earningspresentationfy17

MEDTRONIC PLC Q1 FY17 EARNINGS PRESENTATION AUGUST 25, 2016 • CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS • EPS GUIDANCE, REVENUE OUTLOOK, & OTHER ASSUMPTIONS Exhibit 99.2

Q1 FY17 Earnings Results | August 25, 2016 | 2 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements which provide current expectations or forecasts, including those relating to market and sales growth, growth strategies, financial results, use of capital, product development and introduction, partnerships, regulatory matters, restructuring initiatives, mergers/acquisitions/divestitures and related effects, accounting estimates, financing activities, working capital adequacy, competitive strengths and sales efforts. They are based on current assumptions and expectations that involve uncertainties or risks. These uncertainties and risks include, but are not limited to, those described in the filings we make with the U.S. Securities and Exchange Commission (SEC). Actual results may differ materially from anticipated results. Forward-looking statements are made as of today's date, and we undertake no duty to update them or any of the information contained in this presentation. Financial Data Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and such differences may be material. This presentation contains financial measures and guidance, including free cash flow figures (defined as operating cash flows less property, plant and equipment additions), revenue and growth rates on a constant currency and constant weeks basis (the company estimates that the extra week in its prior year first quarter had an approximate $450 million impact on revenue and $0.08 to $0.10 impact to earnings per share; the impact for each business or region was estimated by adjusting Q1 FY16 revenue by the prorated total company impact), and constant currency growth rates, net income, and diluted EPS, all of which are considered “non-GAAP” financial measures under applicable SEC rules and regulations. We believe these measures provide a useful way to evaluate our underlying performance. Detail concerning how all non-GAAP measures are calculated, including all GAAP to non-GAAP reconciliations, are provided on our website and can be accessed using this link.

CONSOLIDATED RESULTS & GROUP REVENUE HIGHLIGHTS

Q1 FY17 Earnings Results | August 25, 2016 | 4 Note: Prior year had an extra selling week, which had a ~$450M impact on revenue and $0.08-$0.10 impact on EPS  Strong, balanced & diversified, MSD revenue growth2 • Taking into account FX and the extra week, revenue growth was in the upper half of the MSD range; in-line with our Q1 outlook • Diversified businesses and geographies delivered solid results • Executing on three revenue growth vectors: • New Therapies: upper-end of 250 to 350 bps goal, contributing >300 bps • Emerging Markets: within our 150 to 200 bps goal, contributing >150 bps • Services & Solutions: below our 40 to 60 bps goal, contributing ~30 bps • Foreign currency translation had a negative $7M impact on revenue • Acquisitions & divestitures contributed a net 70 bps to Q1 revenue growth Delivered leverage: EPS lev. ~1,000 bps2, Operating lev. ~400 bps2 • Taking into account FX and the extra week, mid-teens EPS growth • Continued modest pricing pressure: ASP declines in line with previous quarters • Covidien synergies: remain on track to deliver $225-250 M in FY17 • ~100 bps improvement in Operating Margin Y/Y2 Capital allocation: Strategically deploying capital against priorities • Continue to generate significant FCF • Returned $2.1B to shareholders: $1,549M net share repurchases; $599M dividends • M&A: further enhanced our HF offerings with the acquisition of HeartWare, a leading innovator of less-invasive, miniaturized circulatory support technologies for the treatment of advanced HF MDT Q1 FY17 HIGHLIGHTS 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis 3 Diluted EPS ANOTHER STRONG QUARTER Revenue: Other Financial Highlights: U.S. 56% Non- U.S. Dev 31% EM 13% 1 EPS3 Y/Y CC Adj2 Y/Y% GAAP $0.66 16% NC Non-GAAP $1.03 1% ~14-16% Cash Flow from Ops $1.6B Free Cash Flow $1.2B CVG 35% MITG 34% RTG 25% DIAB 6% Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % CVG 2,518 -2 MSD MITG 2,424 -1 MSD RTG 1,772 -2 MSD Diabetes 452 2 HSD Total $7,166 -1% >5% U.S. 4,002 -3 LSD Non-U.S. Dev 2,231 2 MSD EM 933 Flat LDD Total $7,166 -1% >5%

