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 (NYSE:MDT) announced the completion of enrollment in the SPHERE Per-AF Trial, evaluating the Sphere-9 cardiac ablation catheter with the Affera mapping system for persistent atrial fibrillation. This pivotal trial, pivotal for FDA approval, included 477 patients across 23 centers in the U.S. and Europe. The Sphere-9 catheter uniquely offers both radiofrequency and pulsed field ablation in one device. Results will be assessed over 12 months. The trial follows Medtronic's acquisition of Affera in August 2022, enhancing its cardiac solutions portfolio.
Medtronic plc (NYSE:MDT) will participate in the Evercore ISI 5th annual HealthCONx conference on November 29, 2022. Geoff Martha, CEO, and Karen Parkhill, CFO, will address questions starting at 5:10 p.m. EST. A live webcast will be accessible via the Investor Events link at Medtronic's Investor Relations, with an archived session available later. Medtronic is a leader in healthcare technology, committed to addressing complex health issues globally.
Medtronic reported its fiscal Q2 2023 results with revenues of $7.6 billion, a 3% decline and a 2% organic growth. GAAP EPS stood at $0.32, down 67%, while non-GAAP EPS was $1.30, down 2%. Key drivers included TAVR, Pacing, and International Diabetes, despite challenges from slower market procedure volumes and cost inflation. Guidance was updated to forecast a revenue growth of 3.5%-4% in the second half of the fiscal year, with expected non-GAAP EPS between $5.25 to $5.30.
Medtronic plc (NYSE:MDT) will report its financial results for Q2 FY2023 on November 22, 2022, with a news release at 5:45 a.m. CST. The report will provide summary financial information for the quarter ending October 28, 2022. A video webcast discussing the results will be held at 7:00 a.m. CST on the same day. Future earnings announcements are scheduled for February 21, 2023, and May 25, 2023. The company emphasizes its commitment to innovative healthcare solutions, addressing various health conditions globally.
Medtronic launched the Extended infusion set in the U.S., the first infusion set allowing up to 7-day wear for insulin pumps, reducing insulin waste and plastic usage. This innovation leads to annual cost savings of up to 25% on insulin and a 50% reduction in plastic waste. The extended wear time decreases the frequency of set changes by 50% and enhances comfort, addressing patient needs. The set is available for MiniMed 600 and 700 series pump users, aiming to ease diabetes management.
Ra Medical Systems (RMED) reported financial results for Q3 2022, highlighting a merger plan with Catheter Precision. This stock-for-stock reverse-merger aims to tap into the growing cardiac electrophysiology market. Company CEO Will McGuire cited $13.7 million in cash and an additional $7.4 million raised through their At-the-Market facility. They aim to meet NYSE listing requirements post-reverse stock split, with expectations to finalize the merger by early 2023. Catheter’s FDA-cleared product, VIVO™, targets ventricular arrhythmias, a significant unmet need in cardiac care.
Cloud DX (CDXFF) has partnered with Medtronic (MDT) and other organizations to develop a Continuous Connected Patient Care (CCPC) platform aimed at enhancing home care for discharged patients. The project, with a total investment of $12.8 million and $5.2 million in funding from the Digital Supercluster, is set to launch in 2024. The initiative includes a new vital sign monitoring device and aims to alleviate hospital capacity issues by allowing remote patient monitoring, particularly for those with chronic conditions.
On November 7, 2022, Medtronic (NYSE:MDT) presented six-month results from the SPYRAL HTN-ON MED clinical trial at the AHA Scientific Sessions 2022. The trial showed a significant reduction in office-based systolic blood pressure (OSBP) for patients treated with the Symplicity Spyral RDN System, but the primary endpoint of ambulatory systolic blood pressure (ABPM) reduction was not statistically significant. The company's PMA package has been submitted to the FDA for review. The study met its primary safety endpoint, demonstrating a low incidence of adverse events.
Medtronic has launched the Neurovascular Co-Lab™ Platform to enhance collaboration among start-ups, physicians, and institutions for stroke care innovation. This initiative aims to expedite the development of advanced technologies to benefit stroke patients globally. The platform will be operational by World Stroke Day, October 29, 2022, and is designed to facilitate the submission and funding of high-potential neurovascular innovations. Medtronic highlights the urgent need for improved stroke treatments, noting that millions remain untreated despite the availability of therapies.
Medtronic plc (NYSE:MDT) will participate in the CECP's 10th CEO Investor Forum at AdvaMed's 2022 MedTech Conference on October 25, 2022, in Boston, MA. CEO Geoff Martha will present at 3:30 p.m. CDT and answer questions.
A live webcast will be available on the same day via the Investor Events link on Medtronic's investor relations page, with a replay accessible within 24-48 hours.
Medtronic is a global leader in healthcare technology, dedicated to alleviating pain and restoring health through innovative solutions.
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