Key Developments: Medtronic Inc (MDT.N)

MDT.N on New York Stock Exchange

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20 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Medtronic Inc reaffirms FY 2015 outlook
Tuesday, 19 Aug 2014 07:30am EDT 

Medtronic Inc:Continues to expect FY 2015 revenue growth in the range of 3-5 pct on a constant currency basis.Expects FY 2015 diluted non-GAAP EPS in the range of $4.00 to $4.10.Non-GAAP EPS implies annual diluted non-GAAP EPS growth in the range of 6-9 pct after adjusting for certain items.Reported revenue of $17.005 bln in FY 2014.FY 2015 revenue of $17.712 bln, EPS of $4.04 - Thomson Reuters I/B/E/S.  Full Article

Medtronic Inc receives FDA approval for PRESTIGE LP cervical disc system
Monday, 28 Jul 2014 12:44pm EDT 

Medtronic Inc:Receives approval from the U.S. Food and Drug Administration (FDA) to market PRESTIGE LP Cervical Disc System for treatment of single-level cervical disc disease (radiculopathy and/or myelopathy).  Full Article

Medtronic Inc completes acquisition of Visualase, Inc.
Monday, 28 Jul 2014 08:30am EDT 

Medtronic Inc:Completed the acquisition of Visualase, Inc., privately held company based in Houston.Acquisition of Visualase is another example of Medtronic's ongoing investment in technology and commitment to innovation across entire surgical care continuum.Medtronic had previously invested in Visualase and held an ownership stake in company prior to completion of acquisition.Net of this ownership stake, initial payment is about $64 mln.  Full Article

Medtronic, Inc announces people with type 2 Diabetes achieve superior outcomes with insulin pumps vs. multiple daily injections
Wednesday, 2 Jul 2014 07:15pm EDT 

Medtronic, Inc:Says that the results of the OpT2mise trial, which showed that MiniMed insulin pumps safely achieve better glucose control for people with insulin-requiring type 2 diabetes than multiple daily injections.Says while the benefits of insulin pump therapy for people with type 1 diabetes are well proven, this is the largest global study to evaluate the comparative efficacy of insulin pump therapy versus multiple daily insulin injections in people with type 2 diabetes with poor glycemic control.Says In the OpT2mise trial, those using insulin pumps achieved a mean A1C (average blood glucose) reduction of 1.1 percent compared to only a 0.4 percent reduction by those using multiple daily injections.This improvement in glucose control was achieved without any episodes of severe hypoglycemia.In addition, those in the insulin pump group lowered the total daily dose of insulin by more than 20 percent.There was no difference in weight gain between the two groups.Reducing A1C is critical for people with diabetes because even small percent drops aid significantly in preventing complications such as eye disease, kidney disease, nerve damage and heart attacks.  Full Article

Medtronic, Inc reaffirms FY 2015 EPS guidance - Conference Call
Monday, 16 Jun 2014 12:00pm EDT 

Medtronic, Inc:Reiterates FY 2015 earnings per share guidance that it provided on Q4 earnings last month of $4 to $4.10.FY 2015 EPS of $4.05 - Thomson Reuters I/B/E/S.  Full Article

Medtronic Inc increases cash dividend by 9 pct
Monday, 16 Jun 2014 09:28am EDT 

Medtronic Inc:Approves 9 pct increase in cash dividend, raising quarterly amount to $0.305 per share of company's common stock, which would result in an annual amount of $1.22 per share.This dividend increase brings company's current dividend yield to 2 pct and expected FY 2015 dividend payout ratio to about 30 pct.Dividend is payable on July 25 to shareholders of record at close of business on July 3.  Full Article

Medtronic Inc to acquire Covidien plc for $42.9 bln in cash and stock
Sunday, 15 Jun 2014 07:30pm EDT 

Medtronic Inc and Covidien plc:Enter into definitive agreement under which Medtronic has agreed to acquire Covidien in a cash-and-stock transaction valued at $93.22 per Covidien share, or a total of about $42.9 bln, based on Medtronic's closing stock price of $60.70 per share on June 13.Says boards of both companies have unanimously approved transaction.Upon completion of transaction, each outstanding ordinary share of Covidien will be converted into right to receive $35.19 in cash and 0.956 of an ordinary share of Medtronic plc.Expect transaction to close in fourth calendar quarter of 2014 or early 2015.Medtronic's financial advisor is Perella Weinberg Partners LP and its legal advisors are Cleary Gottlieb Steen & Hamilton LLP and A & L Goodbody.Covidien's financial advisor is Goldman, Sachs & Co. and its legal advisors are Wachtell, Lipton, Rosen & Katz and Arthur Cox.Bank of America Merrill Lynch provided committed financing for transaction.  Full Article

Sanofi SA and Medtronic Inc to form strategic alliance in diabetes to improve patient experience and outcomes
Saturday, 14 Jun 2014 10:00am EDT 

Sanofi Sa and Medtronic Inc:Sign memorandum of understanding to enter into global strategic alliance in diabetes, aimed at improving patient experience and outcomes for people with diabetes around world.Alliance will initially focus on two key priorities: development of drug-device combinations and delivery of care management services to improve adherence, simplify insulin treatment, and help people with diabetes better manage their condition.Alliance will be structured as open-innovation model, leveraging the capabilities, as well as human and financial resources, of both companies.Based on success of the two initial priorities, companies may explore other areas for potential collaboration.  Full Article

Medtronic Inc announces CE Mark and launch of NC Euphora Coronary Balloon
Tuesday, 20 May 2014 10:00am EDT 

Medtronic Inc:Says CE ( ConformitĂ© EuropĂ©ene ) mark and launch of NC Euphora Noncompliant Balloon Dilatation Catheter.NC Euphora Balloon Catheter is now available in Europe and other countries outside of United States that recognize the CE mark.  Full Article

Medtronic Inc gives FY 2015 guidance in line with analysts' estimates - Conference Call
Tuesday, 20 May 2014 08:00am EDT 

Medtronic Inc:Believes a constant currency revenue growth in the range of 3 pct to 5 pct is balanced and realistic for FY 2015.Expects FY 2015 earnings per share in the range of $4 to $4.10 based on current exchange rates this implies earnings-per-share growth in the range of 6 pct to 9 pct on a constant currency basis.Reported revenue of $17.005 bln in FY 2014.FY 2015 revenue of $17.643 bln and EPS of $4.09 - Thomson Reuters I/B/E/S.  Full Article

UPDATE 2-Medtronic CEO says Covidien deal good for U.S. economy

Aug 19 - Medtronic Inc Chief Executive Omar Ishrak defended his company's plan to acquire Dublin-based Covidien Plc in a so-called inversion deal, saying the medical device maker will be able to create more U.S. jobs while still paying substantial taxes once the transaction closes.

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