Medtronic Reports Q1 FY26 Results: 11th Straight Quarter of Mid-Single Digit Organic Revenue Growth

Medtronic reported Q1 FY26 revenue of $8.6 billion, up 8.4% as reported and 4.8% organic. Key highlights include 50% growth in Cardiac Ablation Solutions, a proposed National Coverage Determination for the Symplicity Spyral system, and CE Mark for LigaSure RAS vessel-sealing technology on Hugo robotic-assisted surgery system. The company raised FY26 EPS guidance and reiterated organic revenue growth guidance.

Medtronic plc (NYSE: MDT), a global leader in healthcare technology, announced its first quarter (Q1) financial results for fiscal year 2026 (FY26), which ended July 25, 2025. The company reported Q1 revenue of $8.6 billion, up 8.4% as reported and 4.8% organic. Key highlights include a nearly 50% growth in Cardiac Ablation Solutions, a proposed National Coverage Determination (NCD) for the Symplicity Spyral™ system for hypertension, and the CE Mark for LigaSure™ RAS vessel-sealing technology on the Hugo™ robotic-assisted surgery (RAS) system.

Geoff Martha, Medtronic chairman and chief executive officer, stated, "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. 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."

Cardiac Ablation Solutions revenue increased nearly 50%, including a 72% increase in the U.S., driven by the strength of pulsed field ablation (PFA) products. The U.S. Centers for Medicare & Medicaid Services (CMS) posted a proposed NCD for the Symplicity Spyral™ system, with a final NCD expected by October 8, 2025. Medtronic also received CE Mark approval for LigaSure™ RAS vessel-sealing technology on the Hugo™ RAS system.

Medtronic's Q1 GAAP operating profit and operating margin were $1.445 billion and 16.8%, respectively, up 13% and 70 basis points. Non-GAAP operating profit and operating margin were $2.016 billion and 23.6%, respectively, up 3% and down 80 basis points. Q1 GAAP net income and diluted earnings per share (EPS) were $1.040 billion and $0.81, respectively, flat and up 1%. Non-GAAP net income and non-GAAP diluted EPS were $1.626 billion and $1.26, respectively, up 2%.

The company raised its FY26 EPS guidance and reiterated its organic revenue growth guidance. Medtronic now expects FY26 organic revenue growth of approximately 5%, with reported revenue growth in the range of 6.5% to 6.8%. Underlying FY26 diluted non-GAAP EPS growth is expected to be approximately 4.5%, up from the prior guidance of approximately 4%.

Thierry Piéton, Medtronic chief financial officer, commented, "As a result of our Q1 EPS outperformance and improved tariff impact assumption, we are raising our full year EPS guidance. 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."

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. The 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.

References:
[1] https://www.prnewswire.com/news-releases/medtronic-reports-first-quarter-fiscal-2026-financial-results-302532949.html