Q1 FY17 Earnings Results | August 25, 2016 | 5 MDT Q1 FY17 GAAP SELECT FINANCIAL INFORMATION Q1 FY17 Q1 FY16 Y/Y Growth / Y/Y Change Net Sales ($M) 7,166 7,274 -1% Gross Margin 68.4% 66.2% 220 bps SG&A ($M) 2,428 2,449 1% % of Sales 33.9% 33.7% (20 bps) R&D ($M) 556 558 0% % of Sales 7.8% 7.7% (10 bps) Other Expense, Net ($M) 39 61 36% Operating Profit 1,167 1,131 3% Operating Margin 16.3% 15.5% 80 bps EPS1 ($) 0.66 0.57 16% 1 Diluted EPS

Q1 FY17 Earnings Results | August 25, 2016 | 6 MDT Q1 FY17 Y/Y EPS WALK 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Q1 FY16, GAAP Non-GAAP Adjustments Q1 FY16, Non-GAAP Extra Week Impact Q1 FY16, Non-GAAP Adj. Performance Q1 FY17 CC FX Q1 FY17, Non-GAAP Non-GAAP Adjustments Q1 FY17, GAAP EPS Growth1: Mid-Teens; EPS Leverage1: ~1,000 bps EPS $0.57 $0.45 $1.02 ~($0.08)- ($0.10) 1 Comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Note: See Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information. $0.94- 0.92 ~$0.13- $0.15 $1.07 ($0.04) $1.03 ($0.37) $0.66 ~14%-16% Y/Y1

Q1 FY17 Earnings Results | August 25, 2016 | 7 MDT Q1 FY17 Y/Y OPERATING MARGIN CHANGES 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Q1 FY16, GAAP Non-GAAP Adjustments Q1 FY16, Non-GAAP Extra Week Impact Q1 FY16, Non-GAAP Adj. Performance Q1 FY17 CC FX Q1 FY17, Non-GAAP Non-GAAP Adjustments Q1 FY17, GAAP ~100 bps Operational Improvement1 Operating Margin 15.5% 11.7% 27.2% ~(0.8%) 27.4% (1.0%) 26.4% (10.1%) 16.3% 1 Comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Note: See Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information. ~26.4% ~1.0%

Q1 FY17 Earnings Results | August 25, 2016 | 8 MDT Q1 FY17 NON-GAAP SELECT FINANCIAL INFORMATION Q1 FY16 Q1 FY16 Estimated Extra week Impact Q1 FY16 Adj for extra week Q1 FY17 FX Impact $M / Change Q1 FY17 Constant Currency1 Q1 FY17 CC Adj2 Growth /Change Net Sales ($M) 7,274 ~($450) -- 7,166 (7) -- >5% Gross Margin1 69.3% ~0-10 bps ~69.2%- 69.3% 68.6% (30) bps 68.9% ~(30)- (40) bps SG&A ($M) 2,449 -- -- 2,428 11 -- -- % of Sales 33.7% ~60-90 bps 34.3%- 34.6% 33.9% 10 bps 34.0% ~30-60 bps R&D ($M) 558 -- -- 556 0 -- -- % of Sales 7.7% ~0 bps ~7.7% 7.8% 0 bps 7.8% ~(10) bps Other Expense, Net ($M) 61 -- -- 39 (55) -- -- Operating Profit1 1,976 -- -- 1,892 (70) -- HSD Operating Margin 1 27.2% ~80 bps ~26.4% 26.4% (100) bps 27.4% ~100 bps Diluted EPS1 ($) 1.02 ~$0.08 – 0.10 ~$0.94– 0.92 1.03 (0.04) -- ~14-16% 1 Non-GAAP measure – see Q1 FY17 Financial Schedules & Non-GAAP Reconciliations tables for additional information on reconciliations of non-GAAP information 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Operating Leverage ~+400 bps EPS Leverage ~+1,000 bps

