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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) reported promising results from a study involving 3,211 pediatric patients with type 1 diabetes using the MiniMed™ 780G system. The one-year data revealed a 74% average Time in Range and 82% overnight Time in Range, outperforming clinical guidelines. The study demonstrated that 75.3% of users achieved a Glucose Management Indicator (GMI) below 7%. The MiniMed 780G system’s advanced hybrid closed-loop algorithm adapts insulin delivery every five minutes, leading to improved glycemic control and personalization, making it an effective choice for managing diabetes in children.
Medtronic has announced the receipt of CE Mark for its Hugo™ robotic-assisted surgery system, enabling its sale in Europe for urologic and gynecologic procedures. This approval is significant as robotic surgery currently represents only 3% of global surgeries, despite its benefits like reduced complications and shorter hospital stays. With strong interest from European hospitals, Medtronic plans swift installations, aiming to enhance access to robotic-assisted surgery. The Hugo system emphasizes affordability and utilization, addressing historical barriers to adoption.
Medtronic plc (NYSE: MDT) published a study revealing a significant link between atrial fibrillation (AF) episodes and ischemic stroke risk. Conducted using continuous rhythm monitoring devices on 891 patients with cardiovascular implants, the study found that 16% had AF lasting over 5.5 hours, increasing 30-day stroke risk over three-fold. The findings, published in JAMA Cardiology, suggest that time-limited anticoagulation may be effective in stroke prevention following AF episodes. The study emphasizes the need for continuous monitoring to identify high-risk patients.
Medtronic plc (NYSE: MDT) announced the expansion of its minimally invasive spine surgery ecosystem with new technologies, making it the only provider to integrate spinal implants, biologics, navigation, robotics, and AI data into surgery solutions. Key innovations include the Catalyft™ Expandable Interbody System, Space-D™ Access System, and Accelerate™ Graft Delivery System. These advancements aim to enhance surgical efficiency and patient outcomes, reducing complications and recovery time. With 450,000 spinal fusion procedures annually in the U.S., Medtronic is positioned to set new standards in spine care.
Medtronic plc (NYSE:MDT) has received CE Mark approval for its radial artery access portfolio, including the innovative Rist™ 079 Radial Access Guide Catheter and Rist™ Radial Access Selective Catheter. This marks a significant advancement in neurovascular procedures, offering enhanced navigability and stability through radial artery access. The device has already shown strong customer feedback from over 100 cases in the U.S. The company aims to improve patient outcomes and reduce care costs with this approval, reinforcing its commitment to innovation in medical technology.
On September 17, 2021, Medtronic and Apollo Hospitals performed the first robotic-assisted prostatectomy using the Hugo™ system in the Asia-Pacific region at Apollo Hospitals, Chennai, India. This milestone signifies a shift towards minimally invasive surgery, which may reduce complications and hospital stays. Medtronic's Hugo RAS system aims to enhance access to robotic surgery, addressing historical cost barriers. The system is designed for various soft-tissue procedures and is currently pending regulatory approvals in specific regions.
On September 22, 2021, Medtronic (NYSE:MDT) announced that the U.S. Patent Trial and Appeal Board has affirmed all claims in seven patents related to its InterStim™ sacral neuromodulation devices, dismissing challenges from Axonics. The affirmed patents include U.S. Patent Nos. 8,457,758, 8,738,148, and aspects of 9,821,112. Medtronic plans to resume its IP infringement case in California, seeking to protect its proprietary technology. These patents ensure that Medtronic's innovations remain protected as they expire in 2024 and 2025.
Medtronic has initiated the BRAIVE™ IDE study, enrolling its first patient for the Braive™ growth modulation system aimed at treating Adolescent Idiopathic Scoliosis (AIS). Conducted across the U.S., Canada, and the UK, this clinical trial will assess the device's safety and effectiveness. The Braive system aims to correct spinal curvature while allowing continued growth, addressing a significant pediatric need in scoliosis treatment. The study reaffirms Medtronic's commitment to innovation in pediatric spine care, as approximately 4% of children are affected by scoliosis globally.
On September 13, 2021, Medtronic plc (NYSE:MDT) announced it secured three victories in an intellectual property dispute against Axonics. The U.S. Patent and Trademark Office's Patent Trial and Appeal Board upheld Medtronic's patents related to its InterStim™ systems, which are crucial for sacral neuromodulation technology. This follows a previous affirmation of another key patent in September 2020. Medtronic plans to resume its infringement lawsuit against Axonics once the remaining patent reviews are concluded.
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