Medtronic plc (NYSE:MDT) Q1 2021 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 08:00 am ET

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Medtronic plc (NYSE:MDT) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Medtronic First Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Ryan Weispfenning, Vice President, Head of Investor Relations. Please go ahead, sir.

Executive
Ryan Weispfenning

Thank you. Good morning and welcome to Medtronic's fiscal year 2021 first quarter conference call and webcast. Geoff Martha's first quarter as Chief Executive Officer. Another first today is that we're presenting our prepared remarks by video. We hope that you'll appreciate this new format and please let me know if you have any feedback.

Today's earnings call should last about an hour. Geoff, along with Karen Parkhill, Medtronic's Chief Financial Officer, will provide comments on the results of our first quarter, which ended on July 31st, 2020. After our prepared remarks, we'll take questions from the analysts. Before I turn it over to Geoff, here's a few things to keep in mind.

Earlier this morning, we issued a press release containing our financial statements and our revenue by division summary. We also issued an earnings presentation that provides additional details on our performance. During today's prepared remarks and Q&A session, many of the statements we make 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.

Unless we say otherwise, all year-over-year revenue comparisons mentioned during this call are given on an organic basis, which adjusts for three things: first, the inorganic impact of our Titan Spine acquisition; second, foreign currency; and third, the extra week that we had in the first fiscal month this quarter compared to the first quarter of fiscal year 2020. The extra week is a result of our 52, 53-week fiscal year calendar, which results in an extra week every five or six years.

Finally, reconciliations of all non-GAAP financial measures can be found in the attachment to our earnings press release or on our website at investorrelations.medtronic.com.

With that, I'll turn it over to Medtronic Chief Executive Officer, Geoff Martha. Geoff?

Executive
Geoffrey S. Martha

Okay. Thanks, Ryan. And I appreciate everyone joining us today. But before we dive into our Q1 results, I want to once again thank the front-line healthcare workers who continue to fight COVID-19 every day. We are thankful beyond words for your sacrifice and tireless resolve. I also want to acknowledge all of the Medtronic employees, who've gone that extra mile to support our customers and patients during this difficult time. Thank you for showing that our mission written 60 years ago still inspires us and really defines who we are as a company. I