Welcome to our dedicated page for Medtronic plc news (Ticker: MDT), a resource for investors and traders seeking the latest updates and insights on Medtronic plc stock.
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) reported Q3 FY2023 results with revenues of $7.7 billion, flat as reported but up 4.1% organic, exceeding expectations. GAAP diluted EPS fell 16% to $0.92, while non-GAAP diluted EPS decreased 4% to $1.30, also above forecasts. Notable growth was seen in the Cardiovascular and Neuroscience portfolios, contributing to a positive revenue outlook. The company raised its FY23 organic revenue growth guidance and EPS outlook, anticipating 4.5% to 5.0% organic revenue growth in Q4, despite potential foreign currency impacts of $165 million to $215 million.
Medtronic employee Ron Garber, whose daughter tragically passed away from the rare neurological condition 4H Leukodystrophy, has founded the Yaya Foundation to support families affected by the disease. Since its inception, the foundation has raised over $1.5 million, aided by Medtronic's Matched Giving program. Recognized by the Chan Zuckerberg Initiative, the foundation has launched significant research initiatives, including collaborations with the Broad Institute, focusing on therapeutic discovery. Garber emphasizes the importance of community support and the role of Medtronic in advancing knowledge and care for this condition.
Medtronic has received CE Mark approval for the Aurora EV-ICD™ MRI SureScan™ system and the Epsila EV™ MRI SureScan™ defibrillation lead, designed to treat dangerous heart rhythms and prevent sudden cardiac arrest. Unlike traditional ICDs, the Aurora system's lead is implanted outside the heart and veins, reducing long-term complications. In a pivotal study, the system demonstrated a defibrillation efficacy of 98.7% and a 92.6% rate of patients free from major complications at six months. The device will be available in select European markets in autumn 2023, aiming to enhance patient safety and comfort while offering traditional ICD benefits.
Medtronic is contributing to wildlife conservation efforts, particularly for endangered wolf species like the red wolf and Mexican gray wolf, which were on the brink of extinction in the U.S. during the 1970s. Thanks to dedicated initiatives, populations of these wolves have since increased. The Wildlife Science Center in Minnesota plays a significant role in this, breeding and studying wolves to enhance their survival. A small Medtronic device aids their research, demonstrating the intersection of healthcare technology and wildlife conservation. For further insights, visit the Medtronic website.
Medtronic plc (NYSE:MDT) announced it will report its financial results for Q3 FY2023 on February 21, 2023, at 5:45 a.m. CST. The results will cover the period ending January 27, 2023. The company will host a video webcast at 7:00 a.m. CST on the same day to discuss the results, accessible on its investor relations website. Additionally, Medtronic plans to announce its Q4 and full fiscal year 2023 results on May 25, 2023, with subsequent quarterly results for FY2024 scheduled throughout the year. The forward-looking statements are subject to risks, as disclosed in their periodic SEC filings.
Medtronic highlights its commitment to diversity and inclusion in STEM fields during Black History Month, emphasizing its partnership with the Thurgood Marshall College Fund (TMCF). This collaboration has resulted in the hiring of 64 interns since 2020, as well as a multi-year scholarship program for HBCU students, which has awarded over 100 scholarships to date. The focus is on fostering a diverse talent pipeline that is essential for innovation in healthcare technology. Medtronic's African Descent Network further supports this initiative by providing mentorship and professional development opportunities, aiming to enhance representation in the STEM workforce.
Medtronic (NYSE: MDT) released late-breaking results from the STROKE AF clinical study, highlighting the effectiveness of the Reveal LINQ™ insertable cardiac monitor (ICM) in detecting atrial fibrillation (AF) among ischemic stroke patients. At three years, AF detection was 21.7% in the ICM cohort compared to just 2.4% in standard care, showing a 10-fold increase. The study also revealed that 67% of patients with AF had episodes longer than one hour, with most being asymptomatic. The data underscore the necessity of long-term continuous cardiac monitoring in preventing subsequent strokes, particularly for high-risk groups.
Medtronic released its Global Inclusion, Diversity & Equity 2022 Annual Report, highlighting its commitment to addressing systemic inequities. CEO Geoff Martha emphasized the need to extend efforts beyond the workplace to impact community barriers. Key initiatives include:
- Diversity in STEM: Strengthening partnerships with organizations like the Thurgood Marshall College Fund.
- Breaking Education Barriers: Updating job requirements to prioritize skills over degrees, launching the MAPS program for college tuition coverage.
- Diverse Talent Recognition: Expanding benefits for LGBTQ+ and Black employees.
Medtronic aims for zero barriers to equity and increased innovation through diversity.
On January 25, 2023, Medtronic plc (NYSE:MDT) announced that it opposes an unsolicited mini-tender offer from TRC Capital Investment Corporation. TRC aims to purchase up to 1,500,000 Medtronic shares at
Medtronic strongly advises shareholders not to tender their shares, highlighting the risks of accepting below-market offers. The mini-tender process allows TRC to bypass many SEC requirements. The offer is set to expire on
Medtronic is enhancing its commitment to health equity by joining the Global Health Equity Network (GHEN) and signing the Zero Health Gaps Pledge. This initiative emphasizes collaboration with public and private sectors to address healthcare disparities affecting marginalized populations. Medtronic LABS aims to deliver tech-enabled healthcare solutions, having reached over 1 million patients. The company has committed $2.7 billion in purchases from small and diverse-owned businesses in FY23, focusing on driving economic opportunities and better health outcomes.
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