Life Science News

Earnings delivered despite slower market procedure volume and supply recovery; Growth driven by TAVR, Pacing, U.S. Core Spine, and International Diabetes

Medtronic plc (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2023, which ended October 28, 2022 .

Key Highlights

  • Revenue of $7.6 billion decreased 3% as reported and increased 2% organic
  • GAAP diluted EPS of $0.32 decreased 67%; non-GAAP diluted EPS of $1.30 decreased 2%
  • Company updates guidance; expects organic revenue to accelerate in second half

The company reported worldwide revenue of $7.585 billion , a decrease of 3% as reported and an increase of 2% on an organic basis. The organic comparison excludes a $457 million negative impact from foreign currency translation and a $25 million contribution from the company's fiscal first quarter acquisition of Intersect ENT, which is reported in the Specialty Therapies division in the Neuroscience Portfolio. Unless otherwise stated, all revenue growth rates in this press release are on an organic basis, which excludes the impact of foreign currency translation and revenue from the Intersect ENT acquisition.

The company's second quarter organic revenue results reflect slower supply recovery or lower than anticipated underlying market procedure volumes in certain businesses and the pricing impact of volume-based procurement in China . These challenges were partially offset by strength in certain product lines, including Transcatheter Aortic Valves (TAVR), Cardiac Pacing, Core Spine in the United States , and Diabetes in International.

As reported, second quarter GAAP net income and diluted earnings per share (EPS) were $427 million and $0.32 , respectively, both decreases of 67%. As detailed in the financial schedules included at the end of this release, second quarter non-GAAP net income and non-GAAP diluted EPS were $1.725 billion and $1.30 , respectively, decreases of 4% and 2%, respectively. Included in the company's GAAP earnings is a $764 million income tax reserve adjustment that was a direct result of the previously disclosed U.S. Tax Court opinion issued in the fiscal second quarter. The company's earnings decline also reflects the continued macroeconomic impact of inflation on materials, direct labor, freight, and utilities.

Second quarter U.S. revenue of $4.069 billion represented 54% of company revenue and increased 2% as reported and 1% organic. Non-U.S. developed market revenue of $2.157 billion represented 28% of company revenue and decreased 13% as reported and increased 3% organic. Emerging Markets revenue of $1.359 billion represented 18% of company revenue and decreased 1% as reported and increased 4% organic.

"Slower than predicted procedure and supply recovery drove revenue below our expectations this quarter. We continue to take decisive actions to improve the overall performance of the company, including streamlining our organizational structure, strengthening our supply chain, driving a performance culture, and strategically allocating capital to support our best growth opportunities with the investments they deserve," said Geoff Martha, Medtronic chairman and chief executive officer. "We're seeing the benefit of these changes – along with new incentives and strong execution – in certain businesses, and we're focused on ensuring these efforts translate into improved performance across the company. Looking ahead, we're confident we have a clear path to delivering durable growth and increased shareholder value."

Cardiovascular Portfolio
The Cardiovascular Portfolio includes the Cardiac Rhythm & Heart Failure (CRHF), Structural Heart & Aortic (SHA), and Coronary & Peripheral Vascular (CPV) divisions. Cardiovascular revenue of $2.773 billion decreased 2% as reported and increased 4% organic, with all three divisions returning to growth this quarter, including a high-single digit increase in SHA and low-single digit increases in CRHF and CPV, all on an organic basis.

  • Cardiac Rhythm & Heart Failure revenue of $1.431 billion decreased 3% as reported and increased 3% organic. Cardiac Rhythm Management revenue increased mid-single digits, with mid-single digit growth in Cardiac Pacing Therapies driven by high-teens growth in Leadless Pacemakers from continued global adoption of Micra™ transcatheter pacing systems. Cardiovascular Diagnostics revenue increased low-single digits, as procedures remain under pressure market-wide. Cardiac Ablation Solutions revenue increased low-single digits, including low-double digit growth in the United States on the continued adoption of its Arctic Front™ cryoablation catheters. The company completed its acquisition of Affera in the second quarter, expanding its cardiac ablation portfolio to include technology under development, including its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field, and radiofrequency ablation solution.

  • Structural Heart & Aortic revenue of $757 million increased 1% as reported and 8% organic. Structural Heart increased low-double digits, including mid-teens growth in transcatheter aortic valves (TAVR). Aortic increased mid-single digits with high-single digit growth in thoracic stent graft systems. Cardiac Surgery increased mid-single digits, driven by growth in surgical valves and perfusion systems.

  • Coronary & Peripheral Vascular revenue of $584 million decreased 4% as reported and increased 2% organic. Coronary & Renal Denervation increased low-single digits on U.S. share gains from the recent launch of the Onyx Frontier™ drug-eluting stent, despite overall market percutaneous coronary intervention (PCI) procedures remaining flat in developed markets. Earlier this month, the company submitted the final module of the Symplicity Spyral™ renal denervation system premarket approval package to the U.S. Food and Drug Administration. Peripheral Vascular Health increased low-single digits, with growth in vascular embolization, drug-coated balloons, and superficial venous, partially offset by declines in directional atherectomy, peripheral stents, and percutaneous transluminal angioplasty balloons.

Medical Surgical Portfolio
The Medical Surgical Portfolio includes the Surgical Innovations (SI) and the Respiratory, Gastrointestinal & Renal (RGR) divisions. Medical Surgical revenue of $2.070 billion decreased 10% as reported and 3% organic, with a low-double digit decline in RGR and partially offset by low-single digit growth in SI. Excluding the impact of ventilator sales given the increased COVID-19 related demand in the prior year, Medical Surgical revenue decreased 1% organic.

