integrated upselling features, including:
    • Protecht Ticket Insurance, embedded at checkout
    • Donation prompts to support charitable initiatives
    • Flex Pay (formerly Uplift) installment loans, offer guests flexible payment options
  • Enhanced fraud protection with Accertify, featuring:
    • Pre- and post-authorization risk checks for real-time threat detection
    • Dynamic 3DS enablement, adapting security based on transaction-level risk
  • Optimized frontend architecture, including saved card functionality, dynamic payment buttons, A/B testing with Optimizely, and dynamic error handling
  • Compliance-ready, supporting PCI-DSS, secure wallet storage, and adaptive authentication

As with all accesso solutions, accessoPay is designed to evolve; delivering fast, intelligent, and secure checkout experiences that meet the needs of today’s digital-first guests.

About accesso Technology Group plc 

accesso is the leading global provider of patented and award-winning technology solutions that redefine the guest experience, drive increased revenue, streamline operations, and support data-driven business decisions for leisure and entertainment operators. Currently serving over 1,200 venues worldwide, accesso invests heavily in research and development to provide venues with technology that empowers unforgettable guest experiences. Staffed by a team of attractions, cultural venue, and ski industry veterans, accesso partners with venues to maximize guest engagement and revenue through intuitive ticketing, point-of-sale, virtual queuing, distribution, and experience management technologies.

accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. Learn more at accesso.com or follow accesso on X (Twitter), LinkedIn and Facebook.

 

Alibaba.com Announces Star-Studded Judging Panel for $1 Million CoCreate Pitch Competition’s U.S. Final

70 semi-finalists selected from 20,000+ entries will pitch their product ideas live to Daymond John, Lori Greiner, Simu Liu, Stephanie Mehta and Everette Taylor

NEW YORK, Aug. 19, 2025 /PRNewswire/ — Alibaba.com, a leading business-to-business (B2B) e-commerce platform, today announced the celebrity host and judging panel for the U.S. final of its $1 million CoCreate Pitch competition.

Slated to take place during CoCreate 2025 Las Vegas on September 4–5, the U.S. final will be hosted by renowned entrepreneur and Shark Tank icon Daymond John. He will be joined by an all-star panel of judges including:

  • Lori Greiner, Star of Shark Tank, Prolific Inventor, Distinguished Entrepreneur & Brand Builder Extraordinaire
  • Simu Liu, Actor best known as the first Asian superhero in the Marvel Cinematic Universe; Writer, investor; Chief Content Officer of MiLa;
  • Stephanie Mehta, CEO and Chief Content Officer of Mansueto Ventures, publisher of Inc. and Fast Company;
  • Everette Taylor, CEO of Kickstarter.

Meet the Host and Judges

Daymond John will serve as the emcee for the U.S. final round of this world’s largest product-focused pitch competition. John is the founder and CEO of the iconic lifestyle brand FUBU, growing the global fashion company into an empire generating over $6 billion in sales. For 17 seasons, he has been a staple of ABC’s multiple Emmy Award-winning Shark Tank where he is also an original Shark. John has been recognized worldwide for advancing economic opportunity and innovation. Beyond television, he leads The Shark Group, helping businesses craft authentic brand strategies and unlock growth, and is a New York Times Best Selling author for multiple books dedicated to financial education.

Lori Greiner, beloved Shark on Shark Tank, holds over 120 U.S. and international patents and has created and marketed over 1,000 products with a 90% success rate on new items launched, making her one of the most prolific inventors of retail and consumer products. Honored with the Sherry Lansing ‘Woman of the Year’ Award and listed as one of Success Magazine’s Top 25 Personal and Professional Development Influencers to Follow. She has earned the nickname “Queen of QVC” for her unmatched success in televised product sales, and will bring her sharp eye for consumer potential and scalability to CoCreate Pitch US Final.

Simu Liu made history as the star of the first Asian-fronted movie in the Marvel Cinematic Universe “Shang-Chi and the Legend of the Ten Rings”.  He is also a rising investor, and the Chief Content Officer of MiLa.  His Homecoming Fund supports Asian-led startups, and he recently appeared as a guest Dragon on Canada’s Dragons’ Den. With over 5 million followers, Simu bridges East and West, culture and commerce.

