美敦力一季度收入和EPS超预期并上调FY27指引，但盘中涨幅已收窄

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Introduction & Market Context
Medtronic (NYSE:MDT) presented its first quarter fiscal 2027 earnings results on September 1, 2026, showcasing what the company described as its strongest quarterly performance in nearly eight years, excluding COVID-related periods. The medical technology leader reported revenue of $9.8 billion with 13.7% organic growth, significantly exceeding market expectations and prompting management to raise its full-year outlook.
According to fundamentals data, Medtronic’s stock traded at $92.90 in pre-market activity, up 2.48% from the previous close of $90.65, reflecting investor confidence in the company’s accelerating growth trajectory. The stock remains well within its 52-week range of $73.31 to $106.33, suggesting room for further appreciation as the company executes on its growth strategy.
Executive Summary
The quarter demonstrated broad-based strength across Medtronic’s portfolio, with all four major business segments delivering solid organic growth. As highlighted in the company’s presentation, Cardiovascular led with 19% growth, followed by Medical Surgical at 10%, Neuroscience at 9%, and Diabetes posting strong double-digit expansion.
Chairman and CEO Geoff Martha emphasized the durability and breadth of the company’s performance: "We are off to a strong start in fiscal 2027. What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses and the increasing contributions from newer growth platforms."
The company raised its fiscal 2027 organic revenue growth guidance by 50 basis points to 7.25%-7.75% and increased adjusted EPS guidance to $5.94-$6.00, representing 7.4%-8.5% growth. This upward revision reflects management’s confidence in sustained momentum across its diversified portfolio.
Detailed Financial Analysis
The following chart illustrates Medtronic’s comprehensive financial performance for the first quarter, with all three key metrics showing double-digit year-over-year growth.
Revenue reached $9.8 billion, representing 13.7% growth on both a reported and organic basis. The geographic breakdown showed particularly strong U.S. performance at $4.9 billion with 15.8% organic growth, while international markets contributed $4.9 billion with 11.6% organic growth.
Adjusted operating profit expanded to $2.3 billion, up 14.9% year-over-year, while adjusted diluted earnings per share of $1.45 increased 15.1% compared to the prior year period. This represented a $0.06 beat versus the guidance midpoint, driven by operational upside across the business.
The company’s income statement details reveal disciplined financial management alongside strategic growth investments.
Gross margin improved 10 basis points to 65.2%, reflecting continued pricing discipline and cost of goods sold efficiency programs. Operating margin held steady at 23.7%, also up 10 basis points year-over-year, as the company balanced investments in high-growth platforms with operational efficiency.
Notably, adjusted SG&A expenses increased 14% to support sales and marketing initiatives for enterprise growth drivers, though as a percentage of sales, SG&A improved 10 basis points to 32.4%. R&D spending grew a more modest 6.3% to $771 million, representing 7.9% of revenue as the company leverages its innovation engine efficiently.
Segment Performance Deep Dive
The company’s portfolio strength was evident across all major business segments, as illustrated in the following breakdown.
The Cardiovascular segment delivered exceptional results, generating $3.9 billion in revenue with 18.9% organic growth. This performance was anchored by Cardiac Ablation Solutions (CAS), which achieved remarkable 88% global growth and 139% U.S. growth, surpassing $2 billion in trailing twelve-month revenue. The business gained nine percentage points of U.S. market share and secured CE Mark approval for its Sphere-9 catheter system.
Within Cardiovascular, Cardiac Rhythm Management (CRM) showed share gains with mid-teens growth in both high-power and low-power therapies. The Micra leadless pacing system grew in the low-20s percentage range, while the company maintained market leadership in conduction system pacing with low-20s growth for its SelectSecure 3830 lead. The Aurora EV-ICD extravascular defibrillator system posted mid-50s percentage growth, demonstrating strong momentum for this next-generation technology.
The Neuroscience segment generated $2.7 billion with 9.3% organic growth, driven by a 13% increase in Cranial & Spinal Technologies.
Core Spine grew mid-teens on continued expansion of the ModuleX platform, while Neurosurgery delivered mid-teens growth including high-20s percentage growth in Navigation on the strength of the Stealth AXIS surgical system launch. The company completed its acquisition of Scientia Vascular to expand its neurovascular guidewire portfolio and enhance stroke treatment capabilities.
Medical Surgical achieved $2.3 billion in revenue with 10.2% organic growth, reflecting 9% Surgical growth and 14% Acute Care & Monitoring expansion.
The Hugo robotic-assisted surgery system continued its purposeful U.S. launch, with the company on track to surpass 50,000 global procedures. The segment received FDA clearance for Touch Surgery Aide, its next-generation computing platform, and the Touch Surgery digital ecosystem now operates in 1,500 operating rooms globally. Strong momentum in the McGRATH video laryngoscope, following the MAC+ product launch, and robust Nellcor pulse oximetry sensor volumes drove double-digit growth in Acute Care & Monitoring.
The Diabetes segment posted $843 million in revenue with 14.9% organic growth, demonstrating strong double-digit expansion.
U.S. growth accelerated following the June launch of MiniMed Flex with Simplera Sync, driving more than 20% year-over-year growth in new pumps sold. The company also launched the MiniMed Go Smart MDI system domestically. International markets maintained double-digit growth on expanded Simplera supply and the launch of Instinct, made by Abbott. The MiniMed Flex system received CE Mark approval ahead of schedule, with commercial launch planned for November. Management reiterated its intent to complete the separation of the Diabetes business prior to fiscal year-end.
