(MDT) Medtronic - Ratings and Ratios

Medtronic plc (NYSE: MDT) designs, manufactures and markets a broad suite of device-based medical therapies to hospitals, clinicians and patients across the United States, Ireland and the rest of the world. The company operates five primary segments: Cardiovascular, Neuroscience, Medical-Surgical, Diabetes, and a corporate-level function that supports global operations.

The **Cardiovascular Portfolio** supplies implantable pacemakers, implantable cardioverter-defibrillators (ICDs), cardiac resynchronization therapy devices, ablation tools, insertable cardiac monitors, TYRX drug-eluting technologies and remote-monitoring software. In FY 2023 the segment generated roughly $12 billion in revenue, accounting for about 40 % of total sales, and its growth is being driven by an expanding elderly population and increasing adoption of remote-monitoring platforms that improve post-implant outcomes.

The **Neuroscience Portfolio** covers spinal cord stimulation, deep-brain stimulation, implantable drug-infusion systems, nerve-ablation devices (Accurian) and related biologics. Demand is being fueled by a rise in chronic pain and neuro-degenerative disorders; the segment posted a 7 % year-over-year revenue increase in 2023, helped by the launch of next-generation high-frequency spinal stimulation systems that have shown superior pain-relief outcomes in recent clinical trials.

The **Medical-Surgical Portfolio** includes surgical staplers, vessel-sealing instruments, wound-closure tools, AI-driven video analytics, robotic-assisted platforms, hernia meshes, gynecologic devices, gastrointestinal diagnostics and airway-management products. Medtronic’s AI-powered surgical analytics platform saw a 35 % increase in active hospital sites in 2023, reflecting the broader surgical-technology market’s CAGR of roughly 9 % as hospitals seek efficiency gains and data-driven outcomes.

The **Diabetes Operating Unit** offers insulin pumps, continuous glucose monitoring (CGM) sensors, and the InPen smart-pen system. CGM shipments grew 18 % in 2023, propelled by expanding payer coverage and the shift toward hybrid closed-loop insulin delivery, positioning Medtronic as the second-largest CGM provider globally with an estimated 15 % market share.

Across the company, FY 2023 revenue reached $30.1 billion with an operating margin of 27 %, while R&D spending remained above $2.5 billion, underscoring Medtronic’s commitment to pipeline innovation amid a competitive landscape shaped by aging demographics, reimbursement pressure and supply-chain volatility. For a deeper dive into how these dynamics translate into valuation metrics, you may find ValueRay’s sector-specific analysis a useful next step.