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Medtronic plc (MDT)

- NYSE
  • 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.
    • Press release
    | 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
  • Dec. 9, 2013, 9:15 AM
    | Dec. 9, 2013, 9:15 AM | 1 Comment
  • Dec. 8, 2013, 5:19 AM
    • Covidien (COV) has agreed to acquire Given Imaging (GIVN), an Israeli provider of an ingestible camera for diagnosing stomach problems, for $860M.
    • The offer of $30 a share represents a premium of 27% over Given's closing price on Nasdaq on Friday. Shares in Tel Aviv have jumped 21%.
    • "We believe GI (gastrointestinal) is one of the most attractive specialty procedure areas," said Covidien's (COV) Bryan Hanson. "Acquiring Given will enable Covidien to significantly expand its presence in a $3B GI market."
    • Covidien intends to finance the transaction, which is expected to be completed by March 31, with cash on hand.
    • The Irish-based firm forecast that Given will add $40-50M a quarter in incremental revenue. The acquisition is seen as being neutral to operating margin and adjusted EPS in FY 2014, and then as adding to those metrics in 2015 and beyond.
    • Given shareholders that control 44% of the company have approved the deal, including Elron Electronic Industries (ELRNF). (PR)
    | Dec. 8, 2013, 5:19 AM | 2 Comments
  • Dec. 5, 2013, 9:11 AM
    • Covidien (COV) is initiated at Buy at Benchmark.
    • Analyst Jan Wald likes the company's "deep commitment to ROIC" and thinks the strategy of "using acquisitions as a proxy for R&D" is working out well.
    • Wald also says COV's EM strategy is "paying off" and thinks margins look "much stronger" than competitors.
    • Price target is $82.
    | Dec. 5, 2013, 9:11 AM | Comment!
  • Nov. 20, 2013, 4:08 PM
    • JPMorgan tweaks estimates on Medtronic (MDT) on the heels of the company's FQ2 report.
    • Analyst Michael Weinstein calls the results "solid" and boosts his price target to $63 from $59.
    • Neutral rating reiterated.
    • On the call, Weinstein asked management if they were confident in emerging market reacceleration (emerging market revenue grew just 1.8% sequentially in FQ2), to which CEO Omar Ishrak responded: "I think this quarter we just happened to have a bunch of different regions slow down. Just by coincidence everything happened together. We expect this to rapidly start to reaccelerate, because everywhere I go, the fundamental growth drivers are clearly there." (transcript)
    | Nov. 20, 2013, 4:08 PM | Comment!
  • Nov. 19, 2013, 8:47 AM
    • Revenues rise 2.4% Y/Y in FQ2 for Medtronic (MDT) — the figure rises to 3.3% stripping out currency impact.
    • International sales tick 3% higher and accounted for 45% of MDT's top-line for the period.
    • "Revenue growth was in-line with our outlook for the year," CEO Omar Ishrak says, adding that the company is "performing at or better than the market in almost every one of [its] businesses."
    • Revenue growth by segment (constant currency): Cardiac and Vascular, +4%;  Restorative Therapies, +2%; Diabetes, +3%.
    • FY14 outlook: EPS guidance unchanged at $3.80-3.85 on revenue growth of 3-4%. (PR)
    | Nov. 19, 2013, 8:47 AM | Comment!
  • Nov. 19, 2013, 8:33 AM
    • Medtronic (MDT): FQ2 EPS of $0.91 beats by $0.01.
    • Revenue of $4.19B (+3.3% Y/Y) beats by $0.01B. (PR)
    | Nov. 19, 2013, 8:33 AM | Comment!
  • Nov. 19, 2013, 12:05 AM
  • Nov. 18, 2013, 5:30 PM
  • Nov. 17, 2013, 1:38 AM
    • The FDA has warned that almost 15,000 recalled guidewires made by Medtronic (MDT) could cause serious harm or death.
    • Medtronic initiated the recall last month following four complaints, including one in which a patient had to be resuscitated after a cardiac arrest. No deaths have been reported.
    • Surgeons use guidewires to help put other devices into place in the body, including those used to open blocked arteries. The coating on Medtronic's products has the potential to come off, which could cause blood clots or other problems.
    | Nov. 17, 2013, 1:38 AM | 1 Comment
  • Nov. 11, 2013, 10:01 AM
    • Japan's Central Social Insurance Medical Council approves reimbursement for Given Imaging's (GIVN +1.7%) PillCam COLON.
    • Rate: ~$840/capsule, effective January 1. (PR)
    | Nov. 11, 2013, 10:01 AM | Comment!
  • Nov. 8, 2013, 7:49 AM
    • Revenue growth at Covidien (COV) comes in at 5% for FQ4 ex-currency impact.
    • Medical devices sales rise 3% (6% ex-currency impact) to $2.13B, driven by growth in new products and higher volume.
    • Medical supplies sales print slightly below 2012's Q4, at $434M.
    • Gross margin expands 20 bps to 58.1% (-70 bps adjusted).
    • FY14 guidance unchanged:  Revenue growth of 2-5%, operating margin of 21.5-22.5%. (PR)
    | Nov. 8, 2013, 7:49 AM | Comment!
  • Nov. 8, 2013, 6:02 AM
    • Covidien (COV): FQ4 EPS of $0.91 beats by $0.01.
    • Revenue of $2.56B (+2% Y/Y) in-line. (PR)
    | Nov. 8, 2013, 6:02 AM | Comment!
  • Nov. 8, 2013, 12:05 AM
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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.