Q1 FY17 Earnings Results | August 25, 2016 | 9 CVG Q1 FY17 HIGHLIGHTS CRHF 53% CSH 30% APV 17% U.S. 51% Non- U.S. Dev 33% EM 16% Cardiac Rhythm & Heart Failure (CRHF) KEY PERFORMANCE DRIVERS2  High Power: -LSD • US market decline driven by replacements • ICDs: LSD growth – US Evera MRI™ • Visia AF™ single-chamber ICD launched in June • CRT-D: LSD decline  Low Power: +LSD • US Pacing ex. CRT-P – LSD decline • Protecting pacemaker share with Advisa SR MRI™ • CRT-P: share loss from lack of quad • Reveal LINQ™ pull-through • Initiated US training and shipments of Micra TPS in Q1 • Diagnostics – LDD: Reveal LINQ™ Coronary & Structural Heart (CSH) Aortic & Peripheral Vascular (APV)  AF Solutions: Mid 30’s  Services & Solutions: Low 30’s  Heart Valve Therapies: +DD • TAVR – High 20’s WW; Low ~20’s US • WW TAVR market growing ~40% • Europe: continue to gain share • US: lack of a large size Evolut™ R XL is limiting our share capture in the US • Japan: strong CoreValve® launch • Gained CE mark for Intermediate Risk • Target approval of Evolut™ R XL in early CY17  Coronary: -MSD • DES – HSD decline • OUS – MSD: Resolute Onyx™ • US – DD decline: competitive product launches • Balloons – HSD: Euphora™ PTCA  Aortic: +HSD • US: MSD growth; continued Endurant IIs AAA penetration • OUS: LDD growth; gaining share in both AAA and TAA • Heli-FX ® EndoAnchor ® : continuing to gain momentum; competitive account conversion & device pull-through  Peripheral & endoVenous: +HSD • DCB: US & WW market share leader • IN.PACT ® Admiral DCB • Continue to outpace the market • Launched 150mm in late Q1 • VenaSeal™ launch • Vascular Embolization performance Strong, Balanced Growth Across all Three Divisions  Extracorp. Therapies: +LSD • Continue to gain share with next gen Bio-Medicus® cannula launch Evera MRI™ SureScan® ICD CoreValve® Evolut® R Resolute Onyx ® IN.PACT Admiral ® WW implantables market: down LSD; MDT taking share Y/Y Heli-FX ® EndoAnchor Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % CRHF 1,334 -3 MSD CSH 762 -3 MSD APV 422 2 HSD Total $2,518 -2% MSD U.S. 1,297 -4 LSD Non-U.S. Dev 829 Flat MSD EM 392 2 Mid Teens Total $2,518 -2% MSD Growth Outlook: Upper Half of MSD Range 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis Arctic Front Advance®  HeartWare Acquisition • Further advanced our HF offering

Q1 FY17 Earnings Results | August 25, 2016 | 10 MITG Q1 FY17 HIGHLIGHTS Surgical Solutions KEY PERFORMANCE DRIVERS2 Strong MSD Growth in Surgical Solutions and PMR Patient Monitoring & Recovery (PMR) Advanced Surgical: +HSD • Focused on sustainable, long-term surgical market leadership, by improving open surgeries, transitioning open surgeries to MIS, and advancing MIS technologies • HSD growth across Advanced Stapling: strong adoption of new products including Reinforced Reload and Tri-StapleTM • Advanced Energy high MSD driven by ValleylabTM FT10 and LS10 • Estimate US surgical procedure volume growth has normalized to ~1-2%  Early Technologies: +HSD • Strong HSD growth in Gastrointestinal Solutions driven by BarrxTM • Balanced growth in US and Non- US Developed markets General Surgical: +HSD • Benefitted from RF Surgical acquisition, which closed in Q2FY16 and core Instruments & Access business in the US and EMEA  Nutritional Insufficiency / DVT: +MSD • NI driven by Americas strength partially offset by DVT distributor timing  Patient Care: -LSD • Primarily driven by timing of distributor ordering patterns and lower U.S. volumes Endo GIA™ Capnostream™  Renal Care Solutions • Formed new business unit following acquisition of Bellco, which contributed to Q1 revenue Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % Surg. Sol. 1,348 Flat MSD PMR 1,076 -3 MSD Total $2,424 -1% MSD U.S. 1,235 -4 LSD Non-U.S. Dev 863 3 MSD EM 326 1 MidTeens Total $2,424 -1% MSD Growth Outlook: MSD Endo GIA™ LigaSure™ ValleyLab™ PMR 44% Surg. Sol. 56% U.S. 51% Non- U.S. Dev 36% EM 13%  Respiratory & Patient Monitoring: +LSD • HSD Patient Monitoring growth driven by strong Pulse Oximetry sales • PB 980 and Capnostream 20 returned to market in late Q1, partial quarter revenue contribution Puritan Bennett™ 980 Ventilator 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis

Q1 FY17 Earnings Results | August 25, 2016 | 11 RTG Q1 FY17 HIGHLIGHTS Spine 36% Brain 28% Specialty 20% Pain 16% US 68% Non-US Dev 22% EM 10% KEY PERFORMANCE DRIVERS2 Strong Brain Therapies & Specialty Therapies Growth, Continued Improvement in US Spine; Offsets Declines in Pain Therapies Neurosurgery: +LDD • US O-arm® O2 penetration; core navigation instruments; OUS StealthStation  Core Spine: -LSD • US: LSD growth driven by new product launches in TL Interbody • OUS: MSD declines reflecting MEACAT weakness on delayed tender order • Focused on “Speed to Scale,” differentiated Surgical Synergy™ experience, and procedural innovation  BMP: +MSD • US: HSD Infuse® growth; stable pricing • OUS: InductOs™ ship hold in Europe resulted in $6M lost revenue in Q1; expect to resolve in H2 FY17  Brain Modulation: +MSD • Balanced US/OUS growth and stable ASPs despite competitive pressure • US total implants up q/q  ENT: +HSD • Solid growth from Fusion® ENT Nav System, NIM® 3.0, and NuVent® EM Balloon  Adv. Energy: +High-Teens • AEX® Generator combo platform driving technology adoption • Strong WW growth of Aquamantys and PlasmaBlade disposables • OUS driven by strong capital volumes AEX® Generator SolitaireTM FR Infuse® Bone Graft Spine Brain Therapies Specialty Therapies Pain Therapies Neurovascular: +High-Teens  Pelvic Health: +HSD • Balanced US / OUS growth driven by healthy new implant and replacement demand • Strong balanced performance across all geographies, ex. flat Y/Y growth in EMEA • Coils: Recent launch of Axium Prime Detachable Coil (Extra Soft) driving growth • Flow Diversion: Strong performance in LatAm, China and Asia Pacific • Stents: SolitaireTM FR continued strength  Kanghui: +LSD Revenue $M As Rep1 Y/Y % CC Adj2 Y/Y % Spine 645 -6 Flat Brain 489 6 LDD Specialty 356 3 LDD Pain 282 -9 -LSD Total $1,772 -2% MSD U.S. 1,207 -1 MSD Non-U.S. Dev 384 -1 MSD EM 181 -8 LSD Total $1,772 -2% MSD Growth Outlook: Low End of MSD Range • Interventional strength  SCS/Pumps: -MSD • Continued SCS competitive pressure leading to US/OUS share loss • Drug pump revenue up as anniversaried declines from FDA consent decree • Divested drug bus.; $7-8M impact / qtr  Interventional: +LSD • Balanced US/OUS growth • OsteoCoolTM strength in US and BKP pull-through • Increased German procedure volume contributing to OUS growth OsteoCoolTM 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis

Q1 FY17 Earnings Results | August 25, 2016 | 12 DIABETES Q1 FY17 HIGHLIGHTS US 58% Non-US Dev 34% EM 8% KEY PERFORMANCE DRIVERS2 Intensive Insulin Management (IIM) Strong, Broad-Based Performance Across All Three Divisions MiniMed® 630G MiniMed® Connect 12 Total Group Revenue $452M Revenue $M Actual1 Y/Y % CC Adj2 Y/Y % IIM ND LSD HSD NDT ND >65 >75 DSS ND LSD HSD Total $452 2% HSD U.S. 263 -4 LSD Non-U.S. Dev 155 11 DD EM 34 10 DD Total $452 2% HSD Growth Outlook: HSD to Low DD MiniMed® 640G Non-Intensive Diabetes Therapies (NDT) iPro®2 CGM w/ Pattern Snapshot Diabetes Service & Solutions (DSS)  MiniMed® 640G System: • Driving robust OUS results  U.S. Market: • Remains competitive  Hybrid Closed Loop System: • Submitted PMA to FDA in June • 80% of patients enrolled in US clinical trial opted-in to the FDA’s CAP • Commenced pivotal clinical trial for a pediatric indication for ages 7-13 UnitedHealthcare partnership: • Took effect on July 1  MiniMed® 630G System: • US launch of 630G System with Enlite™ CGM sensor began August 11 • Shipments to start in September • Combines proprietary SmartGuard™ technology featured in MiniMed® 530G System with brand new user- friendly design Another Strong Quarter: • Strong sales of iPro®2 CGM technology and i-Port Advance  Henry Schein: • Progress on distribution agreement; developing new ease-of-use tools that will help drive professional CGM awareness Qualcomm Life Collaboration: • Jointly develop a future gen CGM system with a new sensor and smaller design for people with type 2 diabetes Continued Strong Growth: • Consumables, Diabeter service revenue, and MiniMed® Connect  MiniMed® Connect: • Uptake and user feedback remains extremely positive • Android version: expected Q2 FY17  IBM Watson Partnership: • Applying cognitive computing to support diabetes management Guardian® Connect: • Received CE Mark for stand-alone sensor product in July; expect to launch Q3 FY17 • US: submitted PMA application in Q4 FY16, approval expected H2 FY17 1 Prior year had an extra selling week 2 Figures represent comparison to Q1 FY16 on a constant currency, extra-week adjusted basis

