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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 plc (NYSE:MDT) has received FDA approval for a clinical trial evaluating its implantable tibial neuromodulation (TNM) device designed to alleviate bladder incontinence symptoms. The TITAN 1 Feasibility Study will involve 20 participants across eight U.S. sites, with enrollment starting in May 2021. Over 37 million adults in the U.S. suffer from overactive bladder, but only 5% receive advanced therapy. Medtronic aims to provide more treatment options for these patients, building on its established sacral neuromodulation therapies, to address diverse patient needs.
Medtronic (NYSE:MDT) has partnered with Surgical Theater to integrate the SyncAR™ augmented reality (AR) technology with its StealthStation™ S8 surgical navigation system. This collaboration aims to enhance visualization for neurosurgeons during complex cranial procedures. By utilizing fighter-jet simulation technology, surgeons can access real-time patient-specific information and see a 360° AR rendering overlaid on live images during surgeries. This innovation promises improved precision and efficiency in treating brain tumors and aneurysms, offering significant benefits for patient outcomes.
Medtronic has received FDA approval for its Pipeline™ Flex Embolization Device with Shield Technology, designed to enhance flow diversion therapy for brain aneurysms. The first patient procedure was performed at NYU Langone Health. This device, a market leader for a decade, reduces thrombogenicity, facilitating better delivery through complex vascular anatomy. Clinical results show a 77.2% complete aneurysm occlusion rate at 12 months, and improvements in safety and efficacy. The advancement marks a significant milestone in treating cerebral aneurysms, aiming to improve patient outcomes.
Medtronic plc (NYSE:MDT) announced 24-month results from the IN.PACT AV Access clinical study, revealing the IN.PACT™ AV drug-coated balloon (DCB) as the first DCB to demonstrate sustained effectiveness compared to standard PTA in patients with end-stage renal disease. Key findings include a target lesion primary patency of 52.2% for the DCB group versus 36.2% for PTA (p<0.001). Additionally, the study showed 39.5% access circuit primary patency for the DCB group compared to 25.4% for PTA (p<0.001). These results suggest that the IN.PACT AV DCB can reduce the need for reinterventions, enhancing patient quality of life.
Medtronic plc (NYSE: MDT) has launched the Medtronic Extended infusion set in select European countries, enabling insulin pump users to wear it for up to 7 days, which is a significant increase from the usual 3-day change requirement. This innovation reduces interruptions in therapy and enhances convenience. User feedback from over 100 participants in Finland was overwhelmingly positive, highlighting increased comfort and a reduction in infusion set failures. The product is compatible with MiniMed™ 600 and 700 series pumps and aims to simplify diabetes management.
Medtronic has received FDA clearance for the GI Genius™ module, the first AI-driven system for detecting colorectal polyps during colonoscopies. This innovative technology enhances polyp detection rates, potentially impacting over 19 million colonoscopies performed annually in the U.S. Studies indicate that using GI Genius can lead to a 14% increase in adenoma detection rates, significantly improving early cancer detection and patient outcomes. Medtronic aims to reduce colorectal cancer risks by integrating AI into gastroenterology practices, further solidifying its leadership in medical technology.
Medtronic plc (NYSE:MDT) announced its commitment to health equity for individuals of color living with diabetes, revealing plans to invest $1 million in partnerships with the American Diabetes Association and T1D Exchange over the next three years. The initiatives include the Health Equity Now project to improve access to diabetes technology and a quality improvement pilot program to enhance tech adoption among minorities. Additionally, Medtronic is supporting an NIH-funded research study focused on blood glucose management among African American youth, utilizing its advanced insulin pump technology.
Medtronic Foundation and Children's HeartLink have launched a $2.5 million partnership aimed at improving pediatric heart care in underserved regions of Brazil, India, and China. Over three years, the initiative will enhance hospital capacity, train 10,000 health workers, and provide care for 10,000 children suffering from congenital heart disease. This collaboration seeks to address health disparities and improve outcomes by utilizing both financial and human resources effectively, while honoring former Medtronic chairman Omar Ishrak's legacy.
Medtronic plc (NYSE:MDT) announced FDA approval for its Harmony™ Transcatheter Pulmonary Valve (TPV), a minimally invasive treatment for congenital heart defects affecting blood flow from the heart to the lungs. The Harmony TPV, designated as a Breakthrough Therapy, aims to replace the need for open-heart surgeries in patients with right ventricular outflow tract disruptions. Clinical data indicated excellent safety and effectiveness, with no significant reinterventions at six months. This device expands access to transcatheter technology for a broader range of congenital heart disease patients.
Medtronic has received the CE Mark for its SenSight™ directional lead system, enhancing Deep Brain Stimulation (DBS) therapy for movement disorders and epilepsy. This innovative system incorporates built-in sensing capabilities and works with Medtronic's Percept™ PC neurostimulator to enhance patient-specific therapy. Initial implantations took place in March 2021, with a full European launch anticipated soon. Medtronic has a long-standing commitment to advancing DBS technology, having implanted over 175,000 devices globally since 1987.
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