United States

Medtronic PLC (MDT.N)

MDT.N on New York Stock Exchange

26 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Nuvasive agrees to settle patent litigation with Medtronic
Thursday, 30 Jun 2016 04:05pm EDT 

Nuvasive Inc : Nuvasive agrees to settle patent litigation with Medtronic . Nuvasive and Medtronic reached agreement on terms for settlement of previously disclosed patent infringement lawsuits . Company and Medtronic intend to enter into a definitive settlement agreement within 15 days . Reached agreement on terms for withdrawal from proceedings in United States patent and trademark office . After settlement agreement, company will make a one-time payment of $45 million to medtronic .Parties will release each other from any and all liabilities arising out of litigation.  Full Article

Moody's - Medtronic's Heartware deal and dividend increase are credit negative
Tuesday, 28 Jun 2016 02:40pm EDT 

Moody's :Medtronic's Heartware deal and dividend increase are credit negative.  Full Article

Heartware required to pay Medtronic $27.5 mln in case of termination of merger agreement
Monday, 27 Jun 2016 10:21am EDT 

Heartware International : In connection with termination of merger agreement, company will be required to pay Medtronic, termination fee of $27.5 million Source: (http://1.usa.gov/28YgSjw ) Further company coverage: [HTWR.O] (Bengaluru Newsroom: +1 646 223 8780).  Full Article

Medtronic to buy Heartware for $58/share
Monday, 27 Jun 2016 06:45am EDT 

Medtronic Plc : Medtronic to expand heart failure portfolio with acquisition of Heartware international . Medtronic will acquire Heartware in a transaction valued at approximately $1.1 billion . Will commence a tender offer for all outstanding shares of heartware common stock for $58.00 per share, in cash . Acquisition is expected to be earnings accretive in year three . Expects minimal to no net eps dilution from this transaction for first two years .Does not intend to modify its fiscal year 2017 revenue outlook or earnings per share (eps) guidance as a result of this transaction.  Full Article

Medtronic says paid $10 mln in Q4 to IRS related to settlement of tax disputes
Tuesday, 31 May 2016 04:23pm EDT 

Medtronic : Paid $183 million to te connectivity,got $2 million from Tyco,representing estimated share payable to or receivable from tax sharing participants .During Q4 paid $10 million to IRS related to settlement to resolve all federal tax disputes related to previously disclosed intercompany debt issues.  Full Article

Medtronic sees fy 2017 non-gaap EPS $4.60-$4.70
Tuesday, 31 May 2016 06:49am EDT 

Medtronic Plc : Q4 gaap earnings per share $0.78 . Q4 revenue $7.6 billion, up 4 percent . Qtrly restorative therapies group revenue $1.875 billion increased 1 percent, or 3 percent on a constant currency basis . Medtronic plc says expects a negative impact from foreign currency in fiscal year 2017 of about $25 to $75 million based on current exchange rates . Medtronic plc qtrly cvg worldwide revenue revenue of $2.736 billion increased 5 percent . Fy2017 earnings per share view $4.70 -- Thomson Reuters I/B/E/S . In fy 2017, expects constant currency revenue growth to be in upper-half of mid-single digit range, which is in range of 5 to 6 percent . Q4 non-gaap earnings per share $1.27 . Q4 earnings per share view $1.26, revenue view $7.49 billion -- Thomson Reuters I/B/E/S . Sees fy 2017 non-gaap earnings per share $4.60 to $4.70 . Sees fy 2017 non-gaap earnings per share $4.60 to $4.70 . Spine q4 revenue of $737 million declined 1 percent, or was flat on a constant currency basis .Fy2017 revenue view $29.67 billion -- Thomson Reuters I/B/E/S.  Full Article

Smith & Nephew sells gynaecology unit to Medtronic
Wednesday, 18 May 2016 08:00am EDT 

Smith & Nephew Plc : Divestment and share buy-back . Signed a definitive agreement to divest its gynaecology business to Medtronic Plc (NYSE:MDT) for $350 million. . Gynaecology delivered revenue of $56 million in 2015, representing a little over 1% of group revenue. . Transaction is expected to be broadly neutral to adjusted earnings ('EPSA') in 2017, after share buy-back, . Share buy back is expected to commence shortly after completion in July 2016 . Proceeds will be returned to shareholders through a $300 million share buy-back programme. . Gross proceeds are before tax and costs. . Is expected that majority of gynaecology employees will join Medtronic . Davis Polk & Wardwell Llp served as counsel to Smith & Nephew and Ondra Partners acted as financial advisor. .Divestment and share buy-back.  Full Article

Mazor Robotics enters into two strategic agreements with Medtronic
Wednesday, 18 May 2016 04:00am EDT 

Mazor Robotics Ltd : Entered into two strategic agreements with medtronic plc . Second agreement is for an equity investment by medtronic in mazor . One agreement is for co-development and, upon meeting certain milestones, potential global distribution of certain mazor products . Medtronic to purchase from co newly issued securities representing four percent of co's outstanding share capital on a fully diluted basis .Medtronic, at its sole discretion, may cap each of second and third tranches at $20 million each.  Full Article

Medtronic PLC appoints Karen L. Parkhill as CFO
Wednesday, 4 May 2016 08:30am EDT 

Medtronic PLC:Appoints Karen L. Parkhill as executive vice president and chief financial officer.Says Parkhill will succeed Gary L. Ellis in the CFO role.  Full Article

Medtronic PLC announces Worldwide Voluntary Recall for Battery Pack in Covidien Oridion Labeled Capnostream 20 and Capnostream 20 - EUCLID Procurement
Friday, 22 Apr 2016 11:37am EDT 

Medtronic PLC:Monitors Medtronic is notifying customers worldwide of a voluntary recall for the battery pack used in its Covidien Oridion labeled Capnostream 20 and Capnostream 20p Patient Monitors.This voluntary recall is being conducted due to a battery manufacturing defect that may increase the risk of thermal damage in the battery pack.The scope of this recall includes battery pack model numbers 016400 and 010520.These packs were manufactured by a contract manufacturer between April 2014 and February 2016.Capnostream monitors are external (non-implantable) medical devices used to assess patients' respiratory status and identify changes in breathing.The prescription device is operated by trained healthcare professionals in a clinical setting and in the home.  Full Article

BRIEF-Medtronic CEO Omar Ishrak 2016 total compensation $15.3 mln

* CEO Omar Ishrak 2016 total compensation of $15.3 million versus $13.9 million in 2015 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)