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Mon, Jan. 11, 1:35 PM
- Medtronic (MDT -1.5%) announces its updated guidance for 2016. Key points:
- Non-GAAP EPS: 4.36 - 4.40 (includes negative currency movement of $0.45 - 0.50); revenue growth: mid-single digit by H2.
- Share repurchase program: $5B to be executed before the end of fiscal 2018. Most of remaining $4.3B (from previously announced internal reorganization that freed up $9.3B in cash) to be used to retire/prepay existing debt also by the end of 2018.
- Targeted dividend payout ratio maintained at 40%.
Mon, Jan. 11, 12:29 PM
- Trading in Medtronic (MDT -0.7%) was halted at 12:27 pm ET pending news.
Dec. 10, 2015, 9:43 AM| Dec. 10, 2015, 9:43 AM
Dec. 9, 2015, 10:22 AM
- The FDA approves privately held Stimwave Technologies' Freedom-8A Spinal Cord Stimulation (SCS) System for the treatment of chronic back and leg pain. The fully programmable wireless device features a compact 0.4 cc profile and eight electrodes that are implanted in an outpatient setting through a standard needle without the need for general anesthesia or large surgical incision. Full commercial launch will commence in early 2016.
- Related tickers: (MDT +0.4%)(STJ +0.5%)(BSX -0.4%)(NVRO)
Dec. 3, 2015, 7:45 AM
- Medtronic (MDT -0.5%) FQ2 results: Revenues: $7,058M (+61.7%); R&D Expense: $545M (+45.7%); SG&A: $2,343M (+55.5%); Operating Income: $1,300M (+26.2%); Net Income: $520M (-37.2%); EPS: $0.36 (-56.6%); Non-GAAP EPS: $1.03 (+1.0%); Quick Assets: $2,378M (-50.9%).
- Segment Revenues: Cardiac Rhythm & Heart Failure: $1,324M (+0.3%); Coronary & Structural Heart: $754M (+1.5%); Aortic & Peripheral Vascular: $404M (+81.2%); Surgical Solutions: $1,291M; Patient Monitoring & Recovery: $1,065M; Spine: $719M (-3.6%); Neuromodulation: $482M (-2.4%); Surgical Technologies: $426M (+3.9%); Neurovascular: $143M; Diabetes Group: $450M (+4.7%).
- FY2016 Guidance: Non-GAAP EPS: $4.33 - 4.40.
Dec. 3, 2015, 7:17 AM
Dec. 2, 2015, 5:30 PM
Sep. 28, 2015, 6:45 PM
- Medtronic (NYSE:MDT), up 0.2% after hours, will take a $500M charge in its Q2 on restructuring from its $50B acquisition of Covidien.
- The company moved HQ to Dublin from Minneapolis, one of several moves that changed its U.S. income taxes.
- The restructuring freed up about $9.8B in cash and other investments -- much of which is cutting debt ratios while routing more than half of free cash flow to investors.
- In its most recent quarter, Medtronic noted debt/equity of 67.4 times. Total debt of $35.6B compared to EBITDA (trailing 12 months) of $7.02B.
Sep. 14, 2015, 11:14 AM
- The FDA approves Medtronic's (MDT -1.1%) Evera SureScan implantable cardioverter defibrillator (ICD) System for MRI scans on any part of the body without positioning restrictions. It is the first such clearance for an ICD system. Patients implanted with the SureScan device can now have MRI procedures whenever they need them.
- The newly approved system will be available this month.
Sep. 3, 2015, 7:42 AM
- Medtronic (NYSE:MDT) fiscal Q1 results ($M): Total Revenues: 7,274 (+70.2%); Cardiac Rhythm & Heart Failure: 1,369 (+9.0%); Coronary & Structural Heart: 788 (+2.9%); Aortic & Peripheral Vascular: 410 (+76.7%); Cardiac & Vascular Group: 2,567 (+13.9%); Minimally Invasive Therapies Group: 2,456; Spine: 763 (+2.7%); Neuromodulation: 485 (+2.7%); Surgical Technologies: 485 (+1.3%); Neurovascular: 138; Restorative Therapies: 1,806 (+12.7%); Diabetes Group: 445 (+7.0%).
- Net Income: 820 (-5.9%); EPS: 0.57 (-34.5%); CF Ops: 816 (+163.2%).
- Fiscal 2016 Guidance: Revenue Growth: 4 - 6% (unch); Non-GAAP EPS: $4.30 - 4.40 (unch).
Sep. 3, 2015, 7:22 AM
- Medtronic (NYSE:MDT): FQ1 EPS of $1.02 beats by $0.01.
- Revenue of $7.27B (+70.3% Y/Y) beats by $220M.
Sep. 2, 2015, 5:30 PM
Sep. 2, 2015, 12:40 PM
- Medtronic (MDT +1.8%) will report fiscal Q1 results tomorrow before the open. Consensus view is EPS of $1.01 on revenues of $7.05B. In June, the company provided earnings guidance of $1.08 - 1.13.
Aug. 31, 2015, 6:23 PM
- Medtronic (NYSE:MDT) has acquired Medina Medical, a Silicon Valley-based maker of device used to treat brain cerebral aneurysms and other vascular abnormalities, for $150M up-front plus milestone payments.
- Medina's product is described as "an intrasaccular 3D mesh implant that fills the inside of a brain aneurysm," and which "provides a scaffold across the aneurysm neck; conforms to the shape of the aneurysm; and reduces blood flow." It's available in the EU, but not yet in the U.S.
- "Medina Medical`s breakthrough technology makes it a natural fit with our Neurovascular portfolio, further strengthening our hemorrhagic stroke portfolio," says Medtronic exec Brett Wall. Last week, Medtronic announced it's buying valve replacement device maker Twelve for $458M.
Aug. 25, 2015, 10:07 AM
- Medtronic (MDT +1.2%) agrees to acquire privately-held valve replacement device maker Twelve Inc. for $458M.
- Twelve is focused on developing a transcatheter mitral valve replacement device, an area MDT hopes will be a source of growth.
- MDT says it expects the net impact from the deal to be earnings neutral, as the company intends to offset the dilutive impact of the transaction.
Aug. 5, 2015, 7:57 AM
- Medtronic (NYSE:MDT) initiates exchange offers for almost half of its outstanding debt. The offers commenced yesterday and will expire on August 31. The tranches are:
- 1. up to $500M in Floating Senior Notes due March 15, 2020; 2. up to $1B in 1.500% Senior Notes due March 15, 2018, 3. up to $2.5B in 2.500% Senior Notes due March 15, 2020, 4. up to $2.5B in 3.150% Senior Notes due March 15, 2022, 5. up to $4B in 3.50% Senior Notes due March 15, 2025, 6. up to $2.5B in 4.375% Senior Notes due March 15, 2035, 7. up to $4B in 4.625% Senior Notes due March 15, 2045.
- Companies use exchange offers to manage their liabilities, specifically their degree of leverage.
Medtronic PLC is engaged in providing medical technology alleviating pain, restoring health, and extending life of people. It currently functions in three operating segments that manufacture and sell device-based medical therapies.
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