Medtronic completes acquisition of CathWorks, expanding its leadership in transforming care for patients with cardiovascular disease

Rhea-AI Summary

Medtronic (NYSE:MDT) completed its acquisition of CathWorks on April 20, 2026, valuing the deal at $585 million with potential undisclosed earn-outs. The purchase adds the CathWorks FFRangio® System—an AI-driven, drug-free, wire-free angiography-derived physiologic assessment—commercially available in the U.S., Europe and Japan.

The ALL-RISE randomized trial (1,900+ patients) showed FFRangio is non-inferior to wire-based FFR for one-year MACE, supporting clinical adoption; Medtronic says the deal is immaterial to FY2027 GAAP and adjusted EPS and neutral to accretive thereafter.

Positive

• Acquisition valued at $585 million
• ALL-RISE trial: 1,900+ patients showed non-inferior MACE
• Expands commercial availability in U.S., Europe, Japan
• Adds AI-driven, wire-free physiology to portfolio

Negative

• Deal includes undisclosed earn-out payments
• Transaction immaterial to FY2027 GAAP and adjusted EPS

News Market Reaction – MDT

-1.38%

-1.38% Session close to close

In the Apr 20 session, MDT declined 1.38%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement completes Medtronic’s acquisition of CathWorks for $585 million, following its ear...

Analysis

This announcement completes Medtronic’s acquisition of CathWorks for $585 million, following its earlier intent to buy the company and integrate the AI-driven FFRangio system. The ALL-RISE trial, with more than 1,900 patients across 59 sites, showed non-inferiority to wire-based physiology at one year. Historically, Medtronic’s acquisition headlines produced only small average moves of about -0.58%. Investors may watch how the technology contributes to cardiovascular growth alongside Medtronic’s existing debt shelf capacity and ongoing M&A activity.

Key Figures

CathWorks acquisition value: $585 million ALL-RISE patients: more than 1,900 patients Trial sites: 59 sites +5 more

8 metrics

CathWorks acquisition value $585 million Transaction consideration, excluding potential undisclosed earn-outs

ALL-RISE patients more than 1,900 patients Landmark ALL-RISE randomized control trial sample size

Trial sites 59 sites ALL-RISE trial locations across North America, Asia, Europe, Middle East

MACE follow-up 1 year Non-inferiority to wire-based physiology for major adverse cardiac events

Global employees 95,000+ people Medtronic global team size across more than 150 countries

Countries served more than 150 countries Geographic reach of Medtronic’s operations

Health conditions treated 70 conditions Number of health conditions addressed by Medtronic technologies and therapies

Patients impacted two people every second Stated rate at which Medtronic technologies transform lives

Previous Acquisition Reports

3 past events · Latest: Mar 10 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 10	Strategic acquisition	Positive	-1.6%	Agreed to acquire Scientia Vascular for $550M to expand neurovascular tools.
Feb 03	CathWorks acquisition intent	Positive	+0.5%	Announced intent to acquire CathWorks for up to $585M to add FFRangio.
Aug 27	Asset divestiture	Neutral	-0.6%	PaceMate acquired Medtronic’s Paceart Optima system, expanding its data platform.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent acquisition-related headlines for MDT show small average moves of -0.58%, with a mix of modest gains and declines.

Recent Company History

Recent Medtronic news around acquisitions has focused on portfolio expansion and optimization. On Feb 03, 2026, MDT announced its intent to acquire CathWorks, citing an up to $585 million deal and expecting an immaterial FY27 EPS impact. On Mar 10, 2026, MDT agreed to acquire Scientia Vascular for $550 million, while an earlier Aug 27, 2024 deal saw Medtronic divest its Paceart Optima system. Today’s completion of the CathWorks acquisition follows through on that February intent.

Key Terms

fractional flow reserve, ffr, angiograms, randomized control trial, +4 more

8 terms

fractional flow reserve medical

"This differs from traditional wire-based fractional flow reserve (FFR) assessment..."

Fractional flow reserve (FFR) is a medical measurement used during heart catheter procedures that compares blood pressure before and after a narrowing in a coronary artery to judge how much that narrowing reduces blood flow. Like checking water pressure before and after a kink in a hose to see if the kink affects flow, FFR tells doctors whether a blockage likely causes chest pain and needs stenting or can be managed conservatively — information that influences demand for diagnostic tools, stents and treatment choices important to investors.

ffr medical

"traditional wire-based fractional flow reserve (FFR) assessment, which is invasive..."

The FFR is the short-term interest rate banks charge each other for overnight loans, guided by a country’s central bank as a benchmark for overall borrowing costs. It matters to investors because changes act like a thermostat for the economy: raising the FFR cools borrowing, slows growth and can pressure stock and bond prices, while lowering it tends to stimulate borrowing, spending and asset values.

angiograms medical

"directly from routine drug-free, wire-free coronary angiograms (X-rays)."

