Medtronic raises FY26 outlook amid cardiac ablation surge

Medtronic has raised its fiscal twelvemonth 2026 (FY26) nett outlook aft the institution achieved its strongest cardiovascular portfolio gross maturation successful implicit a decennary successful Q2.

The Ireland-headquartered medtech elephantine achieved planetary revenues of astir $9bn successful Q2 2026, up 6.6% from the aforesaid play successful FY25. Medtronic present expects gross maturation for FY26 of 5.5%, an uplift from its anterior anticipation of 5%. The alteration relates to a per stock terms for FY26 of $5.62 to $5.66, up from a anterior anticipation of $5.60 to $5.66.

Following the Q2 result’s announcement, Medtronic’s shares connected the New York Stock Exchange (NYSE) roseate by 4.69% to a marketplace adjacent of $108.8, up from $99.7 per stock astatine marketplace unfastened connected 18 November. The institution has a marketplace headdress of astir $129bn.

The bulk of Medtronic’s Q2 revenues was driven by its cardiovascular portfolio, which encompasses the company’s pulsed-field ablation (PFA) franchise wrong its cardiac ablation solutions concern unit. Revenues of astir $3.44bn successful the concern conception bespeak a 10.8% emergence connected the aforesaid 4th of FY25.

Medtronic’s PFA franchise includes the PulseSelect PFA systemand the Sphere‑9 Dual Energy Catheter with Affera Mapping System, which were approved by the US Food and Drug Administration (FDA) successful December 2023 and October 2024, respectively.

In Medtronic’s post-earnings league call, CEO Geoff Martha highlighted that the PFA franchise is generating a “tonne of momentum”.

Over the past year, the planetary PFA marketplace has grown to much than $500m, according to investigation from GlobalData. Unlike vigor – oregon acold vigor successful the lawsuit of cryoablation – PFA uses abbreviated bursts of electrical vigor to termination disconnected bosom insubstantial associated with abnormal bosom rhythm. The exertion has seen beardown uptake successful the cardiovascular mounting owed to its improved safety.

Martha said: “We grew 71%, which is simply a beardown acceleration from past quarter's maturation of astir 50%. We're winning stock arsenic our PFA franchise grew implicit 300% successful the US, arsenic good arsenic successful planetary markets. This was based connected the spot of our Affera mapping strategy and our Sphere-9 dual vigor and high-density mapping catheter.”

Medtronic’s PFA rival Boston Scientific has precocious besides seen a sizeable emergence to its cardiovascular portfolio owed to the beardown ongoing adoption of its Farapulse PFA system. In Q3 2025, Boston Scientific’s cardiovascular portfolio revenues exceeded $3.3bn, corresponding to a 22.4% emergence from $2.7bn successful Q3 2024.

Elsewhere crossed the business, Medtronic’s neuroscience portfolio grew to astir $2.5bn, corresponding to a 4.5% emergence connected Q2 FY25. Revenue successful the company’s aesculapian country portfolio grew by 2.1% to astir $2.5bn, portion its diabetes concern generated revenues of $757m, denoting an uplift of 10.3% versus the aforesaid 4th of FY25.