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Medtronic Restructuring 2017

Press Release | Newsroom | Medtronic | Medtronic Completes Acquisition Of Mazor Robotics

Press Release | Newsroom | Medtronic | Medtronic Completes Acquisition Of Mazor Robotics

Medtronic Completes Acquisition of Mazor Robotics (GLOBE NEWSWIRE via COMTEX) --Company Integrates Robotics and Aims to Make Spine Surgery More Predictable and Transform Outcomes for Hospitals, Surgeons, and Patients DUBLIN - December 19, 2018 - Medtronic plc (NYSE:MDT) today announced it has completed the acquisition of Israel-based Mazor Robotics (NASDAQ:MZOR, TASE:MZOR.TZ). Under the terms of the acquisition agreement announced on September 20, 2018, Mazor shareholders will receive $58.50 per American Depository Share, or $29.25 per ordinary share, in cash. The total value of the transaction is reported at $1.7 billion, or $1.3 billion net of Medtronic's existing stake in Mazor and cash acquired. Medtronic's acquisition of Mazor ranks among the largest orthopedic deals completed in 2018. This acquisition strengthens Medtronic's position as a global innovator in enabling technologies for spine surgery. By combining Medtronic's market-leading spine implants, navigation, and 3D imaging technology with Mazor's robotic-assisted surgery systems, Medtronic offers a fully-integrated procedural solution for surgical planning, workflow, execution and confirmation. "With today's announcement, in bringing the two companies together Medtronic aims to accelerate the advancement and adoption of robotic-assisted surgery in spine for the benefit of patients, providers, and the healthcare system more broadly," said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic. "This is the latest example of our Surgical Synergy strategy, which we believe will transform spine care through procedural solutions that integrate implants, biologics and enabling technologies like navigation, 3D imaging, robotics and powered surgical tools." Medtronic b Continue reading >>

Newsroom | Medtronic | 2018 Press Releases

Newsroom | Medtronic | 2018 Press Releases

New Analyses Confirm Patients with Medtronic CRT Devices Experience Less Atrial Fibrillation, Are More Active Positive Data on Exclusive AdaptivCRT(TM) Feature Unveiled at EHRA Scientific Sessions 2018 DUBLIN and BARCELONA, Spain - March 20, 2018 - Two real-world analyses featuring the Medtronic plc (NYSE: MDT) AdaptivCRT(TM) algorithm reinforce that its use is linked to a reduction in atrial fibrillation (AF) episodes, as well as tied to higher patient activity levels. The results, involving 408 patients with heart failure and a Medtronic cardiac resynchronization therapy (CRT) device at 26 centers i... Study Shows Positive Results with Medtronic Cryoballoon for Patients with Persistent Atrial Fibrillation DUBLIN and BARCELONA, Spain - MARCH 19, 2018 - Medtronicplc (NYSE: MDT) today announced one-year results from the CRYO4PERSISTENT AF study of ablation with the Arctic Front Advance(TM) Cryoballoon to isolate the pulmonary veins in patients with symptomatic persistent atrial fibrillation (AF). The Arctic Front Advance Cyroablation System is not approved for treating persistent AF in the United States. The study results, presented today at the European Heart Rhythm Association (EHRA) Scientific ... Medtronic EVP & President Hooman Hakami to Speak at Oppenheimer Healthcare Conference DUBLIN - March 13, 2018 - Medtronic plc (NYSE:MDT), the global leader in medical technology, today announced it will participate in the Oppenheimer 28th Annual Healthcare Conference on Tuesday, March 20, 2018, in New York City. Hooman Hakami, executive vice president and group president of Medtronic's Diabetes Group, will answer questions about the company beginning at 8:35 a.m. EDT (7:35 a.m. CDT). A live audio webcast of the presentation will be available on March 20, 2018, by clicking o Continue reading >>

