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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
January 27, 2023
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from __________ to __________
Commission File Number 001-36820
mdt-20230127_g1.jpg®
Medtronic plc
(Exact name of registrant as specified in its charter)
  
Ireland98-1183488
(State of incorporation)(I.R.S. Employer
Identification No.)
20 On Hatch, Lower Hatch Street
Dublin 2, Ireland
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, par value $0.0001 per shareMDTNew York Stock Exchange
0.375% Senior Notes due 2023MDT/23BNew York Stock Exchange
0.000% Senior Notes due 2023MDT/23CNew York Stock Exchange
0.250% Senior Notes due 2025MDT/25New York Stock Exchange
0.000% Senior Notes due 2025MDT/25ANew York Stock Exchange
2.625% Senior Notes due 2025MDT/25BNew York Stock Exchange
1.125% Senior Notes due 2027MDT/27New York Stock Exchange
0.375% Senior Notes due 2028MDT/28New York Stock Exchange
3.000% Senior Notes due 2028MDT/28ANew York Stock Exchange
1.625% Senior Notes due 2031MDT/31New York Stock Exchange
1.000% Senior Notes due 2031MDT/31ANew York Stock Exchange
3.125% Senior Notes due 2031MDT/31BNew York Stock Exchange
0.750% Senior Notes due 2032MDT/32New York Stock Exchange
3.375% Senior Notes due 2034MDT/34New York Stock Exchange
2.250% Senior Notes due 2039MDT/39ANew York Stock Exchange
1.500% Senior Notes due 2039MDT/39BNew York Stock Exchange
1.375% Senior Notes due 2040MDT/40ANew York Stock Exchange
1.750% Senior Notes due 2049MDT/49New York Stock Exchange
1.625% Senior Notes due 2050MDT/50New York Stock Exchange




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller Reporting Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 1(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
As of February 27, 2023, 1,330,423,708 ordinary shares, par value $0.0001, of the registrant were outstanding.





TABLE OF CONTENTS
Item Description Page
     
    
1.  
2.  
3.  
4.  
    
1.  
2.  
5.
6.  




PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Medtronic plc
Consolidated Statements of Income
(Unaudited)
 Three months endedNine months ended
(in millions, except per share data)January 27, 2023January 28, 2022January 27, 2023January 28, 2022
Net sales$7,727 $7,763 $22,682 $23,597 
Costs and expenses:  
Cost of products sold, excluding amortization of intangible assets2,689 2,459 7,740 7,554 
Research and development expense688 668 2,055 2,094 
Selling, general, and administrative expense2,615 2,561 7,799 7,723 
Amortization of intangible assets431 432 1,275 1,298 
Restructuring charges, net38 12 81 32 
Certain litigation charges, net 35  95 
Other operating (income) expense, net(125)(63)(187)719 
Operating profit1,392 1,659 3,920 4,081 
Other non-operating income, net(149)(67)(342)(244)
Interest expense, net167 137 449 410 
Income before income taxes1,375 1,589 3,813 3,915 
Income tax provision146 106 1,218 346 
Net income1,229 1,483 2,595 3,570 
Net income attributable to noncontrolling interests(6)(4)(17)(16)
Net income attributable to Medtronic$1,222 $1,480 $2,579 $3,554 
Basic earnings per share$0.92 $1.10 $1.94 $2.64 
Diluted earnings per share$0.92 $1.10 $1.94 $2.63 
Basic weighted average shares outstanding1,330.2 1,343.7 1,329.6 1,344.4 
Diluted weighted average shares outstanding1,332.0 1,350.3 1,332.8 1,353.9 

The accompanying notes are an integral part of these consolidated financial statements.
1


Medtronic plc
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three months endedNine months ended
(in millions)January 27, 2023January 28, 2022January 27, 2023January 28, 2022
Net income$1,229 $1,483 $2,595 $3,570 
Other comprehensive (loss) income, net of tax:  
Unrealized gain (loss) on investment securities 107 (70)(76)(114)
Translation adjustment1,689 (362)(20)(963)
Net investment hedge(1,858)475 (449)1,254 
Net change in retirement obligations(2)19 2 56 
Unrealized (loss) gain on cash flow hedges(760)100 (382)369 
Other comprehensive (loss) income(824)162 (924)602 
Comprehensive income including noncontrolling interests405 1,645 1,671 4,172 
Comprehensive income attributable to noncontrolling interests(11)(4)(17)(13)
Comprehensive income attributable to Medtronic$394 $1,641 $1,654 $4,159 

The accompanying notes are an integral part of these consolidated financial statements.
2


Medtronic plc
Consolidated Balance Sheets
(Unaudited)
(in millions)January 27, 2023April 29, 2022
ASSETS  
Current assets:  
Cash and cash equivalents$4,521 $3,714 
Investments6,616 6,859 
Accounts receivable, less allowances and credit losses of $207 and $230, respectively
5,887 5,551 
Inventories, net5,375 4,616 
Other current assets2,965 2,318 
Total current assets25,364 23,059 
Property, plant, and equipment13,926 13,365 
Accumulated depreciation(8,489)(7,952)
Property, plant, and equipment, net5,437 5,413 
Goodwill41,565 40,502 
Other intangible assets, net15,265 15,595 
Tax assets3,361 3,403 
Other assets3,142 3,008 
Total assets$94,134 $90,981 
LIABILITIES AND EQUITY 
Current liabilities: 
Current debt obligations$5,918 $3,742 
Accounts payable2,209 2,276 
Accrued compensation2,007 2,121 
Accrued income taxes657 704 
Other accrued expenses3,630 3,551 
Total current liabilities14,422 12,394 
Long-term debt22,210 20,372 
Accrued compensation and retirement benefits1,103 1,113 
Accrued income taxes2,305 2,087 
Deferred tax liabilities747 884 
Other liabilities1,730 1,410 
Total liabilities42,516 38,260 
Commitments and contingencies (Note 16)
Shareholders’ equity: 
Ordinary shares— par value $0.0001, 2.6 billion shares authorized, 1,330,376,287 and 1,330,743,395 shares issued and outstanding, respectively
  
