Medtronic Stock Price, News & Analysis

Medtronic plc (NYSE:MDT) announced two significant changes to its executive committee on December 16, 2021. Ivan Fong will succeed Brad Lerman as general counsel and secretary, effective February 1, 2022. Fong comes from 3M with extensive experience in healthcare law. Dr. Rick Kuntz, the current chief medical officer, will retire in April 2022 after 16 years at Medtronic. These changes align with the company’s policy of mandatory retirement at age 65, aiming to enhance leadership strength in guiding the firm's healthcare technology strategies.

Virtua Health and Medtronic plc (NYSE:MDT) have announced a five-year partnership aimed at enhancing care delivery in South Jersey, particularly for underserved populations. This collaboration will leverage technology to address health disparities, focusing on heart health and outpatient continuity. Medtronic LABS will support initiatives like food access programs, working alongside the Cherry Hill Free Clinic to improve chronic condition management. Key projects include optimizing heart failure care and expanding home hospitalization services, which are set to officially launch in early 2022. The partnership aims to foster health equity and improve patient outcomes.

Medtronic plc (NYSE:MDT) received a warning letter from the FDA on December 9, 2021, concerning its Northridge, California facility, primarily addressing quality system inadequacies linked to the MiniMed™ insulin infusion pumps. The letter followed an inspection completed in July 2021 and highlighted issues in risk assessment, complaint handling, and device recalls. Medtronic is focused on resolving these issues with internal and external resources, emphasizing its commitment to product safety and the well-being of diabetes patients. No actions are recommended for patients or healthcare providers.

Medtronic has received FDA 510(k) clearance for its INVOS™ 7100 system, facilitating enhanced monitoring of organ-specific oxygen levels in pediatric patients from birth to 18 years. This system is designed to alert clinicians to critical changes in patient conditions, aiding in timely interventions for vulnerable neonates and children. With real-time measurements of tissue perfusion and oxygenation, the INVOS™ 7100 is expected to improve clinical outcomes. The technology will be commercially available in spring 2022.

Medtronic plc (NYSE: MDT) announced a study in Osteoporosis International showing significant reductions in oral opioid use and payer costs after balloon kyphoplasty (BKP) or vertebroplasty (VP) for vertebral compression fractures (VCF). Of patients studied, 57.1% decreased opioid use, with an average payer cost savings of $6,759 over six months. The findings suggest potential benefits in managing pain and reducing opioid reliance in patients. This is the first study prioritizing opioid reduction as a primary outcome.

Medtronic plc (NYSE:MDT) announced a $0.63 cash dividend for Q3 of fiscal 2022, marking a 9% increase from the previous year. This increase reinforces its position as a member of the S&P 500 Dividend Aristocrats, with 44 consecutive years of dividend growth. The dividend will be payable on January 14, 2022, to shareholders of record by December 22, 2021. Medtronic is recognized for its innovative healthcare solutions and has a workforce of over 90,000 globally.

Medtronic (NYSE:MDT) reported a second-quarter revenue of $7.847 billion, up 3% year-over-year, with organic growth of 2%. GAAP diluted EPS was $0.97, a 169% increase. Second-quarter U.S. revenue of $3.997 billion declined 1%, while emerging markets surged 20%. The company revised fiscal year 2022 organic revenue growth expectations to 7-8% from 9%. Despite challenges from COVID-19 and labor shortages affecting procedures, Medtronic remains optimistic about growth due to a strong pipeline and operational improvements.

Medtronic (NYSE:MDT) has received FDA 510(k) clearance for its PillCam™ Small Bowel 3 system, enabling remote endoscopy procedures through the PillCam SB3 @HOME program. This innovation allows patients to undergo telehealth procedures for detecting gastrointestinal issues such as Crohn's disease and obscure bleeding from home. The system captures approximately 50,000 images during the procedure, which are securely transmitted for diagnostic review, enhancing patient safety and convenience. This marks a significant development in remote healthcare technology, especially post-pandemic.

Medtronic plc (NYSE:MDT) announced four key executive appointments to enhance its healthcare technology leadership. Bob Hopkins becomes head of global strategy, Mei Jiang takes on the role of global digital innovation leader, while Harry 'Skip' Kiil and Mira Sahney will lead the Cranial and Spinal Technologies and Pelvic Health Operating Units, respectively. These appointments aim to bring diverse expertise and accelerate innovation in a rapidly evolving medical technology landscape, furthering Medtronic's mission to deliver transformative healthcare solutions.