Medtronic Reports Strong Q1 FY2026 Results with $8.6B Revenue, Cardiovascular Leadership Challenged by Boston Scientific

Aug 20, 2025 10:00 CST Updated 10:00

Medtronic

Chronic Disease Medical Device and Therapy Developer

Medtronic Announces 202FY2026Q1Financial report, its Q1 revenue reached$8.6 billion（+8.4%), Profit10.47Billion USD ((Net profit slightly decreased compared to the same period last year).

This quarter, all four business segments of Medtronic achieved growth, but the growth rates varied significantly. Among them, the soon-to-be-spun-off diabetes business became the growth...The fastest-growing business segment was up 11.5%, followed by the cardiovascular business at 9.3%. Meanwhile, the neuroscience and medical surgical businesses were lackluster, with growth of just over 4%.

Q1 of Fiscal Year 2026Business Performance

Cardiovascular Business:Revenue of $3.285 billion (+9.3%). Among this, the Cardiac Rhythm and Heart Failure business achieved high single-digit organic growth (mainly driven by the rapid uptake of PFA), the Structural Heart and Aortic business achieved mid-single-digit organic growth (TAVR growth potential began to decline), and the Coronary and Peripheral Vascular business achieved low single-digit organic growth (RDN uptake was much slower than expected).

Boston Scientific 2025 Q2 Cardiovascular Field (IncludingCardiac Business andPeripheral Intervention Business) Total revenue exceeded $3.3 billion, officially surpassing Medtronic to claim the top position in the cardiovascular sector. However, the gap between Boston Scientific and Medtronic was less than $100 million, so Medtronic needs to work harder.

Neuroscience Business:Revenue of $2.416 billion (+4.3%). Among this, the neuromodulation business achieved high single-digit organic growth, the cranial and spinal technologies business achieved mid single-digit organic growth, and the specialized therapies business experienced low single-digit organic decline (all growth figures are based on an organic basis).
Medical Surgical Business:Revenue of $2.083 billion (+4.4%). Among which, the Surgical & Endoscopy business and the Acute Care & Monitoring business both achieved low single-digit organic growth.
Diabetes Business: Revenue of $721 million (+11.5%).

Highlights of Q1 2026 Fiscal Year

Strong performance of Pulse Field Ablation (PFA) products, with cardiac ablation solutions revenue growing nearly 50%, including a 72% increase in the U.S. market.
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Diabetes business still plans to spin off into an independent company MiniMed through an IPO within the next 15 months.
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Board Changes

After Elliott Investment Management, an activist investor, took a stake in Medtronic (now one of the largest shareholders of Medtronic), the company will add two senior figures from the medical technology industry to its board in an effort to boost its stock price.

John Groetelaars, former CEO of Hillrom, and Bill Jellison, former CFO of Stryker, will join as independent directors, increasing the Medtronic board to 13 seats.

In addition, Medtronic will establish two special board committees: a "Growth Committee," responsible for reviewing bolt-on acquisition opportunities, R&D expenditure strategies, etc.; and an "Operating Committee," responsible for studying the optimization of operational performance.

High-level Evaluation

"We delivered another solid quarter of mid-single-digit organic revenue growth, driven by broad-based strength across multiple innovative product categories, including pulsed field ablation, transcatheter valve, neuromodulation, diabetes, and leadless pacemaker. With meaningful progress on our key growth drivers, we are confident and well-positioned to accelerate revenue growth in the second half of the fiscal year."

---Geoff Martha Medtronic CEO