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Medtronic Bill Pay

Medtronics $43bn Covidien Deal And Irish Tax Move

Medtronics $43bn Covidien Deal And Irish Tax Move

Medtronic , the world's biggest medical devices maker by sales, will buy Ireland-based rival Covidien in a $42.9 billion agreement that could increase concerns about the rush of U.S. companies striking deals to cut their tax bills. The deal, announced late Sunday, involves Medtronic paying $35.19 in cash and 0.956 of an ordinary share of Medtronic to Covidien shareholders - a premium of 29 percent to the Ireland-based company's closing stock price on Friday. "This acquisition will allow Medtronic to reach more patients, in more ways and in more places," Medtronic Chairman and CEO Omar Ishrak said in a statement: Read More Medtronic mulls bid for Smith & Nephew: Report Minneapolis-based Medtronic will create two new, Irish-listed companies called New Medtronic and New Medtronic Sub through which it will channel the transaction. As well as saving on Medtronic's tax bill, the acquisition is expected to deliver around $850 million of annual pretax savings by the end of 2018. "To finance the deal, they have some $13 billion to $14 billion in cash trapped overseas. They wanted to free that up to use that," former Medtronic Chairman and CEO Bill George told CNBC on Monday. The U.S. company had also been linked to a potential bid for U.K.-listed Smith & Nephew . Ireland's corporate tax rate of 12.5 percent is substantially lower than the U.K.'s 21 percent and the 35 percent in the U.S. Covidien itself is historically based mainly in Massachusetts, but moved its headquarters to Ireland for tax reasons in 2009. Medtronic is the latest U.S. company to do a "tax inversion"move its base overseas for tax purposes, so that overseas revenues will be taxed at a lower rate. This kind of move particularly suits pharmaceutical companies because they tend to be cash-rich and generate a sig Continue reading >>

Bill Hawkins: How I Made The Toughest Call Of My Career

Bill Hawkins: How I Made The Toughest Call Of My Career

By Bill Hawkins MoneyWatch October 5, 2009, 3:00 AM Bill Hawkins: How I Made the Toughest Call of My Career Last Updated Aug 16, 2010 5:55 PM EDT Not many CEOs run companies whose products have saved the lives of family members; Bill Hawkins does, and his connection with Medtronic, the $14.6 billion Minneapolis-based medical device maker, runs deep. His father has had eight coronary stents implanted; his father-in-law has both a Medtronic heart valve and a pacemaker; and his uncle received Medtronic deep brain stimulation to control tremors caused by a World War II combat injury. "Medronic's mission to alleviate pain and to extend life is something I take very seriously," says Hawkins. That sense of mission would be tested in October 2007, only two months into his tenure as CEO, when he learned that the company's Sprint Fidelis lead might have been malfunctioning at an unacceptably high rate. Leads are ultrathin insulated wires that connect an implanted defibrillator to heart muscles and signal the device to send a life-saving shock to the heart. "Sprint" was the brand name of Medtronic's line of leads; "Fidelis" was the newest, thinnest model. Fractured leads could subject patients to random shocks, even when their heart was working fine. They could also fail to deliver shocks when they were really needed. Medtronic had identified a number of deaths in which a lead malfunction might have played a role. That put the freshman CEO in a horrific bind. If he recalled the product, he'd sentence his company to a massive loss of revenue and market share. If he soldiered on, he'd be taking a risk that could one day be fatal to Medtronics' reputation and possibly to other heart patients. Recalls Hawkins: "It was a rough way to start." An MBA who got his degree in electrical and Continue reading >>

