Q2FY23 Financial Summary and Strategic Highlights
Allocating capital to balance investment with return to shareholders
① Organic R&D
investments
Increasing our R&D spend broadly across the
company to fuel our robust pipeline
$2.7B
FY22:
R&D Growth
outpacing revenue growth
R&D spend in FY22
Organic
Minority investments &
strategic partnerships
Investments
Minority investments portfolio to develop and facilitate
potential future tuck-in acquisitions
Third-party funding to leverage our own R&D
investment and accelerate growth
75+
Companies
$900M+
Invested as of Q2 FY23
11
Investor Meetings | November 2022
Tuck-in M&A
Increasing our WAMGR, differentiating our portfolio,
and accelerating our time to market
9
Acquisitions announced
since beginning of FY21
MEDICREA
Companion
Medical
AVENU
MEDICAL
> intersect*
ACUTUS
MEDICAL
Left-heart access portfolio
ENT
>$3.3B
Return to shareholders
↑ Dividend growth
Committed to growing in line with earnings;
raised dividend by 8% in May 2022
45 Years
Member of S&P
In total consideration
of dividend increases
500 Aristocrats
Cremma
Health-
sonarMED
RIST
NEUROVASCULAR
ADDES MATTERS
AFFERA
Share repurchases
Will continue to offset dilution from stock-
based compensation
$5.5B
In net share
repurchases and
dividends in FY22
Total return
92%
of Free Cash Flow
50% LRP Target
MedtronicView entire presentation