v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jul. 31, 2026
Apr. 24, 2026
Apr. 25, 2025
Current assets:      
Cash and cash equivalents $ 207 $ 298 $ 11
Accounts receivable, less allowance for credit losses of $26 and $46, respectively 180 200 570
Due from Medtronic 602 455 0
Inventories 356 341 311
Other current assets 72 54 48
Total current assets 1,417 1,348 939
Property, plant, and equipment, net 736 711 706
Goodwill 2,255 2,256 2,255
Other intangible assets, net 100 107 132
Tax assets 58 61 19
Other assets 152 147 150
Total assets 4,718 4,630 4,201
Current liabilities:      
Accounts payable 251 163 205
Accrued compensation 126 163 182
Accrued rebates 42 45 51
Total current liabilities 782 702 710
Other liabilities 316 317 162
Total liabilities 1,098 1,019 871
Commitments and contingencies (Note 12)
Stockholders’ equity:      
Common stock, par value $0.01, 1,000,000,000 shares authorized at April 24, 2026, 280,819,988 and no shares issued and outstanding, at April 24, 2026 and April 25, 2025, respectively 3 3 0
Preferred stock, par value $0.01, 100,000,000 shares authorized, none issued and outstanding 0 0 0
Additional paid-in capital 3,747 3,736 0
Retained earnings (Accumulated deficit) (116) (116) 0
Net parent investment   0 3,328
Accumulated other comprehensive income (14) (12) 3
Total stockholders’ equity 3,620 3,611 3,330
Noncontrolling interests   0 0
Total equity   3,611 3,330
Total liabilities and stockholders’ equity 4,718 4,630 4,201
Due to Medtronic      
Current liabilities:      
Other accrued expenses 178 137 0
Nonrelated Party      
Current liabilities:      
Other accrued expenses $ 185 $ 194 $ 271