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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's Inceptiv™, a closed-loop spinal cord stimulator for chronic pain treatment, received FDA approval in April. This breakthrough technology, developed by engineer David Dinsmoor, can sense unique biological signals and adjust stimulation 50 times per second. Dinsmoor's journey began with studying electrical impulses in nightcrawlers, leading to the development of a circuit that could measure evoked compound action potentials (ECAPs) in patients. This innovation allows for real-time adjustment of stimulation based on patient movements, addressing the issue of overstimulation in traditional spinal cord stimulators. Inceptiv™ builds on Medtronic's 40-year leadership in neuromodulation, offering more consistent therapy for chronic pain patients.
Medtronic (MDT), a global healthcare technology leader, partnered with Jack and Jill of America, Inc., a nonprofit focused on nurturing future African American leaders, to provide hands-on healthcare technology experiences to over 150 teens at Jack and Jill's national convention. The event featured the Medtronic Mobile Lab, a truck designed to mirror an operating room, where students had the opportunity to use surgical tools. This initiative aims to expose young people to potential careers in healthcare technology and foster interest in the field.
Medtronic (MDT) has been recognized as a 'Best Place to Work for Disability Inclusion' for the seventh consecutive year in the U.S. and for the first time in the U.K. by Disability:IN and the American Association of People with Disabilities. The company earned a top score of 100 on the 2024 Disability Equality Index®, the world's most comprehensive benchmarking tool for measuring disability workplace inclusion.
This recognition, along with Medtronic's ranking among DiversityInc's 2024 Top Companies for People with Disabilities, validates the company's commitment to employees with disabilities and their allies. Medtronic's focus on inclusion, diversity, and equity (ID&E) aims to create a culture where all employees belong, are respected, and feel valued. This approach not only enhances employee well-being but also accelerates innovation in lifesaving technologies.
Medtronic announced on June 26, 2024, that Karen Parkhill, its Chief Financial Officer, will resign to join HP as CFO. Parkhill will remain in her role until August 2, 2024, after which Gary Corona, SVP of Global Financial Planning, will serve as interim CFO. CEO Geoff Martha expressed gratitude for Parkhill's eight years of leadership, particularly during the pandemic and the company's recent transition to a new operating model. The company reassured stakeholders by reaffirming its financial guidance for Q1 and the full fiscal year 2025.
Medtronic presented new data on the MiniMed™ 780G system at the American Diabetes Association's 84th Scientific Sessions, highlighting its effectiveness in managing type 1 diabetes. The data demonstrated significant improvements in reducing early morning hyperglycemia, known as dawn phenomenon, and enhancing overnight sleep quality. Users of the MiniMed™ 780G system experienced a decrease in dawn phenomenon rates from 12.2% to 4.5%, and a 45% reduction in nighttime alerts. Time in Range (TIR) increased from 87.7% to 91.4% during the critical hours of 12-6 a.m. The system's advanced algorithm provides autocorrections every 5 minutes, significantly reducing the burden of diabetes management. Additionally, promising results were presented for the next iteration of the system, paired with the Simplera Sync™ sensor, showing improvements in clinical outcomes. The new system will be launched in parts of Europe in late July.
Sempra (NYSE: SRE) has appointed Jennifer M. Kirk to its board of directors, effective June 20, 2024. Kirk currently serves as the global controller and chief accounting officer at Medtronic (NYSE: MDT) and brings over 20 years of experience in the energy sector. Her previous roles include various senior positions at Occidental Petroleum Kirk also chairs the audit committee at Republic Services. With her appointment, Sempra's board now has 10 directors, including three new members added over the past five years. Kirk will be a member of the audit and the safety, sustainability, and technology committees.
BetterInvesting Magazine has announced Amphastar Pharmaceuticals (NASDAQ: AMPH) as its 'Stock to Study' and Medtronic (NYSE: MDT) as its 'Undervalued Stock' for the September 2024 issue. The National Association of Investors Corp. (NAIC) encourages investors to focus on fundamentals and informed decision-making. The magazine's choices are informational and educational, not endorsements. A trial version of BetterInvesting's tools is available for non-members to analyze these stocks. The committee includes several CFA members who review the stocks, emphasizing investor education. Full details will be available in the magazine's September issue.
Medtronic LABS has released a documentary titled 'Better Health for Everyone, Everywhere,' showcasing their healthcare technology's impact on underserved communities. It follows Jane Muthoni, who, diagnosed with diabetes during her childhood, now travels across Africa to educate others on managing conditions like diabetes and high blood pressure. The documentary highlights the important role of Medtronic LABS in providing essential health services to over half the world's population that currently lacks access. The initiative aims to improve health outcomes by leveraging healthcare technology to reach more communities.
Medtronic (NYSE: MDT) chairman and CEO Geoff Martha is scheduled to speak at the 45th annual Goldman Sachs global healthcare conference on June 11, 2024. The Q&A session will start at 10:40 a.m. EDT and will be available via a live webcast. An archive will be accessible later on the company's investor relations webpage.
Medtronic, headquartered in Dublin, Ireland, is a leading global healthcare technology company. It operates in over 150 countries with a workforce of more than 95,000. The company offers innovative solutions across 70 health conditions including cardiac devices, surgical robotics, and insulin pumps. Medtronic is committed to alleviating pain, restoring health, and extending life.
Medtronic has closed a €3.0 billion public offering of senior notes. The offering includes €850 million of 3.650% notes due 2029, €850 million of 3.875% notes due 2036, €600 million of 4.150% notes due 2043, and €700 million of 4.150% notes due 2053. The net proceeds, approximately €2.97 billion, will be used for general corporate purposes, including debt repayment. The notes are guaranteed by Medtronic and Medtronic Global Holdings S.C.A. Citigroup, J.P. Morgan, Merrill Lynch, and Mizuho led the offering, with several other firms acting as co-managers.
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