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Medtronic Restructuring 2018

Twin Cities Business - Despite Potential Job Shifts, Medtronic Says Its On Track For Mn Employment Pledge

Twin Cities Business - Despite Potential Job Shifts, Medtronic Says Its On Track For Mn Employment Pledge

Despite Potential Job Shifts, Medtronic Says Its on Track for MN Employment Pledge A spokesperson said that Medtronic didnt yet know the total number of employees that would be impacted by their new restructuring plan, but that the company is still on track to make good on their pledge to create 1,000 jobs in the state since moving their HQ to Ireland in 2015. Medtronic announced a restructuring plan last week that will result in the elimination of some positions, possibly some in Minnesota. One thing the company says wont change: The commitment it made to create 1,000 jobs in the state by 2020, approximately five years after shifting its headquarters to Ireland. When Medtronic acquired Dublin-based Covidien for $50 billion in January of 2015, the company moved its official headquarters there as part of an inversion deal that allowed it to avoid paying the USs higher tax rate on overseas profit the US has a 35 percent tax rate compared to Irelands 12.5 percent. When the move was meant with criticism as being unpatriotic, the company made a pledge to Minnesota Governor Mark Dayton that it would add 1,000 jobs in the state within five year of the completion of the deal. Spokesperson Fernando Vivanco said Medtronic didnt yet know the total number of employees that would be impacted by the restructuring plan, but that the company is still on track to make good on their pledge. In September of 2015, the Star Tribune reported that Medtronic had added 300 employees in the state since the completion of the deal. Now, according to Vivanco, that figure stands higher. Regarding the companys commitment to create jobs in Minnesota, we have added more than 500 jobs in Minnesota since the close of the Covidien acquisition and remain on track to adding 1,000 jobs within five years of Continue reading >>

Press Release | Newsroom | Medtronic | Medtronic Evp & Mitg President Bob White To Speak At Wells Fargo Securities Healthcare Conference

Press Release | Newsroom | Medtronic | Medtronic Evp & Mitg President Bob White To Speak At Wells Fargo Securities Healthcare Conference

Medtronic EVP & MITG President Bob White to Speak at Wells Fargo Securities Healthcare Conference (GLOBE NEWSWIRE via COMTEX) --DUBLIN - August 28, 2018 - Medtronic plc (NYSE:MDT), the global leader in medical technology, today announced that it will participate in the 13th Annual Wells Fargo Securities Healthcare Conference on Thursday, September 6, 2018, in Boston. Bob White, executive vice president and president of the Minimally Invasive Therapies Group (MITG) of Medtronic, will answer questions about the company beginning at10:55 a.m. EDT (9:55 a.m. CDT). A live audio webcast of the presentation will be available on September 6, 2018, by clicking on the Investor Events link at and an archive of the session will be available on the same webpage later in the day. Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 86,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together. Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. 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 >>

Word On The Medtronic Forums: Layoffs And Restructuring Update

Word On The Medtronic Forums: Layoffs And Restructuring Update

Word on the Medtronic Forums: Layoffs and Restructuring Update Posted on May 23, 2018 Share This Article: In the last two weeks, there has been a significant spike in visits to our Medtronic forum with the most visited threads and discussion revolving around layoffs. We have compiled a breakdown of the discussions and threads in this article The Medtronic Spine Downfall - Quote from thread: "There were lots of good people laid off today in Memphis. Top performers. Some were there for their entire careers. Anybody understand it?" Memphis is home to Medtronic Spinal where they recently announced a new advanced manufacturing facility. 2. The Medtronic Layoffs Message Board - Quote from thread: "Patient Monitoring is closing by June. Employees inSan francisco and Philadelphia laid off." Another Medtronic forum that has seen a significant spike in visits focuses on restructuring and Medtronic's commitment to Value Based Healthcare. Many employees are concerned about what these new programs mean for them. 3. Medtronic Restructuring Update - Quote from thread: "value-based healthcare -In other words, cut headcount, cut salaries, cut bonuses, cut benefits, & offshore jobs to 3rd world countries. Stop by the Medtronic forum and join the discussion. If you are hesitant to share your thoughts on our forums, you can go to the link below and submit an anonymous tip. No email or nameare required to submit a tip. Continue reading >>

