Medtronic plc
 (MDT)

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  • Jan. 24, 2014, 12:05 AM
    | Jan. 24, 2014, 12:05 AM
  • Jan. 23, 2014, 5:30 PM
  • Jan. 21, 2014, 9:04 AM
    • Covidien (COV) says it will exit its OneShot renal denervation program, primarily in response to slower-than-expected development of the device's market.
    • Renal denervation devices are designed to help prevent the kidneys, which play an important role in regulating blood pressure, from contributing to hypertension.
    • The voluntary move comes after Medtronic (MDT) earlier this month said its experimental Symplicity renal denervation device failed to provide a benefit compared with a placebo procedure in a large clinical study.
    • COV expects to record related charges of $20M-$25M.
    | Jan. 21, 2014, 9:04 AM
  • Jan. 17, 2014, 2:10 PM
    • Medtronic (MDT +0.4%) says it received FDA approval, three months earlier than expected, to sell its CoreValve heart valve technology for patients too frail for traditional surgery approval.
    • The approval allows MDT to begin competing against Edwards Lifesciences (EW -5.1%), whose similar Sapien device has been approved for a wider range of patients, including those who are eligible for surgery, but who are considered at high risk for complications.
    • CoreValve is approved for patients with severe aortic stenosis who are too sick or frail to undergo open-heart surgery; in a clinical trial, patients receiving the device had a 25% rate of death or major stroke after one year vs. an estimated rate of 43% had the patients received medication therapy.
    | Jan. 17, 2014, 2:10 PM | 1 Comment
  • Jan. 16, 2014, 4:19 PM
    • Covidien plc (COV) declares $0.32/share quarterly dividend, in line with previous.
    • Forward yield 1.84%
    • Payable Feb. 20; for shareholders of record Jan 28; ex-div Jan 24.
    | Jan. 16, 2014, 4:19 PM
  • Jan. 16, 2014, 7:50 AM
    • Medtronic (MDT) intends to appeal a jury's ruling that the company pay Edwards Lifesciences (EW) $392M after finding that Medtronic's CoreValve heart device willfully infringes patents that Edwards holds for its Cribier transcatheter.
    • The "willful breach" means that Edwards can seek increased damages of up to three times the amount awarded.
    • Edwards intends to ask a judge to stop Medtronic from selling CoreValve heart device in the U.S. The latter had planned to begin sales in April, pending FDA approval. Both companies' products are already sold outside the U.S. (PR)
    | Jan. 16, 2014, 7:50 AM
  • Jan. 9, 2014, 7:50 AM
    • Medtronic's (MDT) Symplicity renal denervation system for treating hypertension was ineffective in a clinical trial.
    • Not that it would seem to help much, but the study shows that there were no safety concerns with the device. (PR)
    | Jan. 9, 2014, 7:50 AM
  • Jan. 8, 2014, 9:16 AM
    • The FDA has accepted LabCorp's (LH) application for its diagnostic test to be used in the Phase 2B/3 "GENETIC-AF" trial of ARCA Biopharma's (ABIO) Gencaro drug for treating patients with atrial fibrillation.
    • Patient enrollment for the testing, in which ARCA is collaborating with Medtronic (MDT) also, is due to begin this quarter.
    • ARCA's shares soar 21%. (PR)
    | Jan. 8, 2014, 9:16 AM | 1 Comment
  • Jan. 6, 2014, 2:09 PM
    • McKesson (MCK -0.1%) upgraded to Strong Buy from Outperform at Raymond James.
    • DaVita (DVA +0.4%) upgraded to Outperform from Market Perform at Raymond James.
    • Idenix Pharmaceuticals (IDIX -0.3%) upgraded to Buy from Neutral at UBS.
    • Abbott Labs (ABT +1.5%) upgraded to Overweight from Equalweight at Morgan Stanley.
    • Medtronic (MDT +2%upgraded to Overweight from Neutral at JPMorgan. Price target is $69.
    • Vertex Pharmaceuticals (VRTX +2.5%) upgraded to Buy from Neutral at UBS.
    • Ocera Therapeutics (OCRX +2.7%) upgraded to Outperform from Market Perform at BMO.
    • Boston Scientific (BSX +3.2%upgraded to Overweight from Equalweight at Morgan Stanley.
    • Exelixis (EXEL +4.6%) upgraded to Overweight from Neutral at Piper.
