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Medtronic plc (NYSE: MDT) is an American medical device company with its operational and executive headquarters in Minneapolis, Minnesota, and legal headquarters in Dublin, Ireland, following its acquisition of Covidien in 2015. As one of the largest medical-device companies globally, Medtronic specializes in developing and manufacturing therapeutic medical devices for chronic diseases.
The company’s extensive product portfolio includes pacemakers, defibrillators, heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, and surgical tools. It markets these products to healthcare institutions and physicians worldwide, with international sales accounting for approximately 50% of its total revenue.
In a recent announcement on April 10, 2024, Medtronic unveiled significant advancements in artificial intelligence (AI) for endoscopic care through the launch of ColonPRO™ software for the GI Genius™ intelligent endoscopy system. This new software improves polyp detection and introduces procedural highlights to enhance physicians' workflow. The company has also entered into a collaboration with Modernizing Medicine® to integrate AI-driven data with electronic health records (EHR).
Medtronic recently reported its financial results for the fourth quarter and fiscal year 2024, showcasing a global revenue of $32.364 billion, a 3.6% increase compared to the previous year. The company's revenue growth was fueled by advancements in its Cardiovascular, Neuroscience, Medical Surgical, and Diabetes portfolios.
In addition to its financial performance, Medtronic has made strides in technological innovation. The U.S. FDA approved the Inceptiv™ closed-loop rechargeable spinal cord stimulator (SCS) for chronic pain treatment, demonstrating the company’s commitment to addressing unmet clinical needs and improving patient care through advanced technologies.
Medtronic remains dedicated to its mission of alleviating pain, restoring health, and extending life, driven by a global team of over 95,000 employees across 150 countries. The company continues to leverage its diverse knowledge and insatiable curiosity to deliver innovative solutions that transform lives. For more information, visit Medtronic's official website.
Medtronic plc (NYSE:MDT) has resolved a warning letter from the FDA regarding its Diabetes headquarters in Northridge, California, which was received in December 2021. The FDA's decision comes shortly after the agency approved the MiniMed™ 780G system, the first automated insulin delivery system with real-time meal detection technology. The new system adjusts glucose levels automatically every five minutes, addressing significant needs in diabetes management. Medtronic expresses gratitude for the collaborative efforts with the FDA, which enable the company to focus on delivering innovative solutions for diabetes patients. This resolution marks a crucial step for Medtronic's Diabetes division, ensuring adherence to quality standards and paving the way for future advancements.
Medtronic plc (NYSE: MDT) announced FDA approval for its MiniMed™ 780G system with Guardian™ 4 sensor, the first insulin pump featuring meal detection technology. This device delivers automatic adjustments to insulin every 5 minutes, addressing challenges faced by individuals with type 1 diabetes during mealtimes. It offers the lowest glucose target setting of any automated insulin pump, enhancing user experience with 94% of users expressing satisfaction. Clinical trials indicate users achieved a 75% Time in Range for blood sugar levels. Pre-orders will begin on May 15, 2023, and existing MiniMed™ 770G customers can upgrade at no cost.
Medtronic highlights its partnership with Springfield Spring and Stamping, a certified minority-owned business, emphasizing the importance of supplier diversity. This collaboration is a crucial component of Springfield's growth, enabling it to invest in advanced manufacturing technologies. The partnership not only benefits Springfield's business but also contributes to creating well-paying jobs and strengthening the local community. Springfield Spring's owner, Norman Rodrigues, noted that Medtronic's support has been foundational for their company's success, fostering sustainable wealth and economic security for employees. This initiative reflects Medtronic's commitment to community impact and economic development through responsible sourcing.
Medtronic LABS is expanding its scope to address comprehensive community health needs rather than focusing solely on specific diseases. Acknowledging that over 5 billion people lack access to healthcare, the organization aims to enhance healthcare delivery across various conditions including hypertension, diabetes, mental health, and more.
With its technology platform SPICE, LABS has reached over 1 million patients and trained more than 6,500 health workers globally. The initiative is set to grow further with new partnerships, potentially amplifying its impact 10 times over the next few years.
Volunteer Appreciation Month is celebrated every April, recognizing the impact of volunteers and encouraging ongoing volunteerism. The Medtronic Foundation supports communities through resources that enhance volunteer efforts. Marcus Reid, a 30-year Medtronic employee, initiated a grassroots project to teach young probationers their strengths through skills-based volunteering. This initiative has gained traction, with the District Attorney's office requesting training for their staff. Reid's program helps individuals like James, a 20-year-old probationer, to develop self-esteem and explore educational opportunities. The Medtronic Foundation also offers volunteer grants and matching programs to further encourage employee involvement in community support.
Medtronic and DaVita have launched Mozarc Medical, an independent kidney health technology company aimed at enhancing patient care. Announced on April 1, 2023, Mozarc Medical will leverage expertise from Medtronic's former Renal Care Solutions unit and DaVita's leadership to innovate in kidney health technologies. CEO Ven Manda emphasized the need for patient-centered solutions, particularly as demand for in-home kidney care rises. Both companies hold equal equity stakes in Mozarc Medical, which had combined revenues of $64 million, $63 million, and $70 million in the first three quarters of Medtronic's fiscal year 2023.
Medtronic's CFO, Karen Parkhill, highlighted significant strides in gender representation and pay equity within the company during her tenure. By 2022, women constituted 51% of the workforce, with 43% in management and 36% on the board. Parkhill is dedicated to elevating women's roles in the medical device industry and supports Medtronic's international pay equity efforts, achieving 100% gender pay equity in the U.S. and 99% globally. Her experience spans major financial institutions, with a focus on transforming the finance function at Medtronic to enhance patient care. Parkhill's commitment to inclusion and diversity aims to reshape corporate culture for future growth.
Medtronic plc (NYSE: MDT) announced the pricing of a $2 billion offering of senior notes through its subsidiary Medtronic Global Holdings S.C.A. The offering consists of $1 billion of 4.25% senior notes due in 2028 and $1 billion of 4.50% senior notes due in 2033. Proceeds from the offering will primarily be used to repay existing debt, including a portion of Medtronic Luxco's yen-denominated term loan, alongside general corporate purposes. The offering is expected to close on March 30, 2023, subject to standard conditions, and is managed by Barclays Capital Inc., J.P. Morgan Securities LLC, and Mizuho Securities USA LLC.
Medtronic highlights the journey of Mira Sahney, president of the company's Pelvic Health business, emphasizing her dedication to enhancing health care access and supporting women in STEM fields.
Sahney's background includes engineering roles in military aircraft, CEO of a startup, and co-founder of a neuro-robotics firm. She aims to mainstream the company’s InterStim therapy for bladder and bowel control, which affects millions yet remains stigmatized.
The Pelvic Health Operating Unit recently initiated a study on a new implantable tibial neuromodulation therapy, potentially lowering care costs and improving patient access.
Medtronic (NYSE: MDT) has announced a strategic collaboration with Cosmo Pharmaceuticals and NVIDIA to launch the GI Genius™ AI Access™ platform, designed to enhance AI innovation in healthcare. This platform will incorporate NVIDIA's AI technologies into the GI Genius™ intelligent endoscopy module, the first FDA-cleared AI-assisted colonoscopy tool. The initiative aims to host multiple AI algorithms and facilitate third-party developers in creating real-time AI applications to improve patient outcomes. This announcement coincides with the inaugural GI Genius™ summit hosted in Minneapolis, showcasing advancements in AI for gastrointestinal procedures.
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