Strategic Initiatives
Medtronic executed a robust operational agenda during the quarter, with significant product launches, regulatory approvals, and strategic transactions spanning multiple therapeutic areas.
Key operational highlights included the launch of the GAITEWAY Software Platform for the AIBLE Ecosystem, providing cloud-based, patient-specific insights and AI-driven surgical planning. The Stealth AXIS Surgical System received CE Mark for ear, nose, and throat indications, expanding its addressable market. The PulseSelect pulsed field ablation system launched in India to address the growing atrial fibrillation burden in that market.
The company’s M&A strategy focused on expanding capabilities in high-growth therapeutic areas through both acquisitions and strategic partnerships.
Medtronic completed the acquisition of Scientia Vascular in June 2026, adding differentiated guidewire technology for stroke treatment that aims to reduce or eliminate the ledge effect and simplify procedural workflows. In July, the company acquired SPR Therapeutics, a leader in temporary, percutaneous peripheral nerve stimulation therapies for chronic pain management, featuring the SPRINT PNS System.
Strategic investments included Cornerstone Robotics, an innovative surgical robotics company. Through a strategic investment and distribution agreement, Medtronic will distribute Cornerstone’s Sentire Surgical System in select markets outside the United States, expanding its robotic portfolio and providing surgeons with additional technology choices. The company also invested in Pi-Cardia, which developed a proprietary leaflet modification platform to improve procedural outcomes for transcatheter valve interventions.
Forward-Looking Statements
Based on the strength of first quarter performance, Medtronic raised its fiscal 2027 financial guidance across both revenue and earnings metrics.
The company increased its organic revenue growth outlook by 50 basis points to a range of 7.25%-7.75%, up from the prior guidance of 6.75%-7.25%. This implies adjusted revenue of approximately $38.9 billion to $39.2 billion for the full year, accounting for a foreign exchange headwind of $50 million to $150 million.
Adjusted earnings per share guidance was raised to $5.94-$6.00, representing 7.4%-8.5% growth compared to the fiscal 2026 base of $5.53. The guidance assumes foreign exchange will be roughly flat to a 1% tailwind for the full year. Management noted that guidance includes the Diabetes business for the full fiscal year, with plans to update guidance should the separation occur before year-end.
For the second quarter, management expects organic revenue growth of approximately 6% and adjusted EPS of $1.32-$1.34, with foreign exchange expected to be roughly neutral at recent rates.
Corporate Recognition and Sustainability
Beyond financial performance, Medtronic received recognition for its commitment to ethical business practices, innovation, and sustainability during the quarter.
The company was named one of the 2026 World’s Most Ethical Companies by Ethisphere and included on Fast Company’s list of the World’s Most Innovative Companies of 2026. TIME recognized Medtronic as one of the 2026 TIME100 Companies for health innovation, specifically citing the Hugo robotic-assisted surgery system and Touch Surgery ecosystem. The company also maintained its membership in the Dow Jones Sustainability Index for the fourth consecutive year on the World Index and 18th consecutive year on the North American Index.
Medtronic’s sustainability initiatives continue to advance toward ambitious near-term and long-term objectives.
The company achieved several fiscal 2025 sustainability targets, including maintaining 21% of revenue from products released in the prior 36 months, exceeding its goal to serve 79 million patients annually, and reducing its aggregate product complaint rate by 34%. On environmental metrics, Medtronic achieved a 60% reduction in Scope 1 and 2 greenhouse gas emissions intensity against its fiscal 2020 baseline, surpassing its 50% reduction target. The company also exceeded goals for operational energy use intensity reduction, renewable energy sourcing, water use intensity reduction, and waste generation intensity reduction.
Looking ahead, Medtronic has raised several sustainability goals for fiscal 2030, including expanding its patient reach target to 82 million annually, reducing operational energy use intensity by 35%, reducing purchased operational water use intensity by 30%, and reducing operational waste generation intensity by 40%.
Business Portfolio Structure
Medtronic’s diversified business model spans four core operating segments plus a smaller "Other" category, providing exposure to multiple high-growth medical technology markets.
The Cardiovascular segment encompasses Electrophysiology Therapies (including Cardiac Rhythm Management and Cardiac Ablation Solutions), Interventional Cardiology Therapies (Structural Heart and Coronary & Renal Denervation), CardioVascular Surgery (Cardiac Surgery and Aortic), and Peripheral Vascular Health. The Neuroscience segment includes Cranial & Spinal Technologies, Specialty Therapies (Neurovascular, ENT, and Pelvic Health), and Neuromodulation. Medical Surgical comprises Surgical & Endoscopy and Acute Care & Monitoring businesses. The Diabetes segment focuses on therapies and services for insulin-dependent people with Type 1 and Type 2 diabetes, with separation planned before fiscal year-end.
This portfolio structure positions Medtronic across multiple therapeutic areas with varying growth profiles, providing both stability and growth optionality as different markets evolve. The breadth of the portfolio was particularly evident in the first quarter, with all segments contributing to the company’s strongest performance in nearly eight years.
The combination of strong execution, innovative product launches, strategic acquisitions, and raised guidance suggests Medtronic has entered fiscal 2027 with significant momentum across its diversified medical technology portfolio.
Full presentation:
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