  • Surgical Innovations revenue of $1.398 billion decreased 7% as reported and increased 1% organic. Advanced Surgical Instruments decreased low-single digits given expected acute supply chain shortages of raw materials and the impact of China provincial volume-based procurement (VBP) stapling tenders. These declines were partially offset by strength in Hernia & Wound Management, which increased mid-single digits. In Surgical Robotics, the company received three significant regulatory approvals for its Hugo™ robotic-assisted surgery system: Conformité Européenne (CE) Mark clearance for a general surgery indication, Health Canada license for a general laparoscopic surgery indication, and Ministry of Health, Labor, and Welfare (MHLW) approval for urological and gynecological indications in Japan .

  • Respiratory, Gastrointestinal & Renal revenue of $671 million decreased 16% as reported and 11% organic. RGR revenue decreased 5% organic excluding the impact of ventilator sales. Respiratory Interventions decreased mid-twenties, with sales of ventilators declining low-fifties as demand continued to be well below pre-pandemic levels as expected. Patient Monitoring decreased mid-single digits, with expected low-double digit declines in Nellcor™ pulse oximetry products as COVID tailwinds abate, offset by low-double digit growth in Perioperative Complications products. The company announced last month its intention to separate the combined Respiratory Interventions and Patient Monitoring businesses. Gastrointestinal revenue decreased low-single digits given non-emergent procedure softness in the market, including low-double digit declines in Hepatopancreaticobiliary (HPB) products partially offset by low-single digit growth in Chronic and Colorectal products. Renal Care Solutions decreased low-double digits given product availability challenges. Medtronic announced in May its intention to contribute its Renal Care Solutions business into a new, independent kidney care-focused medical device company together with DaVita.

Neuroscience Portfolio
The Neuroscience Portfolio includes the Cranial & Spinal Technologies (CST), Specialty Therapies, and Neuromodulation divisions. Neuroscience revenue of $2.186 billion increased 2% as reported and 5% organic, with a high-single digit increase in Specialty Therapies, a mid-single digit increase in CST, and a flat result year-over-year in Neuromodulation, all on an organic basis.

  • Cranial & Spinal Technologies revenue of $1.081 billion increased 1% as reported and 5% organic. Spine & Biologics increased mid-single digits, with mid-teens growth in the United States partially offset by the impact of the China national volume-based procurement (VBP) spine tender. Neurosurgery increased high-single digits, with double digit growth in robotics, navigation, and powered surgical instruments.

  • Specialty Therapies revenue of $686 million increased 8% as reported and 9% organic. Neurovascular increased high-single digits, with double digit growth in mechanical thrombectomy, aspiration, flow diversion, and liquid embolic products. Pelvic Health increased low-single digits on continued profitable growth despite competitive pressure. ENT increased high-teens on an organic basis driven by strength in Straightshot™ microdebriders, NIM Vital™ nerve monitoring systems, and StealthStation™ ENT navigation systems.

  • Neuromodulation revenue of $419 million decreased 4% as reported and was flat year-over-year organic. Pain Therapies increased mid-single digits, with high-single digit growth in Targeted Drug Delivery and mid-single digit growth in Pain Stim. Interventional decreased mid-single digits on product availability challenges and competitive pressure. Brain Modulation decreased low-single digits, as significant declines of replacement devices were partially offset by increased share of initial implants from the continued adoption of the Percept™ PC deep brain stimulation (DBS) system and SenSight™ directional DBS lead system.

Diabetes
Diabetes revenue of $556 million decreased 5% as reported and increased 3% organic. U.S. revenue declined low-double digits, given the absence of new product approvals. This was offset by mid-teens growth in non-U.S. developed markets and low-double digit growth in emerging markets. International sales were driven by high-teens growth of insulin pumps, low-twenties growth of continuous glucose monitoring (CGM) products, and high-single digit growth in consumable sales.

Guidance
The company today issued revenue growth guidance for the remainder of the fiscal year and updated its fiscal year 2023 EPS guidance range.

The company expects fiscal year 2023 second half revenue growth of 3.5% to 4.0% on an organic basis, an acceleration over the first half. If foreign currency exchange rates as of the beginning of November hold, revenue growth in fiscal year 2023 would be negatively affected by approximately $1.740 billion to $1.840 billion versus the previously stated $1.4 billion to $1.5 billion impact.

The company now expects fiscal year 2023 diluted non-GAAP EPS in the range of $5.25 to $5.30 . EPS guidance includes an estimated 18 cent negative impact from foreign currency at rates as of the beginning November.

"We continue to expect organic revenue growth acceleration, with the second half growing faster than the first. However, given a slower pace of market and supply recovery, we're reducing our revenue expectations for the remainder of the year," said Karen Parkhill , Medtronic chief financial officer. "On the bottom line, we are driving expense reductions throughout the company to help offset the lower revenue and the effects of cost inflation. We are also committed to investing appropriately for the long-term, allocating capital to our most promising growth drivers and executing tuck-in acquisitions, all designed to reach more patients and create greater value for our shareholders."

Webcast Information
Medtronic will host a webcast today, November 22 , at 8:00 a.m. EST ( 7:00 a.m. CST ) to provide information about its businesses for the public, investors, analysts, and news media. This webcast can be accessed by clicking on the Events icon at investorrelations.medtronic.com , and this earnings release will be archived at news.medtronic.com . Within 24 hours of the webcast, a replay of the webcast and transcript of the company's prepared remarks will be available by clicking on the Events icon at investorrelations.medtronic.com .

Medtronic plans to report its fiscal year 2023 third and fourth quarter results on February 21, 2023 , and Thursday, May 25, 2023 , respectively. Confirmation and additional details will be provided closer to the specific event.

Financial Schedules
The second quarter financial schedules and non-GAAP reconciliations can be viewed by clicking on the Investor Events link at investorrelations.medtronic.com . To view a printable PDF of the financial schedules and non-GAAP reconciliations, click here . To view the second quarter earnings presentation, click here .

