Medtronic completes acquisition of SPR, expanding patient access to minimally invasive, non-opioid treatment of chronic and acute pain

Rhea-AI Summary

Medtronic (NYSE: MDT) has completed the $650 million cash acquisition of SPR Therapeutics, adding SPR’s category-defining SPRINT® peripheral nerve stimulation (PNS) technology to Medtronic’s pain therapy portfolio. According to Medtronic, the deal advances its non-opioid, minimally invasive treatment offerings for both chronic and acute pain.

SPR’s FDA-cleared SPRINT PNS System delivers short-term, percutaneous neuromodulation over a 60-day period without a permanent implant. Pooled data from 13 studies show 60% of patients achieved at least a 50% pain reduction, responders averaged a 76% reduction, and all patients showed a 56% reduction in pain intensity. Medtronic expects the transaction to be minimally dilutive to adjusted EPS in FY27 and neutral to accretive thereafter, aligning with its strategy to pursue high‑growth, complementary pain therapies.

Positive

• $650 million cash acquisition adds SPR’s SPRINT PNS to pain portfolio
• SPRINT PNS pooled data: 60% achieved ≥50% pain reduction over 60 days
• Responders to SPRINT PNS reported 76% average reduction in pain intensity
• All treated patients showed 56% overall reduction in pain intensity
• Deal expected neutral to accretive to adjusted EPS after FY27

Negative

• Acquisition expected to be minimally dilutive to adjusted EPS in FY27
• Upfront all-cash consideration of $650 million uses significant capital

News Market Reaction – MDT

+3.84%

5 alerts

+3.84% Session close to close

$101.51B Market Cap

0.1x Rel. Volume

In the Jul 16 session, MDT gained 3.84%, reflecting a moderate positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Viewed against Medtronic’s acquisition history, where such deals have averaged about -0.83% next-day...

Analysis

Viewed against Medtronic’s acquisition history, where such deals have averaged about -0.83% next-day moves, this announcement slots into an ongoing bolt-on strategy. The company also maintains an effective debt shelf and recent net insider selling, factors investors may watch for capital-structure or governance signals.

Key Figures

Acquisition value: $650 million Chronic pain prevalence: 50 million U.S. adults Therapy duration: 60-day +4 more

7 metrics

Acquisition value $650 million Cash consideration for SPR Therapeutics acquisition

Chronic pain prevalence 50 million U.S. adults U.S. adults affected by chronic pain

Therapy duration 60-day SPRINT PNS treatment course length

Clinical studies pooled 13 studies Pooled SPRINT PNS clinical research set

Responder rate 60% Patients with ≥50% pain reduction at 60 days

Responder pain reduction 76% reduction Average pain intensity reduction among responders

Overall pain reduction 56% reduction Average pain intensity reduction across all patients

Previous Acquisition Reports

5 past events · Latest: Jun 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 12	Scientia Vascular acquisition	Positive	-0.3%	Closed $550M Scientia Vascular deal to expand neurovascular access portfolio.
May 20	SPR acquisition intent	Positive	-1.3%	Announced plan to acquire SPR Therapeutics for about $650M in cash.
Apr 20	CathWorks acquisition close	Positive	-1.4%	Completed $585M CathWorks purchase adding FFRangio coronary physiology platform.
Mar 10	Scientia Vascular deal	Positive	-1.6%	Agreed to acquire Scientia Vascular for $550M, targeting stroke-care access.
Feb 03	CathWorks deal intent	Positive	+0.5%	Announced intent to acquire CathWorks for up to $585M.

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

Pattern Detected

Recent Medtronic acquisition headlines have typically seen slightly negative next-day moves on average.

