Medtronic (NYSE: MDT) today reported Street-beating Q4 revenue growth of 9.9%, though its earnings only met the Wall Street consensus.
Investors seemed positive about the report, which came along with announcements of strategic investments to support the company’s fast-growing cardiac ablations portfolio and 510(k) filings to expand the Hugo robotic-assisted surgery system into general and gynecologic specialties in the U.S.
MDT shares were up more than 5% to $77.67 apiece by the afternoon today. The S&P 500 was down slightly.
Needham & Co. analysts led by Mike Matson kept their Buy rating on MDT shares on the news, saying: “We believe that MDT is in the early stages of a strong product cycle that should drive faster organic revenue growth, and we believe that its improved growth in F4Q26 supports this thesis.”
Medtronic CEO Geoff Martha noted the Q4 performance was the strongest annual top-line growth Medtronic has delivered in 10 years
“These results represent the compounding impact of deliberate choices we’ve made across strategy, operations, and culture,” Martha said during the company’s earnings call with analysts.
AFib-treating cardiac ablation was once again a standout performer for the Minnesota-run medtech giant in the fourth quarter, with Cardiac Ablation Solutions revenue up 78% worldwide, more than doubling (+124%) in the U.S. as it gained an additional 8 points of U.S. share on strong commercial demand for the Affera Sphere-9 pulsed field ablation catheter. The nitinol-enabled Affera Sphere-360 catheter, an all-in-one mapping and single-shot PFA catheter, is launching in EU, with a U.S. pivotal trial enrolling swiftly.
“We plan to completely surround the electrophysiology space and offer patients and physicians a more complete end-to-end set of EP solutions,” Martha said.
On top of PFA, Medtronic officials are also excited about the growth potential of the company’s Symplicity Spyral renal denervation system for uncontrolled hypertension, which is now annualizing at $100 million. 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 Altaviva implantable tibial neuromodulation for urge urinary incontinence and the Stealth AXiS robotic spine surgery system.
“We executed our focused portfolio strategy. In early March, we completed the Minimed IPO, establishing it as a standalone, publicly traded [diabetes tech] company. We also advanced our M&A and venture initiatives, targeting higher growth segments to accelerate innovation in markets where we have a right to win,” Martha said.
More on Drug Delivery Business News: MiniMed adds Abbott dual glucose-ketone sensor to portfolio, posts Q4 sales beat
Medtronic earned $1.259 billion, or 96¢ per share, off of $9.807 billion in revenue for the quarter ended April 24, 2026. The bottom line was up 18.7%, and the top line was up 9.9 percent compared with Q4 2025.
The company’s Cardiovascular business led the way in fourth quarter sales, up 14.1% year-over-year to $2.023 billion. Medical Surgical was up 7.9% to $1.366 billion, and Neuroscience was up 12.0% to $938 million.
Adjusted to exclude one-time items, Medtronic EPS was $1.55, which met the Wall Street consensus of EPS of $1.55. Analysts had expected revenue of $9.61 billion.
Medtronic had already announced in March that it was taking a one-time charge of $157 million related to future payments to Blackstone after Medtronic’s former MiniMed diabetes business, now stand-alone, secured earlier-than-expected FDA clearance for its next-gen MiniMed Flex insulin delivery system. The news triggered the Blackstone payments, since the private equity firm had helped fund the pump under a 2020 deal.
For the new fiscal year, Medtronic is guiding for organic revenue growth of 6.75–7.25%. The non-GAAP EPS range of $5.90–6.00 came in below the $6.06 expected by the Street.
More about Medtronic’s strategic investments related to cardiac ablation
Along with the Q4 earnings release, Medtronic today announced strategic investments in two privately held companies focused on the development of intracardiac echocardiography (ICE) catheter technologies, which provide real-time, high-resolution imaging of the heart during electrophysiology (EP) procedures for cardiac arrhythmias such as atrial fibrillation (Afib).
According to Medtronic, it plans to integrate ICE into its Affera ecosystem.
The investments included Beluga Medical, a California-based premarket-stage company developing a next-generation ICE product, and CardioACC, an early commercial-stage company based in Shenzhen, China that received National Medical Products Administration approval for its ICE system last year.
“The incredible growth of our business demonstrates the demand for better technologies in electrophysiology, and we are leaning into opportunities that support our long-term portfolio roadmap,” Rebecca Seidel, president of the Cardiac Ablation Solutions business, said in a news release.
“ICE catheters are an important component of ablation procedures today, and we intend for our Affera platform to evolve to include this capability. These investments represent another step to support expansion of our leadership position in EP as we work to bring new and innovative technologies to each market.”
Seeking more 510 (k) clearances for Hugo
Half a year after the FDA cleared Medtronic’s Hugo robotic-assisted surgery system for use in urologic surgical procedures, the medtech giant has announced a new set of milestones:
- A 510(k) clearance submitted for a general surgery indication including hernia repair;
- Completed enrollment for the Embrace Gynecology Investigational Device Exemption (IDE) clinical study;
- A 510(k) clearance submitted for a gynecologic surgery indication;
- A 510(k) clearance received for the LigaSure RAS Maryland instrument;
- A 510(k) clearance received for the ProGrip Advanced mesh for use in robotic-assisted ventral hernia repair.
Said Matt Anderson, SVP and president of the Surgical business at Medtronic: ” These milestones and innovative technologies will unlock our ability to enhance the value of our partnership in general and gynecologic surgical procedures. This isn’t just a portfolio expansion, it’s part of our ongoing commitment to unite instruments, intelligence, and human hands into one unique surgical ecosystem. One that enables every patient, everywhere, access to the best possible surgery.”
