Medtronic Stock Price, News & Analysis

Medtronic plc (NYSE: MDT) will participate in the 43rd annual Cowen Healthcare Conference on March 6, 2023. The session will feature Karen Parkhill, executive vice president and CFO, who will address questions starting at 10:30 a.m. EST. A live webcast can be accessed on Medtronic's investor relations website, with an archive available later that day. Medtronic, based in Dublin, Ireland, is a global leader in healthcare technology, committed to tackling major health issues through innovation. The company's mission is to alleviate pain and extend life, impacting lives globally.

Medtronic (NYSE:MDT) has announced positive one-year results from the ADAPT study, demonstrating the superiority of its MiniMed™ 780G advanced hybrid closed loop system (AHCL) over conventional insulin injections for adults with type 1 diabetes. Participants using AHCL achieved a 1.4% reduction in HbA1C and a 27.6% increase in Time in Range (TIR). Additionally, findings from the CLVer Trial revealed that youth using automated insulin delivery systems had a TIR of 78% compared to 64% for standard care. These results were presented at the ATTD Conference in Berlin, supporting the shift towards early automated insulin therapy in diabetes management.

Medtronic plc (NYSE:MDT) reported Q3 FY2023 results with revenues of $7.7 billion, flat as reported but up 4.1% organic, exceeding expectations. GAAP diluted EPS fell 16% to $0.92, while non-GAAP diluted EPS decreased 4% to $1.30, also above forecasts. Notable growth was seen in the Cardiovascular and Neuroscience portfolios, contributing to a positive revenue outlook. The company raised its FY23 organic revenue growth guidance and EPS outlook, anticipating 4.5% to 5.0% organic revenue growth in Q4, despite potential foreign currency impacts of $165 million to $215 million.

Medtronic employee Ron Garber, whose daughter tragically passed away from the rare neurological condition 4H Leukodystrophy, has founded the Yaya Foundation to support families affected by the disease. Since its inception, the foundation has raised over $1.5 million, aided by Medtronic's Matched Giving program. Recognized by the Chan Zuckerberg Initiative, the foundation has launched significant research initiatives, including collaborations with the Broad Institute, focusing on therapeutic discovery. Garber emphasizes the importance of community support and the role of Medtronic in advancing knowledge and care for this condition.

Medtronic has received CE Mark approval for the Aurora EV-ICD™ MRI SureScan™ system and the Epsila EV™ MRI SureScan™ defibrillation lead, designed to treat dangerous heart rhythms and prevent sudden cardiac arrest. Unlike traditional ICDs, the Aurora system's lead is implanted outside the heart and veins, reducing long-term complications. In a pivotal study, the system demonstrated a defibrillation efficacy of 98.7% and a 92.6% rate of patients free from major complications at six months. The device will be available in select European markets in autumn 2023, aiming to enhance patient safety and comfort while offering traditional ICD benefits.

Medtronic is contributing to wildlife conservation efforts, particularly for endangered wolf species like the red wolf and Mexican gray wolf, which were on the brink of extinction in the U.S. during the 1970s. Thanks to dedicated initiatives, populations of these wolves have since increased. The Wildlife Science Center in Minnesota plays a significant role in this, breeding and studying wolves to enhance their survival. A small Medtronic device aids their research, demonstrating the intersection of healthcare technology and wildlife conservation. For further insights, visit the Medtronic website.

Medtronic plc (NYSE:MDT) announced it will report its financial results for Q3 FY2023 on February 21, 2023, at 5:45 a.m. CST. The results will cover the period ending January 27, 2023. The company will host a video webcast at 7:00 a.m. CST on the same day to discuss the results, accessible on its investor relations website. Additionally, Medtronic plans to announce its Q4 and full fiscal year 2023 results on May 25, 2023, with subsequent quarterly results for FY2024 scheduled throughout the year. The forward-looking statements are subject to risks, as disclosed in their periodic SEC filings.

Medtronic highlights its commitment to diversity and inclusion in STEM fields during Black History Month, emphasizing its partnership with the Thurgood Marshall College Fund (TMCF). This collaboration has resulted in the hiring of 64 interns since 2020, as well as a multi-year scholarship program for HBCU students, which has awarded over 100 scholarships to date. The focus is on fostering a diverse talent pipeline that is essential for innovation in healthcare technology. Medtronic's African Descent Network further supports this initiative by providing mentorship and professional development opportunities, aiming to enhance representation in the STEM workforce.

Medtronic (NYSE: MDT) released late-breaking results from the STROKE AF clinical study, highlighting the effectiveness of the Reveal LINQ™ insertable cardiac monitor (ICM) in detecting atrial fibrillation (AF) among ischemic stroke patients. At three years, AF detection was 21.7% in the ICM cohort compared to just 2.4% in standard care, showing a 10-fold increase. The study also revealed that 67% of patients with AF had episodes longer than one hour, with most being asymptomatic. The data underscore the necessity of long-term continuous cardiac monitoring in preventing subsequent strokes, particularly for high-risk groups.