Key Terms

peripheral nerve stimulation, neuromodulation, randomized controlled trials, adjusted eps, +1 more

5 terms

peripheral nerve stimulation medical

"short-term, percutaneous peripheral nerve stimulation (PNS) therapies for chronic and acute pain management"

Peripheral nerve stimulation is a medical treatment that uses small electrical pulses delivered near nerves outside the brain and spinal cord to reduce pain or restore function, similar to how a pacemaker helps regulate a heartbeat. Investors pay attention because it drives demand for implantable devices, consumable components, and related procedures, so safety, clinical results, regulatory approvals and reimbursement strongly influence a company’s revenue and growth prospects.

neuromodulation medical

"PNS is a form of neuromodulation that delivers mild electrical stimulation"

Neuromodulation is the use of devices or targeted treatments to change how nerves or brain circuits send signals, much like adjusting the volume or tuning on an audio system to alter what you hear. For investors, it matters because these therapies can treat chronic conditions (pain, movement disorders, depression) where existing medicines fall short, creating potential markets, regulatory milestones, and durable revenue streams if technologies prove safe and effective.

randomized controlled trials medical

"multiple prospective clinical studies, case series, and multi-center randomized controlled trials"

Randomized controlled trials are studies where participants are randomly assigned to receive either a new treatment or a comparison (such as a standard treatment or placebo), so outcomes can be fairly compared like flipping a coin to decide teams. For investors, they matter because they provide the most reliable evidence about whether a drug, device or intervention actually works and is safe, which influences regulatory approval, market demand and the financial outlook of companies developing them.

adjusted eps financial

"expected to be minimally dilutive to Medtronic adjusted EPS in FY27"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

fda-cleared regulatory

"SPR's FDA-cleared SPRINT® PNS System is a short-term therapy"

FDA-cleared means a medical product—typically a device or diagnostic—has passed a U.S. regulator’s review showing it is substantially similar to an existing approved product and is safe and effective for its intended use. For investors, clearance acts like an official safety stamp that lowers regulatory risk and can speed market access, comparable to getting a trusted roadworthy certificate before selling cars, which can make sales and adoption happen faster.

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

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Acquisition adds category-defining SPRINT® PNS technology to Medtronic's pain therapy portfolio—the broadest in the industry.¹

GALWAY, Ireland, July 16, 2026 /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced it has completed its acquisition of SPR Therapeutics, Inc. (SPR), a privately held medical technology company and recognized leader in short-term, percutaneous peripheral nerve stimulation (PNS) therapies for chronic and acute pain management. The acquisition is valued at $650 million, consisting of an upfront cash payment.

Chronic pain affects nearly 50 million U.S. adults², and for some, it can significantly impact their mobility, sleep quality, work performance, and overall quality of life. PNS is a form of neuromodulation that delivers mild electrical stimulation near targeted peripheral nerves to help reduce pain. As a non-opioid and non-surgical therapy, PNS can expand pain management treatment options, support earlier intervention in the care continuum, and help create additional opportunities for individualized patient care.

SPR's FDA-cleared SPRINT® PNS System is a short-term therapy designed to provide pain relief using a 60-day, minimally invasive treatment approach that does not require a permanent implant. SPRINT® is supported by a growing body of clinical research, including multiple prospective clinical studies, case series, and multi-center randomized controlled trials. Pooled results from 13 studies show that 60% of patients achieved meaningful pain relief (≥50% reduction in pain intensity) at the end of the 60-day treatment completion, with responders experiencing an average 76% reduction in pain intensity. Across all patients, there was a 56% reduction in pain intensity.³

"Medtronic is committed to expanding access to innovative therapies that can meaningfully improve patient lives," said Domenico De Paolis, Interim President of the Neuromodulation Operating Unit, part of the Medtronic Neuroscience Portfolio. "The addition of SPRINT® extends our ability to serve patients across the continuum of pain care and broadens patient access to a minimally invasive treatment option to address both chronic and acute pain."

"At SPR, our mission has always been to help people living with pain reclaim their lives," said Maria Bennett, President, Founder, and Chief Executive Officer of SPR. "We are proud of the impact our team has made in advancing innovative therapies that offer meaningful pain relief. Joining Medtronic enables us to build on that foundation, expand access to our technology, and serve more patients living with pain."

