#1Medtronic Engineering the extraordinary Medtronic plc Q3 FY23 Earnings presentation February 21, 2023 Medtronic#2Forward looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances. Non-GAAP financial measures Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Starting with the quarter ended April 29, 2022, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators due to recent guidance from the U.S. Securities and Exchange Commission. Historical non-GAAP financial measures have been recast for comparability. All GAAP to non-GAAP reconciliations are provided on our website. Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance. Financial comparisons References to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year. References to organic revenue growth exclude the impact of significant acquisitions or divestitures and currency. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. References to sequential revenue changes are made on an "as reported" basis. Unless stated otherwise, all references to share gains or losses are as of the most recently completed calendar quarter, on a revenue basis, and in comparison to the same period in the prior year. 2 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#3Table of contents Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Executive Summary Portfolio Highlights Financial Highlights Guidance & Assumptions ESG Appendix Medtronic#4Q3 FY23 Executive Summary Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Medtronic#5Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Q3 FY23 Key messages Strong execution as we urgently forge the path to durable growth A Healthy rebound in revenue growth $ Delivered top and bottom line ahead of expectations; continue to urgently forge path to durable growth with building proof points of our progress demonstrated in Q3 Broad strength in multiple portfolios and operating units; headwinds abating Cardiovascular and Neuroscience portfolios had strong, high-single digit growth benefitting from product launches and continued strength in our established, market-leading Cardiac Rhythm Management and Spine franchises Revenue growth also benefitting from some abating headwinds: specifically, ventilator sales and product availability in businesses like Surgical Innovation and Cardiac Diagnostics Transformation underway; starting to translate to financial performance Aggressive transformation is underway: streamlining the company, enhancing our culture, improving capital allocation and portfolio management, and upgrading our global manufacturing operations and supply chain capabilities Expect organic revenue growth acceleration despite near-term headwinds Macro headwinds continue to impact profitability and cash flow; making progress on our plans for aggressive cost reductions. Q4 guidance: organic growth +4.5 to 5.0% and EPS $1.55-1.57 Confidence in path to deliver durable growth and shareholder value Remain focused on delivering our pipeline, decisively allocating capital, improving our operational health, and streamlining the company We returned to mid-single digit organic growth as we execute our strategy with urgency." GEOFF MARTHA, CHAIRMAN & CEO 5Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#6Q3 FY23 Financial summary Revenue by segment Diabetes $570M -2.4% Y/Y Rep +3.3% Y/Y Org Total MDT $7,727M -0.5% Y/Y Rep +4.1% Y/Y Org Cardiovascular $2,772M +1.0% Y/Y Rep +6.5% Y/Y Org Medical Surgical $2,137M -6.7% Y/Y Rep -1.6% Y/Y Org -0.7% ex-Vents Y/Y Org 1) 2) Data has been intentionally rounded to the nearest million and, therefore, may not sum. Operating cash flows less property, plant, and equipment additions. 