Additional paid-in capital24,513 24,566 
Retained earnings30,117 30,250 
Accumulated other comprehensive loss(3,189)(2,265)
Total shareholders’ equity51,441 52,551 
Noncontrolling interests177 171 
Total equity51,618 52,722 
Total liabilities and equity$94,134 $90,981 
The accompanying notes are an integral part of these consolidated financial statements.
3


Medtronic plc
Consolidated Statements of Equity
(Unaudited)
Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 29, 20221,331 $ $24,566 $30,250 $(2,265)$52,551 $171 $52,722 
Net income— — — 929 — 929 2 931 
Other comprehensive income (loss)— — — — 326 326 (2)324 
Dividends to shareholders ($0.68 per ordinary share)
— — — (903)— (903)— (903)
Issuance of shares under stock purchase and award plans2 — 41 — — 41 — 41 
Repurchase of ordinary shares(3)— (333)— — (333)— (333)
Stock-based compensation— — 62 — — 62 — 62 
July 29, 20221,329 $ $24,335 $30,276 $(1,939)$52,672 $170 $52,843 
Net income— — — 427 — 427 8 435 
Other comprehensive (loss) income— — — — (422)(422)(2)(424)
Dividends to shareholders ($0.68 per ordinary share)
— — — (904)— (904)— (904)
Issuance of shares under stock purchase and award plans2 — 55 — — 55 — 55 
Repurchase of ordinary shares(1)— (85)— — (85)— (85)
Stock-based compensation— — 137 — — 137 — 137 
October 28, 20221,330 $ $24,442 $29,799 $(2,361)$51,880 $177 $52,057 
Net income— — — 1,222 — 1,222 6 1,229 
Other comprehensive (loss) income— — — — (828)(828)4 (824)
Dividends to shareholders ($0.68 per ordinary share)
— — — (904)— (904)— (904)
Issuance of shares under stock purchase and award plans1 — 48 — — 48 — 48 
Repurchase of ordinary shares(1)— (63)— — (63)— (63)
Stock-based compensation— — 81 — — 81 — 81 
Changes to noncontrolling ownership interests— — 5 — — 5 (11)(6)
January 27, 20231,330 $ $24,513 $30,117 $(3,189)$51,441 $177 $51,618 

4


Ordinary SharesAdditional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
 Shareholders’
 Equity
Noncontrolling InterestsTotal Equity
(in millions)NumberPar Value
April 30, 20211,345 $ $26,319 $28,594 $(3,485)$51,428 $174 $51,602 
Net income— — — 763 — 763 6 769 
Other comprehensive income (loss)— — — — 276 276 (2)274 
Dividends to shareholders ($0.63 per ordinary share)
— — — (846)— (846)— (846)
Issuance of shares under stock purchase and award plans2 — 107 — — 107 — 107 
Repurchase of ordinary shares(2)— (311)— — (311)— (311)
Stock-based compensation— — 69 — — 69 — 69 
July 30, 20211,345 $ $26,184 $28,511 $(3,209)$51,486 $178 $51,664 
Net income— — — 1,311 — 1,311 6 1,317 
Other comprehensive income (loss)— — — — 167 167 (1)166 
Dividends to shareholders ($0.63 per ordinary share)
— — — (847)— (847)— (847)
Issuance of shares under stock purchase and award plans3 — 92 — — 92 — 92 
Repurchase of ordinary shares(3)— (358)— — (358)— (358)
Stock-based compensation— — 140 — — 140 — 140 
Changes to noncontrolling ownership interests— — 1 — — 1 (16)(15)
October 29, 20211,345 $ $26,059 $28,974 $(3,042)$51,991 $168 $52,159 
Net income— — — 1,480 — 1,480 4 1,483 
Other comprehensive income (loss)— — — — 162 162 — 162 
Dividends to shareholders ($0.63 per ordinary share)
— — — (847)— (847)— (847)
Issuance of shares under stock purchase and award plans1 — 49 — — 49 — 49 
Repurchase of ordinary shares(3)— (372)— — (372)— (372)
Stock-based compensation— — 78 — — 78 — 78 
January 28, 20221,343 $ $25,814 $29,607 $(2,879)$52,542 $171 $52,713 

The accompanying notes are an integral part of these consolidated financial statements.
5


Medtronic plc
Consolidated Statements of Cash Flows
(Unaudited)
 Nine months ended
(in millions)January 27, 2023January 28, 2022
Operating Activities:  
Net income$2,595 $3,570 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization2,018 2,019 
Provision for credit losses54 49 
Deferred income taxes(78)(234)
Stock-based compensation280 287 
Loss on debt extinguishment53  
MCS asset impairment and inventory write-down 515 
Other, net182 92 
Change in operating assets and liabilities, net of acquisitions and divestitures:  
Accounts receivable, net(408)(212)
Inventories, net(936)(359)
Accounts payable and accrued liabilities163 6 
Other operating assets and liabilities(344)(444)
Net cash provided by operating activities3,579 5,289 
Investing Activities:  
Acquisitions, net of cash acquired(1,867)(91)
Additions to property, plant, and equipment(1,081)(979)
Purchases of investments(5,472)(7,919)
Sales and maturities of investments5,387