#1Medtronic Engineering the extraordinary Medtronic plc Q3 FY22 Earnings presentation February 22, 2022 Medtronic#2Forward looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances. Non-GAAP financial measures Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. All GAAP to non-GAAP reconciliations are provided on our website. Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance. Financial comparisons References to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year. References to organic revenue growth exclude the impact of significant acquisitions or divestitures and currency. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. Unless stated otherwise, all references to share gains or losses are as of the most recently completed calendar quarter, on a revenue basis, and in comparison to the same period in the prior year. 2 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#3Table of contents Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Executive Summary Portfolio Highlights Financial Highlights Guidance & Assumptions ESG Appendix Medtronic#4Q3 FY22 Executive Summary Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Medtronic#5Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Key messages Despite ups and downs of the pandemic, underlying business remains strong Medtronic transformation continues Building upon changes to operating model, culture, and incentives by strengthening global quality and operations; well-positioned to accelerate and sustain higher growth COVID-19 challenges accelerated in January End markets impacted by Omicron and absenteeism, particularly in the U.S. and in more deferable procedures Continued to advance the pipeline Launched >200 new products in the U.S., Western Europe, Japan, and China in last 12 months Environmental, social, and governance Comprehensive approach delivering results; recently published Global Inclusion, Diversity & Equity 2021 Annual Report Solid EPS leverage Controlled expenses and delivered 6% EPS growth and more than 450 bps of EPS leverage FY22 Q4 guidance Organic revenue growth approx. 5.5%; EPS guidance $1.56-1.58; both in line with consensus We continue to transform Medtronic through a challenging time. Our commitment to more durable and higher growth. remains steadfast." GEOFF MARTHA, CHAIRMAN & CEO 5 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#6Financial summary Solid Emerging Market growth partly offset by flat U.S. results Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix شا Revenue Grew 2% Y/Y; International market growth offset the impact of the COVID-19 surge in the U.S. Cardiovascular Grew 3%, driven by MSD growth in Cardiac Rhythm & Heart Failure and Structural Heart and LSD growth in Coronary & Peripheral Vascular Medical Surgical Grew 1%, or 6% ex. Ventilators, driven by strong HSD growth in Surgical Innovations, partially offset by tough comp headwinds in Respiratory, Gastrointestinal & Renal Neuroscience Grew 2%, driven by LSD growth in Cranial and Spinal Technologies and Specialty Therapies, partially offset by LSD declines in Neuromodulation Diabetes Declined 5% Y/Y and flat sequentially as we await product approvals Geographies U.S. flat; Western Europe grew MSD; Emerging Markets grew HSD led by Middle East & Africa, Latin America, and South Asia EPS & free cash flow Non-GAAP EPS $1.37, grew 6% Y/Y; YTD $4.3B free cash flow¹ All growth rates are on an organic basis unless stated otherwise. 1Operating cash flows less property, plant, and equipment additions. 6 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#7Financial summary Revenue by segment Diabetes $584M -7.3% Y/Y Rep -5.4% Y/Y Org2 Total MDT $7,763M -0.2% Y/Y Rep +1.6% Y/Y Org Cardiovascular $2,745M +1.4% Y/Y Rep +3.4% Y/Y Org² Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Revenue¹ by geography United States $3,939M 0.0% Y/Y Rep 0.0% Y/Y Org² 99 O Non-U.S. Developed $2,438M -3.3% Y/Y Rep +1.2% Y/Y Org² Emerging Markets $1,385M +5.4% Y/Y Rep +7.1% Y/Y Org² GAAP Non-GAAP Neuroscience $2,144M +0.8% Y/Y Rep Diluted EPS $1.10 $1.37 Y/Y % 17% 6% +1.8% Y/Y Org² CC Y/Y % N/A 4% Medical Surgical $2,290M -1.0% Y/Y Rep +1.2% Y/Y Org² +6.2% ex-Vents Y/Y Org² 1Data has been intentionally rounded to the nearest million and, therefore, may not sum. 2Figures represent comparison to Q3 FY21 on a organic basis. 