Healing People and Planet: New Impact Report Outlines How Medtronic Is Shaping the Future of Health

Rhea-AI Summary

Medtronic has released its fiscal year 2024 Impact Report, highlighting achievements in healthcare equity and environmental sustainability. The report features the success of the Healthy Neighbor program, showing 71% of enrolled patients with high blood pressure and 63% with uncontrolled diabetes achieved meaningful progress. The company reached 51% women in its global workforce and reduced emissions intensity by 52% compared to FY20. Key accomplishments include investing $2.7 billion in R&D, improving healthcare access for over 78 million patients, and meeting 42% of operational energy needs with renewables. The company is on track for several sustainability goals, including sourcing 50% of energy from renewable sources by FY25.

Positive

• 71% success rate in blood pressure control and 63% in diabetes management through Healthy Neighbor program
• $2.7 billion invested in R&D for medical innovations
• Healthcare access improved for 78 million patients
• 20.7% revenue from new products (vitality index), exceeding 20% goal
• 52% reduction in emissions intensity achieved, surpassing FY25 target
• 42% of operational energy needs met with renewables

Negative

• None.

Insights

Market Research Analyst

This Impact Report, while comprehensive in detailing Medtronic's ESG initiatives, has minimal direct financial or stock market implications. The key operational metrics show positive trends: 20.7% revenue from new products, exceeding the 20% target and $2.7 billion R&D investment demonstrate continued innovation focus. The Healthy Neighbor program's success with 71% blood pressure control and 63% diabetes management improvement could indicate future market expansion opportunities in community healthcare.

The environmental achievements, including 52% emissions reduction and 42% renewable energy usage, position MDT well for ESG-focused investors but don't immediately impact financials. The diversity metrics and healthcare access improvements align with industry trends but aren't likely to move stock prices significantly.

NORTHAMPTON, MA / ACCESSWIRE / November 20, 2024 / Medtronic:

Medtronic releases 2024 Impact Report highlighting success in healthcare equity with new data from the Healthy Neighbor program, in addition to community engagement and environmental sustainability progress

November 20, 2024 /3BL/ - Medtronic plc, a global leader in healthcare technology, has today released its fiscal year 2024 (FY24) Impact Report. The report highlights the company's continued commitment to advancing health equity, increasing representation and inclusion, and reducing its environmental footprint. One of the highlights in this year's report is the early success of the Healthy Neighbor program, a transformative initiative addressing health inequities in chronic disease care.

Established in collaboration with Virtua Health, a 15,000-person academic health system, Healthy Neighbor extends access to integrated clinical and social care for hypertension and diabetes management within Camden, New Jersey. Launched in 2023, Healthy Neighbor trained a team of dedicated community health workers and a registered nurse to provide tailored support, combining SPICE, the Medtronic LABS open-source digital health platform, with social resource navigation.

Early results¹ show that 71% of enrolled patients with high blood pressure and 63% of patients with previously uncontrolled diabetes achieved meaningful progress in blood pressure and blood glucose control.

"We are incredibly proud of the Healthy Neighbor program," said Geoff Martha, Medtronic chairman and CEO. "Our partnership with Virtua Health underscores our belief that to drive true impact, healthcare must be accessible, localized, and powered by technology and partnerships. We aim to develop a replicable model for community-based care that can improve outcomes for millions across the world."

The Medtronic 2024 Impact Report reveals broader commitments to patients, people, and planet. Key FY24 accomplishments include:

Patients - Putting patients first:

Medtronic places patient centricity at the forefront of its Mission through clinical research and targeted programs. In FY24, the company:

• Shared data from the 87% women-enrolled global SMART Trial, led by Dr. Roxana Mehran and Dr. Howard Herrmann. Women are commonly under-represented in clinical trials. This trial addresses gender disparities in heart disease detection and treatment, setting a new standard for inclusive healthcare research.

• Achieved a 33% reduction in product complaint rate for key product families. Complaint rates are an important indicator of patient experience and product quality. The company exceeded its 10% reduction target in aggregate product complaints by FY25 for key product families.

• Invested $2.7 billion in research and development directed toward pioneering medical innovations for millions globally.

• Supported over 550,000 healthcare professionals with over $121 million invested in medical education, participation in Medtronic Academy, in-person events at training centers, and Medtronic Mobile Labs.

• Improved healthcare access for more than 78 million patients through increased access initiatives, putting the company on track to reach its target of 79 million patients annually by FY25.

• Flowed 20.7% of revenue from products and therapies released in the prior 36 months (vitality index), exceeding its goal of 20% by FY25.

