Medtronic Stock Price, News & Analysis

Medtronic (NYSE: MDT) announced FDA approval for the Android version of its Guardian Connect continuous glucose monitoring (CGM) system. This system alerts users of potential high or low glucose events up to 60 minutes in advance and aims to enhance the diabetes management experience. The Guardian Connect app will introduce features such as an in-app Startup Wizard and customizable alert functions. A real-world study showed that predictive alerts helped patients avoid 65% of low glucose excursions. Updated systems are expected to ship in summer 2020.

Medtronic plc (NYSE: MDT) reported Q4 2020 revenue of $6.0 billion, down 26% reported and 25% organic, impacted by COVID-19. Q4 GAAP diluted EPS was $0.48, while non-GAAP diluted EPS stood at $0.58, reflecting a 62% decline. FY20 revenue totaled $28.913 billion, a decrease of 5.4%. Despite these challenges, Medtronic announced a quarterly dividend increase to $0.58 per share, marking its 43rd consecutive year of dividend growth. The company also reported robust cash flow from operations of $7.2 billion and free cash flow of $6.0 billion, showcasing its strong financial position.

Medtronic announces the U.S. launch of Kyphon Assist™ Directional Cannula, designed for use with balloon kyphoplasty (BKP) products to treat vertebral compression fractures. This innovative device enhances physician control during procedures and improves height restoration. The Kyphon Assist is compatible across Medtronic's BKP product portfolio, offering benefits like directional control and reduced cement leakage. Vertebral compression fractures affect 1.4 million people globally, with many at risk due to osteoporosis. Medtronic aims to expand capabilities in vertebral augmentation treatments.

Medtronic (NYSE: MDT) announced the appointment of Jeffrey J. Popma, M.D., as Vice President and Chief Medical Officer, effective June 22, 2020. Dr. Popma will lead medical initiatives in the Coronary, Renal Denervation, and Structural Heart divisions. With over 20 years in interventional cardiology, he aims to enhance cardiovascular device innovation and clinical research. His extensive experience includes directing numerous clinical trials and publishing over 500 scientific articles. Nina Goodheart and Geoff Martha expressed enthusiasm about Dr. Popma joining the executive team.

Medtronic (NYSE: MDT) presented significant clinical trial results at the 2020 SCAI Scientific Sessions. The 10-year outcomes for the Melody™ Transcatheter Pulmonary Valve (TPV) showed robust long-term safety and effectiveness, with 97% of patients experiencing minimal pulmonary regurgitation. Additionally, the investigational Harmony™ TPV trial successfully met its primary endpoints at six months, with 89% of participants achieving acceptable hemodynamic function. These results underscore Medtronic's commitment to improving therapies for congenital heart disease patients.

Medtronic (NYSE:MDT) announced the FDA approval of its Cobalt and Crome implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds) featuring advanced remote monitoring via the MyCareLink Heart™ mobile app. Clinical trials presented during the virtual Heart Rhythm Society Scientific Sessions showed that patients using this app had a 94.6% adherence rate in monitoring, outperforming traditional methods. The Micra pacemaker showed a 66% reduction in complications, indicating its effectiveness in real-world settings.

Medtronic plc (NYSE: MDT) will report its financial results for Q4 and full fiscal year 2020 on May 21, 2020, at approximately 5:45 a.m. CDT. A webcast discussion is scheduled for 7:00 a.m. CDT the same day. Financial results will cover the period ending April 24, 2020. Medtronic also plans to report its fiscal year 2021 results on August 25, November 24, February 23, and May 27 of 2021. The company's Institutional Investor & Analyst Day has been postponed due to the COVID-19 pandemic. More details will be announced closer to the specific event dates.

Medtronic has expanded its Medtronic Assurance program to support U.S. diabetes customers who have lost their health insurance due to COVID-19-related job loss. Eligible customers can receive a 3-month supply of glucose sensors and insulin pump supplies at no cost. This initiative includes flexible payment plans and financial assistance for those significantly impacted by healthcare costs. The company aims to ensure continued access to diabetes technology during these challenging times.

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