Medtronic

Medtronic "upper Management" Reviews | Glassdoor

Former Employee - Engineer in Boulder, CO Former Employee - Engineer in Boulder, CO There are some really smart and hardworking people. You get to work on products that make a difference (even if it doesn't feel like it sometimes). The culture is VERY passive aggressive. You have to be very careful about what you say and how you word your emails. It's exhausting. Also, It's an open secret when managers are toxic but no one ever does anything about it. When I left, I had no more than 10 people ask me if it was because of my notorious manager. 10 people! This particular manager has a very high turn over and will try to explain them all away. She micromanages, she's incredibly insecure and she needs to be constantly be validated/be the smartest person in the room. She regularly loses her cool when she feels even slightly out of control. If she says she hates something, it actually the opposite. She'll ask for people's opinion but if it doesn't align with her's she gets really mad and will be passive aggressive to you for the next week. She'll talk badly about you behind your back (she does this to EVERYONE). It's impossible to succeed under someone like this and we all deserve better. But overall, you're just a number at Medtronic. They say they appreciate you but then they foster these really toxic environments where upper management makes decisions without thinking about the impact on the employees and where they don't hold managers accountable (she's not the only one). Honestly, I would just stay away if I were you. If you're someone who likes to be told what to do, do your job, and go home then, sure depending on the department, you'll be fine. If you want to grow, be challenged, and feel like you're being heard/contributing this isn't the right place for you. If you Continue reading >>

Sec Filings | Investors | Medtronic

Sec Filings | Investors | Medtronic

Notes to Consolidated Financial Statements The following table summarizes the activity related to employee termination benefits liability and the associated costs for the nine months ended January26, 2018: Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses. For the three months ended January26, 2018, $13 million was recognized within cost of products sold and $10 million was recognized within selling, general and administrative expense in the consolidated statements of income. The cost synergies program related to administrative office optimization, manufacturing and supply chain infrastructure, and certain general and administrative savings and completed in the third quarter of fiscal year 2018. Restructuring charges incurred throughout the life of the initiative were primarily related to employee termination costs and costs related to manufacturing and facility closures and affect all reportable segments. A summary of the restructuring accrual and related activity is presented below: For the three months ended January26, 2018, the Company recognized no charges, and for the nine months ended January26, 2018, the Company recognized $45 million in charges. During the three and nine months ended January26, 2018, the Company recognized accrual adjustments of $2 million and $15 million, respectively. Accrual adjustments relate to certain employees identified for termination finding other positions within the Company, cancellations of employee terminations, and employee termination benefits being less than initially estimated. For the nine months ended January26, 2018, charges included $12 million recognized within cost of products sold and $4 million recogniz Continue reading >>

Medtronic (mdt) Rides On Innovation, Rising Costs A Woe

Medtronic (mdt) Rides On Innovation, Rising Costs A Woe

Medtronic (MDT) Rides on Innovation, Rising Costs a Woe On Jul 6, we issued an updated research report onMedtronic plc ( MDT - Free Report ) . While we are encouraged by the companys global accepted advanced therapies, its escalating costs and expenses raise concerns. The stock has a Zacks Rank #3 (Hold). Over the past three months, shares of Medtronic have outperformed the industry . The stock has grown 9.2% compared with the industrys 8.8% rise. Notably, Medtronic exited fiscal 2018 on a solid note with better-than-expected fourth-quarter performances. All major business groups contributed to its solid top-line growth at CER, highlighting sustainability across groups and regions in addition to displaying a successful integration and achievement of synergy targets. Also, a gradually stabilizing Cardiac Rhythm & Heart Failure (CRHF) market buoys optimism on the stock. The receipt of FDA approval for the DBS (Deep Brain Stimulation) therapy as an adjunctive treatment to reduce partial-onset seizures raises hope for the company in the target medical market. Medtronic is also focusing on geographical diversification of its businesses. The company is highly positive about its foray into the $1-billion standalone CGM (continuous glucose monitoring) market with its Guardian Connect. We are currently upbeat about the latest FDA nod to its MiniMed 670G system for patients with type 1 diabetes between seven and 13 years of age. Significantly, Medtronics new restructuring initiative Enterprise Excellence plan is 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 providing a consistent boost to its margin expansion as well 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 | Medtronic | Medtech[y] Message Boards

