Medtronic PLC, adjustment to net income attributable to Medtronic

US$ in millions

12 months ended:	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
Net income attributable to Medtronic (as reported)	3,676)	3,758)	5,039)	3,606)	4,789)	4,631)
Add: Unrealized gain (loss) on investment securities	46)	(49)	(301)	92)	45)	102)
Net income attributable to Medtronic (adjusted)	3,722)	3,709)	4,738)	3,698)	4,834)	4,733)

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Medtronic PLC, adjusted profitability ratios

	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
Net Profit Margin
Reported net profit margin	11.36%	12.03%	15.90%	11.97%	16.56%	15.16%
Adjusted net profit margin	11.50%	11.88%	14.95%	12.28%	16.72%	15.49%
Return on Equity (ROE)
Reported ROE	7.32%	7.30%	9.59%	7.01%	9.44%	9.25%
Adjusted ROE	7.41%	7.20%	9.02%	7.19%	9.53%	9.45%
Return on Assets (ROA)
Reported ROA	4.09%	4.13%	5.54%	3.87%	5.28%	5.16%
Adjusted ROA	4.14%	4.08%	5.21%	3.97%	5.33%	5.28%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Medtronic PLC adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Medtronic PLC adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Medtronic PLC adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

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	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic	3,676)	3,758)	5,039)	3,606)	4,789)	4,631)
Net sales	32,364)	31,227)	31,686)	30,117)	28,913)	30,557)
Profitability Ratio
Net profit margin¹	11.36%	12.03%	15.90%	11.97%	16.56%	15.16%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Medtronic	3,722)	3,709)	4,738)	3,698)	4,834)	4,733)
Net sales	32,364)	31,227)	31,686)	30,117)	28,913)	30,557)
Profitability Ratio
Adjusted net profit margin²	11.50%	11.88%	14.95%	12.28%	16.72%	15.49%

2024 Calculations

¹ Net profit margin = 100 × Net income attributable to Medtronic ÷ Net sales
= 100 × 3,676 ÷ 32,364 = 11.36%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Medtronic ÷ Net sales
= 100 × 3,722 ÷ 32,364 = 11.50%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Medtronic PLC adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic	3,676)	3,758)	5,039)	3,606)	4,789)	4,631)
Shareholders’ equity	50,214)	51,483)	52,551)	51,428)	50,737)	50,091)
Profitability Ratio
ROE¹	7.32%	7.30%	9.59%	7.01%	9.44%	9.25%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Medtronic	3,722)	3,709)	4,738)	3,698)	4,834)	4,733)
Shareholders’ equity	50,214)	51,483)	52,551)	51,428)	50,737)	50,091)
Profitability Ratio
Adjusted ROE²	7.41%	7.20%	9.02%	7.19%	9.53%	9.45%

2024 Calculations

¹ ROE = 100 × Net income attributable to Medtronic ÷ Shareholders’ equity
= 100 × 3,676 ÷ 50,214 = 7.32%

² Adjusted ROE = 100 × Adjusted net income attributable to Medtronic ÷ Shareholders’ equity
= 100 × 3,722 ÷ 50,214 = 7.41%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Medtronic PLC adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Apr 26, 2024	Apr 28, 2023	Apr 29, 2022	Apr 30, 2021	Apr 24, 2020	Apr 26, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Medtronic	3,676)	3,758)	5,039)	3,606)	4,789)	4,631)
Total assets	89,981)	90,948)	90,981)	93,083)	90,689)	89,694)
Profitability Ratio
ROA¹	4.09%	4.13%	5.54%	3.87%	5.28%	5.16%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Medtronic	3,722)	3,709)	4,738)	3,698)	4,834)	4,733)
Total assets	89,981)	90,948)	90,981)	93,083)	90,689)	89,694)
Profitability Ratio
Adjusted ROA²	4.14%	4.08%	5.21%	3.97%	5.33%	5.28%

2024 Calculations

¹ ROA = 100 × Net income attributable to Medtronic ÷ Total assets
= 100 × 3,676 ÷ 89,981 = 4.09%

² Adjusted ROA = 100 × Adjusted net income attributable to Medtronic ÷ Total assets
= 100 × 3,722 ÷ 89,981 = 4.14%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Medtronic PLC adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Medtronic PLC (NYSE:MDT)

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