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SECURITIES AND EXCHANGE COMMISSION

FORM 8-KCurrent report filing

Filing Date: 2016-08-25 | Period of Report: 2016-08-25SEC Accession No. 0001613103-16-000097

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FILERMedtronic plcCIK:1613103| IRS No.: 000000000 | Fiscal Year End: 0424Type: 8-K | Act: 34 | File No.: 001-36820 | Film No.: 161850361SIC: 3845 Electromedical & electrotherapeutic apparatus

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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K_____________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) ofthe Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 25, 2016_____________________________

Medtronic Public Limited Company(Exact name of Registrant as Specified in its Charter)

_____________________________

Ireland 1-36820 98-1183488(State or other jurisdiction

of incorporation)(CommissionFile Number)

(IRS EmployerIdentification No.)

20 On Hatch, Lower Hatch StreetDublin 2, Ireland

(Address of principal executive offices)

(Registrant’s telephone number, including area code): +353 1 438-1700

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant underany of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02. Results of Operations and Financial Condition

On August 25, 2016, Medtronic plc, a public limited company organized under the laws of Ireland, issued a press release announcing itsfirst quarter fiscal year 2017 financial results and posted a related earnings presentation to the Investors section of its website. A copy ofthe press release and related earnings presentation are furnished as Exhibits 99.1 and 99.2 to this report.

Item 9.01. Exhibits.

(d) List of Exhibits

Exhibit Number Description

99.1 Press release of Medtronic plc, dated August 25, 201699.2 Earnings presentation, dated August 25, 2016



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on itsbehalf by the undersigned hereunto duly authorized.

MEDTRONIC PUBLIC LIMITED COMPANY

By /s/ Karen L. ParkhillDate: August 25, 2016 Karen L. Parkhill

Executive Vice President and Chief Financial Officer



EXHIBIT INDEX

Exhibit Number Description

99.1 Press release of Medtronic plc, dated August 25, 201699.2 Earnings presentation, dated August 25, 2016



Exhibit 99.1

NEWS RELEASE

Contacts:

Fernando Vivanco Ryan WeispfenningPublic Relations Investor Relations+1-763-505-3780 +1-763-505-4626

FOR IMMEDIATE RELEASE

MEDTRONIC REPORTS FIRST QUARTER FINANCIAL RESULTS

• Revenue of $7.2 Billion Decreased 1% as Reported; Prior Year Had Extra Selling Week• Revenue Increased Greater than 5 Percent on a Constant Currency, Constant Weeks Basis• GAAP Diluted EPS of $0.66; Non-GAAP Diluted EPS of $1.03• GAAP Cash Flow from Operations of $1.6 Billion; Free Cash Flow of $1.2 Billion• Company Reiterates FY17 Revenue Outlook and EPS Guidance

DUBLIN - August 25, 2016 - Medtronic plc (NYSE: MDT) today announced financial results for its first quarter of fiscal year 2017,which ended July 29, 2016.

The company reported first quarter worldwide revenue of $7.166 billion, a decrease of 1 percent, or an increase greater than 5 percenton a constant currency, constant weeks (CCCW) basis. Foreign currency translation had a negative $7 million impact on revenue. Thefirst quarter of fiscal year 2017 contained 13 weeks, one less week than the first quarter of fiscal year 2016. The extra week occursevery six years as a result of the company’s 52-53 week fiscal year calendar. While it is difficult to calculate an exact impact from theextra week, the company estimates that it resulted in an approximate $450 million benefit to revenue and $0.08 to $0.10 benefit to non-GAAP diluted earnings per share (EPS) in the first quarter of the prior fiscal year.

First quarter GAAP net income and diluted EPS were $929 million and $0.66, increases of 13 percent and 16 percent, respectively. Asdetailed in the financial schedules included through the link at the end of this release, first quarter non-GAAP net income and dilutedEPS were $1.444 billion and $1.03, representing increases of approximately 11 to 14 percent and approximately 14 to 16 percent,respectively, on a CCCW basis.

U.S. revenue of $4.002 billion represented 56 percent of company revenue and decreased 3 percent, or increased in the low-single digitson a constant weeks basis. Non-U.S. developed market revenue of $2.231 billion represented 31 percent of company revenue andincreased 2 percent, or increased in the mid-single digits on a CCCW basis. Emerging market revenue of $933 million represented 13percent of company revenue and was flat, or increased in the low-double digits on a CCCW basis.

“Q1 was another strong quarter for Medtronic, where our diversified businesses and geographies delivered solid results,” said OmarIshrak, Medtronic chairman and chief executive officer. “In addition to our solid top- and bottom-line performance, we also continue togenerate significant free cash flow, and we continue to strategically deploy our capital against our priorities of reinvesting withdiscipline in M&A and R&D, returning substantial cash to our shareholders, and deleveraging our balance sheet.”



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Cardiac and Vascular GroupThe Cardiac and Vascular Group (CVG) includes the Cardiac Rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH),and Aortic & Peripheral Vascular (APV) divisions. CVG worldwide revenue of $2.518 billion decreased 2 percent, or increased in themid-single digits on a CCCW basis, driven by strong, balanced growth across all three divisions.

• CRHF revenue of $1.334 billion decreased 3 percent, or increased in the mid-single digits on a CCCW basis. The divisionoutperformed the market in core implantables on the strength of the Amplia MRI™ and Compia MRI™ Quad CRT-D, EveraMRI® ICD, and Micra® TPS pacemaker. AF Solutions grew in the mid-thirties on a CCCW basis on the strength of the ArcticFront Advance® cryoballoon and recent FIRE AND ICE clinical data. The Diagnostics business also had a solid quarter,growing in the low-double digits on a CCCW basis, on the continued global adoption of the Reveal LINQ® insertable cardiacmonitor.

• CSH revenue of $762 million decreased 3 percent, or increased in the mid-single digits on a CCCW basis, driven by high-twenties growth on a CCCW basis in transcatheter aortic heart valves as a result of strong customer adoption of theCoreValve® Evolut® R. Coronary declined in the mid-single digits on a CCCW basis, but drug-eluting stents grew in the mid-single digits on a CCCW basis in markets outside the United States driven by Resolute Onyx™ in Europe and emergingmarkets.

• APV revenue of $422 million increased 2 percent, or increased in the high-single digits on a CCCW basis, with high-singledigit growth on a CCCW basis in the Aortic business, driven by the continued strength of the Endurant® IIs aortic stent graft,the Heli-FX® EndoAnchor® System, and Valiant® Captivia® thoracic stent graft. The Peripheral Vascular business grew in thehigh-single digits on a CCCW basis, with strong above-market growth in drug-coated balloons, driven by the clinicallydifferentiated IN.PACT® Admiral® DCB, which holds the leading market position in the U.S. and globally.

