Q3 FY22 Earnings Presentation
Table of Executive Portfolio Financial Guidance &
Contents Summary Highlights Highlights Assumptions
ESG Appendix
Capital allocation
Balancing investment with return to shareholders
Organic R&D
investments
Investments
Increasing our R&D spend broadly across the
company to fuel our robust pipeline
FY22:
~$2.6B R&D Growth
Forecasted organic
R&D spend in FY22
outpacing
revenue growth
Tuck-in M&A
Increasing our WAMGR, differentiating our
portfolio, and accelerating our time to market
80
Acquisitions announced
since beginning of FY21
>$3.2B
In total consideration
Return to shareholders
Dividend
ā
growth
Committed to growing in line with earnings;
raised dividend by 9% in May 2021
44 Years
of dividend
increases
Member of
S&P 500
Aristocrats
Minority investments &
strategic partnerships
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+ $800M+
Companies
Invested as of Q3 FY22
MEDICREA
Companion
Medical
AVENU
MEDICAL
*Cremma
Health
sonarMED
RIST
NEUROVASCULAR
ACOESS MATTEFO
> intersect*
ENT
AFFERA
Share
repurchases
Will continue to offset dilution from stock-
based compensation
Total return
$3.3B
In net share
repurchases and
dividends in FY22
77%
of Free Cash Flow
50% LRP Target
24 Q3 FY22 earnings presentation | February 22, 2022
MedtronicView entire presentation