MEDTRONIC PLC

WORLD WIDE REVENUE (1)

(Unaudited)



SECOND QUARTER



SECOND QUARTER YEAR-TO-DATE


REPORTED




CONSTANT
CURRENCY



REPORTED




CONSTANT
CURRENCY

(in millions)

FY23


FY22


Growth


Currency
Impact (2)


FY23


Growth (3)



FY23


FY22


Growth


Currency
Impact (2)


FY23


Growth (3)

Cardiovascular

$    2,773


$    2,827


(1.9) %


$     (177)


$    2,950


4.4 %



$    5,486


$    5,717


(4.0) %


$     (315)


$    5,801


1.5 %

Cardiac Rhythm & Heart Failure

1,431


1,471


(2.7)


(91)


1,522


3.5



2,824


2,954


(4.4)


(162)


2,986


1.1

Structural Heart & Aortic

757


750


0.9


(54)


811


8.1



1,499


1,537


(2.5)


(96)


1,595


3.8

Coronary & Peripheral Vascular

584


606


(3.6)


(32)


616


1.7



1,163


1,226


(5.1)


(57)


1,220


(0.5)

Medical Surgical

2,070


2,299


(10.0)


(149)


2,219


(3.5)



4,071


4,621


(11.9)


(264)


4,335


(6.2)

Surgical Innovations

1,398


1,497


(6.6)


(107)


1,505


0.5



2,736


3,051


(10.3)


(189)


2,925


(4.1)

Respiratory, Gastrointestinal, & Renal

671


802


(16.3)


(42)


713


(11.1)



1,335


1,570


(15.0)


(75)


1,410


(10.2)

Neuroscience

2,186


2,136


2.3


(85)


2,271


6.3



4,301


4,340


(0.9)


(149)


4,450


2.5

Cranial & Spinal Technologies

1,081


1,067


1.3


(35)


1,116


4.6



2,124


2,189


(3.0)


(64)


2,188


Specialty Therapies

686


634


8.2


(31)


717


13.1



1,353


1,275


6.1


(53)


1,406


10.3

Neuromodulation

419


435


(3.7)


(18)


437


0.5



824


875


(5.8)


(33)


857


(2.1)

Diabetes

556


585


(5.0)


(47)


603


3.1



1,098


1,157


(5.1)


(80)


1,178


1.8

TOTAL

$    7,585


$    7,847


(3.3) %


$     (457)


$    8,042


2.5 %



$   14,955


$   15,835


(5.6) %


$     (808)


$   15,763


(0.5) %


(1) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(2) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(3) The three and six months ended October 28, 2022 includes $25 million and $45 million, respectively, of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue for three and six months ended October 28, 2022, revenue increased 2.2 percent organic and declined 0.7 percent organic, respectively.

MEDTRONIC PLC

U.S. (1)(2) REVENUE



SECOND QUARTER



SECOND QUARTER YEAR-TO-DATE


REPORTED



REPORTED

(in millions)

FY23


FY22


Growth (3)



FY23


FY22


Growth (3)

Cardiovascular

$          1,424


$          1,373


3.7 %



$          2,722


$          2,793


(2.5) %

Cardiac Rhythm & Heart Failure

790


761


3.8



1,507


1,530


(1.5)

Structural Heart & Aortic

348


327


6.4



660


674


(2.1)

Coronary & Peripheral Vascular

286


286




555


589


(5.8)

Medical Surgical

905


970


(6.7)



1,748


1,959


(10.8)

Surgical Innovations

560


550


1.8



1,069


1,170


(8.6)

Respiratory, Gastrointestinal, & Renal

345


420


(17.9)



679


790


(14.1)

Neuroscience

1,512


1,394


8.5



2,931


2,840


3.2

Cranial & Spinal Technologies

817


749


9.1



1,580


1,544


2.3

Specialty Therapies

403


354


13.8



784


714


9.8

Neuromodulation

291


291




567


582


(2.6)

Diabetes

228


261


(12.6)



434


506


(14.2)

TOTAL

$          4,069


$          3,997


1.8 %



$          7,835


$          8,098


(3.2) %


(1) U.S. includes the United States and U.S. territories.

(2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3) The three and six months ended October 28, 2022 includes $25 million and $45 million, respectively, of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue for three and six months ended October 28, 2022, revenue increased 1.2 percent organic and declined 3.8 percent organic, respectively.

MEDTRONIC PLC

WORLD WIDE REVENUE: GEOGRAPHIC (1)(2)

(Unaudited)



SECOND QUARTER



SECOND QUARTER YEAR-TO-DATE


REPORTED




CONSTANT
CURRENCY



REPORTED




CONSTANT
CURRENCY

(in millions)

FY23


FY22


Growth


Currency
Impact (3)


FY23


Growth (4)



FY23


FY22


Growth


Currency
Impact (3)


FY23


Growth (4)

U.S.

$     1,424


$     1,373


3.7 %


$         —


$     1,424


3.7 %



$     2,722


$     2,793


(2.5) %


$         —


$     2,722


(2.5) %

Non-U.S. Developed

802


948


(15.4)


(148)


950


0.2



1,694


1,952


(13.2)


(271)


1,965


0.7

Emerging Markets

546


506


7.9


(28)


574


13.4



1,070


972


10.1


(44)


1,114


14.6

Cardiovascular

2,773


2,827


(1.9)


(177)


2,950


4.4



5,486


5,717


(4.0)


(315)


5,801


1.5

U.S.

905


970


(6.7)



905


(6.7)



1,748


1,959


(10.8)



1,748


(10.8)

Non-U.S. Developed

719


841


(14.5)


(129)


848


0.8



1,485


1,710


(13.2)


(233)


1,718


0.5

Emerging Markets

446


488


(8.6)


(19)


465


(4.7)



838


951


(11.9)


(30)


868


(8.7)

Medical Surgical

2,070


2,299


(10.0)


(149)


2,219


(3.5)



4,071


4,621


(11.9)


(264)


4,335


(6.2)

U.S.