Minimally Invasive Therapies GroupThe Minimally Invasive Therapies Group (MITG) includes the Surgical Solutions and the Patient Monitoring & Recovery (PMR)divisions. MITG worldwide revenue of $2.424 billion decreased 1 percent, or increased in the mid-single digits on a CCCW basis,another strong quarter for the group with above market growth.

• Surgical Solutions revenue of $1.348 billion was flat, or increased in the mid-single digits on a CCCW basis, driven by high-single digit growth on a CCCW basis in Advanced Stapling and mid-single digit growth on a CCCW basis in AdvancedEnergy. Early Technologies grew in the high-single digits on a CCCW basis, led by strong growth in GI Solutions.

• PMR revenue of $1.076 billion decreased 3 percent, or increased in the mid-single digits on a CCCW basis, driven by growthin Renal Care Solutions from the recent acquisition of Bellco. The division also returned to market with the Puritan Bennett™980 ventilator and Capnostream™ 20 capnography monitor, which had previously been under shipping holds.

Restorative Therapies GroupThe Restorative Therapies Group (RTG) includes the Spine, Brain Therapies, Specialty Therapies, and Pain Therapies divisions. This isthe first quarter RTG revenue is reported in its new four division structure. RTG worldwide revenue of $1.772 billion decreased 2percent, or increased in the mid-single digits on a CCCW basis. Group results were driven by strong Brain Therapies and SpecialtyTherapies growth, as well as by continued improvement in U.S. Spine, offsetting declines in Pain Therapies, all on a CCCW basis.

• In the Spine division, which now includes the Core Spine, BMP, and Kanghui businesses, revenue of $645 million decreased 6percent, or was flat on a CCCW basis. The Core Spine business grew in the low-single digits in the U.S. on a constant weeksbasis, in-line with the market, as a number of new products and focus on procedural innovation is driving improved results.BMP grew in the mid-single digits on a CCCW basis, with high-single digit growth in the U.S. on a constant weeks basispartially offset by the continued loss of InductOs™ sales in Europe as a result of a shipping hold.

• In the Brain Therapies division, which now includes the Neurovascular, Brain Modulation, and Neurosurgery businesses,revenue of $489 million increased 6 percent, or increased in the low-double digits on a CCCW basis. All three businesses hadstrong quarters, with Neurovascular growing in the high-teens, Neurosurgery growing in the low-double digits, and BrainModulation growing in the mid-single digits, all on a CCCW basis.

• In the Specialty Therapies division, which now includes the Pelvic Health, Advanced Energy, and ENT businesses, revenue of$356 million increased 3 percent, or increased in the low-double digits on a CCCW basis. All three businesses delivered strongquarters, with Advanced Energy growing in the high-teens, and Pelvic Health and ENT both growing in the high-single digits,all on a CCCW basis.

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• In the Pain Therapies division, which now includes the Pain (Spinal Cord Stimulation and Drug Pumps) and InterventionalSpine businesses, revenue of $282 million decreased 9 percent, or decreased in the low-single digits on a CCCW basis. Afteradjusting for the divestiture of our drug business, which occurred in the third quarter of fiscal year 2016, Pain Therapiesrevenue was flat on a CCCW basis. Spinal Cord Stimulation declined in the mid-single digits on a CCCW basis, as thebusiness faced competitive pressures. Drug Pumps grew in the mid-single digits on a CCCW basis, as the business returned togrowth following declines over the past year as a result of its April 2015 U.S. FDA consent decree. Interventional Spine grewin the low-single digits on a CCCW basis.

Diabetes GroupThe Diabetes Group includes the Intensive Insulin Management (IIM), Diabetes Service & Solutions (DSS), and Non-IntensiveDiabetes Therapies (NDT) divisions. Diabetes Group worldwide revenue of $452 million increased 2 percent, or increased in the high-single digits on a CCCW basis. The group had strong, broad-based performance across all three divisions.

• IIM grew in the high-single digits on a CCCW basis, driven by continued strong sales in Europe and Asia Pacific of theMiniMed® 640G System with the enhanced Enlite® sensor and SmartGuard™ technology.

• NDT grew in the mid-seventies on a CCCW basis, led by strong U.S. sales of the iPro®2 Professional Continuous GlucoseMonitor (CGM) technology with Pattern Snapshot.

• DSS grew in the high-single digits on a CCCW basis as a result of solid growth of consumables, revenue from the company’sacquisition of Diabeter in Europe, and continued strong growth of the MiniMed® Connect, which over 18,000 people withdiabetes are now using to view their insulin pump and CGM information on a smartphone.

Revenue Outlook and EPS GuidanceThe company today reiterated its fiscal year 2017 revenue outlook and EPS guidance. Consistent with the company’s long-term, mid-single digit constant currency revenue growth expectation, the company continues to expect fiscal year 2017 revenue growth to be in therange of 5 to 6 percent on a CCCW basis, which excludes the benefit of the extra selling week in the company’s first quarter of fiscalyear 2016, as well as the estimated benefit from foreign currency in fiscal year 2017.

In addition, the company reiterated its diluted non-GAAP EPS guidance for fiscal year 2017. The company expects fiscal year 2017diluted non-GAAP EPS growth in the range of 12 to 16 percent on a CCCW basis, which excludes the estimated negative impact offoreign currency translation, as well as the benefit from the extra selling week in the company’s first quarter of fiscal year 2016. Thisannual EPS growth range is consistent with the company’s long-term, double digit constant currency EPS growth expectation, andcontinues to imply fiscal year 2017 diluted non-GAAP EPS in the range of $4.60 to $4.70. Other than as noted, EPS guidance does notinclude charges or gains that would be recorded as non-GAAP adjustments to earnings during the fiscal year.

“We feel very good about our momentum to start our fiscal year, and we are confident in our ability to sustain this performance over thecoming quarters,” said Ishrak. “We also remain focused on fully understanding and leading the shift to value-based healthcare systemsthat reward value and patient outcomes over volume, and we continue to develop partnerships and insights into how we can utilize ourexpertise to play a role in this evolution. We feel the appropriate application of medical technology can help address inefficiencies andimprove outcomes in healthcare delivery, driving new forms of value creation - for both our customers and our shareholders.”

