Medtronic posted a slate of strong quarterly financial results this morning, with its cardiovascular device portfolio pushing both revenue and earnings above expectations.
The medtech giant’s CEO, Geoff Martha, described the moment as a pivotal inflection point for the company—as it looks to shed its multibillion-dollar diabetes business while also instituting new platforms in the growing markets of pulsed field ablation, renal denervation and robotic surgery.
Medtronic delivered 5.5% organic revenue growth for the second quarter of its 2026 fiscal calendar, totaling an adjusted $8.81 billion—including a 9.3% boost in cardiovascular device sales, which the company called its strongest gain in more than a decade outside of the COVID-19 pandemic.
“Last quarter, I told you that Medtronic is on the cusp of an acceleration in our financial results and our strategy. Well, today, I’m pleased to share that because of our organization’s relentless focus, that acceleration is indeed underway,” Martha said on a call with investors. “We‘re positioning ourselves for even greater acceleration in revenue growth in the back half of the year and beyond.”
Martha cited 71% year-over-year growth in Medtronic’s cardiac ablation business—besting the 50% gain logged earlier this year—during a quarter that also saw a doubling of the install base of its all-in-one Affera pulsed field ablation and heart mapping system. Following its FDA approval in October of last year, that atrial fibrillation treatment franchise has grown 300% in the U.S., he said.
“Demand continues to be extremely high, as we hear repeatedly from customers that they want to purchase additional Affera systems to expand into even more of their labs,” Martha added. “And in the vast majority of instances when a new Affera system goes into a lab, we take the majority of the AF procedure share in that lab.”
“We remain on track to double the revenue of this business soon, adding an incremental $1 billion off the $1 billion FY25 base. And we’re not stopping there.”
The cardiovascular division as a whole brought in about $3.4 billion, including structural heart and coronary therapy systems.
The top of this year also saw Medtronic enjoy new Medicare reimbursement coverage for its Symplicity Spyral renal denervation system, which aims to tackle stubbornly high blood pressure that hasn’t responded to drug therapies, through a single minimally invasive procedure. That determination was finalized late last month.
The approach was also added as a potential recommendation in updated hypertension treatment guidelines this year by a group of leading cardiovascular medical societies, including the American Heart Association and the American College of Cardiology.
“Symplicity represents a massive, multibillion-dollar opportunity for Medtronic, with an addressable market of 18 million people in the U.S. with uncontrolled hypertension,” Martha said. “And now, with a broad NCD in place—and commercial payers coming online faster than anticipated—this isn’t a question of ‘if’ or ‘how big?’ it’s a question of ‘how fast?’”
Martha said the company has been building its supply of systems and setting up physician training programs while also looking to increase customer awareness, and that Medtronic expects to see more significant revenue start in the latter half of its current fiscal year, which ends in April 2026.
In addition, he touted September’s approval of its Altaviva ankle implant for treating urinary incontinence. The small neuromodulation device is designed to be more convenient and accessible compared to previous generators implanted near the tailbone.
In the next few months, Medtronic also expects to claim an FDA green light for its Hugo soft-tissue robotic surgery platform, with an approval in urology that will mark its entrance into the U.S. market. Medtronic has also been studying Hugo in hernia repairs and gynecologic procedures, following its use in international clinics.
Last quarter, Medtronic’s medical surgical division collected $2.14 billion, for 1.3% organic growth, spanning endoscopy tools as well as its acute care and patient monitoring business—the latter naming a new chief in June with Flex’s Kate Benedict. Meanwhile in neuroscience, cranial, spinal and neuromodulation technologies brought in a combined $2.55 billion, for a 3.9% gain.
Martha said that going forward, the company would now focus on scaling up its manufacturing, increasing investments in operational expenditures, and pursuing tuck-in M&A. Medtronic raised its full-year financial guidance, bumping up revenue to 5.5% from 5%, and tightening earnings per share to a range of $5.62 to $5.66, up from the previous lower bound of $5.60.
It also still expects to see an impact from U.S. tariffs totaling about $185 million.