Medtronic Paid New Ceo Bill Hawkins $7.1 Million

Medtronic Paid New Ceo Bill Hawkins $7.1 Million

Medtronic Paid New CEO Bill Hawkins $7.1 Million WASHINGTON (AP) - Medtronic Inc., the world's largest medical device maker, paid new Chief Executive Bill Hawkins compensation valued at $7.1 million for fiscal 2008, according to a proxy statement filed Friday. Medtronics Spinal and Biologics business is based in Memphis. Hawkins, 54, was named CEO last August, replacing Art Collins, who had led the company since 2002. For the year ended April 25, Hawkins received a $996,000 salary, a $971,749 performance-based bonus, and $46,000 in other compensation. He also received stock and options valued by the company at $5.1 million at the time they were awarded. The entire pay package amounts to a 40 percent boost from the $5 million in compensation Hawkins received in 2007. He had served as the company's chief operating officer since 2004 and had previously run its vascular business. Separate from his annual compensation, Hawkins received restricted stock awards worth nearly $2 million. Collins, 60, racked up $2.1 million in compensation for the year, primarily as chairman of the company's board of directors. He is scheduled to step down Aug. 21, the day of the company's annual meeting. Collins received $1 million in salary, $987,656 in performance-based bonus and $23,414 in miscellaneous salary. The amount is more than 70 percent less than what he received as CEO last fiscal year. Separate from his annual compensation, Collins also exercised stock options worth $18 million and received $2.8 million in vesting stock awards. Fridley-based Medtronic makes devices such as implantable heart defibrillators, spinal implants, and insulin pumps. After a strong run-up through the 1990s, Medtronic shares touched $62 on Dec. 26, 2000, but they have been treading water in recent years, tr Continue reading >>

Medtronic Avoids U.s. Taxes While Saddling Shareholders With A Hefty Tax Bill

Medtronic Avoids U.s. Taxes While Saddling Shareholders With A Hefty Tax Bill

Medtronic Avoids U.S. Taxes While Saddling Shareholders With a Hefty Tax Bill Medtronic's $49.9 billion acquisition of Covidien -- the largest tax inversion deal ever -- will leave shareholders with a big tax bill, while Medtronic may pay little or no taxes. NEW YORK ( TheStreet ) -- Medtronic's ( MDT ) $49.9 billion acquisition of Dublin-based Covidien ( COV ) -- the largest tax inversion deal ever -- will leave shareholders with a big tax bill, while allowing the Minnesota-based company to pay little or no U.S. taxes . The controversial purchase, which received much press scrutiny last year, is the largest acquisition ever in the medical technology industry. The acquisition closed Monday. "It is not inconceivable that [Medtronic] may not be taxed at all " on its U.S. operations, said Robert Willens, tax consultant and professor at Columbia University. So-called tax inversions have become a hot-button political issue in recent years. Typically, inversion deals involve American corporations' acquisition of foreign entities or subsidiaries in a tax-friendly regime. While they offer long-term benefits to companies in the form of reduced tax liabilities and better access to cash across geographies, inversion deals cost a pretty penny to individual investors and the Treasury department. Last year, the U.S. Congress's Joint Committee on Taxation estimated that tax inversions would cost the government approximately $19 billion over the next decade. The Medtronic acquisition saddles shareholders with a capital gains tax accrued as part of the transaction. Under IRS rules, this is typical for inversion deals in which the acquiring company holds 50% or more of the shares of the acquired company. Medtronic reimbursed $63 million to senior executives last year to offset their tax Continue reading >>

Medtronic To Pay Ceos Tax Penalty

Medtronic To Pay Ceos Tax Penalty

Medtronic to pay CEOs tax penalty Medtronic to pay CEOs tax penalty Check out this story on Freep.com: A link has been sent to your friend's email address. A link has been posted to your Facebook feed. To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Michelle Fay Cortez and Zachary R. Mider Published 5:21 p.m. ET Aug. 29, 2014 Medtronic plans to pick up a $25-million tax bill for CEO Omar Ishrak, the cost of a special penalty imposed by Congress on executives who shift their companys tax domiciles out of the U.S. The company is also paying a $38-million tab for the rest of its top officers and directors, Minneapolis-based Medtronic said in a filing with U.S. regulators. The tax penalty arises from Medtronics plan to adopt an Irish address as part of its takeover of Covidien. The requirement stems from a 2004 law meant to discourage CEOs from lowering their companies tax bills by shifting their legal addresses out of the U.S. It imposes an excise tax, currently 15%, on the value of any restricted stock or unexercised options the executives hold at the time of the transaction. Compared with the value of the Covidien transaction to Medtronic shareholders, the potential cost of the excise tax payment is relatively insignificant, the company said in the Aug. 27 filing under the name Medtronic Holdings. The contents were reported Friday by the Minneapolis Star-Tribune. Medtronic agreed to buy Covidien, a maker of hospital supplies, for $42.9 billion in June. Medtronics board made the decision to cover the executives costs, called a tax gross up, so they wouldnt be personally penalized for an acquisition thats in the companys best interest, said Fernando Vivanco, a Medtronic spokesman. The decision to move the companys address to Ire Continue reading >>