6 | Q3 FY23 Earnings Presentation | February 21, 2023 汁 Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Revenue¹ by geography United States $4,062M +3.1% Y/Y Rep +2.5% Y/Y Org O Non-U.S. Developed $2,294M -5.9% Y/Y Rep +6.0% Y/Y Org Emerging Markets $1,371M -1.0% Y/Y Rep +5.4% Y/Y Org GAAP Non-GAAP Neuroscience $2,248M +4.9% Y/Y Rep Diluted EPS $0.92 $1.30 Y/Y% -16% -4% +7.3% Y/Y Org CC Y/Y % N/A +1% Cash flow from operations YTD $3.6B Free cash flow² YTD $2.5B Medtronic#7Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Q3 FY23 Regional organic revenue growth 4.1% WW organic growth driven by 16.9% EM growth ex. China and MSD growth in non-U.S. developed markets United States Western Europe Japan Non-U.S. Developed 6.0% Australia & New Zealand Canada South Korea 2.5% ▲ High-single digits Low-single digits ▲ Low-double digits ▲ High-single digits Mid-teens Emerging Markets 5.4% China Middle East & Africa Latin America Eastern Europe Southeast Asia South Asia High-single digits Low-double digits ▲ High-teens Low-20's Mid-teens Low-20's 7 | Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#8Key product approvals Last 12 months: ~150 product approvals in key geographies¹ Interstim TM X System (U.S.) LigaPASSTM 2.0 Ligament Augmentation Onyx Frontier™ drug-eluting stent (U.S.) System (U.S.) Onyx Frontier™ drug-eluting stent (Europe) Pediatric Indication: FreezorTM & Freezor™ Xtra Cryoablation Catheters (U.S.) Nellcor™ OxySoft™ neonatal-adult SpO2 sensor (U.S.) Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Radiant TM balloon- expandable covered stent (Europe) IN.PactTM 018 DCB (U.S.) UNIDTM Spine Analyzer (U.S.) RespArray™ patient monitor (U.S.) Nexpowder™ Hugo™M Endoscopic Hemostasis System (U.S.) Robotic Assisted Surgery Platform (Japan) Pediatric Indication: LINQ ||TM Insertable Cardiac Monitor (U.S.) Left Bundle Branch Expansion: SelectSureTM MRI SureScan® Model 3830 cardiac lead (U.S) MiniMed™ 780G system (Canada) Ligasure ™ XP Maryland Jaw Sealer/Divider (U.S) Ô ||| 0 || 0 || 0 || - ||| Ô TÔ || 0 || 0 || 0 || 0 || 0 || - ||| 0 | 0 | 0 Q4 FY22 Note: Relative positioning is not intended to signify relative timing 1) Includes U.S., EU, Japan and China. Does not include all indication or partner approvals, though select additional approvals are displayed 8 Q3 FY23 Earnings Presentation | February 21, 2023 Q3 FY23 Medtronic#9Q3 FY23 Portfolio Highlights Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Medtronic#10Cardiovascular 7% growth driven by strong performance in CRM, TAVR, & Diagnostics Cardiac Rhythm & Heart Failure (CRHF) • • • Cardiac Pacing Therapies: HSD growth; mid-teens WW Micra™ growth driven by China Micra TM AV launch and increased market penetration Defibrillation Solutions: HSD growth driven by strong implant rates and ICD replacement headwinds subsiding; Aurora EV-ICDTM1 CE Mark received last week Procedure Innovations: Low-20s growth on strength of TYRXTM antibacterial envelopes CAS: HSD WW ex. China growth driven by continued adoption of Arctic Front™ cryoablation catheters, offset by competitive pressure in Europe and China VBP; PulseSelect™ PFA catheter¹ PULSED AF pivotal trial results to be presented as a LBCT at ACC.23 on March 6th Diagnostics: LINQ IITM global launch expansion accelerates with unrestricted supply Structural Heart & Aortic (SHA) Structural Heart: LDD WW & U.S. TAVR growth driven by EvolutTM FX launch and SVD Durability Data showing CoreValve TM and Evolut™ as first and only TAVR platforms to outperform SAVR at 5 years Aortic: DD growth on supply improvements for both AAA & TAA; continued pressure from Valiant Navion TM recall Coronary and Peripheral Vascular (CPV) Coronary: Y/Y & sequential DES share gains driven by Onyx Frontier™ launch; U.S. & WE PCI procedures below pre-COVID levels Peripheral Vascular Health: Growth