Medtronic plc - MDT STOCK NEWS

Medtronic plc (NYSE:MDT) announced FDA approval for its Resolute Onyx™ drug-eluting stent (DES) to offer a one-month dual-antiplatelet therapy (DAPT) for patients at high bleeding risk (HBR). This is the first DES in the U.S. approved for one-month DAPT post-percutaneous coronary intervention (PCI). The indication is crucial as up to 40% of PCI patients are at HBR. The approval is based on the Onyx ONE Clear Study involving 1,500 patients, demonstrating safety and efficacy at one year. Medtronic aims to provide vital data to support treatment options for HBR patients.

Medtronic (NYSE:MDT) announced its planned acquisition of Avenu Medical, enhancing its Peripheral Vascular Access Portfolio. Avenu's innovative Ellipsys® Vascular Access System, designed for minimally invasive creation of arteriovenous (AV) fistulae, aims to improve outcomes for dialysis patients. The acquisition, anticipated to close in October 2020, aligns with Medtronic's strategy to provide less invasive solutions. This move is expected to be immaterial to Medtronic's earnings in the first two years, turning accretive in fiscal year 2023.

Medtronic plc (NYSE:MDT) announced the successful closure of a public offering totaling €6.25 billion in Senior Notes, with multiple maturities from 2023 to 2050. The net proceeds will be utilized to repay existing debt, including €750 million in Floating Rate Senior Notes due in 2021, and for general corporate purposes. Additionally, the company plans to redeem outstanding senior notes of various amounts, totaling approximately $2.6 billion, due from 2022 to 2025. The redemption date for these notes is set for October 29, 2020.

Medtronic (NYSE:MDT) achieved a significant legal victory as the U.S. Patent Trial and Appeal Board (PTAB) upheld its crucial sacral neuromodulation patent, rejecting Axonics' challenge. The decision concerns Medtronic's U.S. Patent No. 9,463,324, which safeguards key technology for implant recharging and temperature control. Medtronic filed suit against Axonics in November 2019, claiming patent infringement. The PTAB's rejection of Axonics' arguments is final and not appealable. Full inter partes review proceedings on six additional patents will commence, with a PTAB decision expected within 12 months.

Medtronic plc (NYSE: MDT) announced the pricing of €6.25 billion in senior notes with varying maturities from 2023 to 2050. The offering includes €1.25 billion of 0.000% notes due 2023 and €1 billion of 1.625% notes due 2050, among others. Proceeds will be utilized to retire existing debt and for general corporate purposes. The offering is expected to close on September 29, 2020. The joint book-running managers include Barclays Bank PLC and Deutsche Bank Aktiengesellschaft.

Medtronic plc (NYSE:MDT) has initiated the ALLEVIATE-HF clinical trial to assess the effectiveness of its Reveal LINQ™ Insertable Cardiac Monitor (ICM) in detecting patients at high risk of worsening heart failure. The study will enroll up to 300 patients across 30 sites in the U.S. over a minimum follow-up period of seven months to three years. The LINQ device wirelessly monitors heart conditions and alerts clinicians of potential heart failure risks, enabling timely interventions. Heart failure affects 6.2 million Americans, emphasizing the importance of this technology in proactive patient management.

Medtronic plc (NYSE:MDT) has achieved FDA Breakthrough Device Designation for its TYRX™ Absorbable Antibacterial Driveline Wrap. This device supports patients with ventricular assist devices (VAD) by minimizing the risk of infection associated with the percutaneous driveline. The wrap releases antimicrobial agents over a minimum of seven days and is designed to be fully absorbed approximately nine weeks post-implantation. The Breakthrough Device Program ensures expedited review and communication from the FDA to facilitate timely access to critical medical technologies.

Medtronic plc (NYSE: MDT) released data from the WRAP-IT study, indicating that the TYRX Absorbable Antibacterial Envelope is cost-effective for patients with elevated infection risks receiving cardiac implantable electronic devices (CIEDs). The ICER of the envelope remains below the recommended threshold of $150,000, demonstrating significant cost-efficiency compared to standard infection prevention methods. Long-term data reveals a 40% reduction in major CIED infections and sustained benefits over three years. This innovation received endorsement from major medical societies and recognition as a top medical innovation for 2020.

Medtronic plc (NYSE: MDT) announced its participation in the Morgan Stanley 18th Annual Global Healthcare Conference, scheduled for September 14, 2020. CEO Geoff Martha will address questions starting at 1:30 p.m. EDT. A live audio webcast will be accessible via Medtronic's investor relations page, with an archived version available post-event. Medtronic, headquartered in Dublin, Ireland, is a leading medical technology company focused on improving healthcare worldwide, employing over 90,000 people in 150+ countries.