Medtronic (MDT) Company Report

Medtronic is exercising its option to acquire CathWorks for up to $585 million, plus potential undisclosed earn-out payments.
The deal is expected to close by the end of fiscal 2026 pending FTC clearance, with CathWorks operating independently until closing.
CathWorks’ AI-driven FFRangio System derives fractional flow reserve and comprehensive coronary physiology assessments from routine angiograms without pressure wires.
Medtronic expects the transaction to be immaterial to fiscal 2027 earnings and neutral-to-accretive thereafter.

4 days ago

Morningstar

Medtronic to acquire CathWorks

MDT

M&A

New Projects/Investments

Medtronic will exercise its option to acquire CathWorks for up to $585 million, plus potential earn-out payments.
The acquisition, pending U.S. FTC clearance, is expected to close by end of FY2026, integrating CathWorks into Medtronic upon completion.
The transaction is projected to be immaterial to Medtronic’s FY2027 GAAP and adjusted EPS and neutral to accretive thereafter.
CathWorks’ FFRangio System leverages AI and advanced computational science to provide angiography-derived FFR across the entire coronary tree, bolstering Medtronic’s interventional cardiology portfolio.

4 days ago

Press Release

Medtronic expands Medicare access and secures FDA clearances for MiniMed 780G system

MDT

Product Launch

Medicare access granted for the MiniMed 780G system paired with Abbott’s Instinct sensor for Medicare and Medicare Advantage beneficiaries, broadening sensor choice and streamlining billing and fulfillment
FDA clearance obtained to use ultra rapid-acting insulins Fiasp and Lyumjev with the MiniMed 780G system, enabling greater personalization of automated insulin delivery for people with type 1 and insulin-requiring type 2 diabetes
FDA clearance extended for the MiniMed 780G system with Instinct sensor in insulin-requiring type 2 diabetes as an interoperable automated glycemic controller (iAGC) and alternate controller enabled (ACE) solution

5 days ago

Press Release

Medtronic announces CE Mark for Sphere-360 and starts U.S. IDE trial

MDT

Product Launch

Medtronic received CE Mark in Europe for the Affera™ Sphere-360™ all-in-one pulsed field ablation catheter for paroxysmal AFib.
The company completed the first cases in its Horizon 360 IDE pivotal trial in the U.S., a prospective, single-arm study evaluating Sphere-360’s safety and effectiveness with the Affera system.
Sphere-360 features a rotation-free, adjustable 34 mm lattice design for consistent circumferential lesions, real-time local impedance monitoring, and over-the-wire stability.
This milestone builds on Medtronic’s PFA portfolio, which includes the FDA-approved Affera™ Sphere-9™ system for persistent AFib.

Jan 23, 2026, 12:02 PM

Press Release

Medtronic outlines four generational growth drivers and strategic priorities at JPM Healthcare Conference

MDT

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Medtronic delineated four generational growth drivers—pulsed field cardiac ablation (CAS), Symplicity renal denervation, AltaViva tibial neuromodulation, and Hugo surgical robotics—and is on track for > $2 B CAS revenue by H1 FY 27.
The Medtronic Performance System has achieved a 5% gross COGS improvement and all-time low backorders, underpinning margin expansion and an R&D increase from ~ 8.5% to ~ 10% of revenue.
Two new board committees—Growth and Operations—will align oversight with strategic objectives, accelerating targeted tuck-in M&A in high-growth areas while maintaining the dividend policy.
Early U.S. rollout of Symplicity shows robust adoption with over 18 M eligible patients and coverage extending to ~ 30 M lives; Hugo’s urology launch highlights modularity, open console design, and a digital Surgery ecosystem.

Jan 12, 2026, 6:30 PM

Transcript

Medtronic outlines growth drivers and Diabetes separation plan at JPM Healthcare Conference

MDT

Product Launch

New Projects/Investments

Medtronic plans separation of its $2.8 billion Diabetes business via spin-off, split-off or offering; final structure pending.
FY25 revenue breakdown: Cardiovascular $12.5 B, Neuroscience $9.8 B, Medical Surgical $8.4 B, Diabetes $2.8 B.
Identified generational growth drivers in Pulsed Field Ablation, Symplicity renal denervation, Altaviva tibial neuromodulation, and Hugo surgical robotics.
Forecasts PFA revenue doubling to $2 B in 1HFY27 (from $1 B in FY25) and launch of next-gen Symplicity Spyral in 2HFY27.

