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Revenue | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | NOTE K – REVENUE We generate revenue primarily from the sale of single-use medical devices and present revenue net of sales taxes within our accompanying unaudited consolidated statements of operations. Our business structure is organized into five operating segments. The following tables disaggregate our revenue from contracts with customers by business unit and geographic region (in millions). Generally, we allocate revenue from contracts with customers to geographic regions based on the location where the sale originated.
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Businesses | U.S. |  | Int'l |  | Total |  | U.S. |  | Int'l |  | Total |  |  |  |  |  |  |  |
Endoscopy | $ | 420 |  |  | $ | 253 |  |  | $ | 673 |  |  | $ | 395 |  |  | $ | 247 |  |  | $ | 642 |  |  |  |  |  |  |  |  |
Urology | 469 |  |  | 165 |  |  | 633 |  |  | 356 |  |  | 157 |  |  | 513 |  |  |  |  |  |  |  |  |
Neuromodulation | 204 |  |  | 67 |  |  | 271 |  |  | 190 |  |  | 66 |  |  | 256 |  |  |  |  |  |  |  |  |
MedSurg | 1,093 |  |  | 484 |  |  | 1,577 |  |  | 941 |  |  | 470 |  |  | 1,412 |  |  |  |  |  |  |  |  |
Interventional Cardiology Therapies | 232 |  |  | 465 |  |  | 697 |  |  | 195 |  |  | 457 |  |  | 652 |  |  |  |  |  |  |  |  |
Watchman | 390 |  |  | 34 |  |  | 425 |  |  | 311 |  |  | 33 |  |  | 344 |  |  |  |  |  |  |  |  |
Cardiac Rhythm Management | 358 |  |  | 220 |  |  | 578 |  |  | 354 |  |  | 221 |  |  | 575 |  |  |  |  |  |  |  |  |
Electrophysiology | 511 |  |  | 219 |  |  | 730 |  |  | 158 |  |  | 143 |  |  | 300 |  |  |  |  |  |  |  |  |
Cardiology | 1,491 |  |  | 938 |  |  | 2,429 |  |  | 1,017 |  |  | 854 |  |  | 1,872 |  |  |  |  |  |  |  |  |
Peripheral Interventions | 376 |  |  | 280 |  |  | 656 |  |  | 299 |  |  | 274 |  |  | 573 |  |  |  |  |  |  |  |  |
Cardiovascular | 1,868 |  |  | 1,218 |  |  | 3,085 |  |  | 1,316 |  |  | 1,129 |  |  | 2,445 |  |  |  |  |  |  |  |  |
Total Net Sales | $ | 2,960 |  |  | $ | 1,702 |  |  | $ | 4,663 |  |  | $ | 2,258 |  |  | $ | 1,599 |  |  | $ | 3,856 |  |  |  |  |  |  |  |  |
Refer to Note J – Segment Reporting for information on our reportable segments.
| Three Months Ended March 31, |  |
Geographic Regions | 2025 |  | 2024 |  |  |  |
U.S. | $ | 2,960 |  |  | $ | 2,258 |  |  |  |  |
Europe, Middle East and Africa | 846 |  |  | 803 |  |  |  |  |
Asia-Pacific | 701 |  |  | 647 |  |  |  |  |
Latin America and Canada | 155 |  |  | 149 |  |  |  |  |
Total Net Sales | $ | 4,663 |  |  | $ | 3,856 |  |  |  |  |
Emerging Markets(1) | $ | 690 |  |  | $ | 648 |  |  |  |  |
(1) Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. Deferred Revenue Contract liabilities are classified within Other current liabilities and Other long-term liabilities within our accompanying unaudited consolidated balance sheets. Our deferred revenue balance was $641 million as of March 31, 2025 and $635 million as of December 31, 2024. Our contract liabilities are primarily composed of deferred revenue related to the LATITUDE™ Patient Management System within our Cardiology business, for which revenue is recognized over the average service period based on device and patient longevity. Our contract liabilities also include deferred revenue related to the LUX-Dx™ Insertable Cardiac Monitor system, also within our Cardiology business, for which revenue is recognized over the average service period based on device longevity and usage. We recognized revenue of $68 million in the first quarter of 2025 that was included in the above contract liability balance as of December 31, 2024. We have elected not to disclose the transaction price allocated to unsatisfied performance obligations when the original expected contract duration is one year or less. In addition, we have not identified material unfulfilled performance obligations for which revenue is not currently deferred. Variable Consideration For additional information on variable consideration, refer to Note A – Significant Accounting Policies to our audited financial statements contained in Item 8. Financial Statements and Supplementary Data of our most recent Annual Report on Form 10-K.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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