1,512


1,394


8.5



1,512


8.5



2,931


2,840


3.2



2,931


3.2

Non-U.S. Developed

382


433


(11.8)


(70)


452


4.4



788


898


(12.2)


(126)


914


1.8

Emerging Markets

292


309


(5.5)


(15)


307


(0.6)



582


602


(3.3)


(23)


605


0.5

Neuroscience

2,186


2,136


2.3


(85)


2,271


6.3



4,301


4,340


(0.9)


(149)


4,450


2.5

U.S.

228


261


(12.6)



228


(12.6)



434


506


(14.2)



434


(14.2)

Non-U.S. Developed

254


256


(0.8)


(43)


297


16.0



518


519


(0.2)


(76)


594


14.5

Emerging Markets

74


69


7.2


(4)


78


13.0



145


132


9.8


(4)


149


12.9

Diabetes

556


585


(5.0)


(47)


603


3.1



1,098


1,157


(5.1)


(80)


1,178


1.8

U.S.

4,069


3,997


1.8



4,069


1.8



7,835


8,098


(3.2)



7,835


(3.2)

Non-U.S. Developed

2,157


2,478


(13.0)


(390)


2,547


2.8



4,485


5,079


(11.7)


(705)


5,190


2.2

Emerging Markets

1,359


1,372


(0.9)


(66)


1,425


3.9



2,635


2,658


(0.9)


(101)


2,736


2.9

TOTAL

$     7,585


$     7,847


(3.3) %


$      (457)


$     8,042


2.5 %



$   14,955


$   15,835


(5.6) %


$      (808)


$   15,763


(0.5) %


(1) U.S. includes the United States and U.S. territories. Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries of Western Europe. Emerging Markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as previously defined.

(2) The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.

(3) The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

(4) The three and six months ended October 28, 2022 includes $25 million and $45 million, respectively, of inorganic revenue related to the Intersect ENT acquisition, which is included in the reported results of the Specialty Therapies division of the Neuroscience portfolio. When excluding the impact of currency and the inorganic Intersect ENT revenue for three and six months ended October 28, 2022, revenue increased 2.2 percent organic and declined 0.7 percent organic, respectively.

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)



Three months ended


Six months ended

(in millions, except per share data)

October 28,
2022


October 29,
2021


October 28,
2022


October 29,
2021

Net sales

$            7,585


$            7,847


$          14,955


$          15,835

Costs and expenses:








Cost of products sold, excluding amortization of intangible assets

2,535


2,497


5,051


5,095

Research and development expense

676


676


1,368


1,426

Selling, general, and administrative expense

2,617


2,615


5,184


5,163

Amortization of intangible assets

421


431


844


866

Restructuring charges, net

30


10


44


21

Certain litigation charges, net


34



60

Other operating (income) expense, net

(97)


21


(62)


781

Operating profit

1,404


1,563


2,528


2,422

Other non-operating income, net

(109)


(66)


(192)


(177)

Interest expense

118


136


282


273

Income before income taxes

1,395


1,493


2,438


2,326

Income tax provision

959


176


1,072


240

Net income

435


1,317


1,367


2,086

Net income attributable to noncontrolling interests

(8)


(6)


(10)


(12)

Net income attributable to Medtronic

$               427


$            1,311


$            1,356


$            2,074

Basic earnings per share

$              0.32


$              0.97


$              1.02


$              1.54

Diluted earnings per share

$              0.32


$              0.97


$              1.02


$              1.53

Basic weighted average shares outstanding

1,329.4


1,345.1


1,329.4


1,344.8

Diluted weighted average shares outstanding

1,332.0


1,355.3


1,333.3


1,355.9


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS (1)

(Unaudited)



Three months ended October 28, 2022

(in millions, except per share data)

Net Sales


Cost of
Products Sold


Gross Margin
Percent


Operating
Profit


Operating Profit
Percent


Income Before
Income Taxes


Net Income
Attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$  7,585


$   2,535


66.6 %


$     1,404


18.5 %


$      1,395


$          427


$   0.32


68.7 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)


(21)


0.3


95


1.3


95


76


0.06


20.0

Acquisition-related items (3)


(13)


0.2


2



2


(6)



400.0

(Gain)/loss on minority investments (4)






(11)


(11)


(0.01)


Medical device regulations (5)


(22)


0.3


37


0.5


37


30


0.02


18.9

Amortization of intangible assets




421


5.6


421


356


0.27


15.4

RCS impairments / costs (6)




24


0.3


24


24


0.02


4.2

Exit of business (7)


(26)


0.3


37


0.5


37


37


0.03


Certain tax adjustments, net (8)







793


0.60


Non-GAAP

$  7,585


$   2,454


67.6 %


$     2,020


26.6 %


$      1,999


$       1,725


$   1.30


13.3 %

Currency impact

457


150



20


(1.2)






0.01



Currency Adjusted

$  8,042


$   2,604


67.6 %


$     2,040


25.4 %






$   1.31






















Three months ended October 29, 2021

(in millions, except per share data)

Net Sales


Cost of
Products Sold


Gross Margin
Percent


Operating
Profit


Operating Profit
Percent


Income Before
Income Taxes


Net Income
Attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$  7,847


$   2,497


68.2 %


$     1,563


19.9 %


$      1,493


$       1,311


$   0.97


11.8 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)


(31)


0.4


77


1.0


77


62


0.05


19.5

Acquisition-related items (3)


(5)


0.1


(13)


(0.2)


(13)


(15)


(0.01)


(15.4)

Certain litigation charges




34


0.4


34


30


0.02


11.8

(Gain)/loss on minority investments (4)






6


6



Medical device regulations (5)


(15)


0.2


24


0.3


24


20


0.01


16.7

Amortization of intangible assets




431


5.5


431


361


0.27


16.0

Certain tax adjustments, net (9)







16


0.01


Non-GAAP

$  7,847


$   2,447


68.8 %


$     2,116


27.0 %


$      2,052


$       1,792


$   1.32


12.4 %


See description of non-GAAP financial measures contained in the press release dated November 22, 2022.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)

The charges primarily include business combination costs and changes in fair value of contingent consideration.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The charges predominantly include impairments related to changes in the carrying amount of the disposal group and other associated costs, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc.