This acquisition reflects Medtronic's continued focus on strategic deals that strengthen its leadership across core businesses. It is expected to be minimally dilutive to Medtronic adjusted EPS in FY27 and neutral to accretive thereafter. The company remains committed to pursuing high-growth opportunities that complement its portfolio and enhance therapy options for physicians and hospital partners.

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 medtronic.com and follow us on LinkedIn.

About SPR 
SPR is a medical technology company focused on advancing minimally invasive therapies for the treatment of pain. Its SPRINT® PNS System is designed to deliver short-term peripheral nerve stimulation therapy for sustained pain relief of up to three months following treatment and is supported by a growing body of clinical evidence and expanding reimbursement coverage. For more information on SPR Therapeutics, visit sprpainrelief.com and follow SPR 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 U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results.

Medtronic Contacts:
Justin Paquette	Ingrid Goldberg
Public Relations	Investor Relations
+1-612-271-7935	investor.relations@medtronic.com

References

1. Medtronic SCS Value Summary FY25; Lo Bianco, G., et al. (2025). Barriers to neuromodulation. J Anesth Analg Crit Care, 5(1):3.
2. Lucas JW, Sohi I. Chronic pain and high-impact chronic pain in U.S. adults, 2023. NCHS Data Brief, no 518. Hyattsville, MD: National Center for Health Statistics. 2024. DOI: https://dx.doi.org/10.15620/cdc/169630.
3. SPR SPRINT® PNS System Indications for Use. SPR Pain Relief. Accessed July 2, 2026. https://www.sprpainrelief.com/indications

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SOURCE Medtronic plc

FAQ

What did Medtronic (MDT) announce about the SPR Therapeutics acquisition on July 16, 2026?

Medtronic announced it completed the acquisition of SPR Therapeutics for $650 million in cash. According to Medtronic, the deal adds SPR’s SPRINT PNS technology to its pain therapy portfolio, broadening non-opioid, minimally invasive options for chronic and acute pain management.

How much did Medtronic (MDT) pay to acquire SPR Therapeutics and in what form?

Medtronic valued the SPR Therapeutics acquisition at $650 million, consisting of an upfront cash payment. According to Medtronic, this all-cash structure secures ownership of SPR’s SPRINT PNS System and supports its strategy of strengthening core neuroscience and pain management businesses.

What is the SPRINT PNS System Medtronic (MDT) gained through the SPR acquisition?

SPRINT PNS is a short-term, percutaneous peripheral nerve stimulation system used for chronic and acute pain. According to Medtronic, it delivers 60 days of minimally invasive neuromodulation without a permanent implant, expanding non-opioid treatment options within Medtronic’s pain therapy portfolio for diverse patient needs.

What clinical results support the SPRINT PNS therapy now owned by Medtronic (MDT)?

Pooled data from 13 studies show 60% of patients achieved at least 50% pain reduction with SPRINT PNS. According to Medtronic, responders experienced an average 76% reduction in pain intensity, and across all patients there was a 56% reduction at 60-day treatment completion.

How will the SPR acquisition affect Medtronic’s (MDT) earnings per share (EPS)?

Medtronic expects the SPR acquisition to be minimally dilutive to adjusted EPS in FY27. According to Medtronic, the transaction is expected to be neutral to accretive thereafter as SPR’s SPRINT PNS technology is integrated into its broader pain therapy portfolio.

How does the SPR acquisition change Medtronic’s (MDT) position in pain management?

The acquisition adds SPR’s category-defining SPRINT PNS to Medtronic’s already broad pain therapy portfolio. According to Medtronic, this strengthens its leadership in neuromodulation, expands non-opioid, minimally invasive options, and supports earlier intervention and individualized care across both chronic and acute pain indications.

Is Medtronic (MDT) targeting non-opioid pain treatments with the SPR deal?

Yes, SPRINT PNS is a non-opioid, non-surgical pain therapy that complements Medtronic’s neuromodulation offerings. According to Medtronic, the SPR acquisition supports its strategy to expand access to minimally invasive, drug-sparing treatments for chronic and acute pain within its neuroscience and pain businesses.