Wiki source code of Medtronic plc
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1.1 | 1 | {{box cssClass="floatinginfobox" title="**Contents**"}} |
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10.1 | 5 | = Summary = |
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10.1 | 7 | * Medtronic plc, is the leading global healthcare technology company |
| 8 | * It has a global team of 95,000+ people across 150 countries. | ||
| 9 | * Medtronic technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. | ||
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10.1 | 12 | [[image:MDT0.jpg||height="336" width="720"]] |
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10.1 | 15 | Medtronic plc, (NYSE: MDT, LSE: 0Y6X) headquartered in Dublin, Ireland, is the leading global healthcare technology company. It has a global team of 95,000+ passionate people across 150 countries. The company's technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. |
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10.1 | 18 | = Recent Developments = |
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10.1 | 20 | **Medtronic receives FDA approval of minimally invasive device to treat hypertension.**{{footnote}}https://news.medtronic.com/2023-11-17-Medtronic-announces-FDA-approval-of-minimally-invasive-device-to-treat-hypertension{{/footnote}} |
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10.1 | 22 | Nov. 17, 2023 ~-~- Medtronic plc announced that the United States Food and Drug Administration (FDA) has approved the Symplicity Spyral™ renal denervation (RDN) system, also known as the Symplicity™ blood pressure procedure, for the treatment of hypertension. With this approval, Medtronic will immediately begin commercialization. |
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1.3 | 25 | Hypertension, or high blood pressure, is the leading modifiable cause of heart attack, stroke, and death, and its prevalence is notably worse in underserved U.S. populations. Despite available medications and lifestyle interventions, control rates remain low. These challenges speak to the possibility that patients may benefit from an adjunctive treatment option to better manage their blood pressure. |
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10.1 | 28 | **Medtronic receives CE Mark approval for Inceptiv™ spinal cord stimulator with closed-loop sensing to treat chronic pain.**{{footnote}}https://news.medtronic.com/2023-08-25-Medtronic-receives-CE-Mark-approval-for-Inceptiv-TM-spinal-cord-stimulator-with-closed-loop-sensing-to-treat-chronic-pain{{/footnote}} |
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10.1 | 30 | Aug. 25, 2023; Medtronic plc, has received CE (Conformité Européenne) Mark approval for its Inceptiv™ closed-loop rechargeable spinal cord stimulator (SCS). It is the first Medtronic SCS device to offer a closed-loop feature that senses each person's unique biological signals and adjusts stimulation moment to moment, as needed, to keep therapy in harmony with the motions of daily life. |
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| 33 | Spinal cord stimulators deliver mild electrical impulses to the spinal cord, which can disrupt pain signals before they reach the brain. As patients go about their daily lives, certain movements may result in uncomfortable stimulation. This in turn may lead some patients to turn down their device's stimulation output, resulting in a suboptimal therapy experience. By contrast, Inceptiv is able to sense the body's neural response to stimulation 50 times per second, every second of every day. When neural response increases, such as when the patient coughs, sneezes, or bends, Inceptiv automatically decreases stimulation. As neural response decreases, stimulation returns to the pre-set optimal level. This is done seamlessly to provide consistent therapy while patients perform a full range of daily activities. | ||
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10.1 | 36 | **Medtronic to acquire wearable insulin patch maker EOFlow.**{{footnote}}https://news.medtronic.com/2023-05-25-Medtronic-to-acquire-wearable-insulin-patch-maker-EOFlow{{/footnote}} |
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10.1 | 38 | May 25, 2023 ~-~- Medtronic Plc has entered into a set of definitive agreements to acquire EOFlow Co. Ltd. (KOSDAQ: 294090), manufacturer of the EOPatch® device — a tubeless, wearable and fully disposable insulin delivery device. The addition of EOFlow, together with Medtronic's Meal Detection Technology™ algorithm and next-generation continuous glucose monitor (CGM), is expected to expand the company's ability to address the needs of more individuals with diabetes, no matter where they are in their treatment journey or preference for how they want their insulin delivered. |
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10.1 | 40 | Acquisition will expand company's ability to serve more people living with diabetes around the world within one seamless Medtronic ecosystem of support |
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10.1 | 44 | [[image:MDT1.jpg]] |
