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 successful results from the ADAPT study, published in The Lancet Diabetes & Endocrinology. The study highlighted a 1.4% reduction in HbA1c and a 27.6% increase in Time in Range for users of the MiniMed 780G system compared to standard care (MDI + isCGM). Of participants using the MiniMed system, 27.8% achieved HbA1c below 7%, while none achieved this with standard care. The study indicates significant improvements in glucose control and patient satisfaction, reinforcing the adoption of insulin pump therapy for better diabetes management.
Medtronic plc (NYSE:MDT) has announced a strategic partnership with BioIntelliSense for exclusive U.S. distribution rights of the BioButton® wearable device. This partnership aims to enhance patient monitoring by providing up to 1,440 daily vital sign measurements, facilitating continuous remote monitoring from hospital to home. The collaboration addresses staffing shortages in healthcare and supports workflow automation for clinicians. With the BioButton integrated into Medtronic's HealthCast™ portfolio, the goal is to improve patient safety and enable proactive clinical interventions.
Medtronic plc (NYSE:MDT) has finalized its acquisition of Affera, Inc., enhancing its cardiac ablation portfolio with a new cardiac mapping and navigation platform. This acquisition introduces the Affera Prism-1™ system, compatible with various therapeutic catheters, aimed at treating cardiac arrhythmias, particularly atrial fibrillation (AF). The acquisition is expected to be less than 1% dilutive to adjusted earnings per share in the first three years, with anticipated impacts of 3 to 4 cents in fiscal year 2023, 5 cents in fiscal year 2024, and 4 cents in fiscal year 2025.
Medtronic (NYSE: MDT) announced positive results from its global clinical trial for the investigational EV ICD™ System, achieving a defibrillation success rate of 98.7% and exceeding safety endpoints. The study, revealed at ESC Congress 2022, showed that the device's effectiveness surpassed the prespecified performance goal of 88%. The EV ICD is designed to treat fast heart rhythms while minimizing risks linked to traditional ICDs. With 92.6% of patients free from major complications at six months, the findings suggest significant potential for this innovative technology in cardiac care.
Medtronic plc (NYSE:MDT) reported its Q1 FY23 results, revealing a revenue of $7.371 billion, down 8% year-over-year but above expectations. GAAP diluted EPS rose 25% to $0.70, while non-GAAP EPS fell 17% to $1.13. Key areas of strength included U.S. Pacing, Cardiac Surgery, and European Diabetes. Supply chain challenges and unfavorable year-over-year comparisons impacted results. The company continues to anticipate organic revenue growth of 4%-5% for FY23 and reiterated its guidance for diluted non-GAAP EPS of $5.53-$5.65.
Medtronic's board has approved a cash dividend of $0.68 per share for Q2 of fiscal year 2023, marking an 8% increase from the previous year. This dividend continues Medtronic's history as a member of the S&P 500 Dividend Aristocrats, having increased its dividend for 45 consecutive years. The dividend is set to be paid on October 14, 2022, to shareholders on record by September 23, 2022.
Medtronic plc (NYSE:MDT) will announce its financial results for the first quarter of fiscal year 2023 on August 23, 2022. The results will cover the period ending July 29, 2022, with a press release scheduled for 5:45 a.m. CDT. A video webcast discussing these results will follow at 7:00 a.m. CDT the same day. Future earnings reports are planned for November 22, 2022, February 21, 2023, and May 25, 2023.
Medtronic (NYSE:MDT) announces the expansion of its Health Equity Assistance Program for colon cancer screening, increasing the number of GI Genius™ units from 50 to 133 for underserved communities. The program aims to enhance screening access, starting with Grady Memorial Hospital in Atlanta, which serves a predominantly Black population. With a significant cancer burden in this community, the initiative hopes to improve early detection rates through advanced technology, further supported by Amazon Web Services.
Medtronic has secured FDA 510(k) clearance for its UNiD™ Spine Analyzer v4.0, which introduces a new Degen Algorithm for degenerative spine procedures. This innovative tool utilizes machine learning to aid surgeons in planning and personalizing surgeries, predicting post-operative spinal alignment six months post-surgery. The platform also features enhancements for both pediatric and adult deformity algorithms. Medtronic is the first to offer FDA-cleared predictive models for spine surgery, aiming to improve surgical outcomes significantly.
On July 12, 2022, Medtronic (NYSE:MDT) announced a strategic partnership with CathWorks, investing up to $75 million to co-promote the FFRangio® System in the U.S., Europe, and Japan. This non-invasive system utilizes artificial intelligence to enhance the diagnosis of coronary artery disease (CAD). Medtronic also has the option to acquire CathWorks for up to $585 million by July 2027. The partnership aims to revolutionize CAD management, with strong clinical evidence supporting FFRangio's 93% diagnostic accuracy.
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