Senator Targets Medtronic Payments

Senator Targets Medtronic Payments

Fernando Romero optioned after Rangers chase Jake Odorizzi A U.S. senators ongoing scrutiny of payments to physicians by medical device companies expanded Thursday with an added focus on the spinal division of Fridley-based Medtronic Inc. In a letter to Medtronic Chief Executive Bill Hawkins, Sen. Charles Grassley, R-Iowa, asked for detailed information about payments from the companys Memphis, Tenn.-based spinal division to doctors and questioned whether such transfers of value could wrongly influence physician decisions about which medical devices to use. I would appreciate your response to allegations that Medtronics practices of providing physicians with inordinately high consulting fees, free travel and other perks distort decision-making among physicians and obscure the best interest of patients, Grassley wrote in the letter, posted Thursday on the Web site of the Senate Finance Committee. Medtronic spokesman Rob Clark said the company would work to comply with Grassleys request for information about payments by Wednesday. But he stressed such monetary agreements with physician consultants are common in the medical device industry, where doctors are paid for their work developing products and then, in some cases, for helping to train other doctors in how to use the products. The agreements, Clark said, are critical to the creation and refinement of medical technology. We work with physicians to create products and to perfect products, Clark said. We formalize those relationships through contracts and agreements. They charge us for their time, and we pay a fair-market value. Earlier this month, Grassley introduced a bill that would require medical device manufacturers and pharmaceutical companies to publicly disclose any speaking fees, travel reimbursements and ot Continue reading >>

Spine Surgeon Didn't Disclose Medtronic Pay In Testimony

Spine Surgeon Didn't Disclose Medtronic Pay In Testimony

Spine Surgeon Didn't Disclose Medtronic Pay in Testimony In May 2006, University of Minnesota spine surgeon David Polly urged a Senate committee to fund research into the severe arm, leg and spine injuries suffered by soldiers in Iraq and elsewhere. Dr. Polly told the committee he was testifying on behalf of the American Academy of Orthopaedic Surgeons and referenced his prior work caring for soldiers as a surgeon at the Walter Reed Army Medical Center. Copyright 2018 Dow Jones & Company , Inc. All Rights Reserved.

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  • Medtronic Will Pay Executives Tax Bill For Inversion

    Medtronic Will Pay Executives Tax Bill For Inversion

    Next, Monopoly: Litigators Edition? Posted 4 days ago Home > Corporate Governance > Medtronic Will Pay Executives Tax Bill For Inversion Medtronic Will Pay Executives Tax Bill For Inversion Medtronic Inc. told shareholders last week that it intends to reimburse top executives for the personal tax bill they will face as the result of the companys announced tax inversion: Medtronic will acquire surgical supplier Covidien, an Irish company, and move its headquarters to Ireland, where it will pay substantially less corporate tax. Executives, however, will be hit with a 15 percent federal excise tax on future stock options, a special tax that kicks in after inversions. The fact the company intended to pay much of the executives tax bill was revealed at a tense annual shareholders meeting, according to an article in the StarTribune, but the amounts a total of about $63 million, including more than $5 million each to four top executives did not come out until an SEC filing a few days later. Some shareholders are not happy, particularly since for many of them the deal will trigger significant capital gains tax, which they will pay out of their own pocket. Continue reading >>