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10.1 | 47 | = Financial Highlights = |
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10.1 | 49 | **Second Quarter Fiscal 2024 Results**{{footnote}}https://news.medtronic.com/2023-11-21-Medtronic-reports-second-quarter-fiscal-2024-financial-results{{/footnote}} |
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| 51 | Nov. 21, 2023; Medtronic plc announced financial results for its second quarter of fiscal year 2024 (FY24), which ended October 27, 2023. | ||
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1.3 | 54 | Medtronic reported Q2 worldwide revenue of $7.984 billion, an increase of 5.3% as reported and 5.0% on an organic basis. |
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1.3 | 57 | Q2 GAAP net income and diluted EPS were $909 million and $0.68, respectively, both representing increases of 113%. As detailed in the financial schedules included at the end of this release, Q2 non-GAAP net income of $1.667 billion decreased 3% and non-GAAP diluted EPS of $1.25 decreased 4%. Included in non-GAAP diluted EPS was an 8 cent, or 6%, unfavorable impact from foreign currency translation. |
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1.3 | 60 | The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Revenue of $2.923 billion increased 5.9% as reported and 4.8% organic, with a high-single digit organic increase in SHA and mid-single digit organic increases in CRHF and CPV. |
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1.3 | 63 | The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Revenue of $2.288 billion increased 4.7% as reported and 4.2% organic, with a high-single digit organic increase in CST and low-single digit organic increases in Specialty Therapies and Neuromodulation. |
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1.3 | 66 | The Medical Surgical Portfolio includes the Surgical & Endoscopy (SE) and the Patient Monitoring & Respiratory Interventions (PMRI) divisions. Revenue of $2.142 billion increased 7.0% as reported and 5.6% organic, with a high-single digit organic increase in SE and low-single digit organic increase in PMRI. |
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1.3 | 69 | Diabetes revenue of $610 million increased 9.7% as reported and 6.7% organic. |
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1.3 | 72 | The company increased its FY24 organic revenue growth guidance to 4.75% versus the prior 4.5%. The organic revenue growth guidance excludes the impact of foreign currency and revenue related to certain businesses reported as Other. Including Other revenue and the impact of foreign currency, if foreign currency exchange rates as of the beginning of November hold, FY24 revenue growth on a reported basis would be approximately 2.6%. |
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10.1 | 77 | [[image:MDT2.jpg]] |
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10.1 | 80 | = Company Overview = |
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10.1 | 82 | Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide.{{footnote}}https://fintel.io/doc/sec-medtronic-plc-1613103-10k-2023-june-22-19530-489{{/footnote}} |
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10.1 | 85 | == Product Portfolio == |
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| 87 | === Cardiovascular Portfolio === | ||
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1.3 | 89 | The Cardiovascular Portfolio is made up of the Cardiac Rhythm & Heart Failure, Structural Heart & Aortic, and Coronary & Peripheral Vascular divisions. The primary medical specialists who use its Cardiovascular products include electrophysiologists, implanting cardiologists, heart failure specialists, cardiovascular, cardiothoracic, and vascular surgeons, and interventional cardiologists and radiologists. |
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10.1 | 93 | [[image:MDT3.png]] |
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| 96 | === Medical Surgical Portfolio === | ||
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1.3 | 98 | The Medical Surgical Portfolio includes the Surgical and Respiratory, Gastrointestinal, & Renal divisions. Products and therapies of this group are used primarily by healthcare systems, physicians' offices, ambulatory care centers, and other alternate site healthcare providers. While less frequent, some products and therapies are also used in home settings. |
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10.1 | 102 | [[image:MDT4.png]] |
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| 105 | === Neuroscience Portfolio === | ||
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1.3 | 107 | The Neuroscience Portfolio is made up of the Cranial & Spinal Technologies, Specialty Therapies, and Neuromodulation divisions. The primary medical specialists who use the products of this group include spinal surgeons, neurosurgeons, neurologists, pain management specialists, anesthesiologists, orthopedic surgeons, urologists, urogynecologists, interventional radiologists, and ear, nose, and throat specialists. |
