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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 its Q1 FY25 financial results, ending July 26, 2024. Revenue was $7.9 billion, with an adjusted revenue of $8.0 billion, up 2.8% as reported and 5.3% organically. GAAP diluted EPS increased to $0.80, while non-GAAP diluted EPS rose to $1.23. The company raised its FY25 organic revenue growth guidance to 4.5%-5% and EPS guidance to $5.42-$5.50.
Key growth drivers included the MiniMed™ 780G automated insulin delivery system for Diabetes, and the Percept™ RC deep brain stimulator for Neuromodulation. Cardiovascular revenue grew by 5.5% as reported and 6.9% organically. Neuroscience revenue increased by 4.4% as reported and 5.3% organically.
Despite strong performance, foreign currency translation had a negative impact of $90 million on revenue and reduced non-GAAP diluted EPS by 6 cents. Medtronic executives are optimistic about sustained growth driven by new product innovations.
Medtronic plc (NYSE:MDT), a leading global healthcare technology company, has announced its cash dividend for the second quarter of fiscal year 2025. The board of directors approved a dividend of $0.70 per ordinary share, consistent with the increase announced in May 2024. This decision reinforces Medtronic's status as an S&P 500 Dividend Aristocrat, having increased its annual dividend for 47 consecutive years.
The dividend is payable on October 11, 2024, to shareholders of record as of September 27, 2024. Medtronic, headquartered in Galway, Ireland, employs over 95,000 people across 150+ countries and focuses on addressing challenging health problems through innovative technologies and therapies.
Medtronic plc (NYSE:MDT), a global healthcare technology leader, has announced it will report its first quarter fiscal year 2025 financial results on Tuesday, August 20, 2024. The company will release a news release at approximately 5:45 a.m. CDT, followed by a video webcast at 7:00 a.m. CDT to discuss the results. The fiscal quarter ended on July 26, 2024.
Medtronic has also outlined plans to report its subsequent quarterly results for fiscal year 2025 on November 19, 2024, February 18, 2025, and May 21, 2025. The company, headquartered in Galway, Ireland, employs over 95,000 people across more than 150 countries and focuses on addressing challenging health problems through innovative technologies and therapies.
Medtronic plc (NYSE: MDT) has received FDA approval for its Simplera™ continuous glucose monitor (CGM), a disposable, all-in-one device half the size of previous Medtronic CGMs. The Simplera™ platform includes the Simplera™ CGM for Smart MDI systems and the Simplera Sync™ sensor for integration with the MiniMed™ 780G system. Both are already CE Marked in Europe.
Additionally, Medtronic announced a global partnership with Abbott to expand CGM options. Abbott will supply Medtronic with an exclusive CGM based on their advanced platform, to be integrated with Medtronic's smart dosing devices and software. This collaboration aims to offer more choice within the Medtronic ecosystem, combining Abbott's CGM technology with Medtronic's advanced insulin delivery systems.
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.
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