Medtronic To Restructure, Unknown Number Of Employees Impacted

Medtronic To Restructure, Unknown Number Of Employees Impacted

Medtronic to Restructure, Unknown Number of Employees Impacted Changes are coming to Minneapolis-based Medtronic . During the J.P. Morgan Healthcare Conference in San Francisco, the company announced a restructuring initiative that could save the company $3 billion over several years and impact an unknown number of jobs. Called the Enterprise Excellence Program, Medtronic anticipates the initiative will drive long-term business growth and sustainable efficiency, according to a filing with the U.S. Securities and Exchange Commission. In the filing, the company said the program will be focused on three categories global operations, functional optimization and commercial optimization. While the filing laid out its areas of focus, it did not provide any meat to its proposed restructuring. For global operations, the company said it will enhance global manufacturing and supply processes, systems and site presence to improve quality, delivery, cost and cash flow. For its functional optimization plan, Medtronic said it will leverage its operating models and systems across several enabling functions to improve productivity and employee experience. For the commercial optimization program, the company said it is looking to improve productivity and the customer experience. The program is designed to drive operating margin improvement as well as fund investment in strategic growth initiatives, Medtronic said in its Jan. 8 filing. Medtronic said it anticipates incurring expenses of approximately$1.6 billionto$1.8 billion as part of the initiative. The majority of the costs are expected to be felt by the end of 2022, Medtronic said. Approximately 40 to 50 percent of the costs will be associated with severance packages. The rest of the costs are primarily associated with job cuts, emp Continue reading >>

Medtronic To Grow On Strong Fundamentals, High Costs A Woe

Medtronic To Grow On Strong Fundamentals, High Costs A Woe

Medtronic to Grow on Strong Fundamentals, High Costs a Woe Flex (FLEX) Q4 Earnings Miss, Revenues Surpass Estimates Flex's (FLEX) fourth-quarter fiscal 2018 results benefits from new business wins driven by the Sketch-to-Scale initiative. On Apr 3, we issued an updated research report onMedtronic plc MDT. While we are encouraged by the global acceptance of the companys advanced therapies, its escalating costs and expenses raise concerns. The company has a Zacks Rank #3 (Hold). On a positive note, we are upbeat about Medtronics recently-launched restructuring initiative called Enterprise Excellence plan, aimed at $3-billion annual growth run rate savings by the end of fiscal 2022. Per the company, this new program has been designed to increase its effectiveness and growth-related reinvestment ability along with a consistent boost to margin expansion and driving the EPS leverage. Also, a gradually stabilizing movement witnessed in the global Cardiac Rhythm & Heart Failure (CRHF) market bodes well for further improvement in the coming quarters. Medtronic PLC Price | Medtronic PLC Quote Meanwhile, at the end of third-quarter fiscal 2018, Medtronic noted that it has successfully met its $850 million Covidien synergy commitments in time. Significantly, this comes under one of the companys four priorities, which is, optimize. Per this commitment, Medtronic has started to deliver $225-$250 million in cost synergies and $850 million in annual savings by the end of fiscal 2018. On the flip side, shares of Medtronic have underperformed the broader industry over the past three months.The stock has lost 8% versus the broader industrys 2.5% gain. The company has been exposed to escalating costs and expenses, weighing heavily on its margins. Its reiteration of 2018 guidance despite a Continue reading >>

