A：The Simplicity catheter is a durable, minimally invasive treatment for hypertension with strong patient outcomes and reimbursement support. Alta Viva is a small device for treating urgent urinary incontinence with no imaging or sedation required, activating on the same day, and offering up to 15 years of battery life, the longest in its category. Both devices are contributing to Medtronic's growth.

A：The Go Beyond campaign has resulted in a 50 times increase in website visits compared to the prior quarter, indicating strong interest from patients in building a new market for Medtronic's products.

A：The Hugo robotic surgical system is designed for flexibility, portability, and compatibility with the touch surgery digital ecosystem, offering AI-powered data connectivity and analytics. The system has received FDA clearance forlogic surgical procedures and is being expanded to include additional indications like hernia in the US general surgery market.

A：Medtronic has secured FDA clearance for the Stealth Access surgical system for spinal procedures. This system integrates AI, planning, robotics, and navigation into one seamless platform, designed around navigation to support surgeons' workflows and is expected to take share in the market with improved functionality.

A：Medtronic has businesses at different growth stages, but the innovation across the portfolio suggests a steadily improving growth outlook. Contributions to growth are expected from various segments including access, cardiac rhythm management (CRM), peripheral vascular health with neurogrid and Libertan, neurovascular with innovations like Artiz and Onyx, and the recently launched Hugo in the US. Additionally, the company is taking deliberate actions to strengthen long-term competitiveness in segments like structural heart and is confident in its ability to deliver durable growth.

A：Cranial and spinal technologies delivered mid single-digit growth, with 8% growth from strong pull-through in coar spine. The new navigation and robotics platform, Stealth Access, is expected to contribute to neurosurgery and CST as early as the fourth quarter.

A：Neurovascular has faced challenges due to China VBP and a recall advantage, both of which are now mostly behind us. There is an outlook for higher levels of growth from the contribution of Onyx's expanded indication and the launch of the negde carotid stent, which will be commercialized by both neurovascular and peripheral vascular businesses.

A：The diabetes business delivered 15% reported and over 8% organic growth, with double-digit strength in international markets and acceleration in the US. Recent regulatory milestones include several FDA clearances and the secured rights for the MiniMed 670G system, with a pivotal study underway for the third-generation fully closed-loop system.

A：The separation of the minimed business is perfectly on track with the preferred path being a two-step IPO and split, expected to be completed by the end of calendar year 26.

A：Revenue grew 8.7% reported and 6% organic, with a 50 basis point acceleration from the prior quarter and a 50 basis point outperformance over guidance. Geographically, performance was balanced with high single-digit growth in Western Europe, mid single-digit growth in the US and Japan, and US growth being the strongest since fiscal year 2019.

A：Adjusted gross margin was 64.9%, with benefits from pricing offset by negative impacts from cost inflation, inflation net of pricing, and prior year non-recurring items. Additionally, mix was impacted by the diabetes business, with negative 100 basis points mostly driven by the catheter and diabetes segments.

A：Tariffs impacted the business with a $93 million or 110 basis point impact. Adjusted operating profit was $2.200 billion, resulting in an adjusted operating margin of 23.8%, ahead of expectations. The adjusted tax rate was 17.3%, and adjusted EPS was $1.36, 3 cents above the midpoint of the guidance range.

A：The guidance for fiscal 26 organic revenue growth is reiterated at approximately 5.5% for the fourth quarter, with a similar revenue growth expected in Q4 due to a stronger Q4 25 comp. The company expects a gross margin increase slightly ex-tariffs, and an adjusted operating profit to grow approximately 5% or 7%.

A：The quarter's results beat expectations by 3 cents, mainly due to better-than-expected revenue and offset by tax pressure. The fiscal 26 EPS guidance is maintained in the range of $5.62 to $5.66 per share, with a continued focus on investing in growth areas and driving efficiency. The company is committed to its guidance and maintains its expectation for high single-digit EPS growth in fiscal year 27.

A：The company expects to achieve accelerating revenue growth and a commitment to grow earnings in the high single digits for next year.

A：Contributing factors to the acceleration of growth for next year include continued strength from the company's big growth drivers, particularly the businesses related to hypertension and overactive bladder, as well as growth from businesses like CST with stealth access, neurovascular products, and others.

A：The company anticipates a headwind of approximately $300 million from tariffs and a dilution of 1 to 2 cents per share due to the diabetes deal in the next year. However, the company is committed to growth acceleration and plans to invest in R&D and M&A.