Webcast InformationMedtronic will host a webcast today, August 25, at 8:00 a.m. EDT (7:00 a.m. CDT) to provide information about its businesses for thepublic, analysts, and news media. This quarterly webcast can be accessed by clicking on the Investor Events link atinvestorrelations.medtronic.com and this earnings release will be archived at newsroom.medtronic.com. Medtronic will be live tweetingduring the webcast on our Newsroom Twitter account, @Medtronic. Within 24 hours of the webcast, a replay of the webcast andtranscript of the company’s prepared remarks will be available by clicking on the Investor Events link atinvestorrelations.medtronic.com.

Financial SchedulesTo view the first quarter financial schedules and non-GAAP reconciliations, click here. To view the first quarter earnings presentation,click here. Both of these documents can also be accessed by visiting newsroom.medtronic.com.

About MedtronicMedtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services andsolutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employsmore than 88,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focusedon collaborating with stakeholders around the world to take healthcare Further, Together.



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FORWARD LOOKING STATEMENTSThis press release contains forward-looking statements related to product and service growth drivers, market position andopportunities, the transforming healthcare environment, strategies for and sustainability of growth, benefits from collaborationsand acquisitions, availability of and plans for cash, product launches, and Medtronic’s future results of operations, which aresubject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development,manufacturing, marketing and sale of medical products, challenges with respect to third-party collaborations and integration ofacquired businesses, effectiveness of growth strategies, challenges relating to our worldwide operations, challenges or unforeseenrisks in implementing our growth strategies, government regulation, fluctuations in foreign currency exchange rates, andgeneral economic conditions and other risks and uncertainties described in Medtronic’s periodic reports and other filings withthe U.S. Securities and Exchange Commission (the “SEC”). Anticipated results only reflect information available to Medtronicat this time and may differ from actual results. Medtronic does not undertake to update its forward-looking statements or any ofthe information contained in this press release. Certain information in this press release includes calculations or figures thathave been prepared internally and have not been reviewed or audited by our independent registered public accounting firm,including but not limited to, certain information in the financial schedules accompanying this press release. Use of differentmethods for preparing, calculating or presenting information may lead to differences and such differences may be material.

NON-GAAP FINANCIAL MEASURESThis press release contains financial measures and guidance, including free cash flow figures (defined as operating cash flowsless property, plant and equipment additions), revenue and growth rates on a constant currency and constant weeks basis, andconstant currency growth rates, net income, and diluted EPS, all of which are considered “non-GAAP” financial measuresunder applicable SEC rules and regulations. Unless otherwise noted, all revenue amounts given in this press release are stated inaccordance with U.S. generally accepted accounting principles (GAAP). References to quarterly figures increasing or decreasingare in comparison to the first quarter of fiscal year 2016.

Medtronic management believes that in order to properly understand its short-term and long-term financial trends, includingperiod over period comparisons of the company’s operations, investors may find it useful to exclude the effect of certain chargesor gains that contribute to or reduce earnings but that result from transactions or events that management believes may or maynot recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally usesnon-GAAP financial measures to facilitate management’s review of the operational performance of the company and as a basisfor strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financialinformation prepared in accordance with GAAP, and investors are cautioned that Medtronic may calculate non-GAAP financialmeasures in a way that is different from other companies. Management strongly encourages investors to review the company’sconsolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financialmeasures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying thispress release.

-end-

View FY17 First Quarter Financial Schedules & Non-GAAP Reconciliations

View FY17 First Quarter Earnings Presentation

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FINANCIAL SCHEDULES Page

World Wide Revenue 6

U.S. Revenue 7

World Wide Revenue: Geographic 8

Consolidated Statements of Income 9

GAAP to Non-GAAP Reconciliations 10

Consolidated Balance Sheets 13

Consolidated Statements of Cash Flows 14

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MEDTRONIC PLCWORLD WIDE REVENUE

(Unaudited)

FIRST QUARTERAS REPORTED

FIRST QUARTERCONSTANT CURRENCY ADJUSTED

(in millions)FY17

Q1FY16

Q1Reported

Growth (1)FY17

Q1FY16

Q1

CurrencyImpact onGrowth

ConstantCurrency

Growth (1)(2)Cardiac & Vascular Group $ 2,518 $ 2,571 (2)% $ 2,518 $ 2,571 $ (7) (2)%

Cardiac Rhythm & Heart Failure 1,334 1,369 (3) 1,334 1,369 1 (3)Coronary & Structural Heart 762 788 (3) 762 788 (8) (2)Aortic & Peripheral Vascular (3) 422 414 2 422 414 — 2

Minimally Invasive Therapies Group 2,424 2,456 (1) 2,424 2,456 2 (1)Surgical Solutions 1,348 1,352 — 1,348 1,352 (2) —Patient Monitoring & Recovery 1,076 1,104 (3) 1,076 1,104 4 (3)

Restorative Therapies Group (3) 1,772 1,802 (2) 1,772 1,802 — (2)Spine 645 685 (6) 645 685 — (6)Brain Therapies 489 462 6 489 462 — 6Specialty Therapies 356 346 3 356 346 — 3Pain Therapies 282 309 (9) 282 309 — (9)

Diabetes Group 452 445 2 452 445 (2) 2

TOTAL $ 7,166 $ 7,274 (1)% $ 7,166 $ 7,274 $ (7) (1)%

(1) Fiscal year 2016 was a 53-week year, with the extra week included in the first quarter results. While it is difficult to calculate the impact of the extraweek, the Company estimates that the extra week impact on revenue was approximately $450 million.(2) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between current and prior year periods using averageexchange rates in effect during the applicable prior year period. See description of non-GAAP financial measures at the end of the earnings pressrelease.(3) In fiscal year 2017, the Company realigned its divisions within the Restorative Therapies Group, which included a movement of revenue fromcertain product lines in Restorative Therapies Group to Cardiac & Vascular Group's Aortic & Peripheral Vascular division. As a result, fiscal year 2016results have been recast to adjust for this realignment.