Medtronic Sheds 2,000 Jobs Worldwide, 500 In Minnesota

Medtronic Sheds 2,000 Jobs Worldwide, 500 In Minnesota

Medtronic sheds 2,000 jobs worldwide, 500 in Minnesota The layoffs come at a time when earnings were better than expected. Video (20:05) : Medtronic confirmed Tuesday that it is eliminating 2,000 jobs worldwide, the same day that the company reported strong fourth-quarter earnings. Medtronic is eliminating 2,000 jobs worldwide, including 500 in Minnesota, in a move that is part of an industry trend to consolidate and shed employees in struggling markets. The Fridley-based manufacturer must shift resources from areas that are slow performing to those that are seeing more impressive growth, such as technology to treat chronic pain, said Omar Ishrak, Medtronics CEO. Most of the companys cuts are in its cardiac and spine businesses, areas hit hard by pricing pressures and sluggish sales. These are never easy decisions but are necessary, Ishrak said. In annoucing the decision Tuesday, executives at Medtronic, one of the worlds largest medical device companies, said the layoffs are expected to save up to $225 million a year. I think this highlights some of the pressures within the industry, said Jeff Windau, an analyst with Edward Jones. Pricing and competition have been tough and expenses continue to rise. It doesnt look like those trends will be changing soon. Josh Hill, senior portfolio manager and co-director of equities with the Windsor Financial Group, which has held Medtronic stock since the 90s, said Medtronic is a different company today than the one that made its fortunes treating the human heart. The cardiac market is a very difficult market, he said. At the end of the day, it is still their slower growing business. About half the jobs are being eliminated in the United States and some 65 percent of the cuts have already occurred, Medtronic said. Included in the j Continue reading >>

Medtronic Launches Restructuring Program Looking To Reduce Costs By $3b By 2022

Medtronic Launches Restructuring Program Looking To Reduce Costs By $3b By 2022

Home Medtronic launches restructuring program looking to reduce costs by $3B by 2022 Medtronic launches restructuring program looking to reduce costs by $3B by 2022 Medtronic (NYSE: MDT )yesterday announced the enterprise excellence program, a multi-year business growth and efficiency program focused on global operations, functional and commercial optimization looking to save $3 billion by the end of its 2022 fiscal year. The Fridley, Minn.-based company said that while it expects its overall employee base will remain relatively unchanged, there will be charges associated with employee related costs including termination benefits and severance packages over the next five years, according to the SEC filing. Charges of approximately $1.6 billion to $1.8 billion are expected for the company by the end of its fiscal year 2022, according to the SEC filing, with an estimated 40% to 50% associated with employee related costs. There is not a definite number of impacted employees to identify at this time as several factors will influence our overall resourcing impact over the five year period. As we stated in our 8K filing, while the company anticipates there will be some employees impacted as a result of the restructuring and realignment plans, the company expects that its overall employee base will remain relatively unchanged, as new jobs are created in new capability areas and resources are deployed to support the companys growing market needs. In addition, Medtronic currently has approximately 4,000 open positions which may also offset any potential net impact to overall Medtronic headcount, a Medtronic spokesperson told MassDevice.com via email. The newly launched program will focus on three categories, Medtronic said, including integrating and enhancing global manufacturi Continue reading >>

The 10 Largest Medical Device Companies In The World

The 10 Largest Medical Device Companies In The World

The 10 largest medical device companies in the world Omar Ishrak, chairman & CEO; Michael Coyle, EVP & president, cardiac & vascular; Mike Genau, SVP & president, Americas Region; Alex Gu, SVP & President, Greater China; Hooman Hakami, EVP & president, diabetes; Dr. Richard Kuntz, SVP, chief medical & scientific officer; Chris Lee, SVP & president, Asia Pacific; Brad Lerman, SVP, general counsel & corporate secretary; Geoffrey Martha, EVP & president, restorative therapies; Karen Parkhill, EVP & CFO; Luann Pendy, SVP, chief quality & regulatory affairs officer; Mark Ploof, SVP, global operations & business services; Carol Surface, SVP & chief human resources officer; Rob Ten Hoedt, EVP & president, Europe, Middle East & Africa region; Bob White, EVP & president, minimally invasive therapies The worlds largest medical device business ended the calendar year by weathering a wildfire that savaged Santa Rose, Calif., leaving its two facilities there untouched by the flames but unreachable for a spell. The company began 2018 by announcing a restructuring plan that aims to save $3 billion annually by the end of its 2022 fiscal year. Although Medtronic said its overall headcount would remain largely unchanged, there will be some churn as positions are eliminated and other new roles created. The company is also looking to refinance its debt with a $1.2 billion plan to buy back some of its senior notes. On the M&A front Medtronic had a relatively quiet year; late in 2017 it picked up gastrointestinal disorder diagnostic company Crospon for $45 million including milestones and the next month closed the $28 million buyout of QT Vasculars Chocolate PTA balloon. In May Medtronic dealt its stake in Chinas LifeTech Scientific to China Everbright and another unnamed investor. This yea Continue reading >>