FY17 EPS GUIDANCE, REVENUE OUTLOOK, & OTHER ASSUMPTIONS

Q1 FY17 Earnings Results | August 25, 2016 | 14 MDT FY17 EPS GUIDANCE, REVENUE OUTLOOK & OTHER ASSUMPTIONS FY17 Revenue Growth Outlook – CCCW1 5% - 6% CVG Growth – CCCW Upper Half of MSD MITG Growth – CCCW MSD RTG Growth – CCCW Low-end of MSD Diabetes Growth – CCCW HSD to Low DD COV Synergies ~$225-250M EPS Growth Guidance– CCCW2 12-16% Adjusted Free Cash Flow $6.5 - $7.0B Other than noted, guidance does not include any charges or gains that would be recorded as non-GAAP adjustments to earnings during the fiscal year 1 While FX rates are fluid, based on current rates, the FX impact to revenue would be +$275M to +$325M 2 Estimated FX impact to EPS of ($0.20) to ($0.25) Note: Medtronic does not intend to adopt FASB ASU 2016-09 regarding the change in tax treatment of stock-based compensation until our fiscal year 2018. No Change to FY17 Total Company Revenue Outlook and EPS Guidance

Q1 FY17 Earnings Results | August 25, 2016 | 15 APPENDIX ACRONYMS / ABBREVIATIONS 1 Other ASP Average Selling Price H1 / H2 First Half / Second Half APAC Asia Pacfic M&A Mergers & Acquisitions Bps Basis Points NC Not Comparable CE Conformité Européenne ND Not Disclosed CC Constant Currency Ops Operations CCCW Constant Currency Constant Weeks OM Operating Margins Dev Developed OUS Outside the United States EM Emerging Markets PMA Pre-market Approval EMEA Europe, Middle East & Africa Q/Q Quarter-over- Quarter EPS Earnings per Share Rep Reported FCF Free Cash Flow WW Worldwide FX Foreign Exchange Y/Y Year-over-Year FY Fiscal Year Growth DD Double Digits HSD High-Single Digit LDD Low-Double Digits LSD Low-Single Digit MSD Mid-Single Digit Business Specific AF Atrial Fibrillation HTWR HeartWare APV Aortic & Peripheral Vascular ICD Implantable Cardioverter Defibrillator BKP Balloon Kyphoplasty IIM Intensive Insulin Management BMP Bone Morphogenetic Protein MDT Medtronic CGM Continuous Glucose Monitoring MITG Minimally Invasive Therapies Group CRHF Cardiac Rhythm & Heart Failure MIS Minimally Invasive Surgery CRT-D Cardiac Resynchronization Therapy – Defibrillator NDT Non-Intensive Diabetes Therapies CAP Continued Access Program NV Neurovascular CSH Coronary & Structural Heart NI Nutritional Insufficiency CVG Cardiac & Vascular Group PMR Patient Monitoring & Recovery DBS Deep Brain Stimulation PTCA Percutaneous Transluminal Coronary Angioplasty DVT Deep Vein Thrombosis RTG Restorative Therapies Group DCB Drug Coated Balloon Sol Solutions DES Drug Eluting Stent SURTAVI Surgical Replacement & Transcatheter Aortic Valve Implantation DSS Diabetes Services & Solutions ST Surgical Technologies ENT Ear, Nose, & Throat TAVR Transcatheter Aortic Valve Replacement EM Electromagnetic TCV Transcatheter Valves Extracorp Extracorporeal TPS Transcatheter Pacing System FR Flow Restoration TL Transforaminal Lumbar HF Heart Failure