Key Developments: Medtronic Inc (MDT.N)

MDT.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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

Medtronic settles global patent litigation with Edwards Lifesciences
Tuesday, 20 May 2014 07:15am EDT 

Edwards Lifesciences Corp:Reached an agreement with Medtronic to settle all outstanding patent litigation between companies, including cases related to transcatheter heart valves.Agreement will result in dismissal of all pending cases or appeals in courts and patent offices worldwide, and includes provision that parties will not litigate patent disputes with each other in field of transcatheter valves for eight-year duration of agreement.Under terms of patent cross-license agreement that is part of settlement, Medtronic will make one-time payment to Edwards of $750 mln.Additionally, Medtronic will pay Edwards quarterly license royalty payments through April 2022.Payments will be based on pct of Medtronic CoreValve sales, subject to a minimum annual payment of $40 mln.Edwards will contribute $50 mln from settlement to Edwards Lifesciences Foundation to support efforts to improve patient care, raise disease awareness and educate clinicians, such as through its Every Heartbeat Matters philanthropic program.  Full Article

Medtronic Inc's CRT devices now approved to Treat Patients with AV Block and Reduced Heart Function
Thursday, 10 Apr 2014 07:08pm EDT 

Medtronic Inc:Announces U.S. Food and Drug Administration approved an expanded indication for biventricular pacing with Medtronic cardiac resynchronization therapy-pacemakers and -defibrillators.Medtronic CRT devices are now approved to treat patients with atrioventricular block and left ventricular systolic dysfunction, reducing heart failure hospitalizations and mortality, and improving cardiac function in these patients.FDA's approval was based on the BLOCK HF clinical trial, which demonstrated significant clinical advantages of BiV pacing compared with traditional right ventricular (RV) pacing in this patient population.  Full Article

Medtronic Inc announces public offering of senior notes
Friday, 21 Feb 2014 08:22am EST 

Medtronic Inc:Says it registered an offering of $250 mln principal amount of its 0.875 pct Senior Notes due 2017, $250 mln principal amount of its floating rate Senior Notes due 2017.Says it has also registered an offering $850 mln principal amount of its 3.625pct Senior Notes due 2024, and $650 million principal amount of its 4.625% Senior Notes due 2044.Says the closing of the offering is expected to occur on Feb. 27.Says it intends to use the net proceeds for working capital and general corporate purposes, which may include repayment of its indebtedness.  Full Article

Irish-based M&A surges on back of U.S. companies' tax inversion deals

DUBLIN, July 9 - The surge in overseas mergers and acquisitions by U.S. companies looking to lower their tax bills led to a near six-fold rise in the value of deals in Ireland in the first half of the year, accounting for almost 20 percent of all European transactions.

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