Symplicity Physician Trainings Accelerate; Raising The Floor Of Our Estimates

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Symplicity Physician Trainings Accelerate; Raising The Floor Of Our Estimates

C O M PA N Y N O T E

J u n e 1 7 , 2 0 2 6

Medtronic plc (MDT) Neutral

CONCLUSION PRICE: US$81.32

In this iteration of results from our Symplicity Spyral specialist tracker, we note that TARGET: US$85.00

physician additions have accelerated since last month. We have now identified a total of ~14x CY 2027E EPS of $6.17

213 Symplicity physicians. The pace of adoption over the past month was one doc every 1.8

days, which is faster than last month and the historical average of one doc every 2.3 days. Matt O'Brien

Sr. Research Analyst, Piper Sandler & Co.Furthermore, we raised the floor of our CY26 Symplicity revenue estimates given MDT’s 312 267-5080, matthew.obrien@psc.com

recent announcement that sales are annualizing at $100M. We now anticipate Symplicity

Samantha Munoz, Ph.D.

sales of $120M-$163M this calendar year (from $54M-$163M). While recent performance is Research Analyst, Piper Sandler & Co.

certainly impressive, this still suggests Symplicity will contribute less than 50 bps to MDT’s 212 284-9342, samantha.munoz@psc.com

top-line growth. We believe broader reimbursement coverage is still needed to make this Anna Runci

franchise the growth driver many investors expect. We continue to view shares of MDT as Research Analyst, Piper Sandler & Co.

fairly valued and reiterate our N rating. 212 466-7905, anna.runci@psc.com

Changes Previous Current

• New Physician Additions Accelerated Recently. Over the past several months we Rating — Neutral

have monitored Medtronic’s ‘Find A Specialist – Symplicity’ feature on its website, Price Tgt — US$85.00

collecting data on the number, location, and pace at which new physicians are added FY27E Rev (mil) — US$39,007.4