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MEDTRONIC PLCU.S. REVENUE

(Unaudited)


(in millions)FY17

Q1FY16

Q1Reported

Growth (1)Cardiac & Vascular Group $ 1,297 $ 1,356 (4)%

Cardiac Rhythm & Heart Failure 758 786 (4)Coronary & Structural Heart 294 328 (10)Aortic & Peripheral Vascular (2) 245 242 1

Minimally Invasive Therapies Group 1,235 1,292 (4)Surgical Solutions 577 587 (2)Patient Monitoring & Recovery 658 705 (7)

Restorative Therapies Group (2) 1,207 1,220 (1)Spine 452 462 (2)Brain Therapies 278 264 5Specialty Therapies 274 264 4Pain Therapies 203 230 (12)

Diabetes Group 263 274 (4)

TOTAL $ 4,002 $ 4,142 (3)%

(1) Fiscal year 2016 was a 53-week year, with the extra week included in the first quarter results. While it is difficult to calculate the impact of the extraweek, the Company estimates that the extra week impact on revenue was approximately $450 million.(2) In fiscal year 2017, the Company realigned its divisions within the Restorative Therapies Group, which included a movement of revenue fromcertain product lines in Restorative Therapies Group to Cardiac & Vascular Group's Aortic & Peripheral Vascular division. As a result, fiscal year 2016results have been recast to adjust for this realignment.

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MEDTRONIC PLCWORLD WIDE REVENUE: GEOGRAPHIC

(Unaudited)


FIRST QUARTERCONSTANT CURRENCY ADJUSTED

(in millions)FY17

Q1FY16

Q1Reported

Growth (1)FY17

Q1FY16

Q1

CurrencyImpact onGrowth

ConstantCurrency

Growth (1)(2)

U.S. $ 1,297 $ 1,356 (4)% $ 1,297 $ 1,356 $ — (4)%

Non-U.S. Developed 829 830 — 829 830 15 (2)

Emerging Markets 392 385 2 392 385 (22) 8

Cardiac & Vascular Group (3) 2,518 2,571 (2) 2,518 2,571 (7) (2)

U.S. 1,235 1,292 (4) 1,235 1,292 — (4)

Non-U.S. Developed 863 841 3 863 841 22 —


Minimally Invasive Therapies Group 2,424 2,456 (1) 2,424 2,456 2 (1)

U.S. 1,207 1,220 (1) 1,207 1,220 — (1)

Non-U.S. Developed 384 386 (1) 384 386 9 (3)

Emerging Markets 181 196 (8) 181 196 (9) (3)

Restorative Therapies Group (3) 1,772 1,802 (2) 1,772 1,802 — (2)

U.S. 263 274 (4) 263 274 — (4)

Non-U.S. Developed 155 140 11 155 140 — 11


Diabetes Group 452 445 2 452 445 (2) 2

U.S. 4,002 4,142 (3) 4,002 4,142 — (3)

Non-U.S. Developed 2,231 2,197 2 2,231 2,197 46 (1)

Emerging Markets 933 935 — 933 935 (53) 5

TOTAL $ 7,166 $ 7,274 (1)% $ 7,166 $ 7,274 $ (7) (1)%

(1) Fiscal year 2016 was a 53-week year, with the extra week included in the first quarter results. While it is difficult to calculate the impact of the extraweek, the Company estimates that the extra week impact on revenue was approximately $450 million.(2) Constant currency growth, a non-GAAP financial measure, measures the change in revenue between current and prior year periods using averageexchange rates in effect during the applicable prior year period. See description of non-GAAP financial measures at the end of the earnings pressrelease.(3) In fiscal year 2017, the Company realigned its divisions within the Restorative Therapies Group, which included a movement of revenue fromcertain product lines in Restorative Therapies Group to Cardiac & Vascular Group's Aortic & Peripheral Vascular division. As a result, fiscal year 2016results have been recast to adjust for this realignment.

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MEDTRONIC PLCCONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three months ended

(in millions, except per share data) July 29, 2016 July 31, 2015

Net sales $ 7,166 $ 7,274

Costs and expenses:Cost of products sold 2,261 2,456Research and development expense 556 558Selling, general, and administrative expense 2,428 2,449Restructuring charges, net 94 67Certain litigation charges 82 —Acquisition-related items 52 71Amortization of intangible assets 487 481Other expense, net 39 61

Operating profit 1,167 1,131

Interest income (93) (115)Interest expense 272 306

Interest expense, net 179 191Income from operations before income taxes 988 940Provision for income taxes 59 120Net income $ 929 $ 820

Basic earnings per share $ 0.67 $ 0.58

Diluted earnings per share $ 0.66 $ 0.57

Basic weighted average shares outstanding 1,392.2 1,418.1

Diluted weighted average shares outstanding 1,407.1 1,436.4

Cash dividends declared per ordinary share $ 0.43 $ 0.38

9



MEDTRONIC PLCNET INCOME AND DILUTED EPS GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Three months ended July 29, 2016

(in millions, except per share data)Net

Sales

Cost ofProducts

Sold

GrossMarginPercent

OperatingProfit

OperatingProfit

Percent

Incomefrom

OperationsBeforeIncomeTaxes

NetIncome

DilutedEPS (1)

Effective TaxRate

GAAP $ 7,166 $ 2,261 68.4% $ 1,167 16.3% $ 988 $ 929 $ 0.66 6.0%

Non-GAAP Adjustments: (2)

Restructuring charges, net — (10) 104 104 79 0.06 24.0

Certain litigation charges — — 82 82 52 0.04 36.6

Acquisition-related items — — 52 52 39 0.03 25.0

Amortization of intangible assets — — 487 487 376 0.27 22.8

Certain tax adjustments (a) — — — — (31) (0.02) —

Non-GAAP $ 7,166 $ 2,251 68.6% $ 1,892 26.4% $ 1,713 $ 1,444 $ 1.03 15.7%

Foreign currency impact 7 (19) 0.3 70 1.0 0.04

Constant Currency Adjusted $ 7,173 $ 2,232 68.9% $ 1,962 27.4% $ 1.07


(in millions, except per share data)Net

Sales

Cost ofProducts

Sold

GrossMarginPercent

OperatingProfit

OperatingProfit

Percent

Incomefrom

OperationsBeforeIncomeTaxes

NetIncome

DilutedEPS

Effective TaxRate

GAAP $ 7,274 $ 2,456 66.2% $ 1,131 15.5% $ 940 $ 820 $ 0.57 12.8%

Non-GAAP Adjustments: (2)

Impact of inventory step-up (b) — (226) 226 226 165 0.11 27.0

Restructuring charges, net — — 67 67 52 0.04 22.4

Acquisition-related items — — 71 71 53 0.04 25.4

Amortization of intangible assets — — 481 481 372 0.26 22.7

Non-GAAP $ 7,274 $ 2,230 69.3% $ 1,976 27.2% $ 1,785 $ 1,462 $ 1.02 18.1%

NetIncome

DilutedEPS

Year over year percent change:

GAAP 13% 16%

Non-GAAP (1)% 1%

Adjusted Non-GAAP 5%

See description of non-GAAP financial measures at the end of the earnings press release.