Medtronic | Medtronic | Medtech[y] Message Boards

Terrible. So sorry. What role were you in that you had to train replacements in the Philippines? I would think if you were laid off to be replaced with cheaper labor then Medtronic had to give you a package....? Either way GIS is turning into a nightmare. Terrible. So sorry. What role were you in that you had to train replacements in the Philippines? I would think if you were laid off to be replaced with cheaper labor then Medtronic had to give you a package....? Either way GIS is turning into a nightmare. Why do people have to corrupt the site with this type of trash. There are so many scumbags that are haters out here because of nothing more than pure jealousy. If you are not happy with yourself, get help. If you are not happy with someone else, ignore them. If you know they have wronged or hurt someone or have participated in illegal conduct, report their sorry asses to the FDA and DOJ and/or their department of labor. Why do people have to corrupt the site with this type of trash. There are so many scumbags that are haters out here because of nothing more than pure jealousy. If you are not happy with yourself, get help. If you are not happy with someone else, ignore them. If you know they have wronged or hurt someone or have participated in illegal conduct, report their sorry asses to the FDA and DOJ and/or their department of labor. Continue reading >>

Medtronic (mdt) Rides On Innovation, Rising Costs A Woe

Medtronic (mdt) Rides On Innovation, Rising Costs A Woe

Medtronic (MDT) Rides on Innovation, Rising Costs a Woe July 09, 2018, 10:30:00 AM EDT By Zacks Equity Research, Zacks.com On Jul 6, we issued an updated research report on Medtronic plc MDT . While we are encouraged by the company's global accepted advanced therapies, its escalating costs and expenses raise concerns. The stock has a Zacks Rank #3 (Hold). Over the past three months, shares of Medtronic have outperformed the industry . The stock has grown 9.2% compared with the industry's 8.8% rise. Notably, Medtronic exited fiscal 2018 on a solid note with better-than-expected fourth-quarter performances. All major business groups contributed to its solid top-line growth at CER, highlighting sustainability across groups and regions in addition to displaying a successful integration and achievement of synergy targets. Also, a gradually stabilizing Cardiac Rhythm & Heart Failure (CRHF) market buoys optimism on the stock. The receipt of FDA approval for the DBS (Deep Brain Stimulation) therapy as an adjunctive treatment to reduce partial-onset seizures raises hope for the company in the target medical market. Medtronic is also focusing on geographical diversification of its businesses. The company is highly positive about its foray into the $1-billion standalone CGM (continuous glucose monitoring) market with its Guardian Connect. We are currently upbeat about the latest FDA nod to its MiniMed 670G system for patients with type 1 diabetes between seven and 13 years of age. Significantly, Medtronic's new restructuring initiative - Enterprise Excellence plan - is 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 pro 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 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

QUALITY CULTURES CONVERGE IN NEW JERSEY DISTRIBUTION CENTER With a focus on quality, Medtronic and UPS Healthcare form a unique team ensuring medical devices get to patients all over the world. MEDTRONIC EXPLORES THE NEXT FRONTIER IN HEALTHCARE: REGENERATIVE MEDICINE A new partnership aims to accelerate tissue and organ replacement. MEDTRONIC NAMED ONE OF THE WORLD'S LEADING INNOVATORS For the fourth straight year, Medtronic received the Clarivate Analytics Top 100 Global Innovator award. FORTUNE NAMES MEDTRONIC AMONG 'MOST ADMIRED COMPANIES' IN 2018 The publications annual list of Most Admired Companies includes Medtronic. FDA approves HeartWare HVAD System as a destination therapy for patients with severe heart failure. BAKKEN INVITATION AWARD RECIPIENTS HONORED Program celebrates 5thyear and recognizes people who are giving on after overcoming health challenges with the help of medical technology. MEDTRONIC IN PUERTO RICO: BACK TO FULL PRODUCTION All production at all facilities are operating at pre-hurricane levels. TEAMWORK: MEDTRONIC HELPS VILLALBA RESTORE POWER Thousands receive water and electricity after Medtronic assists with critical repairs. Medtronic is working with communities in Puerto Rico to help citizens in need and speed up the islands recovery. MEDTRONIC AND MERCY: SHARING DATA TO IMPROVE HEALTHCARE Real-world clinical data is key to creating more effective medical devices and improving patient health. MILITARY VETERANS BRINGS UNIQUE SKILLS TO MEDTRONIC As the nation pauses to honor men and women who served, Medtronic works to address veterans issues. DIABETES THERAPY EARNS TOP HONORS FROM CLEVELAND CLINIC In its annual list of up-and-coming technologies, the hospital gives the Medtronic MiniMed670G the number one spot. 3D PRINTING: A NEW FRONTIER I 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 >>

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 >>

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