3Operating cash flows less property, plant, and equipment additions. 7 | Q3 FY22 earnings presentation | February 22, 2022 Cash flow from operations YTD $5.3B Free cash flow³ YTD $4.3B Medtronic#8Portfolio summary Cardiovascular Coronary & Peripheral Vascular $603M -0.3% Y/Y Rep +1.3% Y/Y Org <... $2,745M +1.4% Y/Y Rep Structural Heart +3.4% Y/Y Org & Aortic $740M +1.4% Y/Y Rep +3.7% Y/Y Org Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Cardiac Rhythm & Heart Failure $1,402M +2.3% Y/Y Rep +4.2% Y/Y Org +6.9% ex-MCS Y/Y Org Neuromodulation $409M -4.0% Y/Y Rep -2.8% Y/Y Org ..... Specialty Therapies $633M +2.4% Y/Y Rep +3.1% Y/Y Org Medical Surgical Neuroscience $2,144M +0.8% Y/Y Rep +1.8% Y/Y Org ☑ Diabetes Respiratory, Gastrointestinal & Renal $771M -13.4% Y/Y Rep -11.6% Y/Y Org +0.2% ex-Vents Y/Y Org $2,290M -1.0% Y/Y Rep +1.2% Y/Y Org +6.2% ex-Vents Y/Y Org Surgical Innovations $1,519M +6.7% Y/Y Rep +9.2% Y/Y Org Revenue has been intentionally rounded to the nearest million and, therefore, may not sum. 8 Q3 FY22 earnings presentation | February 22, 2022 $584M -7.3% Y/Y Rep -5.4% Y/Y Org ESG Appendix Cranial & Spinal Technologies $1,102M +1.9% Y/Y Rep +3.1% Y/Y Org Medtronic#9Q3 FY22 Regional organic revenue growth Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix United States Non-U.S. Developed 1% Western Europe Japan Australia & New Zealand Canada South Korea Flat Mid-single digits ▲ Low-single digits High-single digits Low-double digits ▼Mid-single digits Emerging Markets China Middle East & Africa Latin America 7% Eastern Europe & Russia Southeast Asia South Asia Flat Low-20's ▲ High-single digits ▲ Mid-single digits Flat Mid-30s 9Q3 FY22 earnings presentation | February 22, 2022 Medtronic#10Key Product Approvals Last 12 months: 200+ product approvals in key geographies¹ Gl Genius™ (U.S.) Guardian™ Sensor (EU) 4 UNiD™ Rods (U.S.) Vanta™ PC Spinal Cord Stim (U.S.) SenSightTM Directional EvolutTM PRO+ TAVI System Leads (EU) (EU) InPenTM System (EU) SenSightTM Directional Leads (U.S.) Q4 FY2021 Includes U.S., EU, Japan and China Note: Relative positioning is not intended to signify relative timing 10 | Q3 FY22 earnings presentation | February 22, 2022 First line indication for Arctic Front™ (U.S.) CoreValve™ Evolut™ FX (U.S.) Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions NV Radial Artery Access Portfolio (EU) PillCam™ Small Bowel 3 @HOME (U.S.) Pill CENTI CoreValve TM Evolut™ PRO TAVR (China) Hugo™M Robotic Assisted Surgery Platform (EU, AUS, CAN, Israel) Micra T AV TPS (Japan) ESG Appendix DPN indication for Vanta Tr & Intellis TM (U.S.) TM Pediatric Indication Freezor™ & Freezor™ Xtra Cryoablation Catheters (U.S.) || 0 ||| Ở || 0 || TÔ |||| Q3 FY2022 Medtronic#11Q3 FY22 Portfolio Highlights Table of Contents Executive Portfolio Financial Guidance & Summary Highlights Highlights Assumptions ESG Appendix Medtronic#12Table of Contents Executive Portfolio Financial Guidance & Summary Highlights Highlights Assumptions ESG Appendix Cardiovascular Growth despite COVID-19 headwinds; share gains continue in CRM Cardiac Rhythm & Heart Failure (CRHF) • Cardiac Rhythm Management ▲ HSD . • Y/Y share gains, with 2x market growth, driven by the strength of our differentiated products, best-in-class patient management systems and global customer engagement o Cardiac Pacing Therapies: HSD growth driven by high-20's Micra TM growth; mid-50s International Micra TM growth including successful launch of Micra™ AV in Japan o Defibrillation Solutions: LSD growth; Cobalt TM & Crome TM share gains; LDD growth in CRT-Ds o Procedure Innovations: Mid-20s growth driven by continued acceleration of TYRX™ global adoption Cardiac Ablation Systems HSD Arctic Front Advance TM cryoablation first line indication for paroxysmal AF gaining traction Agreement to acquire Affera, expanding portfolio into mapping and navigation systems and diagnostic