(1) The data in this schedule has been intentionally rounded to the nearest $0.01 and, therefore, may not sum.

(2) Non-GAAP adjustments relate to charges or gains that management believes may or may not recur with similar materiality orimpact on results in future periods.



(a) The net benefit in certain tax adjustments relates to the resolution of various tax positions from prior years and other certain taxcharges recorded in connection with the redemption of an intercompany minority interest.

(b) Represents amortization of step-up in fair value of inventory acquired in connection with the Covidien acquisition.

10



MEDTRONIC PLCRECONCILIATION OF OPERATING CASH FLOW TO FREE CASH FLOW

(Unaudited)

Three months ended

(in millions) July 29, 2016

Net cash provided by operating activities 1,550

Additions to property, plant, and equipment (330)

Free Cash Flow (1)(2) $ 1,220

See description of non-GAAP financial measures at the end of the earnings press release.

(1) Free cash flow represents operating cash flows less property, plant, and equipment additions.

(2) There were no adjustments to free cash flow for the three months ended July 29, 2016. As a result, free cash flow is synonymouswith adjusted free cash flow.

11



MEDTRONIC PLCFIRST QUARTER SELLING, GENERAL, AND ADMINISTRATIVE EXPENSE (SG&A), RESEARCH AND DEVELOPMENT

EXPENSE (R&D), AND OTHER (INCOME) EXPENSE, NET ON A CONSTANT CURRENCY BASIS(Unaudited)


(in millions) Net SalesSG&A

Expense

SG&A Expenseas a Percentage of

Net SalesR&D

Expense

R&D Expense asa Percentage of

Net SalesOther (Income)

Expense, net

Other (Income)Expense, net as aPercentage of Net

Sales

As reported $ 7,166 $ 2,428 33.9% $ 556 7.8% $ 39 0.5 %

Foreign currency impact 7 11 — (55)

Constant currency adjusted $ 7,173 $ 2,439 34.0% $ 556 7.8% $ (16) (0.2)%

12



MEDTRONIC PLCCONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions) July 29, 2016 April 29, 2016

ASSETS

Current assets:Cash and cash equivalents $ 3,060 $ 2,876Investments 9,750 9,758Accounts receivable, less allowances of $161 and $161, respectively 5,357 5,562Inventories 3,580 3,473Other current assets 1,751 1,931

Total current assets 23,498 23,600

Property, plant, and equipment, net 4,814 4,841Goodwill 41,309 41,500Other intangible assets, net 26,437 26,899Tax assets 1,232 1,383Other assets 1,311 1,421

Total assets $ 98,601 $ 99,644

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:Current debt obligations $ 1,947 $ 993Accounts payable 1,615 1,709Accrued compensation 1,205 1,712Accrued income taxes 645 566Other accrued expenses 2,484 2,185

Total current liabilities 7,896 7,165

Long-term debt 30,124 30,109Accrued compensation and retirement benefits 1,770 1,759Accrued income taxes 2,344 2,903Deferred tax liabilities 3,790 3,729Other liabilities 1,785 1,916

Total liabilities 47,709 47,581

Commitments and contingencies

Shareholders’ equity:

Ordinary shares — par value $0.0001 — —Retained earnings 52,848 53,931Accumulated other comprehensive loss (2,024) (1,868)

Total shareholders’ equity 50,824 52,063



Noncontrolling interests $ 68 $ —Total equity $ 50,892 $ 52,063Total liabilities and equity $ 98,601 $ 99,644

13



MEDTRONIC PLCCONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three months ended

(in millions) July 29, 2016 July 31, 2015

Operating Activities:Net income

$ 929 $ 820Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 737 701Amortization of debt discount and issuance costs 7 7Acquisition-related items (5) 232Provision for doubtful accounts 9 10Deferred income taxes 32 (159)Stock-based compensation 79 96Other, net (85) (39)Change in operating assets and liabilities, net of acquisitions:

Accounts receivable, net 196 279Inventories (101) (207)Accounts payable and accrued liabilities (361) (424)Other operating assets and liabilities 50 (408)

Certain litigation charges 82 —Certain litigation payments (19) (92)

Net cash provided by operating activities 1,550 816Investing Activities:

Acquisitions, net of cash acquired (12) (179)Additions to property, plant, and equipment (330) (224)Purchases of investments (1,044) (1,851)Sales and maturities of investments 1,104 1,266Other investing activities, net (2) 2

Net cash used in investing activities (284) (986)Financing Activities:

Acquisition-related contingent consideration (11) (3)Change in current debt obligations, net 926 429Issuance of long-term debt 33 —Payments on long-term debt (17) (1,004)Dividends to shareholders (599) (538)Issuance of ordinary shares 214 98Repurchase of ordinary shares (1,763) (750)Other financing activities 57 24

Net cash used in financing activities (1,160) (1,744)



Effect of exchange rate changes on cash and cash equivalents 78 50Net change in cash and cash equivalents 184 (1,864)Cash and cash equivalents at beginning of period 2,876 4,843Cash and cash equivalents at end of period $ 3,060 $ 2,979Supplemental Cash Flow InformationCash paid for:

Income taxes $ 115 $ 636Interest 68 76

14



MEDTRONIC PLC Q1 FY17 EARNINGS PRESENTATION AUGUST 25, 2016 • CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS • EPS GUIDANCE, REVENUE OUTLOOK, & OTHER ASSUMPTIONS Exhibit 99.2



Q1 FY17 Earnings Results | August 25, 2016 | 2 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements which provide current expectations or forecasts, including those relating to market and sales growth, growth strategies, financial results, use of capital, product development and introduction, partnerships, regulatory matters, restructuring initiatives, mergers/acquisitions/divestitures and related effects, accounting estimates, financing activities, working capital adequacy, competitive strengths and sales efforts. They are based on current assumptions and expectations that involve uncertainties or risks. These uncertainties and risks include, but are not limited to, those described in the filings we make with the U.S. Securities and Exchange Commission (SEC). Actual results may differ materially from anticipated results. Forward-looking statements are made as of today's date, and we undertake no duty to update them or any of the information contained in this presentation. Financial Data 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 dif ferent methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance, including free cash flow figures (defined as operating cash flows less property, plant and equipment additions), revenue and growth rates on a constant currency and constant weeks basis (the company estimates that the extra week in its prior year first quarter had an approximate $450 million impact on revenue and $0.08 to

$0.10 impact to earnings per share; the impact for each business or region was estimated by adjusting Q1 FY16 revenue by the prorated total company impact), and constant currency growth rates, net income, and diluted EPS, all of which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. We believe these measures provide a useful way to evaluate our underlying performance. Detail concerning how all non-GAAP measures are calculated, including all GAAP to non-GAAP reconciliations, are provided on our website and can be accessed using this link.



CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS



Q1 FY17 Earnings Results | August 25, 2016 | 4 Note: Prior year had an extra selling week, which had a ~$450M impact on revenue and $0.08-$0.10 impact on EPS Strong, balanced & diversified, MSD revenue growth2 • Taking into account FX and the extra week, revenue growth was in the upper half of the MSD range; in-line with our Q1 outlook • Diversified businesses and geographies delivered solid results • Executing on three revenue growth vectors: • New Therapies: upper-end of 250 to 350 bps goal, contributing >300 bps • Emerging Markets: within our 150 to 200 bps goal, contributing >150 bps • Services & Solutions: below our 40 to 60 bps goal, contributing ~30 bps • Foreign currency translation had a negative $7M impact on revenue • Acquisitions & divestitures contributed a net 70 bps to Q1 revenue growth Delivered leverage: EPS lev. ~1,000 bps2, Operating lev. ~400 bps2 • Taking into account FX and the extra week, mid-teens EPS growth • Continued modest pricing pressure: ASP declines in line with previous quarters • Covidien synergies: remain on track to deliver $225-250 M in FY17 • ~100 bps improvement in Operating Margin Y/Y2 Capital allocation: Strategically deploying capital against priorities • Continue to generate significant FCF • Returned $2.1B to shareholders: $1,549M net share repurchases; $599M dividends • M&A: further enhanced our HF offerings with the acquisition of HeartWare, a leading innovator of less-invasive, miniaturized circulatory support technologies for the treatment of advanced HF MDT Q1 FY17 HIGHLIGHTS 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis 3 Diluted EPS ANOTHER

STRONG QUARTER Revenue: Other Financial Highlights: U.S. 56% Non- U.S. Dev 31% EM 13% 1 EPS3 Y/Y CC Adj2 Y/Y% GAAP $0.66 16% NC Non-GAAP $1.03 1% ~14-16% Cash Flow from Ops $1.6B Free Cash Flow $1.2B CVG 35% MITG 34% RTG 25% DIAB 6% Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % CVG 2,518 -2 MSD MITG 2,424 -1 MSD RTG 1,772 -2 MSD Diabetes 452 2 HSD Total $7,166 -1% >5% U.S. 4,002 -3 LSD Non-U.S. Dev 2,231 2 MSD EM 933 Flat LDD Total $7,166 -1% >5%



Q1 FY17 Earnings Results | August 25, 2016 | 5 MDT Q1 FY17 GAAP SELECT FINANCIAL INFORMATION Q1 FY17 Q1 FY16 Y/Y Growth / Y/Y Change Net Sales ($M) 7,166 7,274 -1% Gross Margin 68.4% 66.2% 220 bps SG&A ($M) 2,428 2,449 1% % of Sales 33.9% 33.7% (20 bps) R&D ($M) 556 558 0% % of Sales 7.8% 7.7% (10 bps) Other Expense, Net ($M) 39 61 36% Operating Profit 1,167 1,131 3% Operating Margin 16.3% 15.5% 80 bps EPS1 ($) 0.66 0.57 16% 1 Diluted EPS



Q1 FY17 Earnings Results | August 25, 2016 | 6 MDT Q1 FY17 Y/Y EPS WALK 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Q1 FY16, GAAP Non-GAAP Adjustments Q1 FY16, Non-GAAP Extra Week Impact Q1 FY16, Non-GAAP Adj. Performance Q1 FY17 CC FX Q1 FY17, Non-GAAP Non-GAAP Adjustments Q1 FY17, GAAP EPS Growth1: Mid-Teens; EPS Leverage1: ~1,000 bps EPS $0.57 $0.45 $1.02 ~($0.08)- ($0.10) 1 Comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Note: See Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information. $0.94- 0.92 ~$0.13- $0.15 $1.07 ($0.04) $1.03 ($0.37) $0.66 ~14%-16% Y/Y1



Q1 FY17 Earnings Results | August 25, 2016 | 7 MDT Q1 FY17 Y/Y OPERATING MARGIN CHANGES 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Q1 FY16, GAAP Non-GAAP Adjustments Q1 FY16, Non-GAAP Extra Week Impact Q1 FY16, Non-GAAP Adj. Performance Q1 FY17 CC FX Q1 FY17, Non-GAAP Non-GAAP Adjustments Q1 FY17, GAAP ~100 bps Operational Improvement1 Operating Margin 15.5% 11.7% 27.2% ~(0.8%) 27.4% (1.0%) 26.4% (10.1%) 16.3% 1 Comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Note: See Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information. ~26.4% ~1.0%



Q1 FY17 Earnings Results | August 25, 2016 | 8 MDT Q1 FY17 NON-GAAP SELECT FINANCIAL INFORMATION Q1 FY16 Q1 FY16 Estimated Extra week Impact Q1 FY16 Adj for extra week Q1 FY17 FX Impact $M / Change Q1 FY17 Constant Currency1 Q1 FY17 CC Adj2 Growth /Change Net Sales ($M) 7,274 ~($450) -- 7,166 (7) -- >5% Gross Margin1 69.3% ~0-10 bps ~69.2%- 69.3% 68.6% (30) bps 68.9% ~(30)- (40) bps SG&A ($M) 2,449 -- -- 2,428 11 -- -- % of Sales 33.7% ~60-90 bps 34.3%- 34.6% 33.9% 10 bps 34.0% ~30-60 bps R&D ($M) 558 -- -- 556 0 -- -- % of Sales 7.7% ~0 bps ~7.7% 7.8% 0 bps 7.8% ~(10) bps Other Expense, Net ($M) 61 -- -- 39 (55) -- -- Operating Profit1 1,976 -- -- 1,892 (70) -- HSD Operating Margin 1 27.2% ~80 bps ~26.4% 26.4% (100) bps 27.4% ~100 bps Diluted EPS1 ($) 1.02 ~$0.08 – 0.10 ~$0.94– 0.92 1.03 (0.04) -- ~14-16% 1 Non-GAAP measure – see Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Operating Leverage ~+400 bps EPS Leverage ~+1,000 bps