Press Release | Newsroom | Medtronic | Medtronic Reports Fourth Quarter And Fiscal Year 2017 Financial Results

Press Release | Newsroom | Medtronic | Medtronic Reports Fourth Quarter And Fiscal Year 2017 Financial Results

Medtronic Reports Fourth Quarter and Fiscal Year 2017 Financial Results Q4 Revenue of $7.9 Billion Grew 5% as Reported; 5% at Constant Currency Q4 GAAP Diluted EPS of $0.84; Q4 Non-GAAP Diluted EPS of $1.33 FY17 Revenue of $29.7 Billion Grew 3% as Reported; Approximately 5% on a Constant Currency, Constant Week Basis FY17 GAAP Diluted EPS of $2.89; FY17 Non-GAAP Diluted EPS of $4.60 FY17 Cash Flow from Operations of $6.9 Billion; FY17 Free Cash Flow of $5.6 Billion DUBLIN-May 25, 2017 - Medtronic plc (NYSE: MDT) today announced financial results for its fourth quarter and fiscal year 2017, which ended April 28, 2017. The company reported fourth quarter worldwide revenue of $7.916 billion, compared to the $7.567 billion reported in the fourth quarter of fiscal year 2016, an increase of 5 percent on both a reported and constant currency basis. Foreign currency translation had a negative $37 million impact on fourth quarter revenue. As reported, fourth quarter GAAP net income and diluted earnings per share (EPS) were $1.163 billion and $0.84, respectively. As detailed in the financial schedules included through the link at the end of this release, fourth quarter non-GAAP net income and diluted earnings per share (EPS) were $1.836 billion and $1.33, an increase of 2 percent and 5 percent, respectively. Fourth quarter U.S. revenue of $4.403 billion represented 56 percent of company revenue and increased 4 percent. Non-U.S. developed market revenue of $2.452 billion represented 31 percent of company revenue and increased 2 percent, or 4 percent on a constant currency basis. Emerging market revenue of $1.061 billion represented 13 percent of company revenue and increased 11 percent, or 10 percent on a constant currency basis. Medtronic's fiscal year 2017 revenue of $29.710 bi Continue reading >>

Medtronic Plc (mdt) Q4 2018 Earnings Conference Call Transcript

Medtronic Plc (mdt) Q4 2018 Earnings Conference Call Transcript

Medtronic plc (MDT) Q4 2018 Earnings Conference Call Transcript MDT earnings call for the period ending April 27, 2018. Good day. My name is Shelby and I'll be your conference operator today. At this time, I would like to welcome everyone to the Medtronic fourth quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press *, then the number 1 on your telephone keypad. If you would like to withdraw your question, press the # key. Thank you. I would now like to turn the call over to Mr. Ryan Weispfenning, Vice President, Investor Relations. Please go ahead, sir. Ryan Weispfenning -- Vice President of Investor Relations Thank you, Shelby. Welcome to Medtronic's fourth quarter conference call and webcast. During the next hour, Omar Ishrak, Medtronic Chairman and Chief Executive Officer, and Karen Parkhill, Medtronic Chief Financial Officer, will provide comments on the results of our fourth quarter and Fiscal Year 2018, which ended on April 27th, 2018. After our prepared remarks, we would be happy to take your questions. First, a few logistical comments -- earlier this morning, we issued a press release containing our financial statements and a revenue by division summary. We also issued an earnings presentation that provides additional details on our performance and outlook. During this earnings call, any of the statements may be considered forward-looking statements and actual results may differ materially from those projected in any forward-looking statements. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other fi Continue reading >>