(7)

The charges relate to the exit of a business and are primarily comprised of  inventory write-downs.

(8)

The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico.

(9)

The charge includes the amortization on previously established deferred tax assets from intercompany intellectual property transactions.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS (1)

(Unaudited)



Six months ended October 28, 2022

(in millions, except per share data)

Net Sales


Cost of
Products Sold


Gross Margin
Percent


Operating
Profit


Operating Profit
Percent


Income Before
Income Taxes


Net Income
attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$ 14,955


$   5,051


66.2 %


$     2,528


16.9 %


$    2,438


$       1,356


$     1.02


44.0 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)


(41)


0.3


171


1.1


171


136


0.10


20.5

Acquisition-related items (3)


(24)


0.2


38


0.3


38


23


0.02


36.8

(Gain)/loss on minority investments (4)






(15)


(15)


(0.01)


Medical device regulations (5)


(40)


0.3


70


0.5


70


56


0.04


20.0

Amortization of intangible assets




844


5.6


844


715


0.54


15.3

RCS impairments / costs (6)




99


0.7


99


97


0.07


2.0

Debt redemption premium and other charges (7)






53


42


0.03


20.8

Exit of business (8)


(26)


0.2


37


0.2


37


37


0.03


Certain tax adjustments, net (9)







780


0.59


Non-GAAP

$ 14,955


$   4,921


67.1 %


$     3,785


25.3 %


$    3,733


$       3,226


$     2.42


13.3 %

Currency impact

808


232


0.2


71


(0.8)






0.04



Currency Adjusted

$ 15,763


$   5,153


67.3 %


$     3,856


24.5 %






$     2.46






















Six months ended October 29, 2021

(in millions, except per share data)

Net Sales


Cost of
Products Sold


Gross Margin
Percent


Operating
Profit


Operating Profit
Percent


Income Before
Income Taxes


Net Income
attributable
to Medtronic


Diluted

EPS


Effective
Tax Rate

GAAP

$ 15,835


$   5,095


67.8 %


$     2,422


15.3 %


$    2,326


$       2,074


$     1.53


10.3 %

Non-GAAP Adjustments:


















Restructuring and associated costs (2)


(64)


0.4


159


1.0


159


128


0.09


19.5

Acquisition-related items (3)


(9)


0.1


6



6


3



50.0

Certain litigation charges




60


0.4


60


51


0.04


15.0

(Gain)/loss on minority investments (4)






(25)


(22)


(0.02)


Medical device regulations (5)


(26)


0.2


45


0.3


45


36


0.03


20.0

Amortization of intangible assets




866


5.5


866


728


0.54


16.1

MCS impairments / costs (10)


(58)


0.4


726


4.6


726


564


0.42


22.3

Certain tax adjustments, net (11)







69


0.05


Non-GAAP (1)

$ 15,835


$   4,938


68.8 %


$     4,284


27.1 %


$    4,163


$       3,629


$     2.68


12.6 %


See description of non-GAAP financial measures contained in the press release dated November 22, 2022.

(1)

The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. Starting with the quarter ended April 29, 2022, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators due to recent industry guidance from the U.S. Securities and Exchange Commission. Historical non-GAAP financial measures presented in our earnings release have been recast for comparability.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)

The charges primarily include business combination costs and changes in fair value of contingent consideration.

(4)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(5)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(6)

The charges predominantly include non-cash pre-tax impairments, primarily related to goodwill, and other associated costs, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc.

(7)

The charges relate to the early redemption of approximately $2.3 billion of debt and were recorded within interest expense within the consolidated statements of income.

(8)

The charges relate to the exit of a business and are primarily comprised of  inventory write-downs.

(9)

The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico.

(10)

The charges relate to the Company's June 2021 decision to stop the distribution and sale of the Medtronic HVAD System within the Mechanical Circulatory Support Operating Unit (MCS). The charges included $515 million of non-cash impairments, primarily related to $409 million of intangible asset impairments, as well as $211 million for commitments and obligations in connection with the decision, including customer support obligations, restructuring, and other associated costs. Medtronic is committed to serving the needs of patients currently implanted with the HVAD System.

(11)

The charge is associated with a change in the company's permanently reinvestment assertion on certain historical earnings and the amortization on previously established deferred tax assets from intercompany intellectual property transactions.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS (1)

(Unaudited)



Three months ended October 28, 2022

(in millions)

Net Sales


SG&A
Expense


SG&A Expense
as a % of
Net Sales


R&D Expense


R&D Expense
as a % of
Net Sales


Other Operating
Expense (Income), net


Other Operating
Expense, net as a % of
Net Sales


Other Non-Operating
(Income) Expense, net

GAAP

$      7,585


$     2,617


34.5 %


$       676


8.9 %


$         (97)


(1.3) %


$          (109)

Non-GAAP Adjustments:
















Restructuring and associated costs (2)


(43)


(0.6)


(2)





Acquisition-related items (3)






11


0.1


Medical device regulations (4)


(1)



(15)


(0.2)




RCS impairments / costs (5)


(9)


(0.1)




(15)


(0.2)


Gain/(loss) on minority investments (6)








11

Exit of business (7)