Q1 FY17 Earnings Results | August 25, 2016 | 9 CVG Q1 FY17 HIGHLIGHTS CRHF 53% CSH 30% APV 17% U.S. 51% Non- U.S. Dev 33% EM 16% Cardiac Rhythm & Heart Failure (CRHF) KEY PERFORMANCE DRIVERS2 High Power: -LSD • US market decline driven by replacements • ICDs: LSD growth – US Evera MRI™ • Visia AF™ single-chamber ICD launched in June • CRT-D: LSD decline Low Power: +LSD • US Pacing ex. CRT-P – LSD decline • Protecting pacemaker share with Advisa SR MRI™ • CRT-P: share loss from lack of quad • Reveal LINQ™ pull-through • Initiated US training and shipments of Micra TPS in Q1 • Diagnostics – LDD: Reveal LINQ™ Coronary & Structural Heart (CSH) Aortic & Peripheral Vascular (APV) AF Solutions: Mid 30’s Services & Solutions: Low 30’s Heart Valve Therapies: +DD • TAVR – High 20’s WW; Low ~20’s US • WW TAVR market growing ~40% • Europe: continue to gain share • US: lack of a large size Evolut™ R XL is limiting our share capture in the US • Japan: strong CoreValve® launch • Gained CE mark for Intermediate Risk • Target approval of Evolut™ R XL in early CY17 Coronary: -MSD • DES – HSD decline • OUS – MSD: Resolute Onyx™ • US – DD decline: competitive product launches • Balloons – HSD: Euphora™ PTCA Aortic: +HSD • US: MSD growth; continued Endurant IIs AAA penetration • OUS: LDD growth; gaining share in both AAA and TAA • Heli-FX ® EndoAnchor ® : continuing to gain momentum; competitive account conversion & device pull-through Peripheral & endoVenous: +HSD • DCB: US & WW market share leader • IN.PACT ® Admiral DCB • Continue to outpace the market • Launched

150mm in late Q1 • VenaSeal™ launch • Vascular Embolization performance Strong, Balanced Growth Across all Three Divisions Extracorp. Therapies: +LSD • Continue to gain share with next gen Bio-Medicus® cannula launch Evera MRI™ SureScan® ICD CoreValve® Evolut® R Resolute Onyx ® IN.PACT Admiral ® WW implantables market: down LSD; MDT taking share Y/Y Heli-FX ® EndoAnchor Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % CRHF 1,334 -3 MSD CSH 762 -3 MSD APV 422 2 HSD Total $2,518 -2% MSD U.S. 1,297 -4 LSD Non-U.S. Dev 829 Flat MSD EM 392 2 Mid Teens Total $2,518 -2% MSD Growth Outlook: Upper Half of MSD Range 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Arctic Front Advance® HeartWare Acquisition • Further advanced our HF offering



Q1 FY17 Earnings Results | August 25, 2016 | 10 MITG Q1 FY17 HIGHLIGHTS Surgical Solutions KEY PERFORMANCE DRIVERS2 Strong MSD Growth in Surgical Solutions and PMR Patient Monitoring & Recovery (PMR) Advanced Surgical: +HSD • Focused on sustainable, long-term surgical market leadership, by improving open surgeries, transitioning open surgeries to MIS, and advancing MIS technologies • HSD growth across Advanced Stapling: strong adoption of new products including Reinforced Reload and Tri-StapleTM • Advanced Energy high MSD driven by ValleylabTM FT10 and LS10 • Estimate US surgical procedure volume growth has normalized to ~1-2% Early Technologies: +HSD • Strong HSD growth in Gastrointestinal Solutions driven by BarrxTM • Balanced growth in US and Non- US Developed markets General Surgical: +HSD • Benefitted from RF Surgical acquisition, which closed in Q2FY16 and core Instruments & Access business in the US and EMEA Nutritional Insufficiency / DVT: +MSD • NI driven by Americas strength partially offset by DVT distributor timing Patient Care: -LSD • Primarily driven by timing of distributor ordering patterns and lower U.S. volumes Endo GIA™ Capnostream™ Renal Care Solutions • Formed new business unit following acquisition of Bellco, which contributed to Q1 revenue Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % Surg. Sol. 1,348 Flat MSD PMR 1,076 -3 MSD Total $2,424 -1% MSD U.S. 1,235 -4 LSD Non-U.S. Dev 863 3 MSD EM 326 1 MidTeens Total $2,424 -1% MSD Growth Outlook: MSD Endo GIA™ LigaSure™ ValleyLab™ PMR 44% Surg. Sol. 56% U.S. 51% Non- U.S. Dev 36% EM 13% Respiratory & Patient

Monitoring: +LSD • HSD Patient Monitoring growth driven by strong Pulse Oximetry sales • PB 980 and Capnostream 20 returned to market in late Q1, partial quarter revenue contribution Puritan Bennett™ 980 Ventilator 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis



Q1 FY17 Earnings Results | August 25, 2016 | 11 RTG Q1 FY17 HIGHLIGHTS Spine 36% Brain 28% Specialty 20% Pain 16% US 68% Non-US Dev 22% EM 10% KEY PERFORMANCE DRIVERS2 Strong Brain Therapies & Specialty Therapies Growth, Continued Improvement in US Spine; Offsets Declines in Pain Therapies Neurosurgery: +LDD • US O-arm® O2 penetration; core navigation instruments; OUS StealthStation Core Spine: -LSD • US: LSD growth driven by new product launches in TL Interbody • OUS: MSD declines reflecting MEACAT weakness on delayed tender order • Focused on “Speed to Scale,” differentiated Surgical Synergy™ experience, and procedural innovation BMP: +MSD • US: HSD Infuse® growth; stable pricing • OUS: InductOs™ ship hold in Europe resulted in $6M lost revenue in Q1; expect to resolve in H2 FY17 Brain Modulation: +MSD • Balanced US/OUS growth and stable ASPs despite competitive pressure • US total implants up q/q ENT: +HSD • Solid growth from Fusion® ENT Nav System, NIM® 3.0, and NuVent® EM Balloon Adv. Energy: +High-Teens • AEX® Generator combo platform driving technology adoption • Strong WW growth of Aquamantys and PlasmaBlade disposables • OUS driven by strong capital volumes AEX® Generator SolitaireTM FR Infuse® Bone Graft Spine Brain Therapies Specialty Therapies Pain Therapies Neurovascular: +High-Teens Pelvic Health: +HSD • Balanced US / OUS growth driven by healthy new implant and replacement demand • Strong balanced performance across all geographies, ex. flat Y/Y growth in EMEA • Coils: Recent launch of Axium Prime Detachable Coil (Extra Soft) driving growth • Flow Diversion:

