Medtronic plc Files 2024 Annual Report

Ticker: MDT · Form: 10-K · Filed: Jun 20, 2024 · CIK: 1613103

Medtronic PLC 10-K Filing Summary
FieldDetail
CompanyMedtronic PLC (MDT)
Form Type10-K
Filed DateJun 20, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.0001, $69.43
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, medical-devices

TL;DR

Medtronic's 2024 10-K is in: check financials for the medical device giant.

AI Summary

Medtronic plc filed its 10-K for the fiscal year ending April 26, 2024, reporting on its financial performance and business operations. The company, headquartered in Dublin, Ireland, operates within the electromedical and electrotherapeutic apparatus industry. Key financial data and operational details are presented in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Medtronic's financial health, strategic initiatives, and risk factors for the fiscal year 2024.

Risk Assessment

Risk Level: medium — As a large, publicly traded medical device company, Medtronic faces inherent risks related to regulatory changes, competition, and product innovation.

Key Numbers

Key Players & Entities

FAQ

What is Medtronic's primary industry classification?

Medtronic plc is classified under Standard Industrial Classification code 3845, which pertains to Electromedical & Electrotherapeutic Apparatus.

When did Medtronic plc's fiscal year 2024 end?

Medtronic plc's fiscal year 2024 ended on April 26, 2024.

What is the filing date of this 10-K report?

This 10-K report was filed on June 20, 2024.

Where is Medtronic plc headquartered?

Medtronic plc is headquartered in Dublin, Ireland.

What is the SEC file number for Medtronic plc?

The SEC file number for Medtronic plc is 001-36820.

Filing Stats: 4,171 words · 17 min read · ~14 pages · Grade level 16.6 · Accepted 2024-06-20 16:16:51

Key Financial Figures

Filing Documents

Risk Factors

Risk Factors 13 1B. Unresolved Staff Comments 25 1C. Cybersecurity 25 2.

Legal Proceedings

Legal Proceedings 26 4. Mine Safety Disclosures 26 PART II 5. Market for Medtronic's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 27 6. (Reserved) 28 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 50 Consolidated Financial Statements 52

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 57 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 9A.

Controls and Procedures

Controls and Procedures 103 9B. Other Information 103 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 103 PART III 10. Directors, Executive Officers, and Corporate Governance 104 11.

Executive Compensation

Executive Compensation 105 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 105 13. Certain Relationships and Related Transactions, and Director Independence 105 14. Principal Accounting Fees and Services 105 PART IV 15. Exhibits and Financial Statement Schedules 106 16. Form 10-K Summary 114

Signatures

Signatures 115 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, and other written reports of Medtronic plc, organized under the laws of Ireland (together with its consolidated subsidiaries, Medtronic, the Company, or we, us, or our), and oral statements made by or with the approval of one of the Company's executive officers from time to time, may include "forward-looking" statements. All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding our future results of operations and financial position, business strategy and plans, objectives of management for future operations and current expectations or forecasts of future results, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Our forward-looking statements may include statements related to our growth and growth strategies, developments in the markets for our products, therapies and services, financial results, product development launches and effectiveness, research and development strategy, regulatory approvals, competitive strengths, the potential or anticipated direct or indirect impact of public health crises and geopolitical conflicts on our business, results of operations and/or financial condition, restructuring and cost-saving initiatives, intellectual property rights, litigation and tax matters, governmental proceedings and investigations, mergers and acquisitions, divestitures, market acceptance of our products, therapies and services, accounting estimates, financing activities, ongoing contractual obligations, working capital adequacy, value of our investments, our effective tax rate, our expected ret

Business

Item 1. Business Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us "to contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life." Our Mission — to alleviate pain, restore health, and extend life — empowers insight-driven care and better outcomes for our world. We remain committed to being recognized as a company of dedication, honesty, integrity, and service. Building on this strong foundation, we are embracing our role as a healthcare technology leader and evolving our business strategy in four key areas: Leveraging our pipeline to accelerate revenue growth: The combination of our end markets, recent product launches and robust pipeline is expected to continue accelerating our growth over both the near-and long-term. We aim to bring inventive and disruptive technology to large healthcare opportunities which enables us to better meet patient needs. Patients around the world deserve access to our life-saving products, and we are driven to use our local presence and scale to increase the adoption of our products and services in markets around the globe. Serving more patients by accelerating innovation driven growth and delivering shareholder value: We listen to our patients and customers to better understand the challenges they face. From the patient journey, to creating agile partnerships that produce novel solutions, to making it easier for our customers to deploy our therapies — what we do is anchored in deep insight, and creates simpler, superior experiences. Creating and disrupting markets with our technology: We are confident in our ability to maximize new technol

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