Q3 FY23 Earnings Presentation
Table of Executive Portfolio Financial Guidance &
Contents Summary Highlights Highlights Assumptions
ESG Appendix
Exercising decisive capital allocation.
Prioritizing innovation-driven growth investments while delivering consistent dividend returns to shareholders
5% CAGR; +10% in FY22
Minority investments, strategic partnerships,
and incubators add to traditional investment
Return to
Shareholders
Investments for Growth
Research &
Development
Target R&D
growth at/above
revenue growth
$2.3 $2.3 $2.3 $2.5 $2.7
וה
FY18 FY19 FY20 FY21 FY22
Blackstone
Smart M&A
Focus on
tuck-in M&A with
heightened focus
on market
selection
9
Acquisitions
since FY21
>$3.3B
in total consideration
since FY21
intersect AFFERA
ENT
ACUTUS
MEDICAL
Left-heart access
portfolio
$950M+
invested as of
Q3 FY23
Dividend
& Share
Repurchase
Target minimum
of 50% of Free
Cash Flow returned
to shareholders
annually;
prioritizing
dividends
$5.5B
Net share
repurchases
& dividends
FY22
18 Q3 FY23 Earnings Presentation | February 21, 2023
92%
of Free Cash
Flow
New
Neurovascular
Co-LabTM
Platform
80+
companies
45 Years of dividend increases
Raised 8% in May 2022
Member of
S&P 500 Dividend
Aristocrats
$3.7B
shares repurchased
since FY21
MedtronicView entire presentation