Medtronic Q3 Revenue Rises 8.7% to $9B as Cardiac Ablation Soars 80%
Medtronic’s Q3 revenue rose 8.7% to $9.0B, led by its Cardiovascular Portfolio with 11% organic growth—its strongest in a decade—and Cardiac Ablation Solutions revenue up 80% on Affera and Sphere-9 launches. Management reaffirmed fiscal 2026 organic growth of about 5.5% and adjusted EPS of $5.62–$5.66 despite a $185M tariff headwind.
1. Q3 Financial Highlights
Medtronic reported fiscal Q3 revenue of $9.0 billion, up 8.7% year-over-year, with adjusted EPS of $1.36 exceeding expectations. Pricing contributed a 30-basis-point benefit, offsetting inflationary pressures, prior-year non-recurring impacts and a 20-basis-point headwind from cost-efficiency initiatives.
2. Cardiovascular Segment Performance
The Cardiovascular Portfolio delivered its strongest growth in ten years, with revenue rising 13.8% reported and 11% organically, driven by rapid adoption of pulsed field ablation technology. This segment generated $3.46 billion in Q3 revenue, marking a critical growth driver for the quarter.
3. Cardiac Ablation Solutions Launches
Cardiac Ablation Solutions revenue surged 80% globally and 137% in the U.S., powered by the new Affera mapping and navigation system and the Sphere-9 catheter. Management highlighted the shift from foundational market-building to active commercial scaling for these devices.
4. Outlook and Guidance
Medtronic reaffirmed full-year fiscal 2026 organic revenue growth of approximately 5.5% and adjusted EPS between $5.62 and $5.66, incorporating a projected $185 million tariff headwind. The company continues to leverage pricing and cost-efficiency programs to mitigate inflationary and macroeconomic challenges.