in DCBs, Vascular Embolization, and Superficial Venous offset by weakness in Directional Atherectomy, Peripheral Stents and PTA balloons 10 Q3 FY23 Earnings Presentation | February 21, 2023 Micra TM AV and VR Transcatheter Pacing System Medtronic Micra AV Arctic Front™ cryoablation catheters LINQ II™M Insertable Cardiac Monitor Evolut™ FX TAVR System 21% CPV | $581M -3.6% Y/Y Rep +1.5% Y/Y Org $2,772M +1.0% Y/Y Rep +6.5% Y/Y Org 27% SHA $760M +2.7% Y/Y Rep +8.8% Y/Y Org ......52% CRHF $1,431M +2.1% Y/Y Rep +7.5% Y/Y Org Operating Unit Growth Cardiac Rhythm Management HSD Cardiac Ablation Solutions LSD Cardiovascular Diagnostics LDD Structural Heart & Aortic HSD Cardiac Surgery MSD Coronary LSD Peripheral Vascular Health LSD Onyx Frontier™ DES 1) Aurora EV-ICDTM and Pulse SelectTM are not available in the U.S. Medtronic#11Medical Surgical 3% growth (ex. vents, China) driven by SI share recapture and improved product availability Surgical Innovations (SI) • Significant sequential share recapture in SI due to improved product availability • LSD decline in Advanced Surgical Instruments driven by ongoing China VBP in Stapling, partially offset by MSD growth in Energy; ex-China, Sl growth in MSD 33% RGR | $712M -7.7% Y/Y Rep -3.0% Y/Y Org -0.3% ex-Vents Y/Y Org $2,137M -6.7 Y/Y Rep -1.6% Y/Y Org -0.7% ex-Vents Y/Y Org • LSD growth in Hernia & Wound Management driven by V-LocTM Barbed Sutures despite procedure softness in China Opened strategic markets with Hugo TM system installations in EU and APAC, including repeat orders Started South Korea "Hello Hugo" pre-market clinical trial for urology and general surgery indications U.S. IDE urology clinical trial began in December 2022 and continues to progress as planned Respiratory, Gastrointestinal, & Renal (RGR) Patient Monitoring: LSD Nellcor™ pulse oximetry growth on tough Y/Y comps; HSD OUS growth Respiratory Interventions: High-20s decline in ventilators (final quarter of difficult Y/Y comps), slightly offset by HSD growth in Endotracheal Tubes Gastrointestinal: Mid-teens growth in chronic & colorectal driven by strong US GI Genius TM performance Renal Care Solutions: HSD decline given product availability challenges 0- SonicisionTM 7mm Ultrasonic curved jaw Hugo™ RAS System¹ Gl Genius™ Intelligent endoscopy module 1) Hugo TM is not available in the U.S. 11 Q3 FY23 Earnings Presentation | February 21, 2023 ......67% SI | $1,425M -6.2% Y/Y Rep -0.9% Y/Y Org Operating Unit Growth Surgical Innovations LSD Gastrointestinal HSD Respiratory Interventions LDD Patient Monitoring Renal Care Solutions LSD HSD Medtronic#12• • . Neuroscience 7% growth with strength in U.S. Core Spine, SCS, NV, and ENT Cranial & Spinal Technologies (CST) CST: MSD growth driven by Aible™ ecosystem of spine products LDD growth in U.S. core spine with continued success of CatalyftTM and ModuleX™: partially offset by HSD decline in biologics due to product availability and difficult U.S. comps Strong growth in StealthStation™ navigation & O-arm™ imaging (LDD), Midas Rex™ power tools (HDD), and Mazor TM robotics (high-20's), driven by OUS performance Specialty Therapies (ST) NV: LDD growth in hemorrhagic and ischemic; driven by mid-teens growth in flow diversion, LDD growth in aspiration, and HSD growth in mechanical thrombectomy ENT: Low-20s organic growth driven by strength in NIM Vital TM nerve monitoring systems and recovery in product availability; integration progress of Intersect ENT PH: LDD OUS growth and MSD U.S. growth from continued market expansion, partially offset by continued U.S. competitive pressures Neuromodulation (NM) Aible TM Spinal Surgical Suite Pipeline TM Shield Embolization Device with Shield Technology TM 31% ... ST | $699M +10.4% Y/Y Rep +11.4% Y/Y Org $2,248M +4.9% Y/Y Rep +7.3% Y/Y Org 19% NM | $420M +2.7% Y/Y Rep +6.1% Y/Y Org ....50% CST | $1,128M +2.4% Y/Y Rep +5.3% Y/Y Org Operating Unit Growth Cranial & Spinal Technologies MSD Neurovascular HSD Brain Modulation: LSD decline due to continued replacement headwinds; MSD U.S. new implant growth DTMTM SCS on the Intellis TM platform ENT Low-20s Pelvic Health Neuromodulation MSD MSD SCS: Robust LDD growth driven by new implant share and increased commercial footprint for DPN on Intellis TM; market procedures improving • LDD TDD growth and LSD Interventional growth driven by continued improvements in product availability 12 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#13Diabetes Solid commercial execution; continued strong MiniMed™ 780G and CGM performance internationally Grew 3% driven by high-teens international growth offset by U.S. declines MiniMed™ 780G now launched in >90 countries, with strong adoption and continued geography expansion driving mid-teens International pump growth, doubling our installed base Y/Y. High satisfaction scores for product experience: • - 94% of users satisfied with impact on quality of life² 93% users satisfied with impact on mealtimes² ADAPT 12-month data to be presented at ATTD. Initial 6-month results demonstrated 27.6% absolute increase in Time in Range, reinforcing superiority of AID systems over MDI + CGM. CGM growth benefitting from strong 780G attach rate for Guardian TM 4 sensor in OUS markets, which grew substantially faster Extended infusion set (up to 7-day wear) now in 19 markets; strong adoption and highest product satisfaction; U.S. reimbursement secured for 91% of direct installed base through DME with additional access through pharmacy Completed 100% of the warning letter commitments; ready for FDA reinspection and remain in active FDA review for the 780G system with the Guardian™ 4 sensor Advanced our portfolio with recent FDA submission of next-generation standalone sensor, Simplera TM, following our CE Mark submission in Q1 FY23 '00 48% Non-U.S. Developed MiniMed™ 780G system1 14% •. Emerging Markets $570M -2.4% Y/Y Rep +3.3% Y/Y Org Guardian™ 4 sensor¹ 1) The MiniMed™ 780G & Guardian TM 4 Sensor, and Simplera TM Sensor, are not available in the U.S. 2) Medtronic data on file: MiniMed TM 780G data uploaded voluntarily by 4,120 users in EMEA to CareLink TM Personal, from 27 August 2020 to 3 March 2021 13 Q3 FY23 Earnings Presentation | February 21, 2023 Extended infusion set InPen™ system Simplera sensor¹ TM Medtronic 38% U.S.#14Q3 FY23 Financial Highlights Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Medtronic#15Q3 FY23 Income statement GAAP1 ($ in millions) Q3 FY22 Q3 FY23 Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Non-GAAP1 ESG Appendix Y/Y ($ in millions) Q3 FY22 Q3 FY23 Y/Y Revenue $7,763 $7,727 -0.5% Revenue $7,763 $7,727 -0.5% Gross Margin 68.3% 65.2% -310 bps Gross Margin 68.9% 66.0% -290bps SG&A 33.0% 33.8% 80 bps Full GAAP to SG&A % of Sales 32.5% 33.1% 60bps % of Sales R&D 8.6% 8.9% 30 bps non-GAAP reconciliation in Appendix R&D % of Sales 8.5% 8.7% 20 bps % of Sales Operating Margin 21.4% 18.0% -340 bps Operating Margin 28.0% 25.9% -210 bps Net Income $1,480 $1,222 -17.4% Net Income $1,838 $1,727 -6.0% Diluted EPS $1.10 $0.92 -16.4% 1) The data in this table has been intentionally rounded and, therefore, may not sum; Dollars in millions except for EPS. 15 Q3 FY23 Earnings Presentation | February 21, 2023 Diluted EPS $1.36 $1.30 -4.4% Medtronic#16Balance sheet Continue to maintain a strong balance sheet Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix ($ in millions) Q3 FY22 Q2 FY23 Q3 FY23 Y/Y Q/Q Total Assets $91,804 $93,241 $94,134 $2,330 $893 Cash & Equivalents $3,479 $4,828 $4,521 $1,042 ($307) Investments Total Debt $7,742 $6,602 $6,616 ($1,126) $14 $25,155 $26,617 $28,128 $2,973 $1,511 Short term debt $865 $5,864 $5,918 $5,053 $54 Long term debt $24,290 $20,753 $22,210 ($2,080) $1,457 Equity $52,713 $52,057 $51,618 ($1,095) ($439) 16 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#17Free cash flow Macro headwinds impacting free cash flow conversion in FY23 97% 55% $3.6 83% Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Included in free cash flow: FY18 FY19 FY20 FY21 FY22 ($ in billions) FY23 YTD 81% 80% 80% target instituted Certain Litigation Payments, net 1,2 $0.3 $0.5 $0.2 $0.2 $0.2 $0.0 $5.9 $6.0 $6.0 $4.9 FY18 FY19 in FY19 Pre-Tax Restructuring Payments¹ $0.2 $0.4 $0.5 $0.5 $0.4 $0.3 Other Payments 1,3 $0.3 $0.2 $0.2 $0.1 $0.3 $0.3 Puerto Rico IRS Pre- Payment $1.1 $0.3 $2.5 Certain Other Tax Payments $0.4 $0.4 $0.1 $0.2 $0.2 $0.5 FY20 FY21 FY22 FY23 YTD Free Cash Flow* FCF Conversion** *Operating cash flows less property, plant, and equipment additions; FCF shown in billions **Conversion ratio = free cash flow divided by non-GAAP net income 17 Q3 FY23 Earnings Presentation | February 21, 2023 1 Cash flow impact does not reflect associated tax cost/benefit, as timing and amount are difficult to estimate. 2 Includes payments accrued as "Non-GAAP" charges, as well as Covidien acquisition opening balance sheet adjustments. 3 Includes acquisition-related, divestiture-related, charges associated with stopping the distribution and sales of LVADs, European Union medical device regulations charges, and contributions to the Medtronic Foundation Medtronic#18Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Exercising decisive capital allocation. Prioritizing innovation-driven growth investments while delivering consistent dividend returns to shareholders 5% CAGR; +10% in FY22 Minority investments, strategic partnerships, and incubators add to traditional investment Return to Shareholders Investments for Growth Research & Development Target R&D growth at/above revenue growth $2.3 $2.3 $2.3 $2.5 $2.7 וה FY18 FY19 FY20 FY21 FY22 Blackstone Smart M&A Focus on tuck-in M&A with heightened focus on market selection 9 Acquisitions since FY21 >$3.3B in total consideration since FY21 intersect AFFERA ENT ACUTUS MEDICAL Left-heart access portfolio $950M+ invested as of Q3 FY23 Dividend & Share Repurchase Target minimum of 50% of Free Cash Flow returned to shareholders annually; prioritizing dividends $5.5B Net share repurchases & dividends FY22 18 Q3 FY23 Earnings Presentation | February 21, 2023 92% of Free Cash Flow New Neurovascular Co-LabTM Platform 80+ companies 45 Years of dividend increases Raised 8% in May 2022 Member of S&P 500 Dividend Aristocrats $3.7B shares repurchased since FY21 Medtronic#19Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Guidance & Assumptions Medtronic#20Guidance and assumptions Q2 FY23 Table of Contents Executive Summary Portfolio Financial Guidance & Highlights Highlights Assumptions ESG Appendix Q4 FY23 REVENUE FY22 Q4 base1 Organic revenue growth guidance Implied reported FX2 Inorganic³ revenue range $8,006M +4.5% to + 5.0% ($165M) to ($215M) $75M ~$8.23B $8.32B FY22 Earnings Call Implied constant FX2 base currency growth FY23 EPS FY23 EPS guidance FY23 Q2 Call $5.55 (1%) to (2%) ($0.18) $5.25 $5.30 FY23 Q3 Call $5.55 Approx. (1%) ($0.21) $5.28 -$5.30 Q4 FY23 EPS Earnings Call FY22 Q4 base Implied constant currency growth FX2 FY23 Q4 EPS guidance FY23 Q3 Call $1.52 8% to 9% ($0.09) $1.55-$1.57 Note: EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. 