    • St. Jude Medical (STJ +3.8%) upgraded to Overweight from Equalweight at Morgan Stanley.
    | Jan. 6, 2014, 2:09 PM | 3 Comments
  • Dec. 31, 2013, 11:57 AM
    • Benchmark is out reiterating a Buy rating on Covidien (COV +0.5%) .
    • "Previously, COV reported revenue in a number of categories under the major divisions of Medical Devices and Medical Supplies. Now, [the company] is reporting revenues in Surgical Solutions, Vascular Therapies, and Respiratory & Patient Care," analyst Jan Wald notes.
    • New estimates for 2014 and 2015: FY14 EPS of $3.98 on sales of $10.609B; FY15 EPS of $4.45 on revenue of $11.11B.
    • Price target is $82, representing upside of 20% from Monday's close.
    | Dec. 31, 2013, 11:57 AM
  • Dec. 23, 2013, 5:35 PM
    • Top gainers, as of 5:15 p.m.: SUPN +8.8%. COV +3.1%. NBL +1.5%. DNR +1.5%. DVN +1.4%.
    • Top losers, as of 5:15 p.m.: CAMP -6.1%. MTOR -3.5%. FXCM -2.7%. GME -2.3%. MAS -2.1%.
    | Dec. 23, 2013, 5:35 PM
  • Dec. 17, 2013, 1:35 PM
    • Salix Pharmaceuticals (SLXP -0.2%upgraded to Buy from Hold at Stifel. Price target is $108.
    • Medtronic (MDT +0.3%upgraded to Buy from Neutral at Goldman. Price target hiked (by a buck) to $66.
    • CareFusion (CFN -3%cut to sell from Neutral at Goldman. Price target is $36.
    • Ocera Therapeutics (OCRX -0.4%) initiated at Outperform at Cowen.
    | Dec. 17, 2013, 1:35 PM
  • Dec. 17, 2013, 8:12 AM
    • Leerink is out with some commentary on the MedTech space.
    • Investors should "focus on companies with growth acceleration and/or upside surprise potential independent of (or at least less dependent on) a macroeconomic recovery [or, alternatively,] a higher and increasing percentage of sales derived from end-markets exhibiting above-average growth," Leerink says.
    • Not surprisingly, the LVAD device market gets a mention, with Heartware (HTWR) recommended by name (remember, they just snapped up CircuLite which some think can compete with SSH's C-Pulse).
    • Other names mentioned by Leerink: Covidien (COV) for neurovascular and energy devices; Stryker (SYK) for neurovascular and robotics; St. Jude's Medical (STJ) and JNJ for atrial fibrillation; Intuitive Surgical (ISRG).
    • Thoratec (THOR) gets an LVAD mention as well, which is interesting considering Leerink's recent commentary on the NEJM manuscript which discussed possible thrombus formation with the HeartMate II.
    | Dec. 17, 2013, 8:12 AM | 2 Comments
  • Dec. 13, 2013, 11:13 AM
    • Little-noticed from earlier this week, but worth mentioning: Medtronic (MDT) on Monday announced the first human implant of the world's smallest pacemaker, the Micra Transcatheter Pacing System.
    • One-tenth the size of a conventional pacemaker, the unit was installed not with surgery, but directly into the heart with a catheter inserted in the femoral vein.
    • " Once positioned, the pacemaker is securely attached to the heart wall and can be repositioned if needed,"  says the company.
    • The race begins: In October, St. Jude Medical (STJ) purchased Nanostim, a private manufacturer of a similar device. Nanostim's offering is being readied for European markets, but has not yet won formal FDA approval, though it has been given additional approval through an exemption for "investigational" devices.
    • Medtronic's unit has been granted investigational status worldwide.
    | Dec. 13, 2013, 11:13 AM | 1 Comment
  • Dec. 10, 2013, 3:24 PM
    • Barclays is out with its top equity picks for 2014.
    • The firm's top healthcare name is Overweight-rated Regeneron (REGN -0.4%), which Barclays says should "continue to gain share from both Avastin and Lucentis in the AMD space." Price target is $339.
    • Other picks: AET, HCA, GILD, COV, ACT
    | Dec. 10, 2013, 3:24 PM | 3 Comments
  • Dec. 9, 2013, 12:45 PM
    | Dec. 9, 2013, 12:45 PM | 2 Comments
Company Description
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.