Medtronic has raised its fiscal year 2026 (FY26) profit outlook after the company achieved its strongest cardiovascular portfolio revenue growth in over a decade in Q2.
The Ireland-headquartered medtech giant achieved global revenues of almost $9bn in Q2 2026, up 6.6% from the same period in FY25. Medtronic now expects revenue growth for FY26 of 5.5%, an uplift from its prior expectation of 5%. The change relates to a per share price for FY26 of $5.62 to $5.66, up from a prior expectation of $5.60 to $5.66.
Following the Q2 result’s announcement, Medtronic’s shares on the New York Stock Exchange (NYSE) rose by 4.69% to a market close of $108.8, up from $99.7 per share at market open on 18 November. The company has a market cap of around $129bn.
The majority of Medtronic’s Q2 revenues was driven by its cardiovascular portfolio, which encompasses the company’s pulsed-field ablation (PFA) franchise within its cardiac ablation solutions business unit. Revenues of around $3.44bn in the business segment reflect a 10.8% rise on the same quarter 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) in December 2023 and October 2024, respectively.
In Medtronic’s post-earnings conference call, CEO Geoff Martha highlighted that the PFA franchise is generating a “tonne of momentum”.
Over the last year, the global PFA market has grown to more than $500m, according to analysis from GlobalData. Unlike heat – or cold energy in the case of cryoablation – PFA uses short bursts of electrical energy to kill off heart tissue associated with abnormal heart rhythm. The technology has seen strong uptake in the cardiovascular setting due to its improved safety.
Martha said: “We grew 71%, which is a strong acceleration from last quarter's growth of nearly 50%. We're winning share as our PFA franchise grew over 300% in the US, as well as in international markets. This was based on the strength of our Affera mapping system and our Sphere-9 dual energy and high-density mapping catheter.”
Medtronic’s PFA rival Boston Scientific has recently also seen a considerable rise to its cardiovascular portfolio due to the strong ongoing adoption of its Farapulse PFA system. In Q3 2025, Boston Scientific’s cardiovascular portfolio revenues exceeded $3.3bn, corresponding to a 22.4% rise from $2.7bn in Q3 2024.
Elsewhere across the business, Medtronic’s neuroscience portfolio grew to around $2.5bn, corresponding to a 4.5% rise on Q2 FY25. Revenue in the company’s medical surgery portfolio grew by 2.1% to around $2.5bn, while its diabetes business generated revenues of $757m, denoting an uplift of 10.3% versus the same quarter of FY25.
