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Medtronic: FY24 Results

HEALTHCARE

Medtronic (MDT: A3 /A) 4Q24 Results


Medtronic has EUR 2.5bn due in 2025 and has not issued since 2023. The company took on significant debt in 2015 but had reduced this to a stable total of $25bn since 2019. With a weighted average maturity of 10.6yrs the company’s policy is to keep rolling the debt over at reasonably long tenors. The rating has been stable at A3/A for 7yrs+.

Solid results:

  • Revenue $8.6b slightly ahead of consensus
  • Guiding for 4-5% organic revenue growth 2025
  • FY24 FCF $5.2bn increased 14% YoY
  • Emphasis on the $5.5b returned to shareholders. Clearly debt is not the priority here as it has been stable for years.

Watch for issuance in coming days.

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