Medtronic Stock Price, News & Analysis

Medtronic (NYSE: MDT) chairman and CEO Geoff Martha is scheduled to speak at the 45th annual Goldman Sachs global healthcare conference on June 11, 2024. The Q&A session will start at 10:40 a.m. EDT and will be available via a live webcast. An archive will be accessible later on the company's investor relations webpage.

Medtronic, headquartered in Dublin, Ireland, is a leading global healthcare technology company. It operates in over 150 countries with a workforce of more than 95,000. The company offers innovative solutions across 70 health conditions including cardiac devices, surgical robotics, and insulin pumps. Medtronic is committed to alleviating pain, restoring health, and extending life.

Medtronic has closed a €3.0 billion public offering of senior notes. The offering includes €850 million of 3.650% notes due 2029, €850 million of 3.875% notes due 2036, €600 million of 4.150% notes due 2043, and €700 million of 4.150% notes due 2053. The net proceeds, approximately €2.97 billion, will be used for general corporate purposes, including debt repayment. The notes are guaranteed by Medtronic and Medtronic Global Holdings S.C.A. Citigroup, J.P. Morgan, Merrill Lynch, and Mizuho led the offering, with several other firms acting as co-managers.

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.