(11)


(0.1)


Non-GAAP

$      7,585


$     2,563


33.8 %


$       659


8.7 %


$       (112)


(1.5) %


$           (98)

Currency impact

457


132


(0.3)


13


(0.3)


142


1.9


(4)

Currency Adjusted

$      8,042


$     2,695


33.5 %


$       672


8.4 %


$           30


0.4 %


$          (102)


Six months ended October 28, 2022

(in millions)

Net Sales


SG&A
Expense


SG&A Expense
as a % of
Net Sales


R&D Expense


R&D Expense
as a % of
Net Sales


Other Operating
Expense (Income), net


Other Operating
Expense, net as a % of
Net Sales


Other Non-Operating
(Income) Expense, net

GAAP

$    14,955


$     5,184


34.7 %


$    1,368


9.1 %


$         (62)


(0.4) %


$          (192)

Non-GAAP Adjustments:
















Restructuring and associated costs (2)


(85)


(0.6)


(2)





Acquisition-related items (3)






(13)


(0.1)


Medical device regulations (4)


(1)



(29)


(0.2)




RCS impairments / costs (5)


(16)


(0.1)




(82)


(0.5)


Gain/(loss) on minority investments (6)








15

Exit of business (7)






(11)


(0.1)


Non-GAAP

$    14,955


$     5,081


34.0 %


$    1,337


8.9 %


$       (169)


(1.1) %


$          (177)

Currency impact

808


227


(0.3)


22


(0.3)


256


1.7


(6)

Currency Adjusted

$    15,763


$     5,308


33.7 %


$    1,359


8.6 %


$           87


0.6 %


$          (183)


See description of non-GAAP financial measures contained in the press release dated November 22, 2022.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.

(3)

The charges primarily include business combination costs and changes in fair value of contingent consideration.

(4)

The charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period.

(5)

The charges predominantly include non-cash pre-tax impairments, primarily related to goodwill, and other associated costs, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc.

(6)

We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations.

(7)

Associated costs related to the exit of a business.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS (1)

(Unaudited)



Six months ended


Six months ended

(in millions)

October 28, 2022


October 29, 2021

Net cash provided by operating activities

$                     2,005


$                     3,061

Additions to property, plant, and equipment

(749)


(649)

Free Cash Flow (2)

$                     1,256


$                     2,412


See description of non-GAAP financial measures contained in the press release dated November 22, 2022.

(1)

The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

(2)

Free cash flow represents operating cash flows less property, plant, and equipment additions.

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in millions)


October 28, 2022


April 29, 2022

ASSETS





Current assets:





Cash and cash equivalents


$                4,828


$                3,714

Investments


6,602


6,859

Accounts receivable, less allowances and credit losses of $203 and $230, respectively


5,626


5,551

Inventories, net


5,055


4,616

Other current assets


3,287


2,318

Total current assets


25,398


23,059

Property, plant, and equipment


13,497


13,365

Accumulated depreciation


(8,199)


(7,952)

Property, plant, and equipment, net


5,298


5,413

Goodwill


40,417


40,502

Other intangible assets, net


15,655


15,595

Tax assets


3,350


3,403

Other assets


3,124


3,008

Total assets


$             93,241


$             90,981

LIABILITIES AND EQUITY





Current liabilities:





Current debt obligations


$                5,864


$                3,742

Accounts payable


2,198


2,276

Accrued compensation


1,721


2,121

Accrued income taxes


651


704

Other accrued expenses


4,031


3,551

Total current liabilities


14,465


12,394

Long-term debt


20,753


20,372

Accrued compensation and retirement benefits


1,048


1,113

Accrued income taxes


2,614


2,087

Deferred tax liabilities


871


884

Other liabilities


1,435


1,410

Total liabilities


41,184


38,260

Commitments and contingencies





Shareholders' equity:





Ordinary shares— par value  $0.0001, 2.6 billion shares authorized, 1,330,148,578 and
1,330,743,395 shares issued and outstanding, respectively



Additional paid-in capital


24,442


24,566

Retained earnings


29,799


30,250

Accumulated other comprehensive loss


(2,361)


(2,265)

Total shareholders' equity


51,880


52,551

Noncontrolling interests


177


171

Total equity


52,057


52,722

Total liabilities and equity


$             93,241


$             90,981


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)




Six months ended

(in millions)


October 28, 2022


October 29, 2021

Operating Activities:





Net income


$                  1,367


$                  2,086

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


1,339


1,347

Provision for credit losses


41


34

Deferred income taxes


(92)


(78)

Stock-based compensation


199


209

Loss on debt extinguishment


53


MCS asset impairment and inventory write-down



515

Other, net


148


130

Change in operating assets and liabilities, net of acquisitions and divestitures:





Accounts receivable, net


(346)


(171)

Inventories, net


(784)


(156)

Accounts payable and accrued liabilities


(14)


(446)

Other operating assets and liabilities


94


(409)

Net cash provided by operating activities


2,005


3,061

Investing Activities:





Acquisitions, net of cash acquired


(1,867)


(91)

Additions to property, plant, and equipment


(749)


(649)

Purchases of investments


(3,743)


(5,311)

Sales and maturities of investments


3,609


4,637

Other investing activities, net


19


(79)

Net cash used in investing activities


(2,731)


(1,493)

Financing Activities:





Change in current debt obligations, net


349


Proceeds from short-term borrowings (maturities greater than 90 days)


2,284


Issuance of long-term debt


3,430


Payments on long-term debt


(2,311)


(1)

Dividends to shareholders


(1,807)


(1,693)

Issuance of ordinary shares


153


274

Repurchase of ordinary shares


(477)


(744)

Other financing activities


443


(46)

Net cash provided by (used in) financing activities


2,064


(2,210)

Effect of exchange rate changes on cash and cash equivalents


(223)


(51)

Net change in cash and cash equivalents


1,114


(693)

Cash and cash equivalents at beginning of period


3,714


3,593

Cash and cash equivalents at end of period


$                  4,828


$                  2,900






Supplemental Cash Flow Information





Cash paid for:





Income taxes


$                     821


$                     615

Interest


234


280


The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum.