Medtronic To Save $3b By 2022 In New Restructuring Plan: 5 Things To Know

Medtronic To Save $3b By 2022 In New Restructuring Plan: 5 Things To Know

Medtronic to save $3B by 2022 in new restructuring plan: 5 things to know Written by Laura Dyrda| January 10, 2018| Print | Email Medtronic presented a plan to restructure the company at the J.P. Morgan Healthcare Conference and reported some of the details in a Securities and Exchange Commission filing, according to the Minneapolis/St. Paul Business Journal . 1. The company will create new jobs and allocate resources to support growing market needs through the restructuring program. The company currently has 9,000 employees in Minnesota, making it the state's largest employer. 2. The program aims to improve productivity and integrate manufacturing systems, according to the report. The restructuring will add $1.6 billion to $1.8 billion in charges over the next five years, and half of the charges are expected to be employee-related costs. 3. Called the "Enterprise Excellence Program," the company's leaders hope to drive margin improvement and invest in strategic growth initiatives as a result. 4. Medtronic hopes the restructuring will result in more than $3 billion in annual growth savings by the end of fiscal year 2022. 5. An undisclosed number of employees will feel the impact, however, Medtronic said the total employee count is expected to hold steady. Continue reading >>

Medtronic News

Medtronic News

Medtronic Global Champion Irma Grundling pursues her passion to run, despite Parkinson's Disease. From Cardiac Arrest to Coach, Minnesota Runner among 2018 Medtronic Global Champions When Brent Hanson collapsed following a cardiac arrest, he never thought hed get back up and run. This fall, hell compete as a Medtronic Global Champion during the Medtronic Twin Cities Marathon. OMAR ISHRAK JOINS CATALYST CEO CHAMPIONS FOR CHANGE INITIATIVE Medtronic Chairman and CEO pledges to accelerate change and gender equality in the workplace. Medtronic spinal cord stimulation can be an effective non-opioid treatment for chronic intractable pain. Medtronic works to match military veterans, like Steve Thielen, with roles at the company. MEDTRONIC JUMPS TO #3 ON DIVERSITY AND INCLUSION TOP 100 LIST The 2018 ranking by Thomson Reuters reflects commitment by employees at all levels of the organization. How medical devices and the letters B.O.K. changed the lives of the Anderson family. The latest in diabetes technology is having positive impact on patients and payers POWERING UP: MEDTRONIC FOCUSES ON BATTERY QUALITY AND SAFETY Unique battery facility sets high standards that are being shared in the industry. Collaboration provides timely, advanced care to critically ill patients in Tijuana. Manufacturing Teamwork Leads to Patient Benefit Business groups team up on production to meet demand for diabetes technology. Minnesota Faces of Margraten: "The Biggest Gift" Medtronic employees and retirees in the Netherlands and the United States team up on a unique project to honor American war heroes. Medtronic leaders past and present discuss the role of artificial intelligence in the future of value-based, patient-centered care. MEDTRONIC RECEIVES HONOR FOR CORPORATE CITIZENSHIP Corporate Respo Continue reading >>

Medtronic Unveils Restructuring Plan

Medtronic Unveils Restructuring Plan

January 8, 2018 / 8:25 PM / 8 months ago (Reuters) - Medtronic Plc ( MDT.N ) on Monday unveiled a restructuring plan that it expects will help it save $500 million to $700 million annually over the next five years. The company said it expected annual gross run-rate savings of over $3 billion by 2022 from the program. The company also said it expected total expenses from the restructuring to be at between $1.6 billion and $1.8 billion from 2018 to 2022. The plan was announced during a presentation at the J.P. Morgan Healthcare Conference. Chief Executive Omar Ishrak said the company was confident about mid-single digit revenue growth in the short term. Medtronic said in November it expected revenue growth to be in the range of 4-5 percent in fiscal 2018, and adjusted earnings to increase 9 to 10 percent. Evercore ISI analyst Vijay Kumar said investors had been skeptical about the forecast, given industry trends in the first half of the year. Reporting by Manas Mishra in Bengaluru; Editing by Maju Samuel Continue reading >>

