Q3 FY23 Earnings Presentation

Table 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

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