catheters, along with a separate, complementary focal PFA system to our anatomical PFA system Cardiovascular Diagnostics LSD LINQ IITM supply improving; Accu Rhythm TM Al algorithm recently launched in U.S., combining LINQ ||™ leading accuracy with an 84% reduction in false alerts for AF and Pause 12 Q3 FY22 earnings presentation | February 22, 2022 Micra™ AV and VR Transcatheter Pacing System 27% Structural Heart & Aortic Cardiovascular O 22% Coronary & Peripheral Vascular Medtronic $51% Cardiac Rhythm & Heart Failure#13Cardiovascular (continued) Growth despite COVID-19 headwinds; share gains continue in CRM Coronary and Peripheral Vascular Coronary & Renal Denervation ▼ MSD Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix • PCI procedures remain below pre-COVID levels in U.S. and Western Europe; stable share Prevail TM DCB launch underway in EU 3-year data from SPYRAL HTN-ON MED pilot study to be presented at ACC'22 Peripheral Vascular Health LDD Continued ramp of the AbreTM Deep Venous stent and MSD growth in Superficial Venous Structural Heart & Aortic Structural Heart Mid-teens Evolut™ Pro TAVR System approved in China for severe AS symptomatic patients at high/extreme risk with commercial launch expected in Q4; OPTIMIZE PRO trial enrollment completed Evolut™ FX TAVR System Abre™ Deep Venous Stent • • First transfemoral (TF) case in APOLLO mitral pivotal trial recently completed Aortic Mid-20s TAA sequential growth as Valiant Captivia TM supply improves; continued pressure from Navion™ recall Cardiac Surgery LDD Share gains driven by continued penetration into ECLS and CABG markets 13 | Q3 FY22 earnings presentation | February 22, 2022 Cardiovascular 27% Structural Heart & Aortic O 22% Coronary & Peripheral Vascular Medtronic $51% Cardiac Rhythm & Heart Failure#14Table of Contents Executive Portfolio Financial Guidance & Summary Highlights Highlights Assumptions ESG Appendix Medical Surgical MSD growth ex-vents despite Omicron-driven procedure and supply chain disruption Surgical Innovations (SI) Surgical Innovations HSD • HSD growth driven by advanced energy, stapling, and wound closure Product growth in stapling and energy driven by Tri-Staple TM Specialty Reloads and Signia™ intelligent stapling, Liga Sure™ Exact and Impact, as well as V-LocTM barbed suture in wound closure · COVID-19 resurgence in the U.S., Japan, and EMEA slowed procedure recovery in the quarter including staffing challenges and supply chain disruptions in resins and other supplies Surgical Robotics [Limited Market Release] Hugo™M RAS Platform • Completed first patient cases in EMEA with Hugo in combination with Touch Surgery™ Enterprise Performed multiple general surgery cases in Latin America and India, expanding on existing urologic and gynecologic use • Received regulatory approvals in Canada, Australia, and Israel • Expand URO U.S. clinical trial progressing in gaining ethics committee approvals through the Institutional Review Boards, conducting site personnel training, and moving towards clinical study site activation Continue to receive positive feedback on the open console with 3D visualization, our mobile, modular approach, and easy-to-access surgical video through Touch Surgery™ Enterprise Vizient, a leading healthcare performance improvement company in the U.S., has entered into an agreement with Medtronic to add Touch SurgeryTM Enterprise to its offerings for its vast membership 14 | Q3 FY22 earnings presentation | February 22, 2022 34% Respiratory, Gastrointestinal & Renal Medical Surgical 66% Surgical Innovations Medtronic#15Table of Contents Executive Portfolio Financial Guidance & Summary Highlights Highlights Assumptions ESG Appendix Medical Surgical (continued) MSD growth ex-vents despite Omicron-driven procedure and supply chain disruption Respiratory, Gastrointestinal, & Renal (RGR) Patient Monitoring Flat • Strong pulse oximetry sensor growth driven by increased hospital admissions and use of monitoring throughout the hospital Decline in monitor sales due to strong hardware demand in prior year Respiratory Interventions Low-30s Ventilator sales still