An angiogram is an imaging test that uses contrast dye and X-ray or other scanning technology to create a picture of blood vessels, revealing blockages, narrowing, or other abnormalities. Investors care because angiograms drive diagnosis and treatment decisions—finding a blockage can lead to procedures, devices, drugs, or ongoing care that affect healthcare spending, company revenues, clinical trial outcomes and regulatory approvals in the cardiovascular market.

randomized control trial medical

"results from its landmark ALL-RISE randomized control trial at the 2026..."

A randomized controlled trial (RCT) is a carefully designed study where participants are randomly assigned to receive either a new treatment or a comparison (such as a placebo or existing therapy) so researchers can measure the treatment’s effect while minimizing bias. For investors, RCT results matter because they provide the most reliable evidence about whether a medical product works and is safe, much like a blind taste test revealing whether a new recipe truly outperforms the old one.

major adverse cardiac events medical

"non-inferior to wire-based physiology in terms of major adverse cardiac events (MACE)..."

Major adverse cardiac events (MACE) is a clinical composite measure that counts serious heart-related outcomes such as heart attack, stroke, urgent need for a heart procedure, or death from cardiovascular causes. Investors care because MACE is used to judge whether a drug, device, or treatment meaningfully reduces life‑threatening heart problems — like a safety and effectiveness scorecard — and outcomes can directly affect a medical product’s approval, market size, and commercial value.

mace medical

"in terms of major adverse cardiac events (MACE) at one year..."

MACE stands for Major Adverse Cardiovascular Events — a composite medical endpoint that counts serious heart-related outcomes such as heart attack, stroke and cardiovascular death. Investors use MACE as a single safety and efficacy yardstick for drugs or devices aimed at the heart or blood vessels; like a vehicle crash-test score, a lower MACE rate signals fewer serious harms and can strongly influence regulatory approval, market adoption and commercial value.

artificial intelligence technical

"Using a combination of artificial intelligence (AI) and advanced computational science..."

Artificial intelligence is the ability of computers and machines to perform tasks that typically require human thinking, such as understanding language, recognizing patterns, or making decisions. For investors, it matters because AI can enhance efficiency, uncover new insights, and enable smarter strategies, potentially impacting the value and performance of companies that develop or utilize this technology.

ai technical

"artificial intelligence (AI) and advanced computational science, the CathWorks FFRangio System..."

Artificial intelligence (AI) is technology that enables machines to mimic human thinking and learning, allowing them to analyze information, recognize patterns, and make decisions. For investors, AI matters because it can improve how businesses operate, create new products, or identify opportunities faster and more accurately than humans alone, potentially impacting company success and market trends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CathWorks FFRangio® System employs drug-free, wire-free technology for comprehensive physiological assessment

GALWAY, Ireland, April 20, 2026 /PRNewswire/ -- Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced it has completed its acquisition of CathWorks, a privately held medical device company, which aims to transform how coronary artery disease (CAD) is diagnosed and treated. The acquisition follows a 2022 strategic partnership with a co-promotion agreement for the CathWorks FFRangio® System where it is commercially available in the U.S., Europe and Japan. The acquisition is valued at $585 million with potential undisclosed earn-out payments post-acquisition.

"With the acquisition of CathWorks by Medtronic, we are boldly redefining the future of cardiovascular care," said Ramin Mousavi, president and chief executive officer of CathWorks. "As I reflect on our long-term partnership, I am deeply grateful and proud of what we've accomplished together. This deal is a testament to CathWorks' and Medtronic's shared commitment, vision, and relentless drive to revolutionize the cath lab and deliver better solutions for patients living with cardiovascular disease. Together, we have ushered in a new dawn in cardiovascular diagnosis and patient outcomes."

Using a combination of artificial intelligence (AI) and advanced computational science, the CathWorks FFRangio System provides a comprehensive physiological assessment of the entire coronary tree directly from routine drug-free, wire-free coronary angiograms (X-rays). This differs from traditional wire-based fractional flow reserve (FFR) assessment, which is invasive and requires the use of pressure wires, pharmacologic hyperemia, and measurements limited to a single transducer location within the vessel.  

Today's announcement follows CathWorks' recent one-year results from its landmark ALL-RISE randomized control trial at the 2026 American College of Cardiology conference. The trial, including more than 1,900 patients across 59 sites in North America, Asia, Europe and the Middle East, demonstrated that CathWorks FFRangio is non-inferior to wire-based physiology in terms of major adverse cardiac events (MACE) at one year, with improved resource utilization and reduced procedure time benefits.¹

"The acquisition of CathWorks significantly enhances Medtronic's interventional cardiology portfolio with an innovative system that empowers physicians with data-driven insights for the diagnosis and treatment of coronary artery disease," said Jason Weidman, senior vice president and president of the Coronary & Renal Denervation business, part of the Cardiovascular Portfolio at Medtronic. "Through our global footprint, welcoming CathWorks to Medtronic will expand access to the transformative FFRangio technology for our customers and their patients worldwide."

