By the numbers
FY26 Q2 revenue: $8.96 billion
6.6% growth year over year
Cardiovascular revenue: $3.44 billion
10.8% growth year over year
Diabetes: $757 million
10.3% growth year over year
Medtronic’s pulsed field ablation business took off last quarter as competition in the space continues to heat up nearly two years after products first launched.
PFA sales grew by more than 300% year over year in the U.S. and outside the U.S. in the second quarter of Medtronic’s fiscal 2026, according to materials released ahead of Tuesday’s earnings call. The company did not report specific sales figures.
The technology fueled growth for the company’s overall cardiac ablation solutions business, or CAS, where sales increased by 71% year over year organically in the fiscal second quarter. Medtronic’s CAS business is steadily climbing as PFA adoption continues: The unit’s sales grew by nearly 50% and 30% in the company’s previous two fiscal quarters.
PFA is one of the hottest areas in the medtech sector and has become a competitive battleground between some of the industry’s top companies. PFA is used to treat atrial fibrillation, a type of irregular heartbeat that can lead to strokes, and it is quickly replacing previous standard of care treatments like cryoablation and radiofrequency ablation.
Johnson & Johnson, Medtronic and Boston Scientific have PFA products on the market. And Abbott is working to get its own offering launched in the U.S., after receiving European authorization in March.
Medtronic CEO Geoff Martha told investors that the company is still in the early stages of the rollout for its PFA portfolio, and even greater growth could come in its fiscal third quarter for the CAS business.
The growth in PFA is in part due to the demand for Medtronic’s Affera system.
“Demand continues to be extremely high, as we hear repeatedly from customers that they want to purchase additional Affera systems to expand into even more of their labs. And in the vast majority of instances, when a new Affera system goes into a lab, we take the majority of the [atrial fibrillation] procedure share in that lab,” Martha said, adding that Medtronic doubled its installed base of Affera systems last quarter.
PFA now accounts for 75% of the company’s cardiac ablation revenue, and the technology’s growth „significantly offset” the 40% decline in Medtronic’s cryoablation business, CFO Thierry Piéton said.
Martha said that the electrophysiology ablation space is now at over $12 billion in sales and is growing in the mid-20% range. Medtronic currently has a low-double-digit share of the market, according to the CEO.
“We see a long runway to gain significant share and add meaningful growth,” added Martha.