1) 2) FY22 Q4 reported revenue of $8,089 less $83M of Renal Care Solutions revenue being excluded from organic growth guidance as transaction is expected to close within the quarter While FX rates are fluid, assumptions above are based on rates as of the beginning of February 2023 3) Inorganic includes revenue from the acquisition of Intersect ENT and a partial quarter of revenue from Renal Care Solutions 20 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#21Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Environmental, Social & Governance ESG Appendix Medtronic#22Table of Executive Portfolio Financial Guidance & ESG Appendix Contents Summary Highlights Highlights Assumptions Environmental, social & governance Leading in engagement, citizenship and innovation DiversityInc TOP 50 COMPANIES FOR DIVERSITY DiversityInc #10 in Diversity Top 50, #4 for Mentorship, #5 for Supplier Diversity, #11 for Environmental, Social, & Governance, #13 for Sponsorship D'S BEST WORKPL Great Place To Work. 2022 2022 Great Place To Work Ⓡ And Fortune Magazine # 12 Worlds Best Workplaces™ Great Place To Work. Certified AUS Great Place to Work® certified awarded to Medtronic in Australia, Greater China, Spain, and 20 other countries R □ BEST PLACES TO WORK 2022 for LGBTQ+ Equality 100% CORPORATE EQUALITY INDEX Human Rights Campaign 100% Corporate Equality Index Human Rights Campaign - Best Places to Work for LGBTQ+ in South America - Medtronic Chile Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Dow Jones Sustainability Index DJSI World Index for 2 consecutive years DJSI North American Index for 15 consecutive years top EMPLOYERS INSTITUTE Top Employers Institute certified Awarded to Medtronic in the U.K., Egypt, South Africa, and 6 other countries NEW ERG OF THE YEAR Medtronic 2022 Outie Awards Medtronic PRIDE Network Winner ERG of the Year DEI BEST PLACE TO WORK FOR DISABILITY INCLUSION 100% DISABILITY EQUALITY INDEX 2022 Disability: IN and the American Association of People with Disabilities Disability Equality IndexⓇ Best Places to Work TM - 100% Score HACR HISPANIC ASSOCIATION ON CORPORATE RESPONSIBILITY 2022 Hispanic Association on Corporate Responsibility Corporate Inclusion Index Medtronic received 5-star awards across all four pillars - Employment, Philanthropy, Procurement, and Governance - one of only two companies to do so in 2022 3BL 100 Best Corporate Citizens 2022 3BL Media Placed 41st on 2022 100 Best Corporate Citizens for 6 consecutive years Named one of America's 2022 Best Employers for Veterans by Forbes Forbes America's Best Employers for Veterans 2022 glassdoor BEST PLACES TO WORK 02 Glassdoor Best Places to Work 2022 MOST AMERICA'S M JUST COMPANIES ACNBC 2022 Just Capital Named one of America's Most JUST Companies by JUST Capital Best Workplaces for Women Great Place To Work. INDIA 2922 2022 India's Best Workplaces for Women Medtronic Engineering and Innovation Centre in Hyderabad IR magazine IR Magazine Named 2021 U.S. Best Overall IR in Large Cap & Best IR in Healthcare Medtronic 22 Q3 FY23 Earnings Presentation | February 21, 2023 To learn more, visit our awards page#23Environmental, social & governance Long-range objectives & targets Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix For more information, visit Medtronic.com 2021 ESG Investor Briefing 2022 Integrated Performance Report 2022 Global Inclusion, Diversity & Equity Report Patient Safety & Product Quality 10% Reduction in aggregate product complaint rate for identified product families by FY25 vs. FY20 Access & Innovation 20% MDT revenue from products and therapies released in the prior 36 months by FY25 85M Patients served annually by FY25 Inclusion, Diversity & Equity 45% Global management positions held by women by FY26 30% U.S. management positions held by ethnically diverse talent by FY26 Climate Stewardship 50% Reduction in greenhouse gas omission intensity by FY25 50% Sourced energy from renewable and alternative sources by FY25 Carbon Neutral In our operations by FY30 Net Zero Emissions By 2045 Product Stewardship 25% Reduction in packaging waste for targeted high- volume products by FY25 vs. FY21 35% Reduction in paper associated with Instructions for Use (IFUS) by FY27 vs. FY21 23 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#24X X Appendix PR- PR Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions X M ESG Appendix -PR- Medtronic#25ESG Appendix Q3 FY23 Revenue by portfolio and geography Worldwide U.S. Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Non-U.S. Developed Emerging Markets Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Cardiovascular 2,772 1.0% 6.5% 1,375 6.0% 6.0% 859 -8.1% 3.6% 538 4.9% 13.1% Cardiac Rhythm & 1,431 2.1% 7.5% Hearth Failure Structural Heart & 760 2.7% 8.8% Aortic Coronary & Peripheral Vascular 581 -3.6% 1.5% Medical Surgical 2,137 -6.7% -1.6% 965 -2.5% -2.5% 760 -6.4% 5.5% 412 -15.6% -11.7% Surgical Innovations 1,425 -6.2% -0.9% Respiratory, Gastrointestinal, & Renal 712 -7.7% -3.0% Neuroscience 2,248 4.9% 7.3% 1,507 7.9% 6.1% 401 -7.0% 5.1% 341 7.9% 15.8% Cranial & Spinal 1,128 2.4% 5.3% Technologies Specialty Therapies 699 10.4% 11.4% Neuromodulation 420 2.7% 6.1% Diabetes 570 -2.4% 3.3% 215 -15.7% -15.7% 274 5.0% 16.9% 80 17.6% 20.6% Total Medtronic 7,727 -0.5% 4.1% 4,062 3.1% 2.5% 2,294 -5.9% 6.0% 1,371 -1.0% 5.4% 1) Data has been intentionally rounded to the nearest million and, therefore, may not sum 25 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#26Q3 FY23 GAAP to non-GAAP financial information Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Q3 FY23 GAAP Amortization Restructuring Acquisition-Related Minority Investment (Gain) / Loss on Medical Device RCS Impairment / Regulations Costs Certain Tax Adjustments Q3 FY23 Non-GAAP Q3 FY22 Non-GAAP (2) Y/Y Growth/Change Net Sales 7,727 7,727 7,763 Cost of Products Sold 2,689 (26) (7) (23) (2) 2,630 2,415 9% Gross Margin 65.2% 0.3% 0.1% 0.3% 66.0% 68.9% -290 bps SG&A 2,615 (40) (8) (1) (8) 2,558 2,521 1% % of Sales 33.8% (0.5)% (0.1)% (0.1)% 33.1% 32.5% 60 bps R&D 688 (14) 673 657 2% % of Sales 8.9% (0.2)% 8.7% 8.5% 20 bps Other Operating Expense (125) (8) (133) (Income), Net % of Sales (1.6)% (0.1)% (1.7)% 170 bps Amortization of Intangible Assets 431 (431) Restructuring Charges, Net 38 (38) Operating Profit 1,392 431 104 24 24 37 10 1,998 2,170 (8)% Operating Margin 18.0% 5.6% 1.3% 0.3% 0.5% 0.1% 25.9% 28.0% -210 bps Other Non-Operating Income, (149) 8 (142) (69) 106% Net Net Income Attributable to MDT ($M) 1,222 367 83 20 (8) 31 9 3 1,727 1,838 (6)% Diluted EPS ($) (1) 0.92 0.28 0.06 0.02 (0.01) 0.02 0.01 0.00 1.30 1.36 (4)% 1) Data has been intentionally rounded to the nearest million or $0.01 for EPS figures and, therefore, may not sum 2) Starting with Q4 FY22, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators. Historical non-GAAP financial measures have been recast for comparability. The impact of this change is a decrease in non-GAAP net income and diluted EPS of $8 million and $0.01, respectively, for Q3 FY22. 26 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#27Medtronic business structure Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Cardiovascular Learn more Cardiac Rhythm & Heart Failure • • • • Cardiac Rhythm Management Cardiac Ablation Solutions Cardiovascular Diagnostics Mechanical Circulatory Support Structural Heart & Aortic • Structural Heart • Aortic . Cardiac Surgery Coronary & Peripheral Vascular • Coronary & Renal Denervation • Peripheral Vascular Health 27 Q3 FY23 Earnings Presentation | February 21, 2023 Medical Surgical Learn more Surgical Innovations • Surgical Innovations • Surgical Robotics