Q3 FY23 Earnings Presentation

Guidance and assumptions Q2 FY23 Table of Contents Executive Summary Portfolio Financial Guidance & Highlights Highlights Assumptions ESG Appendix Q4 FY23 REVENUE FY22 Q4 base1 Organic revenue growth guidance Implied reported FX2 Inorganic³ revenue range $8,006M +4.5% to + 5.0% ($165M) to ($215M) $75M ~$8.23B $8.32B FY22 Earnings Call Implied constant FX2 base currency growth FY23 EPS FY23 EPS guidance FY23 Q2 Call $5.55 (1%) to (2%) ($0.18) $5.25 $5.30 FY23 Q3 Call $5.55 Approx. (1%) ($0.21) $5.28 -$5.30 Q4 FY23 EPS Earnings Call FY22 Q4 base Implied constant currency growth FX2 FY23 Q4 EPS guidance FY23 Q3 Call $1.52 8% to 9% ($0.09) $1.55-$1.57 Note: EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. 1) 2) FY22 Q4 reported revenue of $8,089 less $83M of Renal Care Solutions revenue being excluded from organic growth guidance as transaction is expected to close within the quarter While FX rates are fluid, assumptions above are based on rates as of the beginning of February 2023 3) Inorganic includes revenue from the acquisition of Intersect ENT and a partial quarter of revenue from Renal Care Solutions 20 Q3 FY23 Earnings Presentation | February 21, 2023 Medtronic

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