Medtronic Q3 Revenues Reach $9B on Strong PFA Demand

The cardiac ablation segment within Medtronic's cardiovascular portfolio grew 80% YoY, with PFA accounting for 80% of this revenue.

Published on Feb. 21, 2026

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Medtronic has reported total revenue of $9 billion in Q3 of fiscal year 2026 (FY26), led by the strongest growth the company has recorded in its cardiovascular portfolio in the past decade. The medtech giant's cardiovascular portfolio, which includes the PulseSelect pulsed-field ablation (PFA) system, achieved revenue of $3.46 billion in Q3, corresponding to a year-over-year (YoY) uptick of 13.8%. Medtronic's finance chief highlighted that the portfolio's cardiac ablation segment grew 80% YoY, with PFA accounting for 80% of this revenue.

Why it matters

Medtronic's strong performance in the cardiovascular portfolio, particularly the PFA system, demonstrates the growing demand for innovative cardiac ablation technologies. The PFA system represents a significant market opportunity for Medtronic, as the global electrophysiology ablation catheter market is projected to reach a valuation of around $17.6 billion in 2035.

The details

Medtronic's total revenue of $9 billion in Q3 FY26 represents an 8.7% YoY increase. The company's cardiovascular portfolio, which includes the PulseSelect PFA system, achieved revenue of $3.46 billion, a 13.8% YoY increase. Within the cardiovascular portfolio, the cardiac ablation segment grew 80% YoY, with PFA accounting for 80% of this revenue. Medtronic's finance chief stated that this represents the strongest growth the company has seen in its cardiovascular portfolio in the last ten years, excluding COVID-19 comparisons.

  • Medtronic reported Q3 FY26 results on February 18, 2026.
  • Medtronic gained FDA approval for its Altaviva implantable tibial nerve stimulation system in September 2025.

The players

Medtronic

A global medical technology company that develops and manufactures innovative medical devices, therapies, and services.

Thierry Pieton

Medtronic's finance chief, who highlighted the company's strong performance in the cardiovascular portfolio during the Q3 FY26 earnings call.

Geoff Martha

Medtronic's CEO, who asserted that the company's Altaviva implantable tibial nerve stimulation system represents a billion-dollar market opportunity.

Brandon Vasquez

A William Blair analyst who noted that Medtronic's fiscal third-quarter sales beat Wall Street estimates by 1%, demonstrating 'another step in the right direction' regarding the rollout of the company's key growth drivers.

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What they’re saying

“This represents the strongest growth we have seen in cardiovascular in the last ten years, excluding Covid comps.”

— Thierry Pieton, Medtronic Finance Chief (Conference call)

“Altaviva represented a billion-dollar market opportunity.”

— Geoff Martha, Medtronic CEO (J.P. Morgan Healthcare Conference)

What’s next

Medtronic expects its strong performance in the cardiovascular portfolio, particularly the PFA system, to continue driving growth in the coming quarters. The company's broad pipeline in the neuroscience portfolio is also expected to begin impacting growth in Q4 FY26.

The takeaway

Medtronic's ability to capitalize on the growing demand for innovative cardiac ablation technologies, such as its PFA system, has been a key driver of the company's strong financial performance in Q3 FY26. This success highlights Medtronic's position as a leader in the medical device industry and its ability to deliver innovative solutions that address unmet clinical needs.