Medtronic plc (NYSE:MDT) announced key board appointments on Tuesday, naming John Groetelaars and Bill Jellison as independent directors, effective immediately. This move comes shortly after Elliott Investment Management became the company’s largest shareholder.
The company also unveiled its new Growth Committee, tasked with overseeing the evaluation and execution of strategic M&A, R&D investments, and potential divestitures, including the planned separation of its Diabetes business.
The medtech giant is scheduled to host an Investor Day in mid-2026, as first reported by The Wall Street Journal.
Also Read: Carlsmed’s Personalized Spine Implants Get Significant Reimbursement Advantage
Medtronic reported strong first-quarter 2026 results, with sales hitting $8.58 billion, surpassing the consensus estimate of $8.38 billion. This marks an 8.4% increase year-over-year, with organic growth of 4.8%.
Adjusted earnings of $1.26 per share also beat expectations of $1.23.
“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,” said Geoff Martha, Medtronic chairman and CEO.
Cardiovascular Portfolio revenue of $3.285 billion increased 9.3% as reported and 7.0% organic, with a high-single digit increase in Cardiac Rhythm & Heart Failure, mid-single digit increase in Structural Heart & Aortic, and low-single digit increase in Coronary & Peripheral Vascular, all on an organic basis.
Neuroscience Portfolio revenue of $2.416 billion increased 4.3% reported and 3.1% organic, with a high-single digit increase in Neuromodulation and mid-single digit increase in Cranial & Spinal Technologies, offset by a low-single digit decrease in Specialty Therapies.
Medical Surgical Portfolio revenue of $2.083 billion grew 4.4% as reported and 2.4% organic, with low-single digit organic growth in both Surgical & Endoscopy and Acute Care & Monitoring.
Diabetes business revenue of $721 million increased 11.5% as reported and 7.9% organic.
Outlook
Medtronic reiterates its fiscal year 2026 organic revenue growth guidance of 5%.
The company revised its fiscal 2026 revenue growth on a reported basis from 4.8%-5.1% to 6.5%-6.8%.
It raised sales guidance from $35.15 billion-$35.25 billion to $35.72 billion-$35.82 billion versus the consensus of $35.32 billion.
Excluding the potential impact from tariffs, Medtronic expects underlying fiscal 2026 adjusted EPS growth to be approximately 4.5% versus the prior guidance of approximately 4%.
Including the reduced potential impact from tariffs of approximately $185 million versus the prior range of roughly $200 million to $350 million, Medtronic raised its fiscal 2026 adjusted earnings to $5.60-$5.66 from the prior range of $5.50-$5.60 versus the consensus of $5.55.
In July, a federal appeals court sided with Medtronic in a long-running patent dispute, reversing a jury’s finding that the company induced infringement of a Colibri Heart Valve LLC patent related to the implantation of artificial heart valves.
Price Action: MDT stock is trading lower by 2.00% to $90.95 premarket at last check Tuesday.
Read Next:
Image via Shutterstock