People - Striving for zero barriers:

Medtronic strives for zero barriers to health, opportunity, and well-being for its employees and the communities it serves. In FY24, the company:

• Visited Alabama A&M University, a historically Black college, with the Medtronic Mobile Lab, offering students hands-on experience with cutting-edge technology and supporting diversity in science and engineering.

• Reached 51% womenin Medtronic's global workforce, and 41% U.S. employees from diverse backgrounds. The company is on track to achieve 45% women in manager-and-above roles globally (currently at 44%) and 30% representation of ethnically diverse groups in manager-and-above roles in the U.S. (currently at 28%) by FY26.

• Drove positive health outcomes for populations outside of the reach of its product portfolio by impacting 166,400 lives through Medtronic LABS.

Planet - Reducing impact for a healthier planet:

Medtronic is committed to reducing its environmental impact through science-based targets, focusing on emissions reduction and sustainable practices. In FY24, the company:

• Secured energy expected to meet 50% of its electricity needs across its five Irish sites, reinforcing Medtronic's commitment to a healthier planet through a recent Power Purchase Agreement.²

• Achieved a 52% reduction in emissionsintensity compared to FY20, surpassing its FY25 target of a 50% reduction in greenhouse gas (GHG) emissions intensity.

• Met 42% of operational energy needswith renewables and are on track to achieve its target of sourcing 50% of energy from renewable and alternative sources by FY25.

• Reduced operational waste by 19% and water use intensity by 28% since FY20. The company is also 90% of the way to achieving its goal to reduce packaging waste by 25% for four targeted, high-volume product families compared to FY21.

The Medtronic 2024 Impact Report reflects the company's key environmental, social, and governance (ESG) topics in alignment with leading reporting frameworks and standards, including the Global Sustainability Standards Board's (GSSB) Global Reporting Initiative (GRI); the International Sustainability Standards Board's (ISSB) Sustainability Accounting Standards Board (SASB) Standards; the Financial Stability Board's (FSB) Task Force on Climate-related Financial Disclosures (TCFD); and the World Economic Forum's (WEF) Stakeholder Capitalism Metrics.

View the full report here.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission - to alleviate pain, restore health, and extend life - unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow on LinkedIn.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

Contacts:

Erika Winkels
Public Relations
+1-763-526-8478

Ryan Weispfenning
Investor Relations
+1-763-505-4626

Editor notes

1. Outcomes are within a cohort of patients enrolled in Healthy Neighbor between August 1, 2023, and August 26, 2024, who had both a baseline and follow-up reading. A significant improvement in blood pressure is defined as achieving blood pressure control (< 140/90 mmHg) or systolic blood pressure reduction ≥ 10 mmHg; meaningful progress in blood glucose control is defined as achieving HbA1c control (< 8.0%) or a reduction in A1C ≥ .5%.

2. FY45 Decarbonization Roadmap: Recognizing the risks that climate change poses to human health and long-term global financial stability, Medtronic has set an ambition to achieve net-zero emissions across Scope 1, 2, and 3 by FY45. To achieve our ambition, we will pursue setting targets through the Science-Based Targets initiative (SBTi), a multiyear process which provides companies with a clearly defined path to reduce GHG emissions in line with the Paris Agreement. Signed by 191 countries, plus the European Union, the Paris Agreement aspires to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels.

2024 Impact Report Cover Page

View additional multimedia and more ESG storytelling from Medtronic on 3blmedia.com.

Contact Info:

Spokesperson: Medtronic
Website: https://www.3blmedia.com/profiles/medtronic
Email: info@3blmedia.com

SOURCE: Medtronic

View the original press release on accesswire.com

FAQ

What are the key achievements in Medtronic's (MDT) 2024 Impact Report?

Medtronic's 2024 Impact Report highlights 71% success in blood pressure control, $2.7B R&D investment, improved healthcare access for 78M patients, 52% emissions reduction, and 42% renewable energy usage in operations.

What are the results of Medtronic's (MDT) Healthy Neighbor program in 2024?

The Healthy Neighbor program achieved 71% success rate in blood pressure control for enrolled patients and 63% improvement in blood glucose control for previously uncontrolled diabetes patients.

What are Medtronic's (MDT) environmental sustainability achievements in 2024?

Medtronic achieved a 52% reduction in emissions intensity vs FY20, met 42% of operational energy needs with renewables, and reduced operational waste by 19% and water use intensity by 28%.

What is Medtronic's (MDT) progress on workforce diversity in 2024?

Medtronic reached 51% women in its global workforce, 44% women in manager-and-above roles globally, and 28% representation of ethnically diverse groups in manager-and-above roles in the U.S.