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10.1 | 111 | [[image:MDT5.png]] |
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| 114 | === Diabetes Operating Unit === | ||
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1.3 | 116 | The Diabetes Operating Unit develops, manufactures, and markets products and services for the management of Type 1 and Type 2 diabetes. The primary medical specialists who use and/or prescribe its Diabetes products are endocrinologists and primary care physicians. |
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10.1 | 120 | [[image:MDT6.png]] |
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| 123 | == Locations == | ||
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1.3 | 125 | Medtronic's principal executive office is located in Ireland and is leased by the Company, while its main operational offices are located in the Minneapolis, Minnesota metropolitan area and are owned by the Company. The Company's total manufacturing and research space is approximately 9.8 million square feet. Approximately 34 percent of the manufacturing or research facilities are owned by Medtronic and the remaining balance is leased. |
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10.1 | 128 | (% style="width:522px" %) |
| 129 | |(% style="width:287px" %)**Location Country or State**|(% style="width:231px" %)**Square Feet (in thousands)** | ||
| 130 | |(% style="width:287px" %)Connecticut|(% style="width:231px" %)1,138 | ||
| 131 | |(% style="width:287px" %)Puerto Rico|(% style="width:231px" %)811 | ||
| 132 | |(% style="width:287px" %)Mexico|(% style="width:231px" %)762 | ||
| 133 | |(% style="width:287px" %)China|(% style="width:231px" %)708 | ||
| 134 | |(% style="width:287px" %)Minnesota|(% style="width:231px" %)623 | ||
| 135 | |(% style="width:287px" %)Ireland|(% style="width:231px" %)446 | ||
| 136 | |(% style="width:287px" %)Dominican Republic|(% style="width:231px" %)395 | ||
| 137 | |(% style="width:287px" %)Arizona|(% style="width:231px" %)294 | ||
| 138 | |(% style="width:287px" %)Switzerland|(% style="width:231px" %)283 | ||
| 139 | |(% style="width:287px" %)California|(% style="width:231px" %)260 | ||
| 140 | |(% style="width:287px" %)Colorado|(% style="width:231px" %)259 | ||
| 141 | |(% style="width:287px" %)Florida|(% style="width:231px" %)255 | ||
| 142 | |(% style="width:287px" %)France|(% style="width:231px" %)249 | ||
| 143 | |(% style="width:287px" %)Massachusetts|(% style="width:231px" %)245 | ||
| 144 | |(% style="width:287px" %)Italy|(% style="width:231px" %)230 | ||
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| 146 | Medtronic also maintains sales and administrative offices in the U.S. at five locations in five states and outside the U.S. at 119 locations in 62 countries. A majority of these locations are leased. | ||
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10.1 | 150 | [[image:MDT7.jpg]] |
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10.1 | 153 | == Company History == |
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10.1 | 155 | Earl Bakken, a graduate student in electrical engineering, and his brother-in-law Palmer Hermundslie, an enterprising engineer, started a repair business focused on medical electronics.{{footnote}}https://www.medtronic.com/us-en/our-company/history.html{{/footnote}} |
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10.1 | 158 | |**Year**|**Milestone** |
| 159 | |1949|Earl Bakken, a graduate student in electrical engineering, and his brother-in-law Palmer Hermundslie, an enterprising engineer, started a repair business focused on medical electronics. They named it Medtronic. | ||
| 160 | |1957|The first battery-operated pacemaker. | ||
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11.1 | 161 | |1977|introduced the Medtronic-Hall mechanical heart valve. |
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10.1 | 162 | |1987|Building on the science of using electrical stimulation to pace the heart, Medtronic collaborated with French doctors to pioneer the world’s first deep brain stimulation system to treat movement disorders. |
| 163 | |1993|Implantable cardioverter defibrillators | ||
| 164 | |2002|Medtronic introduced the industry’s first remote monitoring system. | ||
| 165 | |2015|Covidien acquisition - Bringing together the extensive capabilities of Covidien and Medtronic. | ||
| 166 | |2016|Medtronic's hybrid closed-loop system becomes the first FDA-approved device to automatically provide background insulin dosing 24-hours per day for people living with type 1 diabetes. | ||
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11.1 | 167 | |2021|Medtronic announced the first patient procedure with new soft-tissue robotic-assisted surgery system. |
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11.1 | 169 | {{putFootnotes/}} |
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10.1 | 170 | |
| 171 | = References = | ||
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| 173 | {{putFootnotes/}} |