Jan 12, 2026, 6:30 PM

Presentation

Medtronic outlines growth drivers and strategy at JPMorgan Healthcare Conference

MDT

Product Launch

Revenue Acceleration/Inflection

M&A

Medtronic highlighted four “generational” growth drivers—pulsed field ablation (CAS), Symplicity renal denervation, AltaViva tibial neuromodulation, and Hugo surgical robotics—each representing >$1 billion in potential revenue; CAS is on track for $2 billion of trailing revenue by H1 FY 2027.
The company is pursuing margin expansion via the Medtronic Performance System (5% gross cost of goods improvement) and notes that R&D growth has outpaced revenue growth in the past two quarters.
Medtronic is simplifying its portfolio by spinning off its diabetes business via an IPO by year-end, intends to raise R&D spend to ~10% of revenue, and is ramping up tuck-in M&A through a newly formed Growth Committee.
Early commercial traction includes 50% CAS growth in Q1 and 70% in Q2, positive reimbursement updates for Symplicity, and a purposeful Hugo urology launch to ensure strong first-user experiences.

Jan 12, 2026, 6:30 PM

Transcript

Medtronic outlines four generational growth drivers at J.P. Morgan conference

MDT

Product Launch

Revenue Acceleration/Inflection

New Projects/Investments

Medtronic highlighted four generational growth drivers: cardiac ablation solutions with pulsed field ablation targeting a $13 billion market and $2 billion CAS revenue by H1 FY 2027; Symplicity renal denervation with 18 million eligible U.S. patients, 1% penetration = multi-billion $/yr; AltaViva tibial neuromodulation addressing 5 million treatable UUI patients, 1% penetration = $1 billion; and Hugo robotic surgery, now FDA-cleared for urology with planned hernia and gynecology expansions.
Operational enhancements via the Medtronic Performance System have delivered 5% gross COGS improvement and all-time low backorder levels, underpinning margin expansion goals.
R&D spend grew faster than revenue in Q1–Q2, reaching 8.5% of sales and is targeted to increase to ~10%, prioritizing these generational opportunities, other high-growth franchises, and core cash-generating businesses.
Capital allocation will focus on funding organic R&D, tuck-in M&A in adjacent high-growth areas, and sustaining the dividend, supported by newly formed growth and operations board committees to accelerate decision-making.

Jan 12, 2026, 6:30 PM

Transcript

Medtronic announces FDA clearance for MiniMed Go Smart MDI system

MDT

Product Launch

Medtronic received FDA 510(k) clearance for its MiniMed Go™ Smart MDI system, integrating the InPen™ smart insulin pen with Abbott’s Instinct CGM sensor in a single app.
The system provides real-time dose calculations, missed dose alerts, actionable guidance and CareLink™ reporting to streamline multiple daily injections.
Clearance covers individuals aged 7 years and older (and children 2–6 under adult supervision); compatibility with Medtronic’s Simplera sensor is under FDA review.
U.S. commercial launch is expected in spring 2026.

Jan 12, 2026, 2:00 PM

Press Release

Medtronic’s MiniMed unit files for US IPO

MDT

Delisting/Listing Issues

On Dec. 19, MiniMed filed an S-1 to pursue a U.S. IPO on Nasdaq under ticker MMED, with Medtronic expected to retain about 80% of voting stock and consider a spin-off or split-off distribution.
MiniMed generated $1.48–1.5 billion in sales and a $21 million net loss in the six months ended Oct. 24, with roughly 83% of revenue from CGMs, consumables, software and services and 70% of revenue from outside the U.S..
The unit reported $128 million of adjusted EBITDA in the first half of fiscal 2025 and $2.7 billion in revenue for fiscal 2025, targeting an $18 billion addressable market growing at over 10% CAGR through 2030.
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are lead underwriters, and Medtronic’s strong parent metrics (market cap ~$126.45 billion; trailing-12 revenue ~$34.8 billion; gross margin ~65.5%) underpin the spin-off strategy.