Welcome to our dedicated page for Medtronic plc news (Ticker: MDT), a resource for investors and traders seeking the latest updates and insights on Medtronic plc stock.
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 has released its FY20 Integrated Performance Report, highlighting significant ESG initiatives. Key achievements include aiming for carbon neutrality by FY30 and achieving 100% gender pay equity in the U.S. The company reported a 36% reduction in greenhouse gas emissions compared to FY13 and set plans to cut emissions by 50% by FY25. The report reflects Medtronic's commitment to social responsibility, especially during COVID-19, where it increased ventilator production and donated $36 million to relief efforts.
Medtronic plc (NYSE:MDT) announced a donation of nearly $1 million in personal protective equipment (PPE) to the International Medical Corps to aid COVID-19 relief efforts in the U.S. and Puerto Rico. The donation includes over 1.1 million surgical masks and 408,000 KN95 respirators, targeting hospitals in COVID-19 hotspots. This support highlights Medtronic's commitment to frontline health workers and underserved communities during the pandemic, as recognized by various officials from both Medtronic and International Medical Corps.
Medtronic plc (NYSE:MDT) has launched the Adaptix™ Interbody System, the first navigated titanium implant featuring Titan nanoLOCK™ Surface Technology. This technology combines various surface textures to enhance strength and promote bone growth. Adaptix, which received FDA approval in August 2020, addresses surgeons' needs for improved spinal fusion outcomes. The system integrates with Medtronic's navigation platforms, facilitating accurate placement during surgery. The announcement was made at the North American Spine Society annual meeting, marking a significant step in Medtronic's commitment to advancing spine care.
Medtronic plc (NYSE:MDT) announced that Omar Ishrak will retire as Executive Chairman effective December 11, 2020. This marks the conclusion of the company's planned CEO succession. Geoff Martha, the current CEO since April 2020, will succeed Ishrak as Chairman. Ishrak has been with Medtronic since June 2011, serving as CEO until April 2020. Both leaders expressed confidence in the company's future and ongoing commitment to its mission in medical technology innovation.
Medtronic plc (NYSE:MDT) announced the first patient was implanted in its ELITE study of the InterStim™ Micro system, marking a significant milestone in rechargeable sacral neurostimulation (SNS) research. This is the only study encompassing SNS indications for overactive bladder, urinary urge incontinence, urinary frequency, non-obstructive urinary retention, and fecal incontinence. The study aims to enroll 160 subjects across various regions, providing crucial data on performance and safety over two years. The InterStim Micro is the smallest rechargeable SNS device with a 15-year lifespan and fast charging capabilities.
Medtronic plc (NYSE:MDT) will host its biennial Institutional Investor and Analyst Event virtually on October 14, 2020, from 8:00 a.m. to 2:00 p.m. EDT. The event will feature company leadership presenting strategies for revenue growth, innovation, and shareholder value creation. A live webcast will be available for all interested parties, and a replay will follow within 24 hours. Medtronic is a leader in medical technology, focused on improving healthcare globally.
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.
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