Respiratory, Gastrointestinal, & Renal (RGR) • Patient Monitoring Respiratory Interventions Gastrointestinal • Renal Care Solutions ESG Appendix Neuroscience Learn more Cranial & Spinal Technologies . Spine & Biologics Neurosurgery Specialty Therapies • Neurovascular Ears, Nose & Throat (ENT) Pelvic Health Neuromodulation Pain Therapies Brain Modulation Interventional Diabetes Learn more Therapies and services for insulin-dependent people who I have Type 1 and Type 2 Medtronic#28Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Growth Abbreviations & acronyms Business specific Business specific Other Other DD Double Digit AAA Abdominal Aortic Aneurysm MDI Multiple Daily Injection ACC HSD High-Single Digit AF Atrial Fibrillation MDT Medtronic ΑΙ American College of Cardiology IRS Artificial Intelligence Internal Revenue Service LBCT Late Breaking Clinical Trial LDD Low-Double Digit AID Automated Insulin Delivery NV Neurovascular ATTD Advanced Technologies and Treatments for Diabetes LGBTQ Lesbian, Gay, Bisexual, Transgender, Questioning LSD Low-Single Digit BP Blood Pressure PCI Percutaneous Coronary Intervention APAC Asia Pacific M Millions MSD Mid-Single Digit CGM Continuous Glucose Monitoring PFA Pulse Field Ablation. ANZ Australia, New Zealand N/A Not Applicable Revenue Decreased Y/Y CPV Coronary & Peripheral Vascular PH Pelvic Health B Billion NASS North American Spine Society Organic Revenue flat Y/Y New England Journal of CRHF Cardiac Rhythm & Heart Failure PTA Percutaneous Transluminal Angioplasty Bps Basis Points NEJM Organic Medicine Revenue Increased Y/Y Organic CRM Cardiac Rhythm Management RAS Robot-Assisted Surgery CAPEX Weighted Average WAMGR CRT-D Cardiac Resynchronization Therapy - RGR Respiratory, Gastrointestinal, & Renal CC Capital Expenditures Constant Currency Org Organic OUS Outside the United States Market Growth Rate Defibrillator CSF Cerebrospinal Fluid SAVR Surgical Aortic Valve Replacement CE Conformité Europëenne PLC Public Limited Company CST Cranial & Spinal Technologies SCS Spinal Cord Stimulation DJSI Dow Jones Sustainability Index Q Quarter DBS Deep Brain Stimulation SHA Structural Heart & Aortic EMEA Europe, Middle East, and Africa QQ Quarter-over-Quarter DCB Drug Coated Balloon SI Surgical Innovations EPS Earnings Per Share R&D Research & Development Environment, Social & DES Drug Eluting Stent SVD Structural Valve Deterioration ESG Rep Reported Governance DTM Differential Target Multiplexed Waveform TAA Thoracic Aortic Aneurysm EU European Union SEC U.S. Securities & Exchange Commission ENT Ear, Nose, & Throat TAVR Transcatheter Aortic Valve Replacement Ex-Vent Excluding Ventilator SG&A Selling, General & Administrative ECLS Extracorporeal Life Support TAVI Transcatheter Aortic Valve Implantation FDA Food and Drug Administration Tech Technology GI Gastrointestinal TDD Targeted Drug Delivery FX Foreign Exchange U.S. United States ICD Implantable Cardioverter Defibrillator TIR Time In Range FY Fiscal Year VBP Volume-Based Procurement ICM Insertable Cardiac Monitor TPS Transcatheter Pacing System GAAP Generally Accepted Accounting WE Western Europe Principles LRP Long Range Plan TTR Time in Target Range Investigational Device IDE WW Worldwide Exemption LVAD Left Ventricular Assist Device URO Urology ID&E Inclusion, Diversity and Equity YTD Year-to-Date Ex-MCS Excluding Mechanical Circulatory Support IPR&D In-process research and development Y/Y Year-over-Year 28 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic#29Medtronic Engineering the extraordinary Investor Relations contact information Ryan Weispfenning Vice President & Head of Investor Relations Brad Welnick Sr. Director, Investor Relations Gregory Hertz Sr. Director, Investor Relations [email protected] Medtronic