What Medtronic plc told the SEC could break it.

Medtronic estimates a net tariff impact of $200-350 million in FY2026 from U.S., China and other tariffs; the low end assumes current U.S. 30% / China 10% rates persist, the high end assumes reversion to U.S. 145% / China 125% after the 90-day pause — with most recognized in the back half of the year.

“we estimate the net tariff impact to be $200 million to $350 million in fiscal year 2026, with the majority recognized in the consolidated statements of income in the second half of the fiscal year. The lower end of the range assumes that the current U.S. (30%) and China (10%) tariffs persist, while the higher end of the range assumes tariffs revert to higher rates (U.S. 145%, China 125%) after the 90-day pause.”

Changes by healthcare-system administrators in coverage or reimbursement could significantly reduce reimbursement or deny coverage, affecting demand and the prices customers will pay; cost-containment and risk-sharing arrangements (and pricing pressure recently experienced in China) have increased customer price sensitivity.

“changes by administrators of these systems in coverage or reimbursement, could significantly reduce reimbursement or result in the denial of coverage, which could have an impact on the acceptance of and demand for our products and the prices that our customers are willing to pay for them.”

Certain components, raw materials and services Medtronic needs are obtained from sole suppliers; because of FDA and other regulators' stringent manufacturing requirements, it may not be able to quickly establish additional or replacement sources if supply is reduced or interrupted.

“for reasons of quality assurance, cost effectiveness, or availability, certain components, raw materials and services needed to manufacture our products are obtained from sole suppliers... due to the stringent regulations and requirements of trade and regulatory agencies, including the U.S. FDA, regarding the manufacture of our products, we may not be able to quickly establish additional or replacem”

Medtronic's ~9.9M sq ft of manufacturing/research space is concentrated in its largest facilities located in the U.S., Puerto Rico, Mexico, China, Ireland, Dominican Republic, Switzerland, France and Italy — many serving multiple divisions.

“The Company's largest manufacturing facilities are located in the U.S., Puerto Rico, Mexico, China, Ireland, Dominican Republic, Switzerland, France, and Italy.”