above pre-COVID levels given Omicron wave, yet faced a tough comp as the market continues to normalize MCGRATH™ MAC video laryngoscope had LSD growth driven by an increase in blade volumes; demonstrates further adoption for routine use MSD Gastrointestinal MSD growth despite COVID-19 weighing on procedure volumes; key revenue contributions from ManoScan TM, PillCam™M, and Emprint TM product lines • MSD Announcing Health Equity program with Amazon Web Services and ASGE for colon cancer screening, placing GI Genius TM modules in low income and underserved U.S. communities Renal Care Solutions • Strong growth across acute therapies and renal access; in-line with market in chronic therapies 34% Respiratory, Gastrointestinal & Renal 15 | Q3 FY22 earnings presentation | February 22, 2022 Emprint™ HP Ablation system Medical Surgical 66% Surgical Innovations Medtronic#16Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Neuroscience COVID-19 driven procedural slowdowns; share gains and strong product pipeline Cranial & Spinal Technologies Spine & Biologics ▲ HSD Growth driven by HSD gains in U.S. and Japan and LSD growth in Western Europe • Continued success of Catalyft™ next-generation expandable interbody device launch driving U.S. share gains • • Impact of COVID-19 and hospital staffing challenges on procedures in the U.S. and Western Europe affected the spine market Neurosurgery Flat Driven by LDD growth in CSF Management, Advanced Energy, and HSD growth in Midas Rex™ powered surgical instruments, offset by a difficult comparison from strong capital sales in Q3 FY21 Surgeons continued to adopt our leading ecosystem of enabling technologies for spine surgery Listen to our latest Investor Relations GM Call Series featuring Cranial & Spinal Technologies 30% Specialty Therapies Neuroscience 51% Cranial & Spinal Technologies Catalyft™ Expandable Interbody System 16 Q3 FY22 earnings presentation | February 22, 2022 Midas Rex™ MR8™ High-speed Drill System 19% Neuromodulation Medtronic#17Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Neuroscience (continued) COVID-19 driven procedural slowdowns; share gains and strong product pipeline Specialty Therapies . Pelvic Health MSD Sequential market decline due to COVID-19 impact on procedural volumes especially in January Expecting approval of InterStim XTM in the first half of 2022 Neurovascular LDD Growth driven by Flow Diverters, and overall strong performance in Emerging Markets Hemorrhagic: Growth driven by strength of Flow Diversion products - Pipeline TM Vantage in OUS and Pipeline TM Shield in the U.S., Pipeline™ Flex with Shield Technology in Japan and the U.S. ENT Ischemic: Closed the first two Viz.Al agreements in Western Europe LSD Decline driven by supply chain disruptions in disposables that are anticipated to improve in Q4 17 Q3 FY22 earnings presentation | February 22, 2022 Verderonic ESG Appendix PipelineTM Vantage Embolization Device with Shield Technology™ InterStim™ Micro System INTERIM 11 NIM Vital™ Neuroscience 51% 30% Specialty Therapies Cranial & Spinal Technologies 19% Neuromodulation Medtronic#18Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Neuroscience (continued) COVID-19 driven procedural slowdowns; share gains and strong product pipeline Neuromodulation Brain Modulation ▲ Mid-teens Strength in U.S. and China; continued roll out of Percept TM PC and SenSightTM Lead System driving meaningful share gain and LDD growth in new implant share Pain Therapies LDD ESG Appendix DTMTM SCS on the Intellis T platform Vanta™ Recharge Free SCS Mettronic Down MSD in SCS, high-teens decline in TDD due to COVID-19 related procedural slowdowns in the U.S. and Western Europe; Continued SCS share gains Y/Y driven by strong adoption of Vanta TM and IntellisTM with DTMTM SCS Percept™ PC DBS " MDT U.S. SCS procedures in calendar Q4: permanent implants declined LSD Y/Y and up HSD sequentially; trials declined MSD Y/Y and up LDD sequentially Neuroscience • Received FDA approval of SCS therapy for treating Diabetic Peripheral Neuropathy (DPN) on Intellis TM rechargeable neurostimulator and Vanta™ recharge-free