Form 8-k Medtronic Plc For: May 24

Form 8-k Medtronic Plc For: May 24

Form 8-K Medtronic plc For: May 24 FREE Breaking News Alerts from StreetInsider.com! Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here . Date of Report (Date of earliest event reported): May 24, 2018 (Exact name of Registrant as Specified in its Charter) (Registrants telephone number, including area code): +353 1 438-1700 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Results of Operations and Financial Condition On May 24, 2018, Medtronic plc, a public limited company organized under the laws of Ireland, issued a press release announcing its fourth quarter and full fiscal year 2018 financial results and posted a related earnings presentation to the Investors section of its website. A copy of the press release and related earnings presentation are furnished as Exhibits 99.1 and Continue reading >>

Medtronic | Medtronic Restructuring Update | Medtech[y] Message Boards

Medtronic | Medtronic Restructuring Update | Medtech[y] Message Boards

When will everyone realize that Omar does not have your back? His new Enterprise Excellence program that will save $3 billion by 2022 through "functional and commercial optimization" is a fancy way of saying there are going to be a lot of layoffs coming. Medtronic expects $1.6 billion to $1.8 billion charges by the end of 2022 with 40% to 50% of those associated with employee related costs. Manufacturing, supply chain and the commercial organization will look vastly different after these changes are implemented. Many plant workers have already been impacted by these changes but those were somewhat expected. On the other hand, the commercial organization is going to be blindsided. Many are oblivious to it but Omar's value based healthcare initiative is going to change the entire commercial organization as we know it. Org structure and the amount of reps in the field will be nothing like they are today. Count on it. You need to know what's coming. The next 5 years are going to be tough on a lot of Medtronic families. When will everyone realize that Omar does not have your back? His new Enterprise Excellence program that will save $3 billion by 2022 through "functional and commercial optimization" is a fancy way of saying there are going to be a lot of layoffs coming. Medtronic expects $1.6 billion to $1.8 billion charges by the end of 2022 with 40% to 50% of those associated with employee related costs. Manufacturing, supply chain and the commercial organization will look vastly different after these changes are implemented. Many plant workers have already been impacted by these changes but those were somewhat expected. On the other hand, the commercial organization is going to be blindsided. Many are oblivious to it but Omar's value based healthcare initiative is going Continue reading >>

Medtronic To Book $500 Million Restructuring Charge

Medtronic To Book $500 Million Restructuring Charge

Medtronic to book $500 million restructuring charge Company said charge is part of a restructuring related to Covidien buy. After its $49.9 billion Covidien acquisition in January, Medtronic PLC on Monday said it executed an internal restructuring that triggered a one-time U.S. tax charge of $500 million but will make a net $9.3 billion available for general company spending. Medtronic moved its legal domicile from Fridley to Ireland earlier this year as part of its acquisition of surgical supplier Covidien, citing enhanced spending flexibility from moving headquarters overseas as one key benefit of the deal. The company kept its executives offices in Fridley and committed to making enhanced investments in the U.S. On Monday, Medtronic disclosed in a filing with the Securities and Exchange Commission that it had reorganized former Covidien businesses in order to reduce cash and investments held by U.S.-controlled subsidiaries outside the country. The restructuring triggered a one-time charge of $500 million primarily related to U.S. income tax expenses. The restructuring provides Medtronic with additional financial flexibility and increased confidence in the companys ability to meet its financial commitments, which include continuing to target an A credit profile through a reduction in its debt to [earnings] ratio by the end of fiscal year 2018, returning a minimum of 50 percent of its free cash flow to shareholders through dividends and share repurchases, and pursuing financially disciplined M&A, the company said in the filing after regular trading had closed Monday. The move is not expected to affect the companys previously announced revenue outlook or earnings guidance for the current fiscal year. Continue reading >>

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