NEW YORK CITY - June 5, 2018 - Medtronic plc (NYSE: MDT) today is presenting its strategic roadmap and outlining its long-range plan for creating shareholder value at the 2018 Medtronic Institutional Investor and Analyst Day in New York City. The company is unveiling its pipeline across multiple businesses, asserting its commitment to be the industry leader in technology - innovating, inventing and disrupting to create new growth drivers and develop new markets in healthcare.

"We are highly focused on creating shareholder value, and that starts with technology. We are leaders in many of the fastest growth markets in our industry, and we continue to invest in the technology of tomorrow that will fuel our long-term growth," said Omar Ishrak, Medtronic chairman and chief executive officer. "We are committed to continuous innovation to stay ahead of our competition, inventing new therapies and markets, and disrupting existing markets. We will be showing technology examples across all of our business groups at today's Investor Day."

Medtronic is investing in higher growth markets, which is expected to result in a higher weighted average market growth rate for the company. The company is outlining that when it leads in technology, its other initiatives - globalization and economic value - further enhance its growth profile and increase its competitiveness. Medtronic expects continued growth from its emerging market businesses, and it is an industry leader in the development of new business models to realize the economic value of its technology.

In addition to its focus on technology, the company is also outlining its long-range financial targets, with its primary focus on driving operating leverage and improving its free cash flow conversion. Specifically, to drive sustainable growth and return, the company is providing the following long-range targets:

Organic revenue growth of 4%+;
Underlying operating margin expansion of 40-50 basis points per year over the planning period;
Adjusted earnings per share growth of 8% over the planning period, assuming modest currency volatility;
80% free cash flow conversion within the next 2 to 3 years; and
A minimum of 50% of its free cash flow returned to shareholders.
"We have increased our focus on our core growth drivers, on allocating capital efficiently across our businesses, and on optimizing our portfolio," said Karen Parkhill, Medtronic chief financial officer. "And, as we execute and deliver on growth, leverage, and cash flow conversion, we expect that to result in sustainable returns and durable value for our shareholders."

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