Medtronic Q3 Earnings: Cardiovascular And Neuroscience Drive Growth, Surgical Revenue Dips, Reaffirms Annual Forecast

Tuesday, Medtronic Plc MDT reported third-quarter 2025 sales of $8.29 billion, missing the consensus of $8.32 billion.

The medical device maker reported adjusted EPS of $1.39, beating the consensus of $1.36. Revenue increased 2.5% year over year, as reported, and 4.1% organically.

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“We delivered strong earnings this quarter, with significant improvements in both our gross margin and operating margin on the back of our ninth quarter in a row of mid-single digit organic revenue growth,” said Geoff Martha, Medtronic chairman and chief executive officer.

“We are starting to see the results from our long-term investments in groundbreaking innovation, such as pulsed-field ablation, to drive growth in some of the most attractive markets in MedTech.”

Cardiovascular segment revenue reached $3.04 billion, up 3.7% year over year as reported, and increased 5% organically, with mid-single digit increases in Cardiac Rhythm & Heart Failure and Structural Heart & Aortic and a low-single-digit increase in Coronary & Peripheral Vascular, all on an organic basis.

Neuroscience revenues of $2.46 billion increased 4.4% as reported and 5.2% organically, with a low-double-digit increase in Neuromodulation, mid-single-digit increase in Cranial & Spinal Technologies, and low-single-digit increase in Specialty Therapies, all on an organic basis.

Medical Surgical revenue of $2.07 billion decreased by 1.9% as reported and by 0.4% organically, with flat organic results in Surgical & Endoscopy and a low-single-digit organic decline in Acute Care & Monitoring.

Diabetes revenue of $694 million increased by 8.4%, as reported, and by 10.4% organic.

Guidance: Medtronic reaffirms its fiscal year 2025 organic revenue growth guidance of 4.75%-5%.

If recent foreign currency exchange rates hold, FY25 revenue growth would be around 3.4%-3.8%. If recent foreign currency exchange rates hold, 2025 revenue growth on an adjusted basis would be 3.4%-3.9%.

Medtronic expects 2025 adjusted EPS of $5.44-$5.50 versus consensus of $5.45.

Price Action: MDT stock is down 5.94% at $87.30 during the premarket session at the last check on Tuesday.

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