    Bill George | Harvard Business School Professor, Former Medtronic Ceo

    Bill George | Harvard Business School Professor, Former Medtronic Ceo

    Harvard Business School Professor, former Medtronic CEO CNBC: Fmr. Medtronic CEO: Im Disappointed in How Zuckerberg Has Handled This Mike Jackson, Event Solutions CEO, and Bill George, former Medtronic CEO, discuss the ongoing fallout for Facebook following the Cambridge Analytica data scandal. This content was originally posted on CNBC.com on 3/22/18. HBSWK: Op-Ed: Why BlackRock CEO Larry Fink Is Not a Socialist BlackRock CEO Larry Finks open letter to CEOs has reignited the shareholders versus stakeholders debate.Bill Georgesays its actually not much of a debate: mission-driven, values-centered companies perform better. BlackRock CEO Larry Finks recentletterto all CEOs in the S&P 500 has reignited the never-ending debate of shareholders versus stakeholders. Titled A Sense of Purpose, Finks letter CNBC: Cigna Deal Feels Like 2 Jilted Lovers: Fmr. CEO Medtronic CNBC contributor and former Medtronic CEO Bill George discusses health care consolidation and the latest deal between Cigna and Express Scripts. This content was originally posted on CNBC.com 3/9/18. Washington Post: Dicks Sporting Goods Took a Stand on Gun Sales and Made a Big Statement ByJena McGregor WhenDicks Sporting Goods CEO Edward W. Stack took astanceafter the Parkland, Fla., school massacre, most of the attention was on what his retail chain would stop doing: It would no longer sellassault weapons, nolonger sell high-capacity magazines and nolonger sell guns to customers under age 21. ButStacks statementalso was notable for what he StarTribune: A Salute to the Mayo Clinics Retiring Servant-Leader How Dr. John Noseworthys mission-focused approach can aid Minnesotas world-class medical sector and other fields as well. By Bill George and Richard Davis Minnesota has earned a national and global reputation Continue reading >>

    Physician Payment Sunshine: Medtronic Reports Physician Payments

    Physician Payment Sunshine: Medtronic Reports Physician Payments

    Following the trend of major pharmaceutical companies such as Pfizer , Eli Lilly , Merck , and GlaxoSmithKline , medical-device maker Medtronic Inc. disclosed this week that it made payments of more than $15.7 million in royalties and consulting fees to U.S. doctors in the first quarter. According to the Wall Street Journal , this is the first time the big Minneapolis company has provided such details. In doing so, Medtronic is voluntarily disclosing such payments ahead of requirements mandated by the Physician Payment Sunshine Act , which requires companies to post such payments by 2013. WSJ reported that the vast majority, or $14.2 million, went to orthopedic specialists and orthopedic surgeons. Of that amount, $13.9 million took the form of royalty payments for a wide range of doctors surgical inventions. An additional $512,000 went to vascular and cardiac specialists, $495,000 to heart-rhythm doctors and $473,000 to neurosurgeons and neurologists. The article also noted that 227 doctors and doctor groups received consulting or royalty payments exceeding an aggregate $5,000 in the first quarter. Lower amounts werent reported, nor were payments to foreign doctors or to doctors doing clinical studies. Some physicians who received payments asserted that they or their groups were the primary developers of one of Medtronics biggest products, and others acknowledged that they do not get paid royalties for surgery at a hospital where they have privileges. The Physician Registry for Medtronic includes U.S. physician relationships (including MDs, DOs, MBBSs, and DDSs) that result in aggregate compensation above $5,000 in each calendar year. The registry , which is updated quarterly, includes the names of U.S. physicians in that category, which services they provided and the Continue reading >>

    Twin Cities Business - Bill George - He Transformed Medtronic From A Midsize Heart-device Maker Into One Of The Worlds Largest Med-tech Corporations.

    Twin Cities Business - Bill George - He Transformed Medtronic From A Midsize Heart-device Maker Into One Of The Worlds Largest Med-tech Corporations.

