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Medtronic Tops Q2 Estimates, Lifts Outlook on Cardiovascular and Diabetes Strength

Robust demand for heart and diabetes devices, led by pulsed field ablation, prompted a modest guidance raise.

Overview

  • Adjusted EPS came in at $1.36 on revenue of $8.96 billion, ahead of LSEG consensus estimates of $1.31 and $8.87 billion.
  • Cardiovascular sales rose 10.8% to $3.44 billion, driven by pulsed field ablation adoption for treating atrial fibrillation.
  • Diabetes segment revenue increased 10.3% as the company continues the planned separation of the business.
  • Management raised the lower end of its fiscal 2026 adjusted EPS forecast to $5.62 and lifted full‑year organic revenue growth guidance to about 5.5%.
  • The outlook includes an estimated $185 million tariff impact, and CEO Geoff Martha cited robust procedure volumes across end markets.