Medtronic (MDT) official guidance

By the end of the fiscal year, we expect Hugo to surpass 50,000 completed procedures with procedure growth continuing at more than twice the market rate.

Given the strength in the first quarter, we're also raising our fiscal 2027 guidance range to $5.94-$6.

For the second quarter, we expect EPS in the range of $1.32-$1.34, which includes a roughly neutral impact from foreign exchange at recent rates.

Based on recent FX rates, we expect foreign exchange to be a roughly $50 million-$150 million headwind for the full year, with approximate $25 million-$75 million headwinds in 2Q.

Based on recent FX rates, we expect foreign exchange to be a roughly $50 million-$150 million headwind for the full year, with approximate $25 million-$75 million headwinds in 2Q.

These businesses are demonstrating strong early traction, and while not reflected in our organic growth today, they're expected to contribute over $150 million to inorganic growth in fiscal year 2027.

Taken together, we expect fiscal year 2027 operating profit to grow approximately 10%, with operating margin expanding approximately 50 basis points year-over-year.

Taken together, we expect fiscal year 2027 operating profit to grow approximately 10%, with operating margin expanding approximately 50 basis points year-over-year.

On the top line, we're pleased with the strong performance in the first quarter and are raising our fiscal year 2027 organic revenue growth guidance to 7.25%-7.75%, which represents a 50 basis points increase from our prior guidance.

In the second quarter, we're expecting roughly 6% organic revenue growth.

By the end of the fiscal year, we expect Hugo to surpass 50,000 completed procedures with procedure growth continuing at more than twice the market rate.

In Neurovascular, we see an acceleration here in the back half of the year, getting that business to mid-single digit.

The broader EP space remains healthy, growing in the mid-teens, and we continue to expect CAS to grow at more than 2.5x the market rate this fiscal year.

We expect it to be north of 3x the market in the second quarter.

The company also raised its FY27 diluted non-GAAP EPS guidance to the new range of $5.94 to $6.00 versus the prior $5.90 to $6.00.

For the first quarter, we would expect EPS in the range of $1.38-$1.40, including a 600-700 basis points benefit from the extra selling week, as well as roughly neutral impact from foreign exchange at recent rates.

Including tariffs, we expect fiscal year 2027 gross margin to decrease by roughly 20 basis points.

Moving down the P&L, we expect our fiscal 2027 margin to be roughly in line with the previous year, excluding tariffs.

Overall, we expect our fiscal 2027 operating margin to be up 60 basis points, driven by the absence of Blackstone milestone payments we saw this year and operating leverage.

Today, we're guiding fiscal year 2027 organic revenue growth of 6.75% to 7.25%, including approximately 11.5%-12% organic growth in the first quarter.