    He transformed Medtronic from a midsize heart-device maker into one of the worlds largest med-tech corporations. Headquarters: Dublin (operational headquarters: Fridley, Minn.) Revenue (2016): $28.8 billion (FY ended April 29, 2016) Bill George knew that things werent quite as they seemed. On the surface, 1998 seemed to embody the culmination of all that he had worked to build as CEO of Medtronic Inc., but behind the scenes something else was occurring. Then a midsize medical-device maker, based in Fridley, Minn., Medtronic was drenched in awards, both national and local, including recognitions from Fortune and Industry Week. The companys revenue had grown over 150 percent since 1991, when George became CEO. And from 1996 to 1998, its stock price had nearly doubled, from $13.87 to $26.50. The irony was that while we were earning all these recognitions, the growth had really slowed down, George recalls. We came to a crunch point, where revenues were growing much slower than our earnings. The slowdown in growth had come as competitive products entered the markets. At the same time, demand for those products also had slowed. Whats more, he says, the new products we had in the cycle wouldnt come to market till 1999 or 2000. To George, the decision was stark and simple: We had to either shrink as a company or be bold and go forward. And we elected to be bold. Within about a year, Medtronic spent $13 billion on acquisitions, putting the company into new markets. What had been a successful pacemaker and defibrillator manufacturer became one of the worlds leading medical-technology companies, with capabilities in implantable devices used in spinal surgery, heart surgery and diabetes treatment. As a result, we doubled the shareholder value in two years, [as well as] the number Continue reading >>

    Bill's Story - Unexplained Stroke - Reveal Linq Icm | Medtronic

    Bill's Story - Unexplained Stroke - Reveal Linq Icm | Medtronic

    BILL'S STORY HEART MONITORING FOR UNEXPLAINED STROKE Finding answers with the Reveal LINQ ICM System All his life, Bill has been active. He spent 31 years in the Air Force working in air freight and passenger service before becoming a pastor and working other jobs. With five children and eight grandchildren, there are always activities and chores from raking the leaves to fixing bicycles to playing a game of basketball. There were no signs of illness aside from a little fatigue before he collapsed one morning with a massive stroke. We had been talking, he got up to go to the bathroom and I heard things falling, remembers Donna, Bills wife of 47 years. I found him on the floor, unconscious. He couldnt talk and couldnt move. After Bill was stabilized at the hospital, his medical team set out to determine what caused the stroke. One of the main etiologies for stroke is atrial fibrillation, says Gary Boliek, M.D., a cardiologist at Baptist Health in Lexington, Ky. Patients are sometimes symptomatic in that they may feel their heart racing irregularly. But many times, atrial fibrillation is silent. Atrial fibrillation (AFib) is a common condition in which the upper chambers of the heart, or atria, beat very fast and irregularly so the heart cant pump blood effectively to the rest of the body. AFib increases the risk of stroke more than 5 times,1 but often goes undetected since it can happen infrequently or without symptoms. A heart monitor could determine if Bill had a heart arrhythmia. There are many types of heart monitors and they vary by how long they can be used and how information is captured. One type of monitor captures heart activity for up to two days. Another can be worn for up to 30 days. A large study showed that for many patients whove experienced an unexplain Continue reading >>

