With less than a week until Medtronic (NYSE: MDT) announces its first-quarter earnings, the world’s largest medtech company has been riding rising stock and analyst upgrades.
Though still not at the heights of up to $131 per share that they saw in 2021, MDT shares have been up more than 23%, to more than $92 per share, since the Minnesota-run medtech giant’s June announcement of Street-beating Q4 revenue growth of 9.9%. It was the best revenue growth that the company had seen in 10 years.
Overall, analysts see Medtronic in the early stages of a strong product cycle that could accelerate revenue growth. There is especially excitement around medtech including:
- AFib-treating cardiac ablation: It’s been a standout performer, with strong commercial demand for the Affera Sphere-9 pulsed field ablation catheter. The Affera system won an expanded indication for ventricular tachycardia (VT) and premature ventricular complexes (PVCs) in the EU earlier this month.
- Hypertension-treating renal denervation: Medtronic officials see a great deal of growth potential in the Symplicity Spyral system.
- Surgical robotics: The company is seeking expanded U.S. indications for its Hugo robotic surgery system as it takes on Intuitive in the soft-tissue surgical robotics space, and there’s excitement around the Stealth AXiS robotic spine surgery system, which earned a CE mark for ENT surgery earlier this summer.
- Neuromodulation: There is also the Altaviva implantable tibial neuromodulation for urge urinary incontinence.
Medtronic has also resumed mergers and acquisitions this year, announcing a string of purchases including $650 million for SPR Therapeutics and its percutaneous peripheral nerve stimulation therapies for chronic pain management, $550 million for Scientia Vascular and its products for treating complex neurovascular conditions, and $585M for CathWorks and its FFRangio system meant to obtain quick and reliable fractional flow reserve.
Needham & Co. Senior Research Analyst Mike Matson said today: “MDT is in the early stages of a strong product cycle led by its Affera PFA system, Symplicity RDN system, and Hugo robot that is driving faster organic revenue growth, and we expect this to drive its P/E multiple higher. We reiterate our Buy rating and raise our price target to $114 from $101 due to peer multiple expansion.”
According to media reports, UBS upgraded its rating of MDT shares to Buy from Neutral earlier this month. Analysts at other financial institutions are also positive about the company.
In an Aug. 17 note, Bank of America research analyst Travis Steed kept his Buy rating of MDT shares, saying that the Q1 report should be another step in the right direction. He acknowledged that there’s debate over when Medtronic Cardiac Ablation Solutions (CAS) business growth will slow. “But CAS continues to surprise, and we think it’ll be more durable than some expect in terms of dollar growth contribution. Then MDT has an opportunity to execute on the rest of the pipeline/core business to keep growth at 6%+ longer term.”
A day later, BTIG analysts led by Ryan Zimmerman said Coloplast had reported a delayed launch for its Intibia Tibial Nerve Stimulation device, which could give Altaviva an additional year of runway in the U.S. market before the Danish medtech enters the competition.
Medtronic reports its fiscal year 2027 Q1 results before the markets open on Tuesday, Sept. 1, 2026.
This story originally ran on Aug. 26, 2026. Updated Aug. 27 with new research note from Needham & Co.
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The story behind Medtronic’s $585 million CathWorks deal
Medtronic positions Hugo as ‘another choice’ for surgeons
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