Stephanie Mehta, CEO and Chief Content Officer of Mansueto Ventures, publisher of Fast Company and Inc., is one of the most respected leaders in business journalism. Mehta previously served as editor-in-chief of Fast Company, and held senior roles at Vanity Fair, Bloomberg Media, Fortune, and The Wall Street Journal. Her work bridges Silicon Valley, Wall Street, and emerging markets, making her a trusted voice among entrepreneurs, investors, and policymakers worldwide.

Everette Taylor is the CEO of Kickstarter, the leading crowdfunding and launch platform for creative projects of all sizes. Under his leadership, the company was named one of TIME’s 100 Most Influential Companies and surpassed $9 billion in pledges to campaigns on the platform. He founded his first company at age 19, was recognized on Forbes 30 Under 30 in 2018, and was also recognized on the TIME100 Next list in 2023. Everette is a widely recognized voice in entrepreneurship, technology, marketing, startups, art, and diversity.

“At Alibaba.com, our mission has always been to make it easy to do business anywhere,” said Liz Wang, Global Head of Commercial Strategy at Alibaba.com. “We’re constantly expanding how we support entrepreneurs—whether through global sourcing, supply chain services, or new innovations like our AI sourcing agent, Accio. Through CoCreate Pitch, we’re proud to back the next generation of founders—not just with funding, but with the tools, expertise, and infrastructure they need to grow and succeed on a global stage.”

A Global Sourcing Ecosystem for Entrepreneurs

The pitch competition is the marquee program of CoCreate 2025, Alibaba.com’s flagship sourcing summit that brings together entrepreneurs, manufacturers, and investors for two days of product innovation and business building.

With over 20,000 applications submitted globally by its the first deadline on August 15, the CoCreate Pitch competition showcases the most innovative product ideas from entrepreneurs across the globe. A total of 100 semifinalists will pitch live—70 in Las Vegas and 30 in London this November—for a shot at winning from a $1 million prize pool, including two grand prizes of $200,000 in cash and Alibaba.com sourcing credits.

Beyond the pitch stage, CoCreate 2025 offers a dynamic platform for entrepreneurs to connect and grow. Over 50 trusted manufacturers from Alibaba.com’s global ecosystem will be on-site, presenting more than 20,000 of the latest product samples from upwards of 200 suppliers. Attendees can also take part in an all-new business matchmaking experience where they’ll engage in targeted 10-minute meetings with key decision-makers to explore samples, discuss customization, and fast-track deals. Complementing these hands-on opportunities, the event will also feature 100+ expert-led workshops addressing the most pressing issues facing today’s small and mid-sized businesses.

Got your ticket to join CoCreate 2025 for the global sourcing revolution and entrepreneurship excitement at: https://registration.eventpack.com/cocreate2025?tracelog=pr0731

Media Contact:

Mike Hong
mike.hong@alibaba-inc.com 

About Alibaba.com

Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.

Medtronic announces Board appointments and shareholder value creation initiatives to advance strategic priorities

Experienced executives John Groetelaars and Bill Jellison appointed to the Board of Directors

Board forms new Growth and Operating committees to sharpen focus on the company’s ongoing strategic portfolio management, operational execution and capital allocation

Plan to host Investor Day in 2026

Initiatives follow constructive engagement with Elliott Management

GALWAY, Ireland, Aug. 19, 2025 /PRNewswire/ — Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced the Medtronic Board of Directors has appointed John Groetelaars and Bill Jellison as independent directors, effective immediately.

Consistent with the company’s commitment to shareholder value creation, and to provide enhanced focus and urgency around Medtronic’s ongoing strategic portfolio management, operational improvement and capital allocation, the Board has formed the following special committees to align our governance with existing management focus areas and workstreams: 

  • The Growth Committee will be responsible for guiding the evaluation and execution of growth-accretive tuck-in M&A, organic R&D investments, and potential divestitures, including the continued execution of the recently announced plan to separate its Diabetes business.
  • The Operating Committee will align governance with the company’s initiatives to optimize operational performance, deliver margin expansion, and drive sustained earnings acceleration, including actions company management is taking to improve efficiency in its global manufacturing, supply chain, and operations.

Chief Executive Officer and Chairman of the Board, Geoff Martha, will serve as Chair of both of the newly formed committees, and newly appointed directors, Groetelaars and Jellison, will also serve on one or both of the committees.

