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) has announced its participation in the 40th annual J.P. Morgan healthcare conference, set for January 10, 2022. Chairman and CEO Geoff Martha will present and engage in a Q&A session starting at 8:15 a.m. EST. Investors can access a live webcast of the event via Medtronic's investor relations page. The session will also be archived for later viewing. Medtronic is a prominent healthcare technology company focused on innovative therapies for a range of health conditions, committed to improving global health outcomes.
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) announces the successful completion of the final milestone under its development and license agreement with Medtronic plc (NYSE: MDT). This achievement will facilitate Titan's receipt of a license payment and the retirement of Medtronic's secured loan to Titan, expected within this month. The technologies developed may be used by both companies, with Titan retaining global rights for its Enos™ robotic surgical system. CEO Paul Cataford highlights the significant collaboration and achievement amidst COVID-19 challenges.
Medtronic (NYSE:MDT) announced that the U.S. Centers for Medicare & Medicaid Services (CMS) will expand Medicare coverage for all continuous glucose monitors (CGMs), including those integrated with Medtronic insulin pumps. This change, effective 60 days post-official publication, aims to improve diabetes management for patients transitioning to Medicare. The expansion ensures continued therapy access for users of certain Medtronic systems, highlighting the company's commitment to enhancing patient care in diabetes management.
Medtronic plc (NYSE:MDT) announced two significant changes to its executive committee on December 16, 2021. Ivan Fong will succeed Brad Lerman as general counsel and secretary, effective February 1, 2022. Fong comes from 3M with extensive experience in healthcare law. Dr. Rick Kuntz, the current chief medical officer, will retire in April 2022 after 16 years at Medtronic. These changes align with the company’s policy of mandatory retirement at age 65, aiming to enhance leadership strength in guiding the firm's healthcare technology strategies.
Virtua Health and Medtronic plc (NYSE:MDT) have announced a five-year partnership aimed at enhancing care delivery in South Jersey, particularly for underserved populations. This collaboration will leverage technology to address health disparities, focusing on heart health and outpatient continuity. Medtronic LABS will support initiatives like food access programs, working alongside the Cherry Hill Free Clinic to improve chronic condition management. Key projects include optimizing heart failure care and expanding home hospitalization services, which are set to officially launch in early 2022. The partnership aims to foster health equity and improve patient outcomes.
Medtronic plc (NYSE:MDT) received a warning letter from the FDA on December 9, 2021, concerning its Northridge, California facility, primarily addressing quality system inadequacies linked to the MiniMed™ insulin infusion pumps. The letter followed an inspection completed in July 2021 and highlighted issues in risk assessment, complaint handling, and device recalls. Medtronic is focused on resolving these issues with internal and external resources, emphasizing its commitment to product safety and the well-being of diabetes patients. No actions are recommended for patients or healthcare providers.
Medtronic has received FDA 510(k) clearance for its INVOS™ 7100 system, facilitating enhanced monitoring of organ-specific oxygen levels in pediatric patients from birth to 18 years. This system is designed to alert clinicians to critical changes in patient conditions, aiding in timely interventions for vulnerable neonates and children. With real-time measurements of tissue perfusion and oxygenation, the INVOS™ 7100 is expected to improve clinical outcomes. The technology will be commercially available in spring 2022.
Medtronic plc (NYSE: MDT) announced a study in Osteoporosis International showing significant reductions in oral opioid use and payer costs after balloon kyphoplasty (BKP) or vertebroplasty (VP) for vertebral compression fractures (VCF). Of patients studied, 57.1% decreased opioid use, with an average payer cost savings of $6,759 over six months. The findings suggest potential benefits in managing pain and reducing opioid reliance in patients. This is the first study prioritizing opioid reduction as a primary outcome.
Medtronic plc (NYSE:MDT) announced a $0.63 cash dividend for Q3 of fiscal 2022, marking a 9% increase from the previous year. This increase reinforces its position as a member of the S&P 500 Dividend Aristocrats, with 44 consecutive years of dividend growth. The dividend will be payable on January 14, 2022, to shareholders of record by December 22, 2021. Medtronic is recognized for its innovative healthcare solutions and has a workforce of over 90,000 globally.
Medtronic (NYSE:MDT) reported a second-quarter revenue of $7.847 billion, up 3% year-over-year, with organic growth of 2%. GAAP diluted EPS was $0.97, a 169% increase. Second-quarter U.S. revenue of $3.997 billion declined 1%, while emerging markets surged 20%. The company revised fiscal year 2022 organic revenue growth expectations to 7-8% from 9%. Despite challenges from COVID-19 and labor shortages affecting procedures, Medtronic remains optimistic about growth due to a strong pipeline and operational improvements.
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