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Medtronic Inc. (MDT)

  • Mar. 7, 2014, 12:41 PM
    • North Carolina surgeon Stuart Meloy may have discovered a game changer for some women: a device that produces "orgasms on demand". He decided to pursue developing the product after witnessing a female patient's intense stimulation after he placed electrodes in her lower back for an undisclosed condition.
    • The device consists of two electrodes that will be surgically inserted into certain nerves in the spinal column and a cigarette pack-size signal generator implanted in the upper buttock. The user presses a remote control button for stimulation.
    • The device will be studied for women who have serious cases of orgasmic dysfunction where some women's brains interpret arousal as a fear response.
    • Medtronic (MDT) has signed on to conduct tests.
    • No decision on developing a mass market version has been disclosed.
  • Feb. 18, 2014, 9:13 AM
    • Medtronic's (MDT +0.2%) net profit slumps to $762M from $988M a year earlier, which included a tax benefit.
    • Earnings also fell because Medtronic took charges for the failed trial of a therapy for high-blood pressure. The charges and other one-time items hit Medtronic's income by $0.16 a share.
    • Sales breakdown: implantable cardioverter defibrillators flat at $655M; pacemakers -4% to $439M; structural heart products +3% to $281M; spinal products -1% to $744M; diabetes +16% to $436M.
    • Emerging markets revenues +10% to $521M.
    • Medtronic narrows its 2014 EPS guidance to $3.81-3.83 from a previous prediction of $3.80-3.85. The company still expects revenue growth of 3-4%. (PR)
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  • Feb. 18, 2014, 7:26 AM
    • Medtronic Inc. (MDT): FQ3 EPS of $0.91 in-line.
    • Revenue of $4.16B (+3.2% Y/Y) beats by $10M.
    • Press Release
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  • Feb. 18, 2014, 12:05 AM
  • Feb. 17, 2014, 5:30 PM
  • Jan. 28, 2014, 4:04 PM
    • The system was approved for use in the treatment of type B aortic dissections.
    • "Supported by the results of the U.S. Medtronic DISSECTION trial, the new indication expands treatment options for this challenging patient population by providing physicians with a minimally invasive alternative to open surgical repair and medical therapy."
    • Medtronic (MDT +0.2%) press release
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  • 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.
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  • 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.
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  • 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)
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  • 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)
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  • 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)
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  • 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.
  • 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.
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  • 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
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  • 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)
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  • 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)
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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.