Quarterly Revenue and Organic Growth Beat Guidance
Q1 consolidated revenue of $5.203B, reported growth +11.6% vs Q1 2025; operational/organic revenue growth +9.4%, above guidance range of 8.5%–10%.
Adjusted EPS and Operating Margin Performance
Q1 adjusted EPS $0.80, +6% YoY and at the high end of guidance ($0.78–$0.80); Q1 adjusted operating margin ~28.8%.
Regional Strength — U.S. and Asia Pacific
U.S. organic growth +11% with double-digit growth in five of eight business units; Asia Pacific operational growth +12%, including strong Japan and China performance.
EP / PFA Momentum and Mapping Platform Expansion
Global EP organic sales +22% (U.S. +18%, international +30%); strong uptake of FARAPULSE and OPAL mapping footprint; company expects to maintain PFA leadership and forecasts EP investment and next-generation catheter launches.
WATCHMAN Clinical Breakthrough — CHAMPION Trial
CHAMPION trial presented at ACC met primary and secondary endpoints, reinforcing WATCHMAN safety/efficacy; WATCHMAN grew +19% organically in Q1 and management expects full-year global WATCHMAN growth to be mid-teens.
Interventional Oncology and Other Business Unit Wins
Interventional Oncology organic growth +15%; Endoscopy +7% with AXIOS ramping; Cardiovascular / ICVT delivered double-digit drivers in imaging and certain therapies; regulatory approvals secured (e.g., PMDA DCB de novo, NMPA OPAL HDx).
Strong Capital Allocation and Liquidity Actions
Board approved additional $4B repurchase authorization (total $5B); intent to repurchase ~$2B in Q2; announced expected close of Penumbra acquisition in H2 2026; Q1 cash on hand $1.453B and expected full-year free cash flow ~$4B.