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Medtronic plc (MDT)

  • Mon, Jan. 12, 12:17 PM
    • On January 26, the Irish High Court will hear Covidien's (COV +0.2%) petition to sanction the scheme of arrangement pertaining to Medtronic's (MDT) takeover of the company. If it sanctions the deal, the transaction is expected to close no later than January 29.
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  • Mon, Jan. 5, 9:41 AM
    • The FDA approves Medtronic's (MDT -0.8%) IN.PACT Admiral drug-coated balloon (DCB) for the interventional treatment of peripheral artery disease in the upper leg. The system is designed  to reopen the superficial femoral and popliteal arteries that have been narrowed or blocked by plaque.
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  • Dec. 24, 2014, 12:13 PM
    • United Therapeutics (UTHR +2.4%) submits a Pre-Market Approval (PMA) application to the FDA for the use of Medtronic's (MDT +0.7%) SynchroMed II implantable drug infusion system with Remodulin (treprostinil) to deliver the drug intravenously to patients with pulmonary arterial hypertension.
    • The company plans to submit a supplemental New Drug Application (sNDA) in January to amend Remodulin's label to include the use of the drug with the device.
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  • Dec. 11, 2014, 10:06 AM
    • The FDA clears two additional Attain Performa left ventricular (LV) quadripolar leads from Medtronic (MDT +1.1%). The S-shape and Straight leads are designed to accommodate patients' varying vessel sizes and curvatures to enhance lead placement.
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  • Dec. 2, 2014, 8:03 AM
    • Medtronic's (NYSE:MDT) $17B bond offering to help finance its acquisition of Covidien is the year's largest. The tranches are:
    • $500M aggregate principal amount (APA) Floating Rate Senior Notes (LIBOR + 0.80%) due March 15, 2020; $1B APA 1.500% Senior Notes due March 15, 2018; $2.5B APA 2.500% Senior Notes due March 15, 2020; $2.5B APA 3.150% Senior Notes due March 15, 2022; $4B APA 3.500% Senior Notes due March 15, 2025; $2.5B APA 4.375% Senior Notes due March 15, 2035 and $4B APA 4.625% Senior Notes due March 15, 2045.
    • Closing date is December 10, 2014.
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  • Dec. 2, 2014, 5:09 AM
  • Nov. 28, 2014, 10:45 AM
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  • Nov. 26, 2014, 3:57 PM
    • The Federal Trade Commission approves the merger between Medtronic (MDT +1%) and Covidien plc (COV +1.2%) with the proviso that Covidien divest its drug-coated catheter business before completing the transaction. Covidien agreed to sell the business for $30M to Spectranetics (SPNC +1%) several weeks ago.
    • Previously: Medtronic buying Covidien for $42.9B
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  • Nov. 18, 2014, 8:07 AM
    • Medtronic (NYSE:MDT) fiscal Q2 results ($M): Revenues: 4,366 (+4.1%); COGS: 1,142 (+4.8%); Operating Expenses: 1,881 (+3.9%); Net Income: 828 (-7.2%); EPS: 0.83 (-6.7%); CF Ops (6 mo.): 1,223 (-39.4%).
    • Revenue by group ($M): Cardiac Rhythm & Heart Failure: 1,320 (+3.7%); Coronary & Structural Heart: 743 (+4.9%); Aortic & Peripheral Vascular: 223 (+2.3%); Spine: 746 (unch); Neuromodulation: 494 (+3.1%); Surgical Technologies: 410 (+8.8%); Restorative Therapies: 1,650 (+3.0%); Diabetes Group: 430 (+9.4%).
    • 2015 Guidance: Revenue growth: 4 - 5% from 3 - 5%; non-GAAP EPS: $4.00 - 4.10 (unch).
    • Previously: Medtronic EPS and revenue in-line
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  • Nov. 18, 2014, 7:43 AM
    • Medtronic (NYSE:MDT): FQ2 EPS of $0.96 in-line.
    • Revenue of $4.37B (+4.3% Y/Y) in-line.
    • Press Release
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  • Nov. 17, 2014, 5:30 PM
  • Nov. 17, 2014, 8:24 AM
    • At American Heart Association meeting in Chicago, Medtronic (NYSE:MDT) presented new data supporting the clinical and economic value of its cardiac resynchronization therapy (CRT) devices for the treatment of heart failure (HF).
    • Over 1M HF patients are hospitalized each year. 25% of them are re-admitted within 30 days and 50% are re-admitted within six months. The mortality rate is ~30%.
    • In an effort to determine whether CRT reduces the rate of all-cause readmission within 30 days of a heart failure hospitalization, a meta-analysis of pooled data from five randomized trials involving 3,872 patients was completed. In the group of 678 patients with an index heart failure hospitalization, there was a 26% relative reduction in hospital readmissions in patients treated with CRT. The benefit was higher, 31%, in patients with more advance heart failure (Class III/IV) than Class II at 10%.
    • Separately, researchers found that patients who improved or remained unchanged six months after CRT were projected to live longer and consumed fewer hospital resources than patients who worsened.
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  • Nov. 12, 2014, 4:53 AM
    • Medtronic (NYSE:MDT) submitted concessions last Friday in a bid to secure regulatory approval for its $43B acquisition of Covidien (NYSE:COV), says the European Commission.
    • The EU antitrust authority will decide by Nov. 28 whether to clear the deal.
    • A takeover of its Irish rival would reduce Medtronic's overall global tax burden, although it has said that the takeover is not an "inversion" deal for tax reasons.
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  • Nov. 10, 2014, 4:47 PM
    • Medtronic (NYSE:MDT) will report fiscal Q2 results on November 18 before the open. The conference call will begin at 7:00 am CT/8:00 am ET.
    • Consensus view is EPS of $0.96 on revenues of $4.37B.
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  • Nov. 10, 2014, 10:49 AM
    • The Japanese Ministry of Health, Labour and Welfare approves Medtronic's (MDT +0.1%) Evera SureScan implantable cardioverter-defibrillator (ICD) for magnetic resonance imaging (MRI) scans positioned on any region of the body. The commercial launch is underway.
    • Evera MRI is available in both single chamber and dual chamber ICDs.
    • Until the availability of MR-Conditional ICDs, patients with the devices had been contraindicated from receiving MRI scans because of the potential interactions between the MRI and device function.
    • Evera MRI is not yet approved in the U.S.
    • Related tickers: (STJ +0.7%)(BSX +1.6%)
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  • Oct. 27, 2014, 11:41 AM
    • The FDA approves St. Jude Medical's (STJ -0.3%) TactiCath Quartz irrigated ablation catheter. The product gives physicians a real-time objective measure of the force that the catheter applies to a patient's heart wall during an ablation procedure. The technology is associated with a reduction in the rate of atrial fibrillation recurrence when optimal treatment measures are used.
    • Related tickers: (BCR +1.2%)(MDT -0.1%)(JNJ +0.9%)(BSX +0.8%)(HNSN +2.1%)(ABT -0.6%)
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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.