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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 announced the pricing of €3 billion in senior notes through its subsidiary, Medtronic, Inc. The offering includes €850 million in 3.650% senior notes due 2029, €850 million in 3.875% senior notes due 2036, €600 million in 4.150% senior notes due 2043, and €700 million in 4.150% senior notes due 2053. The notes are guaranteed by Medtronic plc and its subsidiary Medtronic Global Holdings S.C.A. The proceeds will be used for general corporate purposes including debt repayment. The offering closes on June 3, 2024, managed by Citigroup, J.P. Morgan, Merrill Lynch, and Mizuho.
Medtronic (NYSE:MDT) announced its Q4 and FY24 financial results on May 23, 2024. Q4 revenue was $8.6 billion, a 0.5% increase reported and 5.4% organic. For FY24, revenue was $32.4 billion, up 3.6% reported and 5.2% organic. Q4 GAAP EPS was $0.49, and non-GAAP EPS was $1.46. FY24 GAAP EPS was $2.76, and non-GAAP EPS was $5.20. Cash from operations increased 12% to $6.8 billion, with free cash flow rising 14% to $5.2 billion. Medtronic returned $5.5 billion to shareholders in FY24 and increased its dividend to $0.70 per share quarterly. The company received several product approvals, including the Evolut™ FX+ TAVR system and Inceptiv™ closed-loop spinal cord stimulator. FY25 guidance includes 4-5% organic revenue growth and non-GAAP EPS of $5.40-$5.50.
Fast Company has recognized Medtronic's MiniMed™ 780G automated insulin delivery system in its 2024 World Changing Ideas Awards, specifically in the Best World-Changing Idea, North America category. This marks the fourth consecutive year that Medtronic has been honored, following previous awards for its GI Genius™, Micra™ leadless pacemaker, and Medtronic LABS.
The MiniMed™ 780G, approved by the FDA in April 2023, features Meal Detection™ technology, allowing for automatic insulin adjustments every 5 minutes. This innovation aims to simplify diabetes management and reduce the mental strain on patients.
Medtronic's recognition is attributed to its dedication to advancing healthcare technology and its consistent innovation across multiple health sectors. The company leverages its global workforce to develop life-changing medical devices and therapies.
Medtronic announced positive results for its Affera™ Mapping and Ablation System with Sphere-9™ Catheter in treating persistent atrial fibrillation (AFib). This all-in-one catheter showed excellent safety and efficacy in the SPHERE Per-AF trial, outperforming the control arm. The Sphere-9 Catheter achieved a primary safety endpoint rate of 1.4% compared to 1.0% for the control arm. It demonstrated 73.8% freedom from AFib versus 65.8% for the control group. The Sphere-9 system also improved procedural efficiency and quality of life for patients. The trial had 420 participants from the U.S., Czech Republic, and Israel. These results have propelled Medtronic closer to obtaining FDA approval for Sphere-9 in the U.S.
Medtronic announced positive results from the LEADR Pivotal Trial of its investigational OmniaSecure™ defibrillation lead, which met primary safety and effectiveness endpoints. Presented at Heart Rhythm 2024 and published in Heart Rhythm journal, the study showed a 97.5% success rate in defibrillation testing and a 97.1% complication-free rate at six months, exceeding the prespecified goals of 88% and 90%, respectively. The OmniaSecure lead, the smallest transvenous defibrillation lead, demonstrated zero fractures within 12 months and a 97.9% implant success rate. The trial involved 675 patients across 17 countries. Medtronic aims to present additional reliability data soon and has initiated the LEADR LBBAP study to evaluate the lead in Left Bundle Branch Area Pacing.
Medtronic has secured the No. 2 spot on Fair360's 2024 Top 50 Companies for Workplace Fairness for the second consecutive year, marking its third year in the top 10. This recognition highlights Medtronic's commitment to inclusion, diversity, and equity (ID&E) in the workplace.
Key initiatives like the Medtronic Advancement Pathways & Skill-building (MAPS) program, which offers 100% tuition coverage for eligible employees, underscore this commitment. Notably, Candi Sneed, a beneficiary of MAPS, has successfully graduated with a degree in Electrical Engineering and now serves as a senior analyst.
Medtronic's leadership emphasizes that diverse perspectives are important for innovation and competitiveness. The Fair360 survey evaluates companies on leadership accountability, human capital diversity, talent programs, workplace practices, supplier diversity, and philanthropy.
The announcement was made during the annual Fair360 Top 50 event held on May 13, 2024.
Blue Yonder announced the winners of its 2024 ICONic Customer Awards during the annual Blue Yonder ICON conference on May 14, 2024, in Dallas. These awards recognize companies excelling in digital transformation of their supply chains using Blue Yonder's solutions. Notable winners include Meijer and Woolworths in Retail Renaissance, Ingredion and Coca-Cola Beverages Florida in Supply Chain Planning Resiliency, Alcon and ABINBEV in Execution Innovator, Arcadia Cold in Supply Chain Sustainability, Micron Technology and Postobón in Digital Disruptor, and Medtronic in Innovation Visionary.
Each winning company leveraged Blue Yonder’s advanced technologies to achieve significant improvements in areas like efficiency, customer satisfaction, sustainability, and forecasting. For example, Medtronic increased its statistical forecast accuracy by 13 points, and ABINBEV reduced light loads by over 80% using Blue Yonder's solutions.
Medtronic's latest technology, the MiniMedTM 780G system with Meal DetectionTM technology, is helping individuals like Jodie Snavely manage their type 1 diabetes effectively. The system automatically adjusts and corrects sugar levels every five minutes, preventing blood sugar spikes. This advancement in diabetes management technology provides peace of mind to users by maintaining stable blood sugar levels, reducing the need for constant monitoring and worry.
Medtronic plc (NYSE:MDT) will announce its financial results for the fourth quarter and full fiscal year 2024 on Thursday, May 23, 2024. The company will release summary financial information for the period ending on Friday, April 26, 2024. The results will be discussed in a video webcast at 7:00 a.m. CDT on the same day, with a replay and transcript available within 24 hours. Medtronic plans to report fiscal year 2025 results on various dates later in the year.
In a recent press release by Medtronic, Chief Scientific and Medical Officer Laura Mauri discusses the intersection of healthcare and technology in achieving longevity. While many Americans aspire to live past 90, the survey reveals a preference for a shorter, healthier life. Despite belief in healthcare technology, engagement in preventative measures remains low. Medtronic aims to bridge this gap by providing innovative solutions that enhance patient outcomes and experiences. By sharing four actions under the acronym T.E.C.H., individuals are encouraged to take charge of their health and well-being.
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