    In Deal To Cut Corporate Taxes, Shareholders Pay The Price

    In Deal To Cut Corporate Taxes, Shareholders Pay The Price

    DealBook | In Deal to Cut Corporate Taxes, Shareholders Pay the Price In Deal to Cut Corporate Taxes, Shareholders Pay the Price Medtronic is pursuing a deal to move abroad and save taxes. But few have noticed that the companys shareholders will be the ones left with a big tax bill as a result. Oddly, some of Medtronics largest shareholders BlackRock , Vanguard and other mutual funds may simply not care. The Minneapolis-based Medtronic offered last month to buy Covidien of Ireland for $42.9 billion. When one company acquires another, the buyers shareholders typically do not pay taxes. The reason is simple: The buyers shareholders do not receive anything new, they simply keep holding shares in the buyer. Yet things are different in this deal because Medtronic, like some other American companies, is pulling a tax maneuver known as an inversion. As long as the shareholders of the foreign company own 20 percent or more of the combined entity, a company in the United States can adopt a new homeland for tax purposes as part of the acquisition, in that way lowering its taxes and permitting it access to cash held abroad. Pharmaceutical and medical device companies like Medtronic are leading the rush to go abroad, but the trend is spreading. Chiquita Brands, the banana company, and Destination Maternity, a company that sells clothing for expectant mothers, are also seeking inversions, while Walgreen is contemplating such a move. The Medtronic deal is the biggest one so far. The merger of medical device makers is structured so that Medtronic will relocate to Covidiens corporate home in Ireland, where the corporate tax rate is lower than it is in the United States. Both companies are in the medical device business, but analysts and investors have said the deal makes sense largely Continue reading >>

    Pay Medtronic With Prism Prism

    Pay Medtronic With Prism Prism

    Prism has kept me up to date with paying my bills on time. Thanks to Prism, I have never missed on paying a bill. Thank you Prism, you totally saved my life, my credit score, and my family! Prisms clean design and simple push notifications make sure that you never forget to pay a bill again. Prism tells you what you owe, when you owe it. No more guesswork or trying to remember your login details. With Prism, you pay your biller directly, same-day. Most payments are processed within minutes and youre covered by the Prism Payment Promise. Surprisingly easy and great layout. It's so nice to use, does exactly what it says it will do without the feeling of inadequacy most apps tend to make one have. I love it! Made a switch. Mint lost it for me after they weren't able to update my account. Seems like they just gave up. Plus this one has more of my bills listed for an accurate interpretation. Best App I have ever used to manage and pay bills. It's very simple and fast. I couldn't believe managing money could be so simple and easy. Love this service! It made paying bills fun! :) No, Prism is not affiliated with Medtronic. Prism is a standalone bill pay service that lets you track and pay all of the bills you have for all of your billers. What are the options to view and pay my Medtronic bill? There are several options to pay your Medtronic bills. You can either pay online at Medtronic's website, or you can use Prism's mobile app to pay all your bills. Can I check my Medtronic bill from my mobile phone? Yes, Medtronic's website can be viewed from your phone. In addition to that, you can also use Prism to see not only your Medtronic bill, but also all the rest of your monthly bills in one app. In order to pay online, you must create an account on the Medtronic online website. P Continue reading >>

    Medtronic Deal With Aetna Ties Insulin Pump Payment To Patient Results

    Medtronic Deal With Aetna Ties Insulin Pump Payment To Patient Results

    Medtronic deal with Aetna ties insulin pump payment to patient results (Reuters) - Medtronic Plc said on Monday it signed an agreement with health insurer Aetna Inc under which payment for its insulin pump systems will be tied to how well diabetes patients fare after switching from multiple daily insulin injections. The deal is the latest example of the move toward contracts for prescription drugs and medical devices that attempt to bring down soaring healthcare costs by tying reimbursements to whether the products achieve their intended results. The deal with Aetna will measure health outcomes for patients who transition to one of three Medtronic pumps that self-adjust to keep blood sugar levels in proper range based on patients individual needs for insulin. This agreement reinforces our shift towards value-based healthcare, Hooman Hakami, president of the Medtronic diabetes group, said in a statement. We know technology alone isnt enough and ultimately improved outcomes are what matter. Patients with type 1 diabetes and those with type 2 who have progressed to the need for insulin typically check blood sugar levels several times a day and inject insulin as needed. The pumps eliminate that chore. Medtronic declined to discuss financial details of the Aetna agreement, but said such deals tie revenue to achievement of clinical improvement targets, as well as shared savings for delivering on or exceeding clinical outcomes and cost targets. Suzanne Winter, vice president of the Medtronic diabetes group in the Americas, said the Aetna agreement will initially focus on whether patients on its pumps achieve their A1c targets, a commonly used measure of blood sugar levels. The American Diabetes Association recommends A1c levels below 7. In the future it may look at other meas Continue reading >>

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