Medtronic Reports Neuroscience Segment Revenue of Nearly $10 Billion in FY2025, Up 5% Year-over-Year

Fiscal Year 2025Medtronic's Annual Revenue Reaches$33.5 billion, with a year-on-year organic growth of 4.9%. The full-year net profit attributable to shareholders is approximately$4.66 billion, GAAP Diluted Earnings Per Share$3.61, a significant increase of 31% year-over-year. Medtronic's gross margin and profitability have steadily improved: the adjusted operating profit margin reached 27.8%, an increase of 0.9 percentage points from the previous year.

Among them, the Neuroscience segment's annual revenue was approximately$9.85 billion, an increase of approximately 5% year-over-year. Neuromodulation and spine businesses were the main growth drivers: The new generation of spinal cord stimulators and deep brain stimulators showed strong performance in pain management and Parkinson’s disease treatment, driving the neuromodulation business to achieve low double-digit growth; robust capital equipment sales of spinal surgery systems in the U.S. market contributed to high single-digit growth.

Additionally, Medtronic announced the completion of the spin-off of its diabetes business within 18 months. The diabetes business is Medtronic's fastest-growing segment (revenue of $2.76 billion, +11.5%), and the spin-off is expected to bring significant returns to shareholders (Medtronic has chosen to IPO its diabetes business, which could reach a market value comparable to Insulet). Meanwhile, Medtronic will appoint an Executive Vice President and President for its diabetes business.Que DallaraWill become the CEO of the new company.

After the spin-off, Medtronic will take decisive and ongoing portfolio management and capital allocation actions, shifting more focus to the highest-profit growth drivers related to its core strengths, and advancing the release of its innovative pipeline products, includingPulsed Field Ablation, Renal Denervation, Implantable Tibial Nerve Modulation, and Soft Tissue Robotics。

This spin-off continuesMedtronic's "Slimming" Strategy in Recent Years：

In 2023, the renal care business was divested through Mozarc Medical, a joint venture with DaVita; in 2024, the company exited the hospital ventilator market due to declining demand post-pandemic.

This is also one of the recent cases in the wave of spin-offs in the medical device industry, such as Baxter selling its renal division to Carlyle Group, and BD spinning off its diabetes business into Embecta.

Recently, the chairman of Medtronic, plc.Fang HongboIn the interview, it was also mentioned, "From the perspective of the development history of global enterprises, the abandonment of large conglomerates began in the United States. Before 2010, the market embraced large enterprise groups, with high valuations and market capitalizations. But now, the U.S. collectively abandons large conglomerates—UTC, GE, Honeywell, DuPont, so many companies have split, Danaher has also split, many have divided into several parts.Refocusing on specialization, all of these are paradigm shifts.。”

Source: BANFEI Incubation

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