Q3 FY22 Earnings Presentation

Income statement Strong EPS leverage GAAP1 ($ in millions) Q3 FY21 Q3 FY22 Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Non-GAAP1 Y/Y ($ in millions) Q3 FY21 Q3 FY22 Y/Y Revenue $7,775 $7,763 -0.2% Revenue Organic $7,775 $7,763 -0.2% 1.6% Gross Margin 66.3% 68.3% +200 bps Gross Margin 67.0% 68.9% +190 bps SG&A Full SG&A 32.6% 33.0% +40 bps 32.1% 32.5% +40bps % of Sales R&D 7.7% 8.6% +90 bps GAAP to non-GAAP reconciliation in Appendix % of Sales R&D % of Sales 7.6% 8.3% +70 bps % of Sales Operating Margin 16.4% 21.4% +500 bps Operating Margin 26.6% 28.1% +150 bps Net Income $1,270 $1,480 16.5% Net Income $1,753 $1,846 5.3% Diluted EPS $0.94 $1.10 17.0% 1The data in this table has been intentionally rounded and, therefore, may not sum. 21 Q3 FY22 earnings presentation | February 22, 2022 Diluted EPS $1.29 $1.37 6.2% Medtronic

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