neurostimulator MSD 30% Specialty Therapies Interventional Decline primarily driven by COVID-19 impact on procedures and supply chain challenges in the U.S. and EU 18 Q3 FY22 earnings presentation | February 22, 2022 51% Cranial & Spinal Technologies 19% Neuromodulation Medtronic#19Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Diabetes MSD OUS growth; focused on resolving warning letter and bringing new products to U.S. Insulin Delivery LDD • OUS up LSD sequentially with continued strong demand for MiniMed ™ 780G MiniMed™ 780G launched in 40+ markets with continued focus on expansion TM U.S. pumps down mid-20's while awaiting MiniMed TM 780G and the Guardian TM 4 sensor approval subject to FDA warning letter CGM MSD 100 ESG Appendix MiniMed™ 780G system Extended infusion set Guardian™ 4 InPenTM system sensor LDD growth Y/Y in OUS markets driven by rising penetration in EMEA; U.S. installed base headwind continues to pressure recurring revenue Guardian TM 4 sensor with no calibration (i.e., no fingerstick) now in ~20 international markets Consumables LSD Declines in U.S. installed base Y/Y Consumables grew MSD sequentially OUS grew MSD Y/Y; Extended infusion set progressing with launch in select countries in Europe 11% Emerging Markets Diabetes 19Q3 FY22 earnings presentation | February 22, 2022 45% Int'l Dev. Medtronic 44% U.S.#20Q3 FY22 Financial Highlights Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Medtronic#21Income statement Strong EPS leverage GAAP1 ($ in millions) Q3 FY21 Q3 FY22 Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Non-GAAP1 Y/Y ($ in millions) Q3 FY21 Q3 FY22 Y/Y Revenue $7,775 $7,763 -0.2% Revenue Organic $7,775 $7,763 -0.2% 1.6% Gross Margin 66.3% 68.3% +200 bps Gross Margin 67.0% 68.9% +190 bps SG&A Full SG&A 32.6% 33.0% +40 bps 32.1% 32.5% +40bps % of Sales R&D 7.7% 8.6% +90 bps GAAP to non-GAAP reconciliation in Appendix % of Sales R&D % of Sales 7.6% 8.3% +70 bps % of Sales Operating Margin 16.4% 21.4% +500 bps Operating Margin 26.6% 28.1% +150 bps Net Income $1,270 $1,480 16.5% Net Income $1,753 $1,846 5.3% Diluted EPS $0.94 $1.10 17.0% 1The data in this table has been intentionally rounded and, therefore, may not sum. 21 Q3 FY22 earnings presentation | February 22, 2022 Diluted EPS $1.29 $1.37 6.2% Medtronic#22Balance sheet Continue to maintain a strong balance sheet Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix ($ in millions) Q3 FY21 Q2 FY22 Q3 FY22 Y/Y Q/Q Total Assets $97,270 $91,756 $91,804 ($5,475) $48 Cash & Equivalents $5,077 $2,900 $3,479 ($1,598) $579 Investments $9,562 $7,769 $7,742 ($1,820) ($27) Total Debt $30,323 $25,623 $25,155 ($5,168) ($468) Short term debt $3,821 $16 $865 ($2,956) $849 Long term debt $26,502 $25,607 $24,290 ($2,212) ($1,317) Equity 22 Q3 FY22 earnings presentation | February 22, 2022 $50,928 $52,159 $52,713 $1,785 $554 Medtronic#23Free Cash Flow Continue to target annual FCF conversion of 80% or higher 55% $3.6 83% 97% Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Included in free cash flow: FY18 FY19 FY20 FY21 FY22 YTD 81% 80% target instituted Certain Litigation Payments, net 1,2 $0.3 $0.5 $0.2 $0.2 $0.2 in FY19 Pre-Tax Restructuring Payments1 $0.2 $0.4 $0.5 $0.5 $0.3 Other Payments 1,3 $0.3 $0.2 $0.2 $0.1 $0.3 $5.9 $6.0 $4.9 $4.3 Puerto Rico IRS Pre- Payment $1.1 FY18 FY19 FY20 FY21 FY22 YTD Free Cash Flow* ◆FCF Conversion** *Operating cash flows less property, plant, and equipment additions **Conversion ratio = free cash flow divided by non-GAAP net income 23 Q3 FY22 earnings presentation | February 22, 2022 Certain Other Tax Payments $0.4 $0.4 $0.1 $0.2 $0.2 1 Cash flow impact does not reflect associated tax cost/benefit, as timing and amount are difficult to estimate. 2 Includes payments accrued as "Non-GAAP" charges, as well as COV acquisition opening balance sheet adjustments. 