Q3 FY23 Earnings Presentation

Q3 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

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