“I am pleased to welcome John and Bill to the Medtronic Board of Directors – each of whom brings decades of relevant experience delivering growth as executives and directors of public companies in the medical technology industry. John’s leadership managing global operations and Bill’s deep financial expertise will also be valuable to the boardroom,” said Geoff Martha, chairman and chief executive officer. “We are at an exciting inflection point and in a period of strong momentum, with multiple growth drivers already delivering and additional breakthrough therapies set to launch in the months ahead. With the addition of these new Board members and the formation of these two new committees, we are accelerating our strategic growth priorities and advancing the simplification and optimization of our operations. The separation of MiniMed is an example of the important steps we’re taking to create a more focused and more profitable Medtronic. By sharpening our focus on high-margin growth opportunities, we are well-positioned to deliver stronger performance and greater value for patients, customers, and shareholders.”

Medtronic will host an Investor Day in mid-calendar year 2026 at which the company will discuss the work of the Growth Committee and Operating Committee, including Medtronic’s go-forward strategic priorities and financial algorithm.

Today’s initiatives follow constructive dialogue with Elliott Investment Management L.P. (“Elliott”). 

Martha continued, “We appreciate our productive dialogue with Marc Steinberg and the Elliott team. The durable growth drivers now taking hold across several of our businesses are strengthening Medtronic’s trajectory and reinforcing our conviction in the company’s future. The Board believes Medtronic has the right strategies to build on this momentum and deliver sustained, superior returns for investors over the long-term.”

Elliott Partner Marc Steinberg said, “Our decision to become one of Medtronic’s largest investors was driven by our strong conviction that the company is entering a new chapter of exceptional value creation defined by accelerating growth, operational improvement and enhanced strategic clarity. We believe Medtronic’s recent innovations in some of the medical technology sector’s most attractive markets have positioned the company for an inflection in organic growth. Combined with its renewed focus on portfolio simplification and improved operational execution, Medtronic is set to deliver a sustainable acceleration in earnings growth as well. Today’s announcements – including the addition of new directors with deep medical technology experience and the formation of two focused Board committees – are the right steps towards realizing Medtronic’s potential. We look forward to continuing our constructive partnership with Geoff Martha and the Board and to working closely together to realize this unique value-creation opportunity.”

Groetelaars and Jellison will be nominated to stand for election to the Board at Medtronic’s 2025 Annual General Meeting of Shareholders.

New Board Member Biographies

John Groetelaars brings more than 30 years of global leadership experience across a broad range of medical device sectors. Most recently, Groetelaars served as interim CEO for Dentsply Sirona, having previously served in a director role for the company. Prior to Dentsply Sirona, John was President & CEO at Hillrom from May 2018 until the company’s acquisition by Baxter International, Inc. in 2021. At Hillrom, he provided global leadership for a healthcare technology company with $3 billion in revenue and 10,000+ employees. Prior to joining Hillrom, Groetelaars served as executive vice president and president of the Interventional Segment at Becton, Dickinson and Company following its acquisition of C.R. Bard in December 2017.

Currently, Groetelaars serves as Chairman of the Board of Directors for Zeus Industrial Products. He is also a Board member for Parexel, a global clinical research organization.

Groetelaars earned a bachelor’s degree in Mechanical Engineering from Kettering University and an MBA from Columbia University.

William Jellison is a former medical technology executive and corporate finance expert. From 2013 to 2016, he served as the Vice President, Chief Financial Officer of Stryker Corporation, a global leader in medical technologies. Before joining Stryker, Jellison spent 15 years at Dentsply International in several leadership positions, including CFO. Jellison began his career with the Donnelly Corporation, holding multiple financial management and executive roles, including Vice President of Finance, Treasurer and Corporate Controller.

Jellison currently serves as a Senior Advisor for Astor Place Holdings, the Private Equity arm of Select Equities, and consults with other companies in the medical technology industry. He serves as a director of public companies Avient Corporation and Anika Therapeutics, Inc. as well as a director of private companies Solenis and Young Innovations.

Jellison received a B.A. in Business Administration from Hope College

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 Medtronic on LinkedIn.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

Contacts:
Erika Winkels
Public Relations
+1-763-526-8478

Ryan Weispfenning
Investor Relations
+1-763-505-4626

 

Medtronic reports first quarter fiscal 2026 financial results

11th quarter in a row of mid-single digit organic revenue growth;
Poised to accelerate growth

GALWAY, Ireland, Aug. 19, 2025 /PRNewswire/ — Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced financial results for its first quarter (Q1) of fiscal year 2026 (FY26), which ended July 25, 2025.