3 Includes acquisition-related, divestiture-related, charges associated with stopping the distribution and sales of LVADs, European Union medical device regulations charges, and contributions to the Medtronic Foundation Medtronic#24Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Capital allocation Balancing investment with return to shareholders Organic R&D investments Investments Increasing our R&D spend broadly across the company to fuel our robust pipeline FY22: ~$2.6B R&D Growth Forecasted organic R&D spend in FY22 outpacing revenue growth Tuck-in M&A Increasing our WAMGR, differentiating our portfolio, and accelerating our time to market 80 Acquisitions announced since beginning of FY21 >$3.2B In total consideration Return to shareholders Dividend ↑ growth Committed to growing in line with earnings; raised dividend by 9% in May 2021 44 Years of dividend increases Member of S&P 500 Aristocrats Minority investments & strategic partnerships Minority investments portfolio to develop and facilitate potential future tuck-in acquisitions Third-party funding to leverage our own R&D investment and accelerate growth 75+ $800M+ Companies Invested as of Q3 FY22 MEDICREA Companion Medical AVENU MEDICAL *Cremma Health sonarMED RIST NEUROVASCULAR ACOESS MATTEFO > intersect* ENT AFFERA Share repurchases Will continue to offset dilution from stock- based compensation Total return $3.3B In net share repurchases and dividends in FY22 77% of Free Cash Flow 50% LRP Target 24 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#25Q4 FY22 Guidance & Assumptions Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions Medtronic#26Q4 FY22 Guidance and assumptions In line with Street consensus Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Organic revenue growth Non-GAAP Total company . ~5.5% diluted EPS $1.56 to $1.58 . Foreign exchange¹ Approx. ($185M) Flat to slightly positive EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. ¹While FX rates are fluid, assumptions above are based on recent rates near the specific earnings call. 26 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#27Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Environmental, Social & Governance ESG Appendix Medtronic#28Environmental, social & governance Leading in engagement, citizenship and innovation Inclusive & engaging work environment SOR Freedom AWARD 2024 Refplent Department of Defense Employer Support Freedom Award Great Place To Work. One of Australia & India's Best Places to Work glassdoor BEST PLACES TO WORK 202 One of Best Places to Work 2022 2021 One of the Top Companies for Excellence in Enlightened Growth Leadership □ BEST HUMAN PLACES TO WORK 2021 for LGBTQ Equality 100% CORPORATE EQUALITY INDEX One of Best Places to Work for LGBTQ Equality 2021 & 2022 FAST COMPANY BEST WORKPLACES 3021 FOR SVATORS One of the Top Global 100 Companies for Innovators Linked in 2021 TOP COMPANIES United States Forbes 2021 THE BEST EMPLOYERS FOR NEW GRADS One of Forbes 2021 & 2020 America's Best Employers for New Graduates One of the 50 Best Workplaces to Grow Your Career in the U.S. WSJ MANAGEMENT One of top 50 companies in TOP 2021, receiving 250 THE SUN COMPANIES TH-I" XALLY BAINST IL 2021 perfect scores in innovation & social responsibility Great Place To Work. Top 10 Best Places to Work - Singapore Canada's Top 100 Employers One of Canada's Top Employers, 7th year running Global Talent. Diversity & Inclusion Four Category Winner in Asia Society's Corporate Survey & Runner up for Best Overall Employer 2020 28 Q3 FY22 earnings presentation | February 22, 2022 Member of Citizenship awards Dow Jones Sustainability Indices Powered by the S&P Global CSA DJSI World & DJSI North America Index DiversityInc TOP 50 COMPANIES FOR DIVERSITY Ranked 11th, Highest-ever Ranked Year AMERICAS MOST JUST COMPANIES 1st in Healthcare Equipment & Services, and 29th Overall JUST capital Top 100 U.S. Companies Supporting Healthy Families & Communities JUST capital On of The 32 Companies Leading for Their Workers DiversityInc 2021 TOP COMPANIES FOR SUPPLIER DIVERSITY Ranked 3rd Highest-ever Ranked Year Corporate Equality Index 2021 Scored 100% for LGBTQ Inclusive Workplace Practices and Policies swe Society of Women Engineers Awarded for Creating a Pioneering D&I Program Forbes 2021 Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions THE BEST EMPLOYERS FOR DIVERSITY ווד One of America's Best Employers for Diversity ME 3BLA 100 BEST CORPORATE CITIZENS 2021 One of the 100 Best Corporate Citizens, 5th year running PSTOMPANY WORLD CHANGING IDEAS 2021 Finalists & Honorable Mentions in 6 Categories TOP CORPORATIONS WRENC One of America's Top Corporations for Women's Business Enterprises H ESG Appendix Innovation & industry leadership The Healthcare Technology Report Geoff Martha Ranks #1 in the Top 50 Healthcare Technology CEO of 2021 PRWeek POWER LIST 50 SVP & Chief Communicators Officer, Torod Neptune, 2021 & 2020 Best Workplaces for Women Great Place To Work. CANADA 2021 Canada's Top 50 Great Places to Work & Best Workplaces T for Women, 2nd year running BIG100 The world's largest medical technology industry company H The Healthcare Technology Report Karen Parkhill Ranks #1 in the Top 25 Women Leaders in Medical Devices of 2022 FORTUNE MOST ADMIRED COMPANIES One of Fortune's Most Admired Companies 2021 & 2022 FORTUNE 500 3021 One of Fortune Global 500 Companies MINNEAPOLIS/ST. PAUL BUSINESS JOURNAL Karen Parkhill named as honoree in Minneapolis/St. Paul Business Journal's 2021 CFO of the Year Award IR magazine Named Best Overall U.S. IR in Large Cap & Best IR in Healthcare 2021 Gartner Communications Awards Celebrating global excellence in communications 'Highly Commended Award' for Operating Model Transformation in the Excellence in Change Communication category Orleigh Addelecia Bogle, FIERCE Ph.D., Head of medical affairs, Pharma Digital Surgery - 2021 Fiercest Women In Life Science Medtronic To learn more, visit our awards page#29Environmental, social & governance Long-range objectives & targets Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix For more information, visit Medtronic.com 2021 ESG Investor Briefing 2021 Integrated Performance Report 2021 Global Inclusion, Diversity & Equity Report Patient Safety & Product Quality 10% Reduction in aggregate product complaint rate for identified product families by FY25 vs. FY20 Access & Innovation 20% MDT revenue from products and therapies released in the prior 36 months by FY25 85M Patients served annually by FY25 Inclusion, Diversity & Equity 45% Global management positions held by women by FY26 30% U.S. management positions held by ethnically diverse talent by FY26 Climate Stewardship 50% Reduction in greenhouse gas omission intensity by FY25 50% Sourced energy from renewable and alternative sources by FY25 Carbon Neutral In our operations by FY30 Net Zero Emissions By 2045 Product Stewardship 25% Reduction in packaging waste for targeted high- volume products by FY25 vs. FY21 35% Paper Reduction by FY25 vs. FY21 29 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#30X Appendix -PR- -PR- Guidance & ESG Appendix Table of Executive Portfolio Financial Contents Summary Highlights Highlights Assumptions x M -PR PR Medtronic#31Q3 FY22 Revenue by portfolio and geography Worldwide U.S. Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions Non-U.S. Developed ESG Appendix Emerging Markets Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Cardiovascular 2,745 1.4% 3.4% 1,297 2.0% 2.0% 935 -0.6% 4.1% 513 4.1% 5.9% Cardiac Rhythm & 1,402 2.3% 4.2% Hearth Failure Structural Heart & 740 1.4% 3.7% Aortic Coronary & Peripheral Vascular 603 -0.3% 1.3% Medical Surgical 2,290 -1.0% 1.2% 990 3.2% 3.2% 812 -6.5% -2.1% 488 0.4% 2.9% Surgical Innovations 1,519 6.7% 9.2% Respiratory, Gastrointestinal, & Renal 771 -13.4% -11.6% Neuroscience 2,144 0.8% 1.8% 1,397 -0.3% -0.3% 431 -2.9% 2.0% 316 12.9% 12.5% Cranial & Spinal 1,102 1.9% 3.1% Technologies Specialty Therapies 633 2.4% 3.1% Neuromodulation 409 -4.0% -2.8% Diabetes 584 -7.3% -5.4% 255 -16.9% -16.9% 261 -2.6% 1.1% 68 23.6% 25.5% Total Medtronic 7,763 -0.2% 1.6% 3,939 0.0% 0.0% 2,438 -3.3% 1.2% 1,385 5.4% 7.1% ¹Data has been intentionally rounded to the nearest million and, therefore, may not sum 31 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#32Q3 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#33Medtronic business structure Cardiovascular Learn more Cardiac Rhythm & Heart Failure • Cardiac Rhythm Management • Cardiac Ablation Solutions • Cardiovascular Diagnostics • Mechanical Circulatory Support Structural Heart & Aortic фа Medical Surgical Learn more Surgical Innovations • Surgical Innovations • Surgical Robotics Respiratory, Gastrointestinal, & Renal (RGR) • Patient Monitoring Respiratory Interventions • Structural Heart • Aortic . Cardiac Surgery Coronary & Peripheral Vascular • Coronary & Renal Denervation . Peripheral Vascular Health 33 Q3 FY22 earnings presentation | February 22, 2022 . Gastrointestinal Renal Care Solutions Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Neuroscience Learn more Cranial & Spinal Technologies • • Spine & Biologics Neurosurgery Specialty Therapies • • • Pelvic Health Neurovascular Ears, Nose & Throat (ENT) Neuromodulation • Pain Therapies • Brain Modulation • Interventional Diabetes Learn more Therapies and services for insulin-dependent people who have Type 1 and Type 2 Medtronic#34Abbreviations & acronyms Business specific Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Growth Business specific Other DD Double Digit AAA Abdominal Aortic Aneurysm GI Gastrointestinal $M Millions of Dollars LGBTQ HSD High-Single Digit ASGE American Society for Gastrointestinal Endoscopy ICD Implantable Cardioverter Defibrillator ΑΙ Artificial Intelligence MDR Other Lesbian, Gay, Bisexual, Transgender, Questioning Medical Device Regulations LDD Low-Double Digit AF Atrial Fibrillation LVAD Left Ventricular Assist Device APAC Asia Pacific N/A Not Applicable LSD Low-Single Digit AS Aortic Stenosis Ex-MCS Excluding Mechanical Circulatory Support B Billion NICU Neonatal Intensive Care Unit MSD Mid-Single Digit APV Aortic, Peripheral & Venous MDT Medtronic Bps Basis Points Org Organic Revenue Decreased Y/Y CABG Coronary Artery Bypass Graft Med Medical CAPEX Capital Expenditures Ops Operations Organic Revenue flat Y/Y CGM Continuous Glucose Monitoring MRI Magnetic Resonance Imaging CC Constant Currency OUS Outside the United States Organic Revenue Increased Y/Y COV Covidien MS Medical Surgical CE Conformité Europëenne PLC Public Limited Company Organic Weighted Average WAMGR CPV Market Growth Rate CRHF Coronary & Peripheral Vascular Cardiac Rhythm & Heart Failure NICU Neonatal Intensive Care Unit COVID-19 Coronavirus Disease 2019 Q Quarter NS Neuroscience Dev Developed Q/Q Quarter-over-Quarter CRM Cardiac Rhythm Management RAS Robot-Assisted Surgery EM Emerging Markets R&D Research & Development CRT-D Cardiac Resynchronization Therapy - Defibrillator RGR Respiratory, Gastrointestinal, & Renal EMEA Europe, Middle East, and Africa Rep Reported CRT-P Cardiac Resynchronization Therapy - Pacemaker RTG Restorative Therapies Group EPS Earnings Per Share SEC U.S. Securities & Exchange Commission Environment, Social & CSH Coronary & Structural Heart SCS Spinal Cord Stimulation ESG SG&A Selling, General & Administrative Governance CST Cranial & Spinal Technologies SHA Structural Heart & Aortic EU European Union Tech Technology CV Cardiovascular SI Surgical Innovations Ex-Vent Excluding Ventilator U.S. United States CVG Cardiac & Vascular Group TAA Thoracic Aortic Aneurysm FDA Food and Drug Administration VBP Volume-Based Procurement DBS Deep Brain Stimulation TAVR Transcatheter Aortic Valve Replacement FX Foreign Exchange WE Western Europe DCB Drug Coated Balloon TAVI Transcatheter Aortic Valve Implantation FY Fiscal Year WW Worldwide DIAB Diabetes TDD Targeted Drug Delivery GAAP Generally Accepted Accounting Principles YTD Year-to-Date Investigational Device DTM Differential Target Multiplexed Waveform TIR Time In Range IDE Y/Y Year-over-Year Exemption ECLS Extracorporeal Life Support URO Urology ID&E Inclusion, Diversity and Equity ENT Ear, Nose, & Throat IRS RS Internal Revenue Service 34 Q3 FY22 earnings presentation | February 22, 2022 Medtronic#35Medtronic Engineering the extraordinary Investor Relations contact information Ryan Weispfenning Vice President & Head of Investor Relations Wynne Edgson Director, Investor Relations Brad Welnick Sr. Director, Investor Relations [email protected] Greg Hertz Sr. Director, Investor Relations Medtronic