Strong performance in LatAm, China and Asia Pacific • Stents: SolitaireTM FR continued strength Kanghui: +LSD Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % Spine 645 -6 Flat Brain 489 6 LDD Specialty 356 3 LDD Pain 282 -9 -LSD Total $1,772 -2% MSD U.S. 1,207 -1 MSD Non-U.S. Dev 384 -1 MSD EM 181 -8 LSD Total $1,772 -2% MSD Growth Outlook: Low End of MSD Range • Interventional strength SCS/Pumps: -MSD • Continued SCS competitive pressure leading to US/OUS share loss • Drug pump revenue up as anniversaried declines from FDA consent decree • Divested drug bus.; $7-8M impact / qtr Interventional: +LSD • Balanced US/OUS growth • OsteoCoolTM strength in US and BKP pull-through • Increased German procedure volume contributing to OUS growth OsteoCoolTM 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis



Q1 FY17 Earnings Results | August 25, 2016 | 12 DIABETES Q1 FY17 HIGHLIGHTS US 58% Non-US Dev 34% EM 8% KEY PERFORMANCE DRIVERS2 Intensive Insulin Management (IIM) Strong, Broad-Based Performance Across All Three Divisions MiniMed® 630G MiniMed® Connect 12 Total Group Revenue $452M Revenue $M Actual1 Y/Y % CC Adj2 Y/Y % IIM ND LSD HSD NDT ND >65 >75 DSS ND LSD HSD Total $452 2% HSD U.S. 263 -4 LSD Non-U.S. Dev 155 11 DD EM 34 10 DD Total $452 2% HSD Growth Outlook: HSD to Low DD MiniMed® 640G Non-Intensive Diabetes Therapies (NDT) iPro®2 CGM w/ Pattern Snapshot Diabetes Service & Solutions (DSS) MiniMed® 640G System: • Driving robust OUS results U.S. Market: • Remains competitive Hybrid Closed Loop System: • Submitted PMA to FDA in June • 80% of patients enrolled in US clinical trial opted-in to the FDA’s CAP • Commenced pivotal clinical trial for a pediatric indication for ages 7-13 UnitedHealthcare partnership: • Took effect on July 1 MiniMed® 630G System: • US launch of 630G System with Enlite™ CGM sensor began August 11 • Shipments to start in September • Combines proprietary SmartGuard™ technology featured in MiniMed® 530G System with brand new user- friendly design Another Strong Quarter: • Strong sales of iPro®2 CGM technology and i-Port Advance Henry Schein: • Progress on distribution agreement; developing new ease-of-use tools that will help drive professional CGM awareness Qualcomm Life Collaboration: • Jointly develop a future gen CGM system with a new sensor and smaller design for people with type 2 diabetes Continued Strong Growth: • Consumables,

Diabeter service revenue, and MiniMed® Connect MiniMed® Connect: • Uptake and user feedback remains extremely positive • Android version: expected Q2 FY17 IBM Watson Partnership: • Applying cognitive computing to support diabetes management Guardian® Connect: • Received CE Mark for stand-alone sensor product in July; expect to launch Q3 FY17 • US: submitted PMA application in Q4 FY16, approval expected H2 FY17 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis



FY17 EPS GUIDANCE, REVENUE OUTLOOK, & OTHER ASSUMPTIONS



Q1 FY17 Earnings Results | August 25, 2016 | 14 MDT FY17 EPS GUIDANCE, REVENUE OUTLOOK & OTHER ASSUMPTIONS FY17 Revenue Growth Outlook – CCCW1 5% - 6% CVG Growth – CCCW Upper Half of MSD MITG Growth – CCCW MSD RTG Growth – CCCW Low-end of MSD Diabetes Growth – CCCW HSD to Low DD COV Synergies ~$225-250M EPS Growth Guidance– CCCW2 12-16% Adjusted Free Cash Flow $6.5 - $7.0B Other than noted, guidance does not include any charges or gains that would be recorded as non-GAAP adjustments to earnings during the fiscal year 1 While FX rates are fluid, based on current rates, the FX impact to revenue would be +$275M to +$325M 2 Estimated FX impact to EPS of ($0.20) to ($0.25) Note: Medtronic does not intend to adopt FASB ASU 2016-09 regarding the change in tax treatment of stock-based compensation until our fiscal year 2018. No Change to FY17 Total Company Revenue Outlook and EPS Guidance



Q1 FY17 Earnings Results | August 25, 2016 | 15 APPENDIX ACRONYMS / ABBREVIATIONS 1 Other ASP Average Selling Price H1 / H2 First Half / Second Half APAC Asia Pacfic M&A Mergers & Acquisitions Bps Basis Points NC Not Comparable CE Conformité Européenne ND Not Disclosed CC Constant Currency Ops Operations CCCW Constant Currency Constant Weeks OM Operating Margins Dev Developed OUS Outside the United States EM Emerging Markets PMA Pre-market Approval EMEA Europe, Middle East & Africa Q/Q Quarter-over- Quarter EPS Earnings per Share Rep Reported FCF Free Cash Flow WW Worldwide FX Foreign Exchange Y/Y Year-over-Year FY Fiscal Year Growth DD Double Digits HSD High-Single Digit LDD Low-Double Digits LSD Low-Single Digit MSD Mid-Single Digit Business Specific AF Atrial Fibrillation HTWR HeartWare APV Aortic & Peripheral Vascular ICD Implantable Cardioverter Defibrillator BKP Balloon Kyphoplasty IIM Intensive Insulin Management BMP Bone Morphogenetic Protein MDT Medtronic CGM Continuous Glucose Monitoring MITG Minimally Invasive Therapies Group CRHF Cardiac Rhythm & Heart Failure MIS Minimally Invasive Surgery CRT-D Cardiac Resynchronization Therapy – Defibrillator NDT Non-Intensive Diabetes Therapies CAP Continued Access Program NV Neurovascular CSH Coronary & Structural Heart NI Nutritional Insufficiency CVG Cardiac & Vascular Group PMR Patient Monitoring & Recovery DBS Deep Brain Stimulation PTCA Percutaneous Transluminal Coronary Angioplasty DVT Deep Vein Thrombosis RTG Restorative Therapies Group DCB Drug Coated Balloon Sol Solutions DES Drug Eluting Stent

SURTAVI Surgical Replacement & Transcatheter Aortic Valve Implantation DSS Diabetes Services & Solutions ST Surgical Technologies ENT Ear, Nose, & Throat TAVR Transcatheter Aortic Valve Replacement EM Electromagnetic TCV Transcatheter Valves Extracorp Extracorporeal TPS Transcatheter Pacing System FR Flow Restoration TL Transforaminal Lumbar HF Heart Failure



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