Medtronic plc (MDT) 2022 Wells Fargo Healthcare Conference Call (Transcript)

Medtronic plc (NYSE:MDT) 2022 Wells Fargo Healthcare Conference Call September 7, 2022 11:35 AM ET

Company Participants

Karen Parkhill - Executive Vice President and Chief Financial Officer
Gregory Hertz - Senior Director of Investor Relations

Conference Call Participants

Lawrence Biegelsen - Wells Fargo Securities, LLC

Lawrence Biegelsen

All right. Good morning. I'm Larry Biegelsen, the Medical Device analyst at Wells Fargo. And it's my pleasure to host this session with Medtronic. With us we have, Karen Parkhill, the CFO; and Greg Hertz from Investor Relations. In terms of the format, it's going to be a fireside chat. If anyone has a question they want me to ask on their behalf or if they want to ask just raise your hand. So Karen, thanks so much for being here.

Karen Parkhill

Thank you, Larry.

Question-and-Answer Session

Q - Lawrence Biegelsen

So Karen, we are starting all of these fireside chats off with the macro discussion with no surprise. You guys highlighted a number of macro headwinds on your fiscal Q1 call recently. Maybe just remind us of kind of what – well, how do you see the year progressing? What's getting better? What's getting worse?

Karen Parkhill

Yes. So in terms of macro headwinds, obviously, we have several, but in general, I see many of them getting better. I'll start with our supply chain challenges, which have been the biggest impact for us, at least, in our Q4 and Q1. We expect those supply chain challenges to get better sequentially as we move through the year. But particularly better in this second quarter where – when we – by the time we exit the second quarter, some of the challenges we've been facing particularly in our Surgical Innovations business, mostly from a resin shortage and packaging tray, sterile packaging tray shortage, we expect that acuteness to get a lot better as we exit the second quarter.