About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn .

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. In some cases, you can identify these statements by forward-looking words or expressions, such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "looking ahead," "may," "plan," "possible," "potential," "project," "should," "going to," "will," and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net income, adjusted diluted EPS, and organic revenue, which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. References to quarterly figures increasing, decreasing or remaining flat are in comparison to fiscal year 2022.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company's underlying operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Non-GAAP net income and diluted EPS exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events that management believes may or may not recur with similar materiality or impact to operations in future periods (Non-GAAP Adjustments). Medtronic generally uses non-GAAP financial measures to facilitate management's review of the operational performance of the company and as a basis for strategic planning. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Starting with the quarter ended April 29, 2022 , the company no longer adjusts non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators. Historical non-GAAP financial measures have been recast for comparability. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial schedules accompanying this press release.

Medtronic calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, forward-looking organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes other potential charges or gains that would be recorded as Non-GAAP Adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking non-GAAP EPS guidance to projected GAAP EPS guidance because the combined impact and timing of recognition of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

Contacts :




Erika Winkels

Ryan Weispfenning

Public Relations

Investor Relations

+1-763-526-8478

+1-763-505-4626

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/medtronic-reports-second-quarter-fiscal-2023-financial-results-301684601.html

SOURCE Medtronic plc

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/22/c0978.html

News Provided by Canada Newswire via QuoteMedia

MDT
Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions

Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions

Webcast on August 9, 2022

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2022 . The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Energy Fuels Announces Q1-2022 Results, Including Continued Robust Balance Sheet, Market-Leading U.S. Uranium Position & Rare Earth Production

Energy Fuels Announces Q1-2022 Results, Including Continued Robust Balance Sheet, Market-Leading U.S. Uranium Position & Rare Earth Production

Webcast on May 18, 2022

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended March 31, 2022 . The Company's annual report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Energy Fuels Announces 2021 Results, Including Net Profits, Strong Cash Position, and Market-Leading U.S. Uranium, Rare Earth and Vanadium Position

Energy Fuels Announces 2021 Results, Including Net Profits, Strong Cash Position, and Market-Leading U.S. Uranium, Rare Earth and Vanadium Position

Webcast on March 17, 2022

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the year ended December 31, 2021 . The Company's annual report on Form 10-K has been filed with the U.S. Securities and Exchange Commission (" SEC ") and may be viewed on the Electronic Document Gathering and Retrieval System (" EDGAR ") at www.sec.govedgar.shtml on the System for Electronic Document Analysis and Retrieval (" SEDAR ") at www.sedar.com and on the Company's website at www.energyfuels.com . Unless noted otherwise, all dollar amounts are in U.S. dollars.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-Reviewed Study

Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-Reviewed Study

Cloud DX's Post-Surgical Monitoring Wearable Validated in Peer-reviewed Study For the ~800,000 1 Canadian surgery patients per year, continuous monitoring with Vitaliti™ could enable earlier intervention in cases of patient decline.

  • Validation of Cloud DX's Vitaliti™ continuous monitoring device clears way for regulatory approval starting in 2022.
  • Accurate continuous data collection supports earlier detection of changes in patient condition, enabling rapid interventions to improve patient outcomes.
  • Clear opportunity to impact up to ~800,000 1 surgical patients per year in Canada, deliverable through recent partnership with medical technology leader Medtronic.

Cloud DX (TSXV:CDX)(OTCQB:CDXFF), Leading Virtual Care Platform Cloud DX has announced publication of an independent peer-reviewed validation study of its unique Vitaliti™ product, a non-invasive wearable devices that provides continuous vital sign monitoring (CVSM) device. The study assessed regulatory compliance and post-surgery use in monitoring patients' vital signs in real-world conditions. The study found Vitaliti™ to be fully ISO 81060-2:2018 compliant for the continuous vital measurement, clearing the way for regulatory approval starting in 2022. The study also found that patients welcomed the comfortable, easy to use device. Instead of care teams taking vitals periodically after surgery, Cloud DX's Vitaliti™ was used for continuous monitoring, which could transform post-surgical care by enabling early detection if any deterioration occurs in patient health. On launch, Vitaliti™ will become a key component of Cloud DX's Connected Health™ ecosystem of remote monitoring technologies. Through Cloud DX's recent partnership with Medtronic Canada ULC (a subsidiary of Medtronic plc (MDT), a global leader in healthcare technology), wide deployment of Vitaliti™ is intended to initially improve post-operative care for surgical patients in Canada (up to 800,000 annually) and eventually in the United States (up to several million annually

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
InvestmentPitch Media Video Discusses Cloud DX's Selection by Medtronic for Canada-Wide Remote Patient Monitoring - Video Available on Investmentpitch.com

InvestmentPitch Media Video Discusses Cloud DX's Selection by Medtronic for Canada-Wide Remote Patient Monitoring - Video Available on Investmentpitch.com

Cloud DX Inc. (TSXV: CDX) (OTCQB: CDXFF) has been selected by Medtronic Canada ULC, to provide world-class virtual healthcare to Medtronic's patients across Canada. Medtronic Canada, (www.medtronic.ca) headquartered in Brampton, Ontario, with regional offices in Montreal and Vancouver, is the largest medical technology company in Canada, and a subsidiary of Medtronic plc (NYSE: MDT), a multi billion-dollar, global leader in medical technology, offering medical devices and therapies to more than 72 million people across 150 countries.