A：The company is closely monitoring strong leading indicators such as account openings and physician engagements for both RDN and ART. They have been tracking the number of covered lives and reimbursements, with 100 million covered lives already, which is about one-third of the population in the US. The company plans to set more concrete goalposts as these launches mature.

A：The base organic growth rate excluding the extra week is expected to be around 5% or higher. The extra week contributed nearly an additional 1% to organic growth, so one should consider base organic growth in the 5% range or higher.

A：The company believes the market will continue to grow in the near term, with a forecast of at least high teens growth for fiscal year 27 and a strong digit market thereafter. They see sustained growth in Q4 and although they haven't provided guidance beyond that, they believe they are well positioned.

A：The company is committed to accelerating M&A and has started to see benefits from recent acquisitions like CA Works and in terror, which align with their strategy. They focus on tuck-in deals that are closely related to their existing business and may involve several billion dollars. They also prioritize high growth areas and may have multiple strategies for these markets. Additionally, they invest in venture opportunities across their portfolio.

A：To achieve high single-digit EPS growth, the company plans to lean into R&D and sales and marketing to develop franchises like RDN and Cas, hire necessary personnel, and engage in direct-to-consumer marketing, particularly for renal denervation and Alvia. They expect operational improvements, pricing, and cost control to offset by mix effects in their gross margin line. The reduction in the diabetes业务 will also provide a natural lift to gross margins. The company will continue to invest in these areas while the sales and marketing expenses will be offset by the improvements in GA line. Additionally, they expect some improvements in operating margins and below-the-line pressures, including headwinds on the interest line due to debt refinancing and continued pressure on tax.

A：The benefit from the shell count reduction will be gradually improving as it is calculated on a 12-month rolling average, but the full benefit will not be realized immediately.

A：The 8.5 percent likely refers to some temporary dilution from diabetes and MLA dilution. As the company gains more visibility, it will help clarify this potential for full embedding in the company's value.

A：The company decided to invest in TAVR rather than buying the whole company to expand its presence in the structural heart space, which it pioneered, and to enter the balloon expandable portion of the market. It views TAVR as an opportunity to expand organically through its existing platforms and programs.

A：The late catch-up in mortality observed in the Core Valve results is not expected to significantly impact the company's guidance, as the results are based on an old valve and procedural technique that is no longer commercially available. The company has provided guidance based on this information and is collaborating with physicians to ensure they understand the data moving forward.

A：The company acknowledges that hiring mappers has been critical and that while it has been able to stay ahead of this challenge, it remains a focus area. The ability to hire dedicated mappers in the space is seen as beneficial as they recognize the direction of travel in the industry. As for generator sales, the company is still relatively early in its launch, has a long runway to go, and is actively focusing on hiring mappers to alleviate the challenges.

A：The dilution from capital equipment is expected to start improving in the second half of next year. While it is currently slightly dilutive at the GM level, it drives significant profitability at the total business level and operating margin level. The turnaround is anticipated to be beneficial as it indicates growth in the business.

A：The company is excited about the progress with Hugo, having received FDA approval and completed first cases in the US. The leading indicators are positive, with a smooth case rate and utilization levels that are closely being watched. There is an expectation for a stepped-up in installations around the world as Hugo begins to move the needle within the surgical business. Although it may not significantly impact the surgical business immediately, there is excitement about the orders received and the potential growth.

A：The rapid growth in consumer demand for renal denervation is driven by a spike in website visits, the opening up of over 200 accounts, strong position finders, and reimbursements, and most importantly, by terrific patient outcomes and blood pressure reduction.

A：To support the growth of renal denervation, market development roles include building referral pathways from general practitioners to hospitals, along with hiring staff around health economics, coding, and billing to assist hospitals with various aspects of the procedure.

A：Positive market development of renal denervation has been contributed to by FDA breakthrough approval, broad CMS reimbursement, alignment with commercial payers, better competitive dynamics than initially anticipated, and most importantly, the positive patient outcomes.

A：The company plans to build the brand around renal denervation by investing in lead development and generation to increase awareness and make 'simplification' synonymous with hypertension management, particularly for patient outcomes.

A：The anticipated impact of the Stealth AES product is to improve the workflow in spine surgery, fit into the existing workflow seamlessly, lower the barrier to entry for robotic-assisted surgery, and grow the market share for Medtronic.

A：Generational growth drivers and new products contributing to the company's momentum include Ultra Viva, Hugo, advancements in neurovascular health, new products like carotid, and a breadth of innovations across different business segments within Medtronic.