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 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.
Medtronic plc (NYSE:MDT) has announced plans to separate its Patient Monitoring and Respiratory Interventions businesses into a new entity, referred to as NewCo. This strategic move aims to enhance operational focus and drive value creation for stakeholders. The separation is expected to be tax-free for U.S. shareholders and is anticipated to complete within 12 to 18 months, subject to regulatory approvals. NewCo will provide connected care solutions, leveraging its strong commercial footprint and wide-ranging product portfolio, which generated approximately $2.2 billion in revenue in fiscal 2022.
Medtronic (NYSE:MDT) announced significant approvals for its Hugo™ robotic-assisted surgery system, enhancing its market presence globally. The approvals include CE Mark clearance for general surgery in the EU, a license for laparoscopic surgery in Canada, and MHLW approval for urologic and gynecologic laparoscopic procedures in Japan. These milestones position Medtronic to access key markets, particularly in Japan, the third-largest robotic surgery market, and capitalize on the growth of minimally invasive procedures, which account for over 80% of global RAS procedures.
Medtronic plc has launched a groundbreaking program called My Insights for users of the MiniMed™ 770G system, utilizing data science to deliver personalized diabetes management tips and trends. This is the first program offering tailored insights based on individual user data, enhancing diabetes care with monthly educational emails. The MiniMed 770G system, known for its automated insulin adjustments and smartphone connectivity, supports users aged two and above. Medtronic aims to simplify diabetes management and empower users with customized tools.
Medtronic has received FDA approval for its SelectSecure Model 3830 cardiac lead to include left bundle branch area pacing, enhancing its conduction system pacing capabilities for patients with bradycardia. This innovative method mimics natural heart contraction, reducing complications associated with traditional pacing. The approval is based on evidence from over 20,000 patients, demonstrating a 92% procedural success rate and a low complication rate of 2.5%. Medtronic remains the only company with FDA-approved therapies for conduction system pacing, further solidifying its leading position in cardiac pacing technologies.
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