For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company, along with comments from Robert Kaul, CEO of Cloud DX, about the significance of this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Cloud DX" in the search box.

This partnership advances Medtronic's commitment to improving patient outcomes and lowering overall costs along the care continuum. Medtronic Canada delivers care in a broad range of clinical areas, including spinal and cardiac surgeries, cardiology, critical care, diabetes, vascular and renal care. Most clinical areas are expected to improve patient outcomes and satisfaction with some aspect of virtual care in the future.

Cloud DX's Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Its partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources.

Cloud DX's remote patient monitoring technology and services are exclusive to Medtronic and its Canada-wide client base. Initially, Medtronic seeks to integrate the Connected Health™ platform and associated services within both perioperative and complex chronic disease pathways in Canada.

Under the agreement, a typical deployment would involve the enrollment of a chronic care or surgical patient onto the Connected Health™ platform, generating recurring revenue, depending on the length of the monitoring program. Cloud DX generates revenue upfront for kits prescribed to patients for use at home, and then a monthly subscription fee per patient for software, services, and support. Additional revenues could also be generated through customizations, consulting, and special services, as needed.

Jessica Rudd, National Director of New Partnerships and Solutions at Medtronic Canada, stated: "Medtronic is committed to partnering with Canada-based SMEs to advance the Canadian life sciences ecosystem. More importantly, Medtronic Canada is dedicated to responding to the needs of our Canadian healthcare system, and we are committed to enabling equitable access to care and patient empowerment and reducing the burden on our precious health human resources. However, we can't do this alone. To that end, we are delighted to enter this exclusive partnership with Cloud DX and scale their innovative technology, thoughtful service model, and excellent track record for delivering results to patients across the country."

Among its many awards, Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of " Canada's Ten Most Prominent Telehealth Providers.

The shares are trading at $0.195. For more information, please visit the company's corporate website www.CloudDX.com, and the company's investor relation site ir.CloudDX.com/overview/default.aspx, contact Jay Bedard, Investor Relations, at 647-881-8418 or by email at jay.bedard@CloudDX.com.

About InvestmentPitch Media

Investmentpitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.

CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106272

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Medtronic executives to speak at the Evercore ISI 5th annual HealthCONx conference

- Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced it will participate in the Evercore ISI 5 th annual HealthCONx conference on Tuesday, November 29 2022.

Geoff Martha , Medtronic chairman and chief executive officer, and Karen Parkhill , executive vice president & chief financial officer, will answer questions on the company beginning at 5:10 p.m. EST ( 4:10 p.m. CST ).

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
2 Biggest Medical Device ETFs in 2022

2 Biggest Medical Device ETFs in 2022

Exchange-traded funds (ETFs) are a popular investment strategy, and generally contain a variety of publicly traded companies under one stock symbol, often with a focus on a specific sector.

Depending on the ETF, investors may be able to track up-and-coming companies, get exposure to top firms or a mix of both. Aside from stocks, some ETFs also track commodities or bonds.

In the healthcare industry, medical device ETFs bring together companies that go to great lengths to develop pharmaceutical-based technology that can improve the lives of patients.

Keep reading...Show less

Thermo Fisher Scientific to Present at Evercore ISI HealthCONx Conference

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that Marc N. Casper, chairman, president and chief executive officer, will present at the Evercore ISI HealthCONx Conference on Tuesday, November 29, 2022, at 10:30 a.m. (EST).

You can access the webcast of the presentation via the Investors section of our website, www.thermofisher.com .

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Abbott Receives Three CES 2023 Innovation Awards for Advancements in Health Technology

  • The Consumer Technology Association (CTA) awards Abbott multiple CES 2023 Innovation Awards for industry-leading health technologies
  • Abbott's Aveir™ single-chamber (VR) leadless pacemaker, Proclaim™ Plus SCS system, Alinity ® m Monkeypox PCR test honored
  • Other recent Abbott innovation honors include Abbott's FreeStyle Libre ® technology named the best medical technology in the last 50 years by the Galien Foundation

- Abbott (NYSE: ABT) has been recognized by the Consumer Technology Association (CTA) with three CES 2023 Innovation Awards for its life-changing technologies that are advancing the health tech industry and improving the lives of people worldwide. The CTA is the organization behind the Consumer Electronics Show (CES), the most influential technology event in the world.

Ahead of the CES 2023 event, three of Abbott's industry-leading tech advancements won CES 2023 Innovation Awards , all within the Digital Health award category:

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Thermo Fisher Scientific Prices Offering of Euro-Denominated Senior Notes

Thermo Fisher Scientific Inc. (NYSE: TMO) ("Thermo Fisher") announced today that on November 14, 2022 it priced an offering of €1.25 billion aggregate principal amount (the "Offering") of the following euro-denominated notes:

  • €500,000,000 aggregate principal amount of its 3.200% senior notes due 2026 (the "2026 notes"), at the issue price of 99.965% of their principal amount, and
  • €750,000,000 aggregate principal amount of its 3.650% senior notes due 2034 (the "2034 notes" and together with the 2026 notes, the "notes"), at the issue price of 99.637% of their principal amount.

The Offering is expected to close on or about November 21, 2022, subject to customary closing conditions. The notes will pay interest on an annual basis.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Medtronic to announce financial results for its second quarter of fiscal year 2023

Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced that it will report financial results for its second quarter of fiscal year 2023 on Tuesday, November 22, 2022 . A news release will be issued at approximately 5:45 a.m. Central Standard Time (CST) and will be available at https:news.medtronic.com . The news release will include summary financial information for the company's second quarter of fiscal year 2023, which ended on Friday, October 28, 2022 .

Medtronic will host a video webcast at 7:00 a.m. CST on Tuesday, November 22, 2022 , to discuss results for its second quarter of fiscal year 2023. The webcast can be accessed at https://investorrelations.medtronic.com .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×