This agreement continues Medtronic's momentum in executing on strategic deals that strengthen the company's leadership within its core franchises. Medtronic continues to prioritize high-growth merger and acquisition opportunities to complement its core businesses and deliver sustained value for its physician and hospital partners. 

"The acquisition of CathWorks is the latest example of our commitment to purposeful investment and strategic tuck-in acquisitions to advance the Medtronic innovation strategy," said Skip Kiil, executive vice president and president, Cardiovascular portfolio at Medtronic. "This positions Medtronic at the forefront of digital transformation in cardiovascular, allowing us to deliver next-generation solutions for physicians and their patients."

Financial Highlights
This acquisition is expected to be immaterial to Medtronic's fiscal year 2027 GAAP and adjusted earnings per share and neutral to accretive thereafter.

About FFRangio
Using a combination of AI and advanced computational science, the CathWorks FFRangio® System is the only angiography-derived system that delivers FFR values along the entire coronary tree. In addition, the system provides information that helps physicians select the appropriate device size for treatment, and data that calculates the impact of lesion treatment. Together, these capabilities empower physicians with deeper physiological insights to support confident, patient-centered treatment decisions.*

About CathWorks
CathWorks, founded in Kfar Saba, Israel, is the leader in coronary digital health innovations that can improve the lives of patients globally. The CathWorks FFRangio® System combines artificial intelligence and advanced computational science, transforming how cardiovascular disease is diagnosed and treated. The FFRangio System obtains physiologic information from routine angiograms, eliminating the need for drug stimulation and invasive pressure wires. It provides physicians with quick² and reliable³ intraprocedural FFR values for the entire coronary tree. For more information on CathWorks, visit www.cath.works and follow @CathWorks on LinkedIn. 

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow Medtronic on LinkedIn.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

*FFRangio values generated by the CathWorks FFRangio® system are intended to be used by qualified clinicians in conjunction with the patient's clinical history, symptoms, and other diagnostic tests, as well as the clinician's professional evaluation.

1. F. Fearon, W M.D., et al. Angiography-Derived Fractional Flow Reserve to Guide PCI. The New England Journal of Medicine 2026; DOI: 10.1056/NEJMoa2600949

2. H. Omori, G. Witberg, Y. Kawase, T. Tanigaki, S. Okamoto, T. Hirata, Y. Sobue, H. Ota, H. Kamiya, M. Okubo, O. Valzer, R. Kornowski, H. Matsuo. Angiogram based fractional flow reserve in patients with dual/triple vessel coronary artery disease. Int J Cardiol. 2019 May 15:283:17-22. doi: 10.1016/j.ijcard.2019.01.072. Epub 2019 Jan 27.

3. Witberg G, De Bruyne B, Fearon WF, Achenbach S, Engstrom T, Matsuo H, et al. Diagnostic performance of angiogram-derived fractional flow reserve: a pooled analysis of 5 prospective cohort studies. JACC Cardiovasc Interv. (2020) 13:488–97. 10.1016/j.jcin.2019.10.045

Contacts:
Kara Hille
Public Relations
+1-763-439-6523

Ingrid Goldberg
Investor Relations
+1-763-505-2696

View original content to download multimedia:https://www.prnewswire.com/news-releases/medtronic-completes-acquisition-of-cathworks-expanding-its-leadership-in-transforming-care-for-patients-with-cardiovascular-disease-302747133.html

SOURCE Medtronic plc

FAQ

What did Medtronic announce about the CathWorks acquisition on April 20, 2026 (MDT)?

Medtronic announced completion of the CathWorks acquisition for $585 million with potential undisclosed earn-outs. According to Medtronic, the deal brings the AI-driven FFRangio system into its cardiovascular portfolio and expands global commercial access.

How does the CathWorks FFRangio system differ from wire-based FFR for MDT investors?

FFRangio provides angiography-derived physiology without pressure wires or pharmacologic hyperemia. According to Medtronic, it delivers FFR values across the entire coronary tree from routine angiograms, enabling quicker, drug-free assessments.

What were the ALL-RISE trial results cited by Medtronic for CathWorks FFRangio?

ALL-RISE enrolled over 1,900 patients and found FFRangio non-inferior to wire-based FFR for one-year MACE. According to Medtronic, the trial also showed improved resource utilization and reduced procedure time benefits.

What is the expected near-term financial impact of the CathWorks acquisition on MDT earnings?

Medtronic expects the acquisition to be immaterial to FY2027 GAAP and adjusted EPS and neutral to accretive thereafter. According to Medtronic, no material EPS change is expected in fiscal 2027.

Will the CathWorks technology be available globally after Medtronic's acquisition (MDT)?

Yes; FFRangio is commercially available in the U.S., Europe and Japan and will be expanded. According to Medtronic, the acquisition leverages its global footprint to broaden access for customers and patients.