Q4 FY22 Earnings Presentation

Q3 FY22 GAAP to non-GAAP financial information Table of Contents Executive Portfolio Financial Guidance & Summary Highlights Highlights Assumptions ESG Appendix Q3 FY22 GAAP Amortization Restructuring Litigation Acquisition- Related Gain/Loss on Minority Investment Medical Device Regulations Certain Tax Adjustments Q3 FY22 Non-GAAP Q3 FY21 Non-GAAP Y/Y Growth / Change Net Sales 7,763 7,763 7,775 -0.2% Cost of Products Sold 2,459 (27) (4) (13) 2,415 2,569 -6.0% Gross Margin 68.3% 0.3% 0.1% 0.2% 68.9% 67.0% 190 bps SG&A 2,561 (39) 2,521 2,494 1.1% % of Sales 33.0% -0.5% 32.5% 32.1% 40 bps R&D 668 (11) (12) 646 591 9.3% % of Sales 8.6% -0.1% -0.2% 8.3% 7.6% 70 bps Other Operating Expense (Income), Net (63) 64 0 52 -100.0% % of Sales -0.8% 0.8% 0.0% 0.7% -70 bps Amortization of Intangible 432 Assets (432) 0 0 0 Restructuring Charges, Net 12 (12) 0 0 0 Certain Litigation Charges, Net 35 (35) 0 0 0 Operating Profit 1,659 432 78 35 (50) 25 2,181 2,068 5.5% Operating Margin 21.4% 5.6% 1.0% 0.5% -0.6% 0.3% 28.1% 26.6% 150 bps Other Non-Operating Income, Net (67) (2) (69) (68) 1.5% Net Income Attributable to MDT ($M) 1,480 365 63 27 (51) 3 20 20 (59) 1,846 1,753 5.3% Diluted EPS ($) 1.10 0.27 0.05 0.02 (0.04) 0.00 0.01 (0.04) 1.37 1.29 6.2% ¹Data has been intentionally rounded to the nearest million and, therefore, may not sum 32 Q3 FY22 earnings presentation | February 22, 2022 Medtronic

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