Hologic vs Medtronic: Revenue, Profit and Business Model
Hologic had $4B of annual revenue in FY2024 and $454M of net income. Medtronic had $32.4B of annual revenue in FY2025 and $3.7B of net income.
Latest financial snapshot
Financial summary
Hologic
Hologic exhibits pristine financial discipline, generating over $4.03 billion in annual revenue and $454 million in net income. The company's financial model is characterized by elite gross margins exceeding 60%, strong operating cash flow generation, and disciplined capital allocation favoring strategic bolt-on acquisitions and shareholder value enhancement.
Medtronic
Medtronic exhibits robust financial performance with $32.4 billion in annual revenue, $3.7 billion in net income, strong operating cash flows, and a disciplined capital allocation framework. Medtronic delivers durable financial performance characterized by diversified revenue streams, high operating margins, and consistent free cash flow generation. Operating as an S&P 500 Dividend Aristocrat with over 46 consecutive years of annual dividend increases, Medtronic balances disciplined capital reinvestment in next-generation medical innovation with substantial shareholder capital returns. The enterprise maintains an investment-grade A credit rating, ample liquidity cushions, and strategic currency hedging to insulate against foreign exchange volatility.
Revenue and profit by year
Hologic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $4B | $454M | 11.3% | +3.5% | |
| FY2023 | $3.9B | $412M | 10.6% | -12.4% | |
| FY2022 | $4.4B | $825M | 18.6% | -14.2% | |
| FY2021 | $5.2B | $1.5B | 28.8% | +39.3% | |
| FY2020 | $3.7B | $728M | 19.6% | +10.5% | |
| FY2019 | $3.4B | $420M | 12.5% | +4.1% | |
| FY2018 | $3.2B | $350M | 10.8% | +5.2% | |
| FY2017 | $3.1B | $280M | 9.1% | +8.4% | |
| FY2016 | $2.8B | $210M | 7.4% | +3.9% | |
| FY2015 | $2.7B | $175M | 6.4% | — |
Medtronic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $32.4B | $3.7B | 11.4% | -0.1% | |
| FY2024 | $32.4B | $3.1B | 9.4% | +3.7% | |
| FY2023 | $31.2B | $3.8B | 12.0% | -1.4% | |
| FY2022 | $31.7B | $5B | 15.9% | +5.2% | |
| FY2021 | $30.1B | $3.6B | 12.0% | +4.2% | |
| FY2020 | $28.9B | $4.8B | 16.5% | -5.4% | |
| FY2019 | $30.6B | $4.6B | 15.0% | +2.0% | |
| FY2018 | $30B | $3.1B | 10.3% | +0.8% | |
| FY2017 | $29.7B | $4B | 13.6% | +3.0% | |
| FY2016 | $28.8B | $3.5B | 12.3% | — |
Where the revenue comes from
Hologic
No segment breakdown is published.
Medtronic
- Cardiovascular Portfolio36
Cardiac Rhythm Management, Structural Heart, and Vascular therapies.
- Medical Surgical Portfolio28
Surgical innovations, instruments, and patient monitoring devices.
- Neuroscience Portfolio26
Cranial & spinal technologies, specialty therapies, and neuromodulation.
- Diabetes Operating Unit10
Advanced insulin pumps and continuous glucose monitoring systems.
Business model and strategy
Hologic
How it makes money
Hologic operates a high-margin, razor-and-blade business model anchored by proprietary capital equipment placements (such as Panther and Dimensions mammography systems) that drive predictable, recurring consumable revenues through high-throughput molecular assays, biopsy needles, and surgical disposables.
Growth strategy
Hologic's multi-year growth strategy encompasses expanding the global installed base of Panther and Genius 3D systems, accelerating consumable assay pull-through, launching next-generation digital health and AI-assisted diagnostic tools, and pursuing disciplined bolt-on acquisitions that strengthen its core clinical pillars.
Competitive advantage
Hologic's enduring competitive moats include its dominant global position in 3D digital mammography, FDA-cleared proprietary technologies, highly automated Panther molecular diagnostic workflows, massive installed base across global hospitals and reference labs, and deep clinical relationships with obstetricians, gynecologists, and radiologists.
Medtronic
How it makes money
Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes.
Growth strategy
Medtronic’s growth strategy centers on expanding surgical robotics adoption, scaling leadless cardiac devices, integrating AI-driven health ecosystems, and accelerating penetration in emerging international markets.
Questions about Hologic vs Medtronic
Which company has higher revenue — Hologic, Inc. or Medtronic?
Hologic, Inc. had $4.0B (FY2024), while Medtronic had $32.4B (FY2025). By latest annual revenue, Medtronic is the larger business, with Hologic, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Hologic, Inc. vs Medtronic?
Hologic, Inc.'s market capitalisation stands at $19.0B, while Medtronic's is $115.0B. Medtronic carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hologic, Inc..
How does revenue per employee compare for Hologic, Inc. and Medtronic?
Hologic, Inc. generates $576k / employee in revenue per employee. A comparable figure for Medtronic requires matching employee and revenue data from the same reporting period.
How do Hologic, Inc. and Medtronic make money?
Hologic, Inc. and Medtronic generate revenue in fundamentally different ways. Hologic, Inc.: Hologic operates a high-margin, razor-and-blade business model anchored by proprietary capital equipment placements (such as Panther and Dimensions mammography systems) that drive predictable, recurring consumable revenues through high-throughput molecular assays, biopsy needles, and surgical disposables. Medtronic: Medtronic operates a diversified global medical technology business model, generating revenue through four primary operating segments: Cardiovascular, Medical Surgical, Neuroscience, and Diabetes.
Is Hologic, Inc. bigger than Medtronic?
By last reported revenue, Medtronic ($32.4B (FY2025)) is the larger company compared to Hologic, Inc. ($4.0B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Hologic vs Medtronic overview