Medtronic : J.P. Morgan 40th Annual Healthcare Conference Handout

40th annual J.P. Morgan healthcare conference

January 10, 2022 | Virtual

Geoff Martha, Chairman & CEO

Forward-looking statements, non-GAAP financial measures, and comparisons

Forward-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 can be found in the appendix.

Medtronic calculates forward-lookingnon-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-lookingnon-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.

Unapproved devices

The following presentation includes discussion of devices that are not cleared or approved in the United States. The safety and effectiveness of these devices have not been established and features and performance of future technologies may vary. Information provided during this presentation may also include products that may not be available or distributed in regions or countries outside the U.S. Access to these products are contingent upon regulatory approval or clearance. Approval or clearance timelines are subject to the regulatory process of individual countries and regions and are not guaranteed.

2 40th Annual J.P. Morgan Healthcare Conference | Jan. 10, 2022

Committed to accelerating and sustaining higher growth

Significant changes made and further changes underway; industry-leading technology pipeline coming to fruition

Significant changes over last 18 months position Medtronic for improved innovation- driven growth

Despite challenging environment and recent pipeline delays, significant changes implemented, with new operating model of 20 focused and accountable businesses - combined with culture & incentive enhancements - to accelerate decision making and improve execution. Majority of businesses now growing at or above market

Key learnings from new operating model and new top talent hires helping to drive additional change

External talent with fresh perspectives and new operating model driving more opportunities for

leveraging scale with operational efficiencies, supply chain, and quality

Changes to portfolio management and capital allocation processes expected to drive higher growth and create shareholder value

Increased focus on capital allocation and an active examination of Medtronic's portfolio

Leading pipeline in fast-growing medtech markets

Over 180 product approvals in last 12 months are significant near-term catalysts; continued investments in mid-term programs and recent M&A with significant growth potential

Committed to environmental, social, and governance

Leading sustainability practices grounded in our Mission that put people and planet first

3 40th Annual J.P. Morgan Healthcare Conference | Jan. 10, 2022

Despite recent news, we remain confident in these three mid-term growth drivers

Off schedule but not off track

RDN

Hugo™

Diabetes

• Continue to expect positive read-out of data to add to 3 existing sham- controlled trials & real-world registry data
• Global market expected to exceed $500M by 2026 and $2-3B by 2030

• Prioritizing customer experience over short-term ramp
• First US procedure expected soon
• Double-digitmillions expected in FY22, with meaningful step-up in FY23

• New leadership committed to resolving issues of the past
• Confident in our turnaround: one of the most attractive high-growth markets in Med Tech, and we have a path to leadership
• Multiple pipeline "shots on goal" to deliver competitive CGM/patch pump technology through increased organic R&D, Blackstone partnership, and structured investments with call options

4 40th Annual J.P. Morgan Healthcare Conference | Jan. 10, 2022

Navigating challenges from the COVID-19 pandemic

Strengthening US Dollar creating increased currency headwinds

COVID-19	FX update
impact

Monitoring potential impact of Omicron

EUR and Emerging Markets currencies driving increased FX

• 14 businesses operating at or above pre- COVID levels as of Q2 FY22
• Resurgence impacting US and Europe, while key markets in Asia remain relatively stable
• Healthcare staffing shortages weighing on recovery

• Increased levels of COVID-related absenteeism in hospitals, distribution centers and manufacturing sites
• Working closely with suppliers and customers through supply chain issues

headwinds

• Based on recent rates, in FY22 FX revenue headwinds have increased; no EPS impact due to hedging program
• • Q3: $125-150M headwind (prev. $80M-120M headwind)
  • FY22: approx. $50M headwind (prev. $0-$50M tailwind)
• FY23: Based on recent rates, FX headwinds continue on revenue and EPS

5 40th Annual J.P. Morgan Healthcare Conference | Jan. 10, 2022