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) has received FDA approval for its Intellis™ rechargeable neurostimulator and Vanta™ recharge-free neurostimulator, targeting chronic pain from diabetic peripheral neuropathy (DPN). DPN affects around 30% of diabetes patients, often leading to significant pain and diminished quality of life. This new therapy offers personalized treatment options and has shown a 70% pain relief rate in patients, compared to 6% for conventional treatments. With an estimated 800,000 potential U.S. candidates, Medtronic sees a $1.8 billion market opportunity for this new indication.
Medtronic plc (NYSE: MDT) announced positive results from a three-month study of its DTM SCS endurance therapy for chronic pain. The therapy showed a 3.9 cm reduction in overall pain, with patients experiencing a 4.3 cm decrease in back pain and a 5.0 cm drop in leg pain. 69% of patients reported less disability, and 75% expressed satisfaction with the treatment. The therapy enhances device longevity, offering 5.5-7.5 years on the Vanta™ stimulator and rapid recharge options on Intellis™. These findings underscore the therapy's effectiveness and potential for improving quality of life.
Medtronic (NYSE:MDT) announced its participation at the 25th Annual North American Neuromodulation Society meeting from January 13-15, 2022, in Orlando, Florida. The company will present 23 podium and poster presentations, showcasing advancements in DTM™ SCS endurance therapy for chronic pain. Key presentations include studies on energy demands and therapeutic comparisons with traditional spinal cord stimulation. Medtronic aims to highlight innovative technologies and enhance patient care through detailed scientific discussions and evidence from sponsored research.
Medtronic plc (NYSE:MDT) announced on Jan. 10, 2022, that it received approval from Japan's Ministry of Health for the sale and reimbursement of its Micra™ AV Transcatheter Pacing System. This approval allows for the treatment of patients with AV block, expanding the patient base significantly in one of the world's largest markets. The Micra AV offers leadless pacing technology, enhancing patient safety by eliminating surgical leads. This follows findings from the MARVEL 2 study, underscoring the device's effectiveness in synchronizing heart pacing.
Medtronic has received approval from China's National Medical Products Administration for its CoreValve™ Evolut™ PRO TAVR system, aimed at treating symptomatic severe aortic stenosis in high-risk patients. This marks the first approval for Medtronic's self-expanding TAVR system in China, based on data from over 32,000 patients showcasing high survival rates and low stroke occurrences. The commercial launch is expected in early 2022, addressing the growing clinical demand due to China's aging population. Severe aortic stenosis affects over 5 million people in China, with numbers projected to rise to 7 million by 2030.
Medtronic (NYSE:MDT) announced a definitive agreement to acquire Affera, Inc., enhancing its cardiac ablation portfolio and marking its entry into cardiac mapping and navigation technologies. This strategic move is aimed at addressing the growing market for cardiac arrhythmia treatments, particularly atrial fibrillation, impacting nearly 60 million people globally. The acquisition is expected to close in the first half of fiscal year 2023 and will have a minimal dilutive effect on Medtronic's earnings per share in the first three years, with a projected dilution of 5 cents in years one and two, and 3 cents in year three.
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.
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