Medtronic plc (NYSE:MDT) Q4 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 08:00 am ET


Medtronic plc (NYSE:MDT) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Medtronic Fourth Quarter Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Ryan Weispfenning, Vice President and Head of Investor Relations. Sir, the floor is yours.

Ryan Weispfenning

Thank you. Good morning, and welcome to Medtronic's fiscal year 2020 fourth quarter conference call and webcast. During the next hour, Geoff Martha, Medtronic Chief Executive Officer; Karen Parkhill, Medtronic Chief Financial Officer; and Omar Ishrak, Medtronic Executive Chairman, will provide comments on the results of our fourth quarter and fiscal year 2020, which ended on April 24th, 2020. After our prepared remarks, we will be happy to take your questions.

First, a few logistical comments. Earlier this morning, we issued a press release containing our financial statements and the revenue by division summary. We also issued an earnings presentation that provides additional details on our performance. During today's earnings call, many of the statements made may be considered forward-looking statements, and actual results may differ materially from those projected in any forward-looking statement given risks and uncertainties, including those related to the impact COVID-19 has had and is expected to continue to have on our business.

Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other filings that we make with the SEC, and we do not undertake to update any forward-looking statement.

Finally, unless we say otherwise, revenue rates and ranges mentioned during this call are given on a constant currency basis, which compares to the fourth quarter after adjusting for foreign currency. References to organic revenue growth exclude the impact of our Titan Spine acquisition and currency. Reconciliations of all non-GAAP financial measures can be found in the attachment to our earnings press release or on our website at

With that, I'd now pleased to turn the call over to Medtronic Chief Executive Officer, Geoff Martha. Geoff?

Geoffrey S. Martha

Thanks, Ryan. And thanks to everyone for joining us today. I hope everyone is staying healthy and safe and our thoughts are with the many people who have been affected by the COVID-19 pandemic. I'd like to recognize the incredible heroism, resolve and sacrifice of the frontline healthcare workers fighting COVID-19, as well as our employees who are supporting them. Many of these frontline healthcare workers are our long-time customers and friends. And we are continually inspired by their selfless efforts to care for others.

As has been said, this pandemic presented the world with an unprecedented challenge, which requires an unprecedented response, including by our team at Medtronic. And I'm extremely proud of the way our employees have risen to the occasion and jumped in to help healthcare workers, governments and NGOs and for the way, they've continued to support their communities and their families.

Our top priority during this pandemic has been to ensure the health and well-being of our 90,000 employees and