Key Highlights

  • Revenue of $8.6 billion, adjusted revenue of $8.5 billion, increased 8.4% as reported and 4.8% organic
  • GAAP diluted EPS of $0.81 increased 1%; non-GAAP diluted EPS of $1.26 increased 2%
  • Company raises FY26 EPS guidance; reiterates FY26 organic revenue growth guidance
  • Cardiac Ablation Solutions revenue increased nearly 50%, including 72% in the US, on strength of pulsed field ablation (PFA) products
  • U.S. Centers for Medicare & Medicaid Services (CMS) posted proposed National Coverage Determination (NCD) for the Symplicity Spyral™ system for hypertension; final NCD expected on or before October 8, 2025
  • Received CE Mark for LigaSure™ RAS vessel-sealing technology on Hugo™ robotic-assisted surgery (RAS) system

“We delivered another consistent quarter of mid-single digit organic revenue growth, with broad strength from several innovative product categories, including Pulsed Field Ablation, Transcatheter Valves, Neuromodulation, Diabetes, and Leadless Pacing,” said Geoff Martha, Medtronic chairman and chief executive officer. “We’re confident and well positioned to accelerate our revenue growth in the second half of our fiscal year, as we make meaningful progress on our major growth drivers.”

Financial Results
Medtronic reported Q1 worldwide revenue of $8.578 billion and adjusted revenue of $8.539 billion, an increase of 8.4% as reported and 4.8% on an organic basis. The organic revenue growth comparison excludes:

  • Other revenue of $72 million in the current year and –$52 million in the prior year; and
  • Foreign currency benefit of $159 million on the remaining segments.

Q1 revenue by segment included:

  • Cardiovascular Portfolio revenue of $3.285 billion increased 9.3% as reported and 7.0% organic, with a high-single digit increase in Cardiac Rhythm & Heart Failure, mid-single digit increase in Structural Heart & Aortic, and low-single digit increase in Coronary & Peripheral Vascular, all on an organic basis;
  • Neuroscience Portfolio revenue of $2.416 billion increased 4.3% reported and 3.1% organic, with a high-single digit increase in Neuromodulation and mid-single digit increase in Cranial & Spinal Technologies, offset by a low-single digit decrease in Specialty Therapies, all on an organic basis;
  • Medical Surgical Portfolio revenue of $2.083 billion grew 4.4% as reported and 2.4% organic, with low-single digit organic growth in both Surgical & Endoscopy and Acute Care & Monitoring; and
  • Diabetes business revenue of $721 million increased 11.5% as reported and 7.9% organic.

Q1 GAAP operating profit and operating margin were $1.445 billion and 16.8%, respectively, increases of 13% and 70 basis points, respectively. As detailed in the financial schedules included at the end of the release, Q1 non-GAAP operating profit and operating margin were $2.016 billion and 23.6%, respectively, an increase of 3% and decrease of 80 basis points, respectively.

Q1 GAAP net income and diluted earnings per share (EPS) were $1.040 billion and $0.81, respectively, flat and an increase of 1%, respectively. As detailed in the financial schedules included at the end of this release, Q1 non-GAAP net income and non-GAAP diluted EPS were $1.626 billion and $1.26, respectively, both increases of 2%. Non-GAAP diluted EPS had no impact from foreign currency translation.

Guidance
The company today reiterated its FY26 revenue growth and raised its FY26 EPS guidance.

The company continues to expect FY26 organic revenue growth of approximately 5%. The organic revenue growth guidance excludes the impact of foreign currency exchange and revenue reported as Other. Including Other revenue and the impact of foreign currency exchange, assuming recent foreign currency exchange rates, FY26 revenue growth on a reported basis would be in the range of 6.5% to 6.8%.

Excluding the potential impact from tariffs, Medtronic now expects underlying FY26 diluted non-GAAP EPS growth to be approximately 4.5% versus the prior guidance of approximately 4%. Including the reduced potential impact from tariffs of approximately $185 million versus the prior range of approximately $200 million to $350 million, Medtronic is raising its FY26 diluted non-GAAP EPS guidance to the new range of $5.60 to $5.66 versus the prior range of $5.50 to $5.60.

“As a result of our Q1 EPS outperformance and improved tariff impact assumption, we are raising our full year EPS guidance,” said Thierry Piéton, Medtronic chief financial officer. “Our confidence continues to increase as we advance our revenue growth drivers and execute on efficiencies in manufacturing, supply chain, and operating expenses to drive earnings growth, and increase our growth investments in R&D, sales, and marketing, all with a deliberate focus on creating long-term shareholder value.”

Video Webcast Information
Medtronic will host a video webcast today, August 19, at 8:00 a.m. EDT (7:00 a.m. CDT) to provide information about its business for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Quarterly Earnings 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 Past Events and Presentations link under the News & Events drop-down at investorrelations.medtronic.com.

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

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, material acquisition and divestiture transactions, 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 2025, and references to sequential changes are in comparison to the prior fiscal quarter. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis.

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, divestitures, or other significant discrete items. 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.

Contacts:
Erika Winkels
Public Relations
+1-763-526-8478

Ryan Weispfenning
Investor Relations
+1-763-505-4626

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

FIRST QUARTER

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

Currency
Impact(4)

FY26(5)

FY25(5)

Growth

Cardiovascular

$          3,285

$          3,007

9.3 %

$              68

$          3,217

$          3,007

7.0 %

Cardiac Rhythm & Heart Failure

1,712

1,535

11.5

37

1,676

1,535

9.1

Structural Heart & Aortic

930

856

8.7

22

908

856

6.1

Coronary & Peripheral Vascular

643

616

4.5

10

633

616

2.9

Neuroscience

2,416

2,317

4.3

27

2,389

2,317

3.1

Cranial & Spinal Technologies

1,211

1,147

5.5

12

1,199

1,147

4.5

Specialty Therapies

702

713

(1.5)

9

694

713

(2.7)

Neuromodulation

504

457

10.2

7

496

457

8.6

Medical Surgical

2,083

1,996

4.4

40

2,044

1,996

2.4

Surgical & Endoscopy

1,612

1,544

4.4

32

1,580

1,544

2.3

Acute Care & Monitoring

471

452

4.3

8

464

452

2.6

Diabetes

721

647

11.5

23

698

647

7.9

Total Reportable Segments

8,506

7,967

6.8

159

8,347

7,967

4.8

Other(2)

72

(52)

NM(3)

3

TOTAL

$          8,578

$          7,915

8.4 %

$            162

$          8,347

$          7,967

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 the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(3)

Not meaningful (NM)

(4)

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

(5)

The three months ended July 25, 2025 includes $231 million of revenue adjustments, including $33 million of inorganic revenue for the transition activity noted in (2), $39 million reduction in the Italian payback accruals due to  changes in estimates further described in note (2), and $159 million of favorable currency impact on the remaining segments. The three months ended July 26, 2024 excludes $52 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2) and $38 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

U.S. REVENUE(1)(2)

(Unaudited)

FIRST QUARTER

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

FY26

FY25

Growth

Cardiovascular

$          1,479

$          1,403

5.5 %

$          1,479

$          1,403

5.5 %

Cardiac Rhythm & Heart Failure

834

766

8.9

834

766

8.9

Structural Heart & Aortic

371

368

0.8

371

368

0.8

Coronary & Peripheral Vascular

274

268

2.1

274

268

2.1

Neuroscience

1,624

1,565

3.8

1,624

1,565

3.8

Cranial & Spinal Technologies

890

855

4.1

890

855

4.1

Specialty Therapies

393

398

(1.3)

393

398

(1.3)

Neuromodulation

341

312

9.4

341

312

9.4

Medical Surgical

884

881

0.4

884

881

0.4

Surgical & Endoscopy

622

630

(1.3)

622

630

(1.3)

Acute Care & Monitoring

263

251

4.5

263

251

4.5

Diabetes

217

215

0.9

217

215

0.9

Total Reportable Segments

4,205

4,064

3.5

4,205

4,064

3.5

Other(3)

20

18

6.4

TOTAL

$          4,224

$          4,082

3.5 %

$          4,205

$          4,064

3.5 %

(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)

FIRST QUARTER

REPORTED

ORGANIC

(in millions)

FY26

FY25

Growth

Currency
Impact(4)

FY26(5)

FY25(5)

Growth

Cardiovascular

$          1,806

$          1,604

12.6 %

$              68

$          1,737

$          1,604

8.3 %

Cardiac Rhythm & Heart Failure

878

769

14.2

37

842

769

9.4

Structural Heart & Aortic

558

487

14.6

22

536

487

10.1

Coronary & Peripheral Vascular

369

347

6.3

10

359

347

3.4

Neuroscience

792

752

5.4

27

765

752

1.7

Cranial & Spinal Technologies

320

292

9.7

12

309

292

5.7

Specialty Therapies

309

314

(1.7)

9

301

314

(4.4)

Neuromodulation

163

146

11.9

7

156

146

6.9

Medical Surgical

1,199

1,115

7.5

40

1,159

1,115

4.0

Surgical & Endoscopy

990

915

8.3

32

958

915

4.8

Acute Care & Monitoring

209

200

4.1

8

201

200

0.2

Diabetes

504

432

16.7

23

481

432

11.4

Total Reportable Segments

4,301

3,903

10.2

159

4,142

3,903

6.1

Other(2)

53

(70)

NM(3)

3

TOTAL

$          4,354

$          3,832

13.6 %

$            162

$          4,142

$          3,903

6.1 %

(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 the historical operations and ongoing transition agreements from businesses the Company has exited or divested and adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(3)

Not meaningful (NM)

(4)

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

(5)

The three months ended July 25, 2025 includes $212 million of revenue adjustments, including $14 million of inorganic revenue for the transition activity noted in (2), $39 million reduction in the Italian payback accruals due to  changes in estimates further described in note (2), and $159 million of favorable currency impact on the remaining segments. The three months ended July 26, 2024 excludes $70 million of revenue adjustments related to $90 million of incremental Italian payback accruals further described in note (2) and $19 million of inorganic revenue related to the transition activity noted in (2).

 

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) 

‌‌

Three months ended

(in millions, except per share data)

July 25, 2025

July 26, 2024

Net sales

$             8,578

$             7,915

Costs and expenses:

Cost of products sold, excluding amortization of intangible assets

3,001

2,761

Research and development expense

726

676

Selling, general, and administrative expense

2,806

2,655

Amortization of intangible assets

459

414

Restructuring charges, net

45

47

Certain litigation charges, net

27

81

Other operating expense, net

70

1

Operating profit

1,445

1,278

Other non-operating income, net

(33)

(157)

Interest expense, net

176

167

Income before income taxes

1,302

1,268

Income tax provision

255

220

Net income

1,047

1,049

Net income attributable to noncontrolling interests

(7)

(6)

Net income attributable to Medtronic

$             1,040

$             1,042

Basic earnings per share

$               0.81

$               0.81

Diluted earnings per share

$               0.81

$               0.80

Basic weighted average shares outstanding

1,281.6

1,293.3

Diluted weighted average shares outstanding

1,287.1

1,296.5

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 July 25, 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

$  8,578

$   3,001

65.0 %

$     1,445

16.8 %

$    1,302

$       1,040

$     0.81

19.6 %

Non-GAAP Adjustments:

Amortization of intangible assets(2)

459

5.5

459

374

0.29

18.5

Restructuring and associated costs(3)

(16)

0.1

67

0.8

67

51

0.04

22.4

Acquisition and divestiture-related items(4)

(7)

58

0.7

58

48

0.04

17.2

Certain litigation charges, net

27

0.3

27

21

0.02

22.2

(Gain)/loss on minority investments(5)

113

107

0.08

6.2

Other(6)

(39)

(0.2)

(39)

(0.5)

(39)

(30)

(0.02)

20.5

Certain tax adjustments, net

16

0.01

Non-GAAP

$  8,539

$   2,979

65.1 %

$     2,016

23.6 %

$    1,987

$       1,626

$     1.26

17.8 %

Currency impact

(159)

(46)

(0.1)

(10)

0.3

Currency Adjusted

$  8,380

$   2,933

65.0 %

$     2,006

23.9 %

$     1.26

Three months ended July 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

$  7,915

$   2,761

65.1 %

$     1,278

16.1 %

$    1,268

$       1,042

$     0.80

17.4 %

Non-GAAP Adjustments:

Amortization of intangible assets

414

5.1

414

340

0.26

18.1

Restructuring and associated costs(3)

(9)

0.1

62

0.8

62

51

0.04

19.4

Acquisition and divestiture-related items(4)

(10)

0.1

12

0.1

12

11

0.01

8.3

Certain litigation charges, net

81

1.0

81

68

0.05

16.0

(Gain)/loss on minority investments(5)

(17)

(17)

(0.01)

Medical device regulations(7)

(11)

0.1

14

0.2

14

11

0.01

21.4

Other(6)

90

0.6

90

1.1

90

70

0.05

22.2

Certain tax adjustments, net

17

0.01

Non-GAAP

$  8,004

$   2,730

65.9 %

$     1,953

24.4 %

$    1,925

$       1,592

$     1.23

17.0 %

See description of non-GAAP financial measures contained in the press release dated August 19, 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)

The Company recognized $45 million of accelerated amortization on certain intangible assets within the Cardiovascular Portfolio.

(3)

The charges primarily relate to employee termination benefits and facility related and contract termination costs.

(4)

The charges primarily include business combination costs, changes in fair value of contingent consideration, and exit of business-related charges. For the three months ended July 25, 2025, exit of business-related charges primarily relate to the impending separation of the Diabetes business and costs associated with the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(5)

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.

(6)

Reflects adjustments to the Company’s Italian payback accruals resulting from the two July 22, 2024 rulings by the Constitutional Court and the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(7)

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.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited) 

Three months ended July 25, 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

$      8,578

$     2,806

32.7 %

$       726

8.5 %

$           70

0.8 %

$           (33)

Non-GAAP Adjustments:

Restructuring and associated costs(2)

(5)

Acquisition and divestiture-related items(3)

(26)

(0.2)

(25)

(0.3)

Other(4)

(39)

(Gain)/loss on minority investments(5)

(113)

Non-GAAP

$      8,539

$     2,775

32.5 %

$       725

8.5 %

$           44

0.5 %

$          (146)

See description of non-GAAP financial measures contained in the press release dated August 19, 2025.

(1)

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

(2)

The charges primarily relate to employee termination benefits and facility related and contract termination costs.

(3)

The charges primarily include changes in fair value of contingent consideration and exit of business-related charges, which primarily relate to the impending separation of the Diabetes business and costs associated with the Company’s June 2021 decision to stop the distribution and sale of the Medtronic HVAD System.

(4)

Reflects adjustments to the Company’s Italian payback accruals resulting from the Legislative Decree published by the Italian government on June 30, 2025 for certain prior years since 2015.

(5)

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.

 

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS(1)

(Unaudited)

Three months ended

(in millions)

July 25, 2025

July 26, 2024

Net cash provided by operating activities

$                      1,088

$                        986

Additions to property, plant, and equipment

(504)

(520)

Free Cash Flow(2)

$                         584

$                        466

See description of non-GAAP financial measures contained in the press release dated August 19, 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 STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended

(in millions)

July 25, 2025

July 26, 2024

Operating Activities:

Net income

$                1,047

$                1,049

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

  Depreciation and amortization

748

662

  Provision for credit losses

28

18

  Deferred income taxes

167

88

  Stock-based compensation

86

83

  Other, net

159

(9)

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

  Accounts receivable, net

288

110

  Inventories

(373)

(217)

  Accounts payable and accrued liabilities

(598)

(604)

  Other operating assets and liabilities

(464)

(194)

Net cash provided by operating activities

1,088

986

Investing Activities:

Additions to property, plant, and equipment

(504)

(520)

Purchases of investments

(2,100)

(1,879)

Sales and maturities of investments

2,010

2,157

Other investing activities, net

(125)

(17)

Net cash used in investing activities

(719)

(259)

Financing Activities:

Change in current debt obligations, net

649

(624)

Issuance of long-term debt

3,209

Payments on long-term debt

(1,162)

Dividends to shareholders

(910)

(898)

Issuance of ordinary shares

95

89

Repurchase of ordinary shares

(123)

(2,492)

Other financing activities, net

70

(15)

Net cash used in financing activities

(1,381)

(731)

Effect of exchange rate changes on cash and cash equivalents

67

31

Net change in cash and cash equivalents

(945)

27

Cash and cash equivalents at beginning of period

2,218

1,284

Cash and cash equivalents at end of period

$                1,273

$                1,311

Supplemental Cash Flow Information

